Suffolk Regional Off-Track Betting Corporation is set to buy Jake’s 58 Casino Hotel in Islandia for $120 million.
The deal is with Delaware North, a Buffalo-based global food service and hospitality company.
Suffolk OTB said it would save about $13 million a year in rental and management fees. It also frees them of a multi-decade contract with the company.
Spokesman Jon Schneider said the deal would cut taxpayer costs and put more money into county coffers.
Delaware North’s president of gaming operations said the company will continue to run the hotel and video lottery casino until the sale is done.