Pittsburgh Casino Financing Cost Jumps To $630 Million
Majestic Star To Open May 2009 On North Shore
POSTED: 11:39 am EDT April 16,
2008
UPDATED: 12:24 pm EDT April 16,
2008
PITTSBURGH -- Construction delays and rising financing costs fueled by the home mortgage crisis have added $180 million to the price of Pittsburgh's planned slot machine casino. Majestic Star officials said they are trying to get $630 million in financing for the casino from Credit Suisse in New York. The casino is expected to open in May 2009 but was originally projected to cost $450 million. Majestic Star chief operating officer Kirk Saylor said the casino will now cost about $600 million from licensing to completion. Saylor said another $30 million is needed to pay for financing fees. State gaming regulators awarded Majestic Star owner Don Barden the license in December 2006. But appeals by losing license bidders delayed the groundbreaking until December 2007.
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