Another hearing on the financial dispute between the owners of the Silver Saddle Casino, a half-built card parlor that was supposed to provide Cudahy with much-needed revenue, has been scheduled for later this month.
City leaders have been anxiously awaiting the outcome of the dispute between owners Shyr-Jin Tsay and Charles King because the city will reap an average of 10% of the casino's gross revenue in taxes once it opens.
An arbitrator last month ruled that Tsay, who owns half of the club, had fulfilled all of his financial obligations and no longer must provide money for the project. Tsay is required only to pay back about $750,000 that he borrowed from the venture. An estimated $6 million is needed to complete construction on the Silver Saddle Casino and should Tsay choose to stop financing the venture, the project may be derailed for an indefinite time.
King has contested the arbitrator's decision and asked for a new ruling, but the arbitrator, former Superior Court Judge William P. Hogoboom, refused. Hogoboom, however, agreed this week to hold a second hearing Jan. 28 to decide whether Tsay owes the venture $350,000 in addition to the $750,000 he has been ordered to repay, said King's attorney, Ira G. Rivin.
"This is not good news," City Manager Jack Joseph said. "All this does is delay things for another month."