Suffolk OTB plans to buy out the Buffalo company that owns and manages Jake’s 58, the highly successful Islandia video-lottery casino that helped OTB escape bankruptcy last year, officials said Wednesday.
Hauppauge-based OTB is in talks to buy the property, including the 228-room hotel that houses the casino, from Delaware North in a deal estimated at $120 million, including the purchase price and costs to buy out Delaware North’s annual management fee, officials said.
The deal was confirmed to Newsday by spokesmen for both Suffolk OTB and Delaware North.
Buying the property on the Long Island Expressway North Service Road will save Suffolk County Regional Off-Track Betting Corp. about $13 million a year in rental and management fees.
