Supreme Court denies slots bond request
The losing bidders for Pittsburgh’s slots license don’t have to put up bond money to cover potential lost revenue during the appeals process, the state Supreme Court ruled today.
The state Gaming Control Board had asked the court to require the losing bidders put up $84.4 million in bond to cover money the state would lose in slots revenue during a six-month appeal.
Winning bidder, Majestic Star Casino, separately asked for bonds totaling $68 million to cover money lost while the court considers their appeals.
The Supreme Court rejected those requests today.
State gambling regulators awarded the slots license to Majestic Star in December, but the losing bidders — St. Louis-based Isle of Capri Casino and Cleveland-based Forest City Enterprises — appealed the award. Majestic Star had planned to open in March 2008, but the appeals process has pushed back the opening until at least late next summer.