Casino proposal gives state ownership - 2004-01-31
A gambling company that currently functions in Illinois has proposed $506 million for the state's last casino license in an agreement that would make the state the majority owner of a gambling hall and guarantee the company the long-term right to manage it, a source close to the bidding process told The Associated Press.
According to the offer by Wyomissing, Pa.-based Penn National Gaming, the company would pay about $255 million to construct the casino, then sell it to the state for $1.
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