Taxpayers Backstop Casino Pledge to Penguins Arena

It was quite a statement and it took the public—even those who follow such things closely—and many, if not most, state legislators by surprise. In early July, the Executive Director of the Sports and Exhibition Authority (SEA) told reporters that if Mr. Barden were to be unable to meet his pledge of $7.5 million per year to pay off construction bonds, 'there are leases and subleases in place with the state that serve as a ‘backstop’.' No explanation. She simply put it out there as if everyone would know what the leases and subleases are and how they work. Continue