Casinos news

Pennsylvania Gaming Board Studies Financing Plan of Majestic Star Casino

The Pennsylvania Gambling Control Board will meet on July 10th, 2008 to learn an update on the latest financing project for the Majestic Star Casino project of Don Barden. Gambling board spokesperson Richard McGarvey commented that the meeting was scheduled because Don Barden's latest financing venture has been finished and it has changed since the previous time that the Pennsylvania Gambling Control Board studied it.

McGarvey commented that they had to make sure that they must possess enough information about the plan before they set a hearing. He added that they feel that the financing plan has progressed to the point that it can be studied by the board. Construction of the slots facility on Pittsburgh's North Shore area has been stopped for two weeks after Don Barden failed to give the $10 million that he owed to the contractor.

According to the spokesperson of Don Barden, an additional $120 million in additional funding was received from July 1st, 2008 from Walton Street Capital LLC. In a way to cut back expenses from the $780 million Majestic Star Casino, Barden proposed delaying the building of a 1,000 seat amphitheater, riverfront paths and landscaping. The completion of the Majestic Star casino will be on May 2009.


07/22/2008 04:11 PM
Davis Coulter