Pittsburgh casino agrees to arena payment plan

AP News
Posted: Nov 09, 2009 5:13 PM

The Rivers Casino will pay $7.5 million a year toward construction of the new Penguins arena.

The city-county Sports & Exhibition Authority, which is building the $325 million Consol Energy Center, said Monday that the casino will make two payments a year for the next 30 years.

A licensing condition requires the casino to help fund the arena. Holdings Acquisition Co., which owns the casino, made a $2.3 million payment last month after the state Gaming Control Board threatened sanctions.

The casino's owners, who rescued the stalled project from possible bankruptcy last year, had said they believed the first payment wasn't due until at least next year.

The arena is scheduled to open for the 2010-2011 season.