Friday, March 24, 2006

"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…"