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SEA Wants Casino to Begin $7.5M Payments, Soon
Posted by MattyGabe at 3:14PM on 7-15-09
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URL: http://www.post-gazette.com/pg/09196/984066-100.stm?cmpid=pengu…
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The Pittsburgh and Allegheny County Sports & Exhibition Authority and the Rivers Casino have one more week to try to settle a funding dispute before state gaming regulators may jump in and settle it.
The SEA wants the casino, by Oct. 1, to begin making annual payments of $7.5 million for the next 30 years, so money can be paid to the investors who bought the bonds being used to finance construction of the new Penguins arena. Such payments to bondholders are to begin this fall, said SEA lawyer Robert Graci.
However, Rivers Casino officials think their deal with the SEA permits the $7.5 million annual payments to start in 2010 or even 2012, casino lawyer John Donnelly told the Gaming Control Board today.
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Oh really? That's a surprise. Because, you know, the original application winner, Don Barden, has already left town because he didn't have enough FINANCING. Good thing you guys took months to make your decision, because that deliberation has really PAID OFF. Or, wait, maybe their bank accounts have since been PAID OFF by a certain Mr. Barden, who no longer has the necessary financial solvency required to BUILD A FREAKING CASINO.
Bureaucratic idiocy, all over again.
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