On August 14th, 2008, construction is expected to begin again within a few days on the troubled Pittsburgh North Shore Casino Project after state officials gave their approval to a rescue plan made by new investors. The rescue plan on the partially constructed $780 million Majestic Star casino received the approval from the seven member panel of the Pennsylvania Gaming Control Board.
The unanimous consent of the board came after the Pennsylvania Gambling Board gave the agreement the go ahead during the four hour meeting. Real estate billionaire Neil Bluhm from Chicago is leading the new investor group on the project. During the board hearing, Bluhm told the members that their approval would allow the contractors of the project to be paid and the work to be restarted immediately.
Construction on the Majestic Star casino stopped on July 1st, 2008 after the original slots casino licensee holder, Businessman Don Barden from Detroit defaulted on loans and ran out of money to finance the project. There has been a lot of criticisms aimed at the Pennsylvania Gaming Board because of their choice of Don Barden. There are rumors that Don Barden is not financially stable compared with the other candidates for the slots license.
09/01/2008 05:54 PM