Pittsburgh Casino Finally Free Of Financial Problems

Don Barden had all the answers. he convinced the people of Pennsylvania that he had what it took to build and run a top casino in Pittsburgh. He was awarded the casino license he coveted, but failed to live up to his end of the deal.

Now, some eighteen months later, Barden is out as owner of the property and billionaire Neil Bluhm is in. he was approved last week and has finally secured the $550 million in loans to finish the project that Barden started.

Barden ran out of money for the project back in June. He tried several different options to try and secure loans for the completion of the casino, but came up short each time. Finally he decided to transfer his majority ownership to Bluhm.

Once the Gaming Board accepted the transfer of the casino license, all that was left to do was secure the financing before the project could once again be revived.

"With the closing of the financing, we are excited to restart construction immediately and build and operate a world-class facility of which Pittsburghers can be proud," said CEO of Holdings Acquisition, Greg Carlin.

The preliminary plans are for the casino to be

August 21, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!