Construction workers should be back to work on the North Shore of Pittsburgh casino by the time you are reading this post. Holdings Acquisition, headed by billionaire Chicago businessman Neil Bluhm, closed on the financing for the purchase of 75% of the Majestic Star Casino in Pittsburgh after construction stopped on the project in June due to default on a bridge loan by Don Barden’s group. It secured approval from the Pennsylvania Gaming Control Board last week for transfer of the gaming license to Holdings Acquisition.
The purchase of the casino by Bluhm and his family add to their casino holdings - they own about 60 percent of the proposed SugarHouse Casino in Philadelphia.
Holdings Acquisition reaffirmed Barden’s commitments to fund the new hockey arena, as well as development in the Hill District and on the North Side. The financing approval and reaffirmation bailed out Pittsburgh taxpayers, who would have been on the hook for Barden’s $225 million commitment.
Multiple newspapers reported that a spokesperson for the company expected construction workers to be back on site on Pittsburgh’s North Shore almost immediately, with construction full speed ahead by next weekend. Pittsburgh’s Majestic Star Casino is expected to open in August of 2009.
The construction webcam can be viewed here: http://www.majesticstar.com/pittsburgh/construction.html