Pennsylvania
Developers Pledge Community Contributions
As reported by the Pittsburgh
Post-Gazette: "The Penguins and Isle of
Capri Casinos Inc. pledged yesterday to return
to the community any profits earned as a result
of a proposed $400 million-plus redevelopment
of the lower Hill District.
"The
team and the casino operator could be in line
to receive a percentage of the profits when
and if the residential, office and restaurant
development, to be undertaken by Nationwide
Realty Investors of Columbus, Ohio, starts to
make money.
"The
redevelopment is part of a plan estimated at
more than $1 billion advanced by Isle of Capri,
the Penguins and Nationwide in a bid to secure
the Pittsburgh slot machine license. As part
of that bid, Isle of Capri is offering $290
million toward construction of a new arena.
"The
entire project is contingent upon Isle of Capri
winning a slots license.
"…Whatever
profits are returned would be in addition to
the $1 million a year Isle of Capri has promised
to donate for community development out of casino
profits…"
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