Barden To Face Pennsylvania Control Board Over Casino Financing

The North Shore casino project that has been in the works from Don Barden hit a snag a few weeks ago. Barden did not have the financing to complete the job secured, leading to many workers stopping their work on the project.

In the weeks since, Barden has redesigned his finance plan and is ready to move on with the project. He still must get the approval of the Pennsylvania Gaming Control Board on Thursday for the plan to move forward.

His financing plan began at $400 million back in December of 2006. It has since grown to $780 million. At issue Thursday will be some of the new investors that Barden has brought on to complete the project.

One of the investors is currently looking to acquire a casino license for a casino in King of Prussia. Another of the investors has already invested money into a Philadelphia casino.

Barden is hoping that his new finance plan will be approved by the Gaming Control Board. Part of what Barden is seeking is approval to hold off from building an amphitheatre, dock, and ballroom that were originally agreed upon in his initial proposal and approval.

He is seeking to hold off on those projects to ensure that the casino hits its target opening date. Currently, the casino is scheduled to open in May of next year.



2008-07-08