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/PRNewswire-USNewswire/ -- The Pennsylvania Gaming Control Board today approved and announced the procedures and schedules for the auctions to award the right to apply for one of the new Category 4 casino licenses.

The first of the "initial round" of auctions will be held on with the dates subject to modification at the Board's discretion and as circumstances dictate.

Any modification of the dates will be posted to the Board's website,

The Board will stream the auctions live via its web site.

Act 42 established three possible rounds of auctions to award these 10 licenses: .

A Category 4 facility may have between 300 and 750 slot machines along with a maximum of 30 table games in its first year of operation with the capability of adding an additional 10 tables games after its first year of operation.

Following the auction process, winning bidders must pay the winning bid amount no later than on the second business day after the date of the auction.

They then have up to six months to submit an application for the Category 4 slot machine license.

Regarding the procedures to be followed in each auction, the Board approved the following key elements: Additional elements of the adopted procedure along with the full text of Act 42 are available on the Board's web site including the handling of ties.

The Board also announced that it will soon make an addition to its web site in which questions about all the various new forms of gambling approved under Act 42 will be answered.

The page will also provide a direct link to permit additional questions that may not be part of the FAQ page at the time to be submitted for response.

The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state's casino industry, along with oversight of new gaming initiatives to the Race Horse Development and Gaming Act recently approved through the signing of Act 42 of 2017.