Financing Secured By Barden For Casino In Pittsburgh

Don Barden has been working overtime to try and come up with the financing necessary to complete his Pittsburgh casino project. Several times, Barden has been close, but has failed to come up with the financing.

Now, on Monday, Barden said that he has finally secured the financing. The casino plans will move forward and a completion date is projected for May of 2009.

Apollo Strategic Value Fund LP gave Barden a $150 million commitment. In addition to the Apollo group, Barden also received funding from, "a group of other lenders which should round out our total permanent financing," Barden said in a statement.

Barden had been crunched for time after asking the Pennsylvania Gaming Control Board to approve changes to the original financing plan. When he asked for the approval, it was estimated that the financing would come out to about $800 million.

The total cost for the casino project is now estimated at $600 million. Majestic Star Casino is expected to be completed in May of next year. The slots facility is expected to bring in revenue for the state.

The Pittsburgh project is one of many that have been part of casino expansion in the Northeast. Many states are expanding their gambling laws, allowing for more casinos.

May 20, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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