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Pennsylvania Gaming Board Takes Time on North Shore Slots Casino Takeover Issue

On July 28th, 2008, despite repeated warnings that the casino project in Pittsburgh would face closure if a new financing plan for the project was not approved as soon as possible, the Pennsylvania Gaming Control Board plans to take its time on deciding on the slots issue. Spokesperson Richard McGarvey commented that the gambling board is still studying the documents regarding the new financing plan for the Majestic Star Casino and has not scheduled any talks or hearing on whether it will approve the plans.

Pittsburgh Mayor Luke Ravenstahl and Allegheny County Executive Dan Onorato are scheduled to talk with the members of the executive staff of the Gambling Control Board on Tuesday at the office of the mayor in the City-County Building in Downtown Pittsburgh. Ravenstahl will also brief the press after their meeting with active executive director Frank Donahue and the acting chief counsel of the Pennsylvania Gaming Control Board, Doug Sherman.

Neil Bluhm, who is an investor in Pittsburgh Gaming Holdings LCC, the organization who is seeking to take over the project, told a Senate committee that the whole project could collapse if the ownership issue is not resolve until July 30th, 2008. Bluhm's Walton Street Capital LLC from Chicago is hoping to take over the Majestic Star Casino project and relegate current owner, Detroit businessman Don Barden to a minor stake.

Barden seek the help of Bluhm after he failed to complete a financing plan for the project. Dan Fee, the spokesperson for the Pittsburgh Gaming Holdings said that they are continuing to cooperate with the Gaming Control Board to solve the issue as soon as possible.


Sunday, 24 August 2008
Darren G. Strachan