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Posted At : August 18, 2008 04:33 PM | Posted By : D McKee
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Pennsylvania,Don Barden
What did the Pennsylvania Gaming Control Board say when it learned that Don Barden had lost millions of dollars gambling and had five years of negative personal income, thanks to bad investments? "No problem!", that's what. Or words to that effect, as is now belatedly emerging.
Presumably the fear of a lawsuit is the only thing that is keeping Pennsylvania regulators from taking back Barden's license, further imperiling the soon-to-be-ex-Majestic Star casino in Pittsburgh. And Barden would have a good point, too, seeing as the Control Board knew all this fairly embarrassing stuff about his finances and gave him a license just the same. It's gallant of Barden's new BFF, Neil Bluhm, to blame an 89% cost overrun on a "worldwide credit crunch," but Barden's inexperience at building brick-and-mortar casinos can hardly be discounted.
"There are people who would like us to make perfect predictions having to do with risk," huffed an understandably defensive board member re Gaming Control's recent series of misfires. No, but paying some heed to your own due diligence would be a nice start. Besides, the regulatory body's track record is so remarkably underwhelming that its members are in a poor position to get all shirty about the way they've been (deservedly) raked over the coals.
Anyway, compared to the total impasse in Philadelphia, the papering-over of the Pittsburgh crisis has been a breeze.
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