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The citizen-initiated referendum was to amend the Ohio constitution and authorise one gaming facility in each of Cleveland, Cincinnati, Columbus and Toledo in Ohio.
The referendum was primarily backed by Rock Ohio Ventures LLC ('Rock'), led by Dan Gilbert, owner of the Cleveland Cavaliers, and Penn Ventures LLC ('Penn'), a subsidiary of Penn National Gaming Inc.
Lakes recently agreed with Penn to fund 10% of its costs of the referendum and the company has the option, but not the obligation, to fund up to 10% of equity required to develop potential casinos in Columbus and Toledo, in return for a corresponding equity stake up to 10% in such casinos.
Similarly Lakes entered into an agreement with Rock whereby it has the right, but not the obligation, to invest up to 10% of Rock's costs of the referendum and the equity required to develop potential casinos in Cleveland and Cincinnati, in return for a corresponding equity stake of up to 10% in such casinos.
No other financial details were available.
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