PITTSBURGH -- Developer Don Barden has the necessary financing in place for his new $780 million Majestic Star slots casino -- but short-term cash problems will cause construction at the work site on the city's North Shore to stop for now.

Video: Watch Bob Mayo's Report

Millions of dollars are owed to general contractor Keating Construction and several subcontractors. Payments of $10 million for April alone were overdue, with no payments made yet by Barden to the contracting companies for May or June either, WTAE Channel 4's Bob Mayo reported.

On Monday -- the deadline to make a payment to the general contractor -- Barden spokesman Bob Oltmanns said Chicago-based Walton Street Capital will be a new investor and provide the needed financial backing.

Walton Street is headed by Neil Bluhm, chairman of HSP Gaming, which was awarded a state license to build the SugarHouse Casino in Philadelphia. His group will provide about $120 million in equity to support the Majestic Star, Oltmanns said.

"He is well known in the gaming industry as being a very successful, self-made man, on the Forbes list of the wealthiest billionaires in America," Oltmanns said.

Keating has decided to suspend most of the casino construction until the new deal to pump money into the project gains state approval, Oltmanns said.

Allegheny County Chief Executive Dan Onorato said Barden told him that work on the casino "may be slowed or suspended for a few days while the financing is finalized, but it will not affect the overall construction schedule," which calls for a May 2009 opening.

A union official and some rank-and-file workers told Channel 4 Action News that workers on the Majestic Star project are being paid by the contractors and have not missed one paycheck or benefit payment.

The state Gaming Control Board visited the site last week to view the casino's progress and was prepared to hold an emergency meeting in the event of a work stoppage or slowdown.

The city and county have a lot riding on the casino. Barden committed to providing $7.5 million annually toward financing of the city's new arena, and the city's budget counts on at least $10 million a year in tax revenue from the casino starting in 2010.