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Barden plans to postpone Hill pledge

24 April 2008

PENNSYLVANIA -- As reported by the Pittsburgh Tribune-Review: "Majestic Star Casino owner Don Barden plans to postpone his request to undo a $3 million promise to the Hill District until after he meets with local political leaders, according to spokesmen for state gambling regulators and Allegheny County Chief Executive Dan Onorato.

"Barden planned to be in Harrisburg today to meet with members of the state Gaming Control Board about changes he wants to make in the design and financing for the North Shore slots parlor, Onorato spokesman Kevin Evanto said Wednesday. But, for now, the casino owner will not seek to eliminate his Hill District pledge.

"...Although Barden's PITG Gaming does not have enough money to build the casino, Onorato said the company can raise the money based on the value of having the only slots license in Pittsburgh. It's one of five stand-alone casinos in the state, including two in Philadelphia.

"...PITG Gaming is seeking backers for two loans through Credit Suisse that would total $650 million. Annual interest payments could be as much as $78 million, based on rates of 9.25 percent and 16.25 percent, according to information PITG Gaming gave state gambling regulators..."

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