The Pittsburgh Penguins' "un-named" partner in a proposed $1 billion development at the site of Mellon Arena is willing to put up $290 million to pay for a new, 18,000-seat home for the National Hockey League team.
But yes, there is a catch....
The deal is contingent on winning a license for the city's slot machine casino. Nothing like mixing professional sports and gambling. Just ask Pete Rose.
Besides construction of a casino and a new arena, the development would include a mix of offices, residential units and retail space.
Am I missing something???? Do we have so many people downtown that we really need new housing, offices and shops? Weren't the other two stadiums promised to lift this city out of the hole. I'm still waiting.
The Penguins will team with a yet-unidentified gambling operator and with Nationwide Realty Investors of Columbus, Ohio., to handle development.
The Penguins will not be the applicant for the state license, nor will the team take any profits from the slots casino. Once a new arena is built, it plans to turn ownership over to the city-county Sports & Exhibition Authority.
Oh I feel much better now. The S&E authority knows how to manage money. Hah..... This back room deal has been in the works for some time now. They must think we are too stupid to realize when a shady deal is under our nose. STOP GIVING AWAY OUR MONEY!
Pittsburgh Post-Gazette
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