Barden bails on casino

[Captain Chaos]

I hate to say this but, I told ya so. I knew this Barden guy was full of shit and in way over his head when he was first awarded the slots license. The gaming committee should be held accountable for this monsterous fuck-up and they should all be hanged from the construction cranes standing idle on the north shore. I have no doubt that Isle of Capri would have had a temporary slots facility up and running (generating money for the state) and a real casino/arena would be close to opening had the gaming board done their job correctly. As an Allegheny county tax payer, this really chaps my ass. Not only does this delay any slots $ to help reduce property taxes, I'm just waiting for Onorato to announce a tax increase to cover the $ Barden had promised for the construction of the new arena.
What a CLUSTER-FUCK!

Barden defaults on loan, seeks change in casino ownership
Thursday, July 10, 2008
By Mark Belko, Pittsburgh Post-Gazette

International lender Credit Suisse has notified North Shore casino developer Don Barden he is in default of a $200 million bridge loan for the project according to a petition filed with the state Gaming Control Board.

The board today is considering a request by Mr. Barden to approve a new financing plan for the casino that includes a change in the company holding the license for the project. Mr. Barden would no longer be the majority owner of the casino, according to his spokesman.

Under the revised plan, Mr. Barden would retain about 25 percent interest in the casino. Walton Street Capital Fund 6, which is investing $120 million to complete financing for the project, will be the majority owner.

Chicago billionaire Neil Bluhm said he is one of five founders of Walton but his stake in the casino would be less than 1 percent.

The proposed investment would be used to pay off the bridge loan and to help complete construction.

If Credit Suisse enforces the default, it could result in construction disruption and significant delays in finishing and opening the casino. Work was halted at the site last month after contractors said Mr. Barden hadn't paid for work since April.

Under the proposed restructuring, Mr. Barden would remain a principal licensee and indirect owner of the new company, Holdings Acquisition.

In the petition, Mr. Barden also has backed off a proposal to delay construction on an outdoor amphitheater, boat docks and walking trails for three years. He now says it will be done at the same time the casino is open.

More details in tomorrow's Pittsburgh Post-Gazette.
First published on July 10, 2008 at 1:07 pm

[JackSplat]

in all seriousness, i could really give 2 shits about Don Bardon's North Shore Paradise!  I never was going to step foot in that crap hole that was going up to begin with.  In fact in a perfect world, the casino gets built, the new arena goes up, then someone leaves a fry cooker on and the casino goes down in a firey heap.  anyway, does it really have to be the Taj Mahal to begin with????  put up some dome tents ala the Meadows, serve the shittiest food known to man, bus in the geezers from wherever, and you have yourself a casino!  

But, the only thing that really matters is what the lower hill residents think of this.  has anyone spoken to them for a reaction yet????????  because i would hate for those 6 concerned citizens getting the shaft in all of this.  and does this mean the lower Hill will NOT be getting the facelift it soo desperately needs???

what you mentioned about fuck bag Onorato is something i GIVE 1 million shits about!!!!!  or the actual possibility of NOT getting a new arena.  i would definitley be opposed to paying for it, regardless of my passion for the penguins.  im sure there would be quite a few county residents on my side in this.  Especially considering the deal that was on the table from isle of Capri that was brushed away in the blink of an eye

[PghSteel-43]

But, the only thing that really matters is what the lower hill residents think of this.  has anyone spoken to them for a reaction yet????????  because i would hate for those 6 concerned citizens getting the shaft in all of this.  and does this mean the lower Hill will NOT be getting the facelift it soo desperately needs???

When problems first started occuring with the casino and this bum, the 'One Hill Coalition' blamed the Penguins, city and state.  They would NEVER blame Barden for obvious reasons.  The majority of people who have a brain in this city realize why the guy received the license in the first place.

In my opinion, it went something like this..."Hey look, he's black, let's automatically give it to him, nevermind his credentials (if he even has any) or if he has the money to support this project.  Let's just give it to him and I'll stick up for the guy through thick and thin for my own personal reasons.  I really don't care what's good for the citizens or for the city of Pittsburgh.  Free arena? No cost? Who needs it?  Let's just give those 'hard working" citizens up in the Hill District free handouts and Barden his license.  Afterall, they are "owed" it.".

Personally, I don't care if the guy is green, red, blue, yellow or purple, but giving this idiot a license was done for obvious reasons and the gaming board did not give a damn about the final result.  The final result is a complete ****ing mess.  I was against giving this guy license from day one and so were the majority of people who actually work for a living and realized the benifits of giving the license to IOC.

[kluisi61]

The final result is a complete ****ing mess.

Just for future reference...there's no need to censor fuck here...no one cares.