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Article: Casino hopefuls were all financial risks, documents show

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Tribune-Review/Pittsburgh Tribune-Review
Article date:
October 28, 2007
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All of the Pittsburgh casino applicants were "high risk" financially, state Gaming Control Board internal documents show.

Majestic Star Casino, owned by winner Don Barden, had a "history of operating with a very high risk financial profile," the board's Financial Suitability Task Force wrote.

Risk comes with the gambling industry, board members said. That's because many companies are highly leveraged, the board wrote in a state Supreme Court filing.

"Gambling is gambling, but gambling is a risk," said board member Kenneth McCabe of Cranberry.

The financial task force filed separate reports for Barden's application and each of the two losing bidders -- Cleveland-based Forest City ...

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