Today in the news, it turns out that the Rivers Casino finally put in a partial payment for the Console Energy Arena. Due to the projected earnings being lower than they should be, it’s been taking a major toll on the casino’s credit rating, and their ability to make payments. Didn’t we give this casino contract to someone who could actually pay for it, after Don Barden couldn’t handle it? Guess not.
Either way, the payment was made for an “in good faith” type gesture. Ya know, because I figured they said they could handle the payments, they should actually be paying, regardless in good faith or not. It’s always entertaining how business project their totals. Most of it is from years prior data, and doesn’t take into effect the economy most times.
Another thing I think hurting the Casino is the location. Had it been put in the Station Square, with the plethora of other bars and entertainment hot spots, it could of possibly bloomed into a wonderful attraction. However, with it sitting by itself and just slot games, it comes off as rather boring and bland.
Although just recently an amendment to a bill has taken place that could otherwise set up possible table games in the future for the Casino:
In addition, two state senators, Sean Logan, D-Monroeville, and Wayne Fontana, D-Brookline, today inserted language into a Senate bill legalizing table games that calls on the state to take over the casino and put it into receivership unless the casino makes the payment. The amendments also block the casino from receiving a license for table games until the payment is made.
Sounds like a good deal to me, or not. This basically states the only way table games can be enacted into a casino right now, is if the actual casino owners hand over the receivership to them. I just wonder how this will all basically work out. At this current moment in time however I only see more trouble along the way.
Holdings Acquisition Co. L.P., the casino owner, agreed to make the $7.5 million payment annually for 30 years as part of its takeover of the project last year. Former casino owner Don Barden had committed to the payments in winning the Pittsburgh slots license.
Information from this article used from: http://www.post-gazette.com
Fri, Oct 9, 2009
Daily, Political