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Barden gets hearing delay on casino finances
Wednesday, May 14, 2008

The state gaming control board agreed today to postpone a public hearing into the financing for the Pittsburgh casino after a lawyer for owner Don Barden said he needed more time to negotiate terms with lenders.

Members unanimously voted to approve the delay until the financing has been completed and reviewed by the gaming board's investigators.

Mr. Barden's company, PITG Gaming LLC, filed a request with the gaming board yesterday evening seeking the postponement.

"We need a little more time to complete our negotiations with the lenders," PITG Gaming spokesman Bob Oltmanns said.

Asked if Mr. Barden's $800 million in financing for the casino was in trouble, Mr. Oltmanns replied, "I wouldn't say that. I'm not going to elaborate on the nature of the negotiations other than to say we need a little more time to wrap them up."

"It is a complex matter. There are a lot of variables and this is taking time."

Mr. Oltmanns said a $200 million bridge loan Mr. Barden received to start the casino's construction is part of those negotiations. It is supposed to be paid off by Monday.

PITG Gaming this week also asked the state Supreme Court for a quick ruling on an appeal filed by the Riverlife Task Force in February over the size of the casino parking garage. It tied the request to the efforts to negotiate the casino financing.




More details in tomorrow's Pittsburgh Post-Gazette.

First published on May 14, 2008 at 9:52 am
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