Harrisburg, Pennsylvania (AP) - Pennsylvania lawmakers asking questions about the rescue of a financially troubled Pittsburgh casino project found a more complicated situation than they thought. The prime contractor on the Majestic Star casino said today that dozens of subcontractors may quit the partially built project next week. They've gone several months without pay from the owner, Detroit businessman Don Barden.
Facing an idle construction scene and gaming board scrutiny of his financing, Detroit developer Don Barden last week surrendered a 75 percent interest in his Majestic Star casino project in Pittsburgh to Walton Street Capital Fund 6, an investment firm headed by Chicago billionaire Neil Bluhm, and a consortium of affiliated investors. In a hearing before the Pennsylvania Gaming Control Board, Barden outlined the equity deal...
The Pennsylvania Gaming Control Board will meet Thursday to hear an update on the latest financing plan for Majestic Star Casino developer Don Barden. The hearing was scheduled because Barden's latest financing plan has been wrapped up, and it has changed since the last time the board examined it, said board spokesman Richard McGarvey. "We had to make sure we had enough information before we could schedule a hearing," McGarvey said.
Pittsburgh (AP) - The developer of a Pittsburgh slots casino has been summoned before the Pennsylvania Gaming Control Board. The board wants Don Barden to answer questions Wednesday about securing financing for his casino. Barden's spokesman Bob Oltmanns says the Detroit businessman was in Harrisburg on Monday seeking more time to present details of his USD 780 million financing plan.
