May 20, 2008 9:04 pm US/Eastern
Financial Pieces In Place For North Shore Casino
NORTH SHORE (KDKA) ―
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Don Barden says his Pittsburgh casino will be twice the size of the Majestic Star in Gary, Indiana.
KDKA
Developer Don Barden says the last piece of financing is in place for the Majestic Star Casino on the North Shore.
He secured $150 million to finish the casino. Among other financial issues, Barden has also been negotiating with Credit Swiss for $650 million in permanent financing.
Gov. Ed Rendell says he's cautiously optimistic.
"Credit Swiss has agreed to refinance so I think Mr. Barden and his plan to build a casino is basically out of the woods," Rendell said. "They've got to deal with the bridge loan. I would be happier and I like Don Barden and I have confidence in him and he's run good operations in other states, but I would be happier if he took on some more investors and built up a little more equity in his bid but again I'm out of the loop - that's up to the gaming board."
County Executive Dan Onorato says the progress of the casino's construction is far ahead projects on the other side of the state.
The new casino is scheduled to open in about a year.
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