Three companies are competing to obtain a license to operate a casino in Pittsburgh. The competition is so harsh that the three groups have promised to build a new stadium for the Penguins hockey team. The winner will also pay $50 million to the Commonwealth of Pennsylvania and 43% of annual gross slot machine revenue.
One of the bidders is a partnership directed by Forest City Enterprises that also wants to build a casino at Tower City Center in downtown Cleveland.
In 2004, Pennsylvania approved a law that allowed slot machines at the state’s racetracks and regulated gambling in general within the state. Pennsylvania is still to award permanent licenses to six racetracks, which must pay the corresponding $50 million licensing fee.
Three companies are competing to obtain a license to operate a casino in Pittsburgh. The competition is so harsh that the three groups have promised to build a new stadium for the Penguins hockey team. The winner will also pay $50 million to the Commonwealth of Pennsylvania and 43% of annual gross slot machine revenue.