Don Barden's Majestic Star Casino was a bad bet and it's time to walk away from his table.

When Mr. Barden won the right to develop Pittsburgh's only slot machine casino on the city's North Shore, it looked like he'd been given a license to print money.

Of the 14 casinos authorized for Pennsylvania, the Pittsburgh spot had been expected to be the biggest moneymaker of all because it would be the only stand-alone slots casino in Western Pennsylvania, close to Ohio and West Virginia and far from Atlantic City and other big slots parlors planned for the state.

Instead, Mr. Barden wasn't even able to get his facility built and now there's a partially constructed house of cards sitting on valuable riverfront property.

Rather than wait while Mr. Barden tries to work out a new financing deal with a Chicago investment group led by billionaire Neil Bluhm, the state Gaming Control Board should restart a competitive process with new applicants.

State Sens. Jane Orie and Jim Ferlo made that suggestion this week when they warned the gaming regulators against rushing to approve a refinancing and reorganization plan for Mr. Barden and his new partners. They believe the state slots law gives the board authority to revoke Mr. Barden's license and conduct an expedited application process that would require the successful bidder to complete the Pittsburgh project as originally agreed upon. That would include a 1,000-seat outdoor amphitheater, boat docks and access trails as well as financial commitments that were made to sweeten the pot.

Of course, this poses the danger of delay. Work on the casino already has been halted due to Mr. Barden's financial difficulties. A renewed application process is bound to hurt the chances of completing the project by next summer. And any lawsuits that might be filed in response to action by the state could extend the process.

Pittsburgh and Allegheny County both are betting on millions each year, the Pittsburgh Penguins are looking for $7.5 million a year for 30 years toward a new arena, Hill District and North Side neighborhood organizations are expecting help and homeowners were promised property tax relief.

There is too much at stake to keep our money riding on Mr. Barden. And this time around, the gaming board, which got us into this spot, must do a better job of vetting the applicants and select someone who can finish the job.