3772.27 [Effective 9/10/2010] Initial investment. - Ohio Statutes

3772.27 [Effective 9/10/2010] Initial investment.

Each initial licensed casino operator of each of the four casino facilities shall make an initial investment of at least two hundred fifty million dollars for the development of each casino facility.

If a casino operator has made an initial investment of at least one hundred twenty-five million dollars at the time a license is issued, the casino operator shall spend the remainder of the minimum two-hundred-fifty-million-dollar total required initial investment within thirty-six months after the issuance of that license. If a casino operator who has opened an initial location is making substantial progress, as determined by the commission, on a substitute casino facility on constitutionally approved parcels within the same city, the commission shall include amounts spent by the casino operator to develop such parcels, and shall grant an additional thirty-six-month extension to the casino operator who is developing on such parcels. The commission, upon the request of the casino operator, may also approve up to twenty-four months of transitional operations by the casino operator on multiple noncontiguous constitutionally approved parcels while transitioning from the initial location to the new facility, provided such facilities are connected by property and structures, owned, leased, or under the exclusive control of the casino operator.

Added by 128th General Assembly File No. 38, HB 519, § 1, eff. 9/10/2010.