Pittsburgh Casino Resumes Construction Under New Owners
Despite the financial disarray left behind by Don Barden's default on loans, the North Shore casino in Pittsburgh will resume construction today. Holdings Acquisition Company, the group that took over after Barden's PITG Gaming could not meet debts nor pay contractors, has obtained the necessary credit to finish the $780 million project.
Dan Fee, a spokesman for Holdings, said workmen would be back today, and a full resumption of construction activities could be underway by the week's end.
Walton Street Capital and High Pitt Gaming combined on July 16th to form Holdings, and purchase seventy-five percent of the casino project from PITG Gaming. On August 14th, the Pennsylvania Gaming Control Board unanimously approved the license transfer to the new owners, who are led by businessman Neil Bluhm.
Holdings verified that it would honor the agreements Barden made with the community regarding revenue to be given to the surrounding neighborhood for development, and $225 million over a thirty-year period to pay for the construction of the city's new hockey arena, hosting the Pittsburgh Penguins.
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|Posted by: PGHPA611||When: 08/27/2008 11:32:12 PM EST|
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