Pittsburgh, Rivers Casino Join Hands For A Higher Gaming Revenue Next Year

November 15
6:00 AM 2016

According to the tentative deal, the city will continue to receive $10 million in its yearly revenue from the casino at least through 2017. Last September, a ruling from the state Supreme Court brought down the rule requiring the said payments.

As the present state lawmakers have been thinking of ways on how to proceed, Mayor Peduto declared that the said short-term deal between Pittsburgh and Rivers Casino will play a vital role in keeping the finances of city intact.

Kevin Acklin, Mayor Peduto's Chief of Staff, said that the arrangement would oblige the casino to "back-fill" any sign of underperformance next year which might be connected to the ruling of the court.

Mayor Peduto even added that the stop-gap portion during an annual budget report before the City Council wherein his 2017 spending plan is said to have been dramatically different without the said agreement.

"Ten million dollars is a lot of positions in the budget - it's over 200 positions in the budget. Obviously, after reducing our workforce by 25 percent [in recent years], a further reduction of that magnitude would take away from our ability to provide services to our people," Mayor Peduto held in an earlier press briefing.

The 2017 budget plan of Mayor Peduto includes the grant of 3,131 jobs in the city under the general fund, marginally more than $539 million allotted for the operating expenses and no tax increases. Mayor Peduto furthered that he is looking forward to draw the city out from a low state financial lapse come year 2019.

The City Council has until December 31 only to come up to a final draft of the city budget for 2017.

The Rivers Casino (originally going to be named the Majestic Star Casino) is a casino in Pittsburgh, Pennsylvania, United States. It is owned by Holdings Acquisition Co. L.P., a joint venture of Walton Street Capital LLC and High Pitt Gaming LP.

Located in Pittsburgh's Chateau neighborhood along the Ohio River and adjacent to the Carnegie Science Center, it had its groundbreaking in December 2007 and opened on August 9, 2009. The casino was originally to be built by Don H. Barden, but financial troubles forced him to sell 75% of his interest in the casino to Holdings Acquisition Co on July 16, 2008.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics