Don Barden Gives Up Control Of Casino Project In Pittsburgh
Don Barden was visibly shaken last year when he was awarded a license to bring a casino to Pittsburgh two years ago. Now, two years into the future Barden was again shaken emotionally.
On Thursday, Barden announced that he was giving up control of the Pittsburgh casino project. He had failed to secure the necessary funding to continue the project, and has now turned over control.
Chicago billionaire Neil Bluhm will be the beneficiary of Barden's inability to secure funding. Bluhm will take over the project and become the new owner of the casino once it is complete.
Today the papers should be signed to transfer the ownership, and it had better be because the Gaming Control Board has had enough of Barden's antics. "Don't waste our time," said Board Chairwoman Mary DiGiacomo. The Board told Barden and Bluhm to not come back until there were signed agreements from every lender in the project.
"From a personal standpoint, though I'm disappointed I could not get this all the way over the goal line, i am proud of our achievements to date," said Barden. He will still be involved in the project as a minority owner.
Under the agreement to sell, Barden will receive a twenty five percent stake in the casino. The name of the new casino is expected to be changed from Majestic Star. The new name has not yet been disclosed.
July 11, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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