Backers of a proposed four-casino ballot measure already have spent thousands of dollars to gather signatures to get on the November ballot. But could they be having second thoughts?

Penn National Gaming Inc., the Pennsylvania gambling conglomerate that's supplying much of the money and strategic mettle for the proposed Ohio ballot measure, might yet back out in order to shoot for the 2010 ballot, analysts concluded after meeting with the company's senior management.

"Penn believes they are well-positioned for potential gaming in Ohio, but the timing of a vote may be pushed back to a year when expected voter turnout is high," wrote Andrew Brophy and John Kempf, analysts for Barclays Capital Management. "Signatures are currently being collected for an amendment on the November 2009 ballot, but management believes that approval of a gaming referendum would be more difficult in a year with no congressional or presidential elections."

Penn National, which spent about $30 million to defeat a casino proposal last year, has teamed up with Cleveland Cavaliers owner Dan Gilbert on this year's proposal for casinos in Columbus, Cleveland, Toledo and Cincinnati.

Bob Tenenbaum, a spokesman for the pro-casino committee, dubbed the Ohio Jobs and Growth Plan, denied that the committee is getting cold feet.

The group has until July 1 to submit more than 400,000 valid signatures of Ohio voters to qualify for the November ballot.

-- James Nash jnash@dispatch.com