pop culture, pittsburgh, and potpouri
Wednesday, May 14, 2008
I'm Betting This Casino Never Gets Built... What Are the Odds.
Don Barden delayed a hearing today on the growing fiasco that is the financing of the North Shore Magestic Star Casino. As previously reported , Barden decided that the money he pledge to the Hill District was conditioned on the Pens getting the gaming license, and his other Casino's have been losing moneys recently. The state gaming control board agreed today to postpone a public hearing into the financing for the Pittsburgh casino after Bob Oltman a lawyer for owner Don Barden said he needed more time to negotiate terms with lenders. Members unanimously voted to approve the delay until the financing has been completed and reviewed by the gaming board's investigators. Barden has yet to secure funding for the North Shore casino. He received a 200 million bridge loan, to begin construction, which needs to be paid off by Monday. Ground has yet to be broken. Asked if Mr. Barden's $800 million in financing for the casino was in trouble, Mr. Oltmanns replied, "I wouldn't say that. I'm not going to elaborate on the nature of the negotiations other than to say we need a little more time to wrap them up." That translates to we're up shit creek, and no one will give us any money. He added, "It is a complex matter. There are a lot of variables and this is taking time." I would not be surprised if this Casino never gets built. The worst case scenario would be a half built Casino gracing the shores of Pittsburgh's North Side with a sign dangling down in front that says open for business. I bet Barden is kicking himself he won the license. Before you know it the Casino will be the prize on the dollar progressive slot machines.