Casino news source: Business Week - http://www.businessweek.com
Casino firm in red for past 2 years
A gambling company owned by Don Barden, who owns a separate company that won the state license to build a slot machine casino in Pittsburgh, has lost nearly $20 million the last two years.
The losses by Barden's other company, Majestic Star Casino LLC, will not affect the Pittsburgh project, Barden's camp said. PITG Gaming LLC, the company Barden is using to build the Pittsburgh casino, still has $450 million in financing lined up for the Pittsburgh casino, said PITG spokesman Bob Oltmanns.
Majestic Star on Wednesday reported losing $14.3 million last year and $5.3 million in 2005 in documents filed with the Securities and Exchange Commission. Majestic Star operates casinos in Gary, Ind., Tunica, Miss. and Black Hawk, Colo. The Pittsburgh casino will carry the Majestic Star brand name, even though it will not be owned by that company.
Forest City Enterprises, which lost its bid for the Pittsburgh casino license, is citing Majestic Star's financial losses in its pending appeal of the state's decision to give PITG the Pittsburgh casino license. |
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