Jun 27, 2008 7:40 pm US/Eastern
Growing Concerns Over Casino Cause Many To Worry
PITTSBURGH (KDKA) ―
Concerns continue to grow over the future of Pittsburgh's first slots casino.
Construction workers are prepared to walk off the job on Monday if developer Don Barden doesn't come up with millions of dollars in order for contractors to continue working on the project.
Right now, the project is moving forward. However, Governor Ed Rendell says nothing is certain past Monday.
"Everyone has to realize these are tough economic times and financial institutions are not as anxious to lend out money for any project," said Rendell.
However, Rendell has said he promises to keep the project moving forward.
KDKA's Marty Griffin reports that according to financial filings, based on loan payments, taxes and a mound of other expenses, this facility as planned will most likely lose money.
"The Gaming Board just didn't do their homework. We are looking at numbers here that are readily available to them," said Jay Haulk, of the Allegheny Institute. "They could have looked at these, seen the level of debt and degree of leveraging that he has in his other operations, the fact that his net worth in his other casino operations is a negative $175 million."
Stay with KDKA for all the latest details.
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