A plan to develop a new casino in Pittsburgh, Penn. is being modified by the developers.
Mayor Luke Ravenstahl and Allegheny County Chief Executive Dan Onorato met Tuesday with Pennsylvania Gaming Control Board officials about the new plans.
Onorato and Ravenstahl were hopeful the state would approve the deal in a month or so. The two support the license transfer, provided Bluhm comes through on Barden's promises.Ravenstahl said that, if the license were revoked rather than transferred, "we're looking at one, two, three, maybe four years for the reissuing" of the license.
"It could involve the (Pennsylvania) Supreme Court. It could be a process that would take a very significant amount of time," Ravenstahl said.
According to R. Douglas Sherman, the board's acting chief counsel, the gaming board's licensing and investigation bureaus are studying only the ownership restructuring proposal. The bureaus are not looking into the license revocation, though that could happen if their counsel determines that is necessary, Sherman said.
"There is one license that has been issued, it is not out for bid," Sherman said. "There's a joint application to restructure the ownership interest, that's what's before the board and that's all that's before the board at this time."
The project's prime contractor has said if work does not restart by Wednesday subcontractors will have the right to terminate their contracts, driving up costs and complicating the construction schedule.
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Bluhm spokesman Dan Fee said his boss has hoped the gaming board would approve his deal with Barden by week's end. He stressed that those comments were not an ultimatum.
Sherman said there's no timetable for the board to act on the application.
Barden has blamed rising steel costs and lenders made wary by the mortgage crises for his inability to finance the nearly $800 million project . Bluhm is proposing to invest $170 million and get nearly $600 million from lenders to become majority partner in the deal, with Barden keeping a 20 percent interest.
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