Barden secures Pittsburgh casino financing
Tuesday, May 20, 2008 8:28 AM
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Majestic Star Casino developer Don Barden said Monday he has secured the financing necessary to complete the Pittsburgh slots facility.
Barden said in a statement he has received a $150 million commitment from Apollo Strategic Value Fund LP and "a group of other lenders which should round out our total permanent financing."
The total value of the financing is $780 million. When Barden asked the Pennsylvania Gaming Control Board to approve changes in the project's financing last month, he projected $800 million in financing.
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The casino's cost, once projected at $450 million, is now expected to cost more than $600 million.
Barden has asked Credit Suisse, which provided a $200 million bridge loan for the project, for additional time to complete details of the permanent financing package before paying off the loan, which was also due Monday, according to the statement.
Majestic Star Casino is under construction and projected to be complete in May 2009.
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