May 29, 2008 5:11 pm US/Eastern
Ferlo: Gaming Board Should Pressure Developer
PITTSBURGH (KDKA) ―
A local state senator says it is time for the Gaming Control Board to increase the pressure on casino developer Don Barden.
State Sen. Jim Ferlo, D-Bloomfield, says Barden should not be given unlimited time to come up with a financing plan to build the Majestic Star Casino.
Don Barden was hoping to wrap up a new $780 million financial package for the Majestic Star Casino a couple weeks ago. When that didn't happen, he asked the Gaming Control Board for a delay.
As of today, the gaming board is still waiting. And that has Ferlo calling on the board to get things moving.
Ferlo is adamant - Barden must get his financing in order - and quick.
"Most people, certainly the state Senate, presumed that when the board issued the license, they had a clear assurance that the financing was in place. This, unfortunately, has not been the case with Barden," Ferlo said.
Ferlo says he's lighting candles for Barden's success - but the Gaming Control Board must take control of the situation - instead of allowing more time to find financial backers.
"It is getting to rug-cutting time, and we all want to be supportive of Mr. Barden, but it's fair game now in terms of actions of the Gaming Board to bring this deal to closure," he said.
Ferlo says Barden needs to resolve this no later than June - and if he doesn't the Gaming Control Board needs to step in - even if that means transferring the casino license to someone else.
"We need to move on, and other individuals need to come to the table and say, 'Okay if he can't fulfill the obligations of the license, we want an opportunity to be reconsidered,' and that could include former bidders and possibly new bidders for this casino," Ferlo said.
Whatever the concerns about Don Barden's finances, it apparently is having no impact on the construction of the Majestic Star itself. In fact, they could be ahead of schedule.
Bottom line, this casino will open, Barden says, in May of 2009. But Ferlo worries that all this construction could halt suddenly without proper financing in place.
"By the end of June, it's incumbent on the Gaming Board to make sure that Mr. Barden has this financing in place, and if not they need to define back to the public with transparency what is the procedure to go back to square one and entertain other bidders," Ferlo said.
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