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Golden Gets Another Extension on Casino License

Oct. 29, 2005 — The V.I. Casino Control Commission Friday gave Golden Gaming its fifth extension of a reservation for a casino license, but this extension took more time to come about and required more reports than previous extensions.
This extension for Golden Gaming, a casino with a hotel and golf course first proposed in October 2000, will be for six months.
Paul Golden came before the commission on Tuesday, along with attorney Treston Moore, and said the extension was needed because investors had become jittery after what happened to hotels and resorts during the Katrina and Rita hurricanes, and the loans for the project had to be reassessed. His previous extensions had been granted at regular meetings, but this time the Commission asked for more information.
Eileen R. Peterson, chairwoman of the Casino Control Commission, said on Friday all the information that was needed was obtained and the commission passed a resolution granting the extension on that day.
One requirement on this extension, that was not part of the other extensions, is that Golden must submit a progress report every month to the commission.
Earlier delays in the project were blamed on the permit process, but that appears to be worked out. (See "Golden Resorts Gets Permission to Build at Great Pond").
The proposal is for a six-story, 605 room hotel (434 rooms first phase and 171 rooms second phase) and casino resort on approximately 297 acres in the Great Pond area. The project will include a golf course, a restaurant, an access road and parking.
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