When presented with a long-shot bet, Pennsylvania’s casinos apparently know what to do with their money.
At a legislatively mandated auction for a new mini-casino license on Wednesday, none of the state’s 13 casinos stepped forward to pay a minimum of $7.5 million for a satellite gambling outlet, also known as a Category 4 casino.
The Pennsylvania Gaming Control Board last year generated $127.7 million from the sale of five mini-casino licenses. The board has formally approved only two of the licenses so far, and none of the facilities has opened yet. But the legislature this year passed a law ordering the board to conduct another round of auctions to test the market anew for satellite casinos.
It’s now official: The market for new casino licenses in Pennsylvania is tapped out.