Alco Parking, a prominent operator of parking facilities in the area of Pittsburgh, Pennsylvania, has withdrawn its application for the only slot machine operation license to be issued for the city. Merrill Stabile, owner of Alco Parking, said that the company has decided to drop out of the race mainly because it is intimidated by the magnitude of two opposing $1 billion bids for the slots license.
Isle of Capri Casinos Inc. plans to construct a new $290 million arena for the Pittsburgh Penguins if the company is awarded a slots license for its proposed $1 billion gambling, shopping, and residential development near Mellon Arena. Harrah's Entertainment Inc. and Forest City Enterprises recently announced their proposal for a $1 billion development anchored by a casino near Station Square, an entertainment and shopping complex.
Previously, Stabile reportedly wanted to build a casino on the North Shore, across from PNC Park. However, he currently does not consider his company capable of competing with Isle of Capri's and Harrah's/Forest City's slots proposals. Several other competitors, besides Alco, have already deserted the competition, leaving only three bidders still seeking to become a slot machine casino operator in Pittsburgh.
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