Today's Tribune-Review (Free subscription) | 07/19/2008
Minor investors in what was Don Barden's casino would get shares in the business chopped to a fraction of what they were expecting, according to a new ownership agreement.
Today's Tribune-Review (Free subscription) | 07/17/2008
Don Barden signed an agreement to transfer control of Pittsburgh's casino to a Chicago billionaire's investment firm.
The Pittsburgh Business Times (Free subscription) | 07/16/2008
It still needs the approval of the Pennsylvania Gaming Control Board, and to secure bank financing, but Pittsburgh Gaming Holdings LP has signed a formal agreement with Don Barden's PITG Gaming LLC for a majority stake in Pittsburgh's casino.
PowerBlog! (Free subscription) | 07/16/2008
Barden, Bluhm reach agreement on casino financing The agreement still needs blessings from the Pennsylvania Gaming Control Board and from the banks, which will provide the financing not offered up front by Mr. Barden, Neil Bluhm's Walton Street and their new joint venture, Pittsburgh Gaming Holdings L.P.In a statement released this morning, Pittsburgh Gaming Holdings said that it had signed an agreement...
Null Space (Free subscription) | 07/14/2008
It's still beyond me to parse much more than what is in the headlines over the past/present and future of the Pittsburgh casino license. Still waiting for some of the shrapnel to fall to earth to try and figure out where we are. But I was wondering what Don Barden has collateralized his now semi-defaulted bridge loan of $200 million with. I had presumed it was some of his other casino operations....
Today's Tribune-Review (Free subscription) | 07/14/2008
Lawmakers from the House and Senate today are expected to call on the Gaming Control Board to revoke the license of PITG Gaming and Don Barden because the majority ownership will change hands.
Philadelphia Inquirer (Free subscription) | 08/20/2008
... owed for work done in April, May and June as the casino's original majority owner and developer, Don Barden, ran into financial difficulties and could not complete the project.Construction was suspended July 1, under the direction of Daniel J. Keating, whose company - Keating Building Corp. - is the contractor on the Pittsburgh project, as well as the proposed SugarHouse Casino for Philadelphia....
The Pittsburgh Business Times (Free subscription) | 08/14/2008
The Pennsylvania Gaming Control Board unanimously approved a transfer of the license for Pittsburgh’s casino from Don Barden and PITG Gaming to an investor group led by Chicago businessman Neil Bluhm, a gaming board spokesman said late Thursday.
Today's Tribune-Review (Free subscription) | 08/14/2008
State gambling regulators are reviewing whether an investor group should be allowed to rescue the financially troubled casino project. Under the proposed deal, Detroit-based businessman Don Barden would transfer his slot-machine casino license to a new group headed by Chicago billionaire Neil Bluhm.
MusicBiz Academy (Free subscription) | 08/14/2008
... change of control and recapitalization of the Pittsburgh casino project was sought by Don Barden and PITG Gaming, LLC, which was awarded a Category 2 slot machine operators license in December of 2006, and Holdings Acquisition Co., L.P., a newly formed company which will now hold the license. The Board also imposed a $2.5 million fee in connection with the restructuring transaction which...
Today's Tribune-Review (Free subscription) | 08/14/2008
... in April, May and June. The $780 million North Shore project stalled in June when former owner Don Barden, a Detroit businessman, ran out of money. Bluhm, a real estate developer and owner of three other casinos, leads an investment team that will put up $205 million. The complex financing deal, which involves international lenders and two domestic pension funds, could be finalized as early...
Today's Tribune-Review (Free subscription) | 08/14/2008
... of a $50 million slots license from PITG Gaming, which is controlled by Detroit businessman Don Barden, to newly formed Pittsburgh Gaming Holdings LLC, led by Bluhm. Bluhm said he has done all he can in his quest to win regulatory approval, which could happen after the board meets today in Harrisburg. If it doesn't happen soon, Bluhm said, hundreds of jobs will be lost and the North Shore...
Today's Tribune-Review (Free subscription) | 08/09/2008
Since the suspension of work at the Majestic Star Casino at the end of June, we have heard that all trade personnel employed at the project have had wages and benefits paid in full. This happened in spite of the fact that Don Barden failed to pay the employing contractors for their work performed in April, May and June. We applaud the integrity and commitment of our union contractors. These...
The Pittsburgh Business Times (Free subscription) | 08/08/2008
Pennsylvania's Gaming Control Board announced late Friday that it has set a hearing date of Aug. 14 in Harrisburg to "consider a joint application to restructure the financing and ownership interests in the Pittsburgh casino." At issue is whether to transfer the license granted to Don Barden of PITG Gaming to an investor group led by Chicago businessman Neil Bluhm.
Today's Tribune-Review (Free subscription) | 08/09/2008
Pittsburgh's casino quickly will become the state's most profitable, according to estimates from state regulators and investors trying to take over the project. The state Gaming Control Board has scheduled a hearing for Thursday in Harrisburg about transferring majority ownership of the casino from Detroit businessman Don Barden to an investment team led by Chicago billionaire Neil Bluhm. Whether...
