Suffolk OTB on Thursday announced it had completed a $120 million purchase of Jake’s 58 casino and hotel in Islandia, opening a new chapter in the formerly bankrupt agency’s foray into electronic gambling, officials said.
OTB bought the 228-room hotel and video-lottery gambling parlor from Delaware North, more than four years after the Buffalo-based entertainment conglomerate opened Long Island’s first casino in the former Islandia Marriott Long Island hotel.
OTB officials said they would take out loans to fund the purchase. Delaware North officials confirmed the sale.
Buying the hotel-casino is expected to save Suffolk County Regional Off-Track Betting Corp. about $13 million a year in rental and management fees paid to Delaware North.
