PITTSBURGH -- It's time for state legislators to place their bets on slot machines.

After months and months of wheeling and dealing, a vote is scheduled for Wednesday night on a bill that would legalize slot machines in Pittsburgh.

If approved, the bill would give the OK to gambling in Pittsburgh, possibly cutting local taxes and funding development projects -- including a new arena -- and is expected to generate $1 billion per year for the state of Pennsylvania.

The slot machine bill being considered by the Senate would authorize up to 12 casinos with up to 5,000 slot machines at horse racing tracks and separate slots parlors.

Allegheny County Sen. Jay Costa Jr. is requesting that if the bill is passed that track owners put some money aside to make direct loans to community companies

Another key note about the proposed bill is that it would funnel money through the Sports and Exhibition Authority rather than directly to the city's new convention center as originally planned.

That leaves open the possibility that the Penguins could ask the authority for some public funds to build a new arena.

So far, the bill would contain just three specific projects for slots funding:

$700 million to expand the Pennsylvania convention center in Philadelphia

$150 million to reduce debt at the Pittsburgh International Airport

An undetermined amount to the Sports and Exhibition Authority

The Senate votes Wednesday night, and the House votes Thursday.

Even if the bill passes, people may not see a tax break until 2006 at the earliest.

First a gambling commission must be appointed, and then the state must decide who's getting the gambling licenses.

In fact, building the slot machine business up to the point where it generates $1 billion a year could take several years.