The Biden administration said Tuesday that it would award up to $7.86 billion in direct funding to Intel777 casino games, with the U.S. chip giant set to receive at least $1 billion of that money before the end of the year.
The money is a reduction from Intel’s preliminary award of $8.5 billion, which President Biden announced during a visit to the company’s Arizona plant in March. The Commerce Department said it had reduced Intel’s grant because the chip maker, the biggest recipient of money under the CHIPS Act, also received a $3 billion contract to make semiconductors domestically for the military.
But the Commerce Department also detailed in a project document that Intel, which is under financial pressure because of a sales slump, had extended timelines for some projects beyond a 2030 government deadline.
The company now plans to invest $90 billion in the United States by the end of the decade, after previously saying it would spend $100 billion over the next five years.
The Commerce Department said it would fund the first of two chip-making plants that the company was building in Ohio. In March, the department estimated that the two plants would create 10,000 jobs. It has since dropped that estimate by 3,500 jobs for a single plant being built before the end of the decade.
Commerce and Intel officials said those changes were not a factor in the final award.
The first plant in Ohio is now expected to be operational by 2030, a delay from the company’s initial goal of starting production there in 2025. Intel said that it was still committed to building two plants in Ohio and that its projections for employing 10,000 or more people at the project had not changed.
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