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Officials on the Pittsburgh Gaming Control Board are now negotiating terms for a take-over of the plans for the Pittsburgh casino. Work on the casino stopped earlier this year when developer Don Barden was unable to pay a contractor. The contractor has halted work on the casino until he is paid the $10 million that he is owed. The owners of the casino came together to work on a plan to refinance the casino project and infuse capital into it. The plan included a lessening of stake that Barden has in the project. It is not clear whether mismanagement of funds is an issue here or if the plan was budget for the project was underestimated.

This week Barden signed over rights to the project to an investment firm controlled by a Chicago Billionaire. The name of the project will be changed to reflect the new ownership and Barden has relinquished 75% of his rights to ownership. The proceedings are still under investigation and are yet to be approved by the Gaming Control Board. The Board is taking its time in negotiating and investigating this one as they have come under fire and are being blamed for granting a license to Barden in the first place. It appears there were some indications prior to these events that Barden was undergoing financial troubles.

Due to the delay in construction, the opening date for the casino has been pushed back from May 2009 to June 2009. The Mayor has expressed a wish for the construction to be continued as soon as possible and that the current take over bid be accepted as long as it guarantees that the project will be finished and that all prior commitments made to contractors and others are honored. The Gaming Board has stressed that they understand the wishes for the project to be completed as soon as possible and area aware of the benefits that it will bring to the community but wish to ensure that the wish for expediency does not jeopardize the importance and accuracy of the financial agreements that are being considered.

A date for the hearing which will help determine why Barden’s project apparently went bankrupt has not yet been announced. The Board has assured the Mayor and others that while professional confidentiality will be kept regarding certain details of the case involving Barden; they will keep them informed of the particulars that they need to be made aware of.

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