Pennsylvania Gaming Board Urges Don Barden to Fix Financial Plan for Majestic Star Casino
On July 10th, 2008, the Pennsylvania Gambling Control Board will ask Don Barden on what his plans to acquire more funds for the construction of the Majestic Star Casino. Barden will have to receive the approval of the Gambling Control Board for a major change on his financing plan, which has ballooned from $400 million on December 2006 to $780 million.
The Gambling Control Board must give their approval to new investors, like the one that already has a stake in a Philadelphia casino and another investment organization that is seeking a gaming license outside King of Prussia. Construction on the Majestic Star casino slowed down last week when Don Barden informed the contractors of the project that they could not give them the payment for the work done by the contractors since March 2008.
The Majestic Star casino is scheduled to open on May 2009. To accomplish the casino within the budget, Don Barden is petitioning the Gambling Board to give him permission to delay the construction of the amphitheater, ballroom and Ohio River dock of the casino. The board plans to review a request for a temporary slots license from Centaur Gaming, the only holder of a harness racing license in Pennsylvania that does not possess a casino license.
Centaur Gaming, which is based in Indiana said to the regulators that they need the license so that they can receive additional financing for their Valley View Downs facility in Lawrence County. It would also allow Centaur Gaming to open a slots facility before a permanent license is awarded.
08/04/2008 04:33 PM
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