The famous gambling company will provide a new arena for the Pittsburgh Penguins.

Isle of Capri bids for Pittsburgh Casino

Isle of Capri Casinos Inc. is bidding for Pittsburgh only state licensed casino. The company also guaranteed to provide 290 million dollars for a new arena for the Pittsburgh Penguins, their partners in the bidding. Tim Hinkley, Isle of Capri president and chief operating officer, admits that it is the company most ambitions project.

Isle of Capri Casinos Inc. is known for operating most of the riverboat and dockside casinos in the US. The Pittsburgh casino estimated cost is 250 million dollars. Hinkley expects the casino will bring in profits of more than 400 million a year.

Isle of Capri claimed it already has received a pledge from the CIBC World Markets, an international investment banker based in Toronto, to support the casino and the arena. Penguins President Ken Sawyer said they examined several casino operators before choosing Isle of Capri.