Pittsburgh Casino Saved by Investors
17th July, 2008
The construction of the Majestic Star Casino will resume after new investors signed an agreement to assume control of the project. Investors from Walton Street Capital will take over the scheme to complete the build of a $780 million casino complex.
Don Barden, earlier last week admitted he could not carry on funding the construction of the casino and other investors would have to intervene to save the project. Walton Street and several other investors will invest at least $120 million into the casino business.
Partnership CEO Greg Carlin, said "We look forward to introducing ourselves to Pittsburgh and being a great partner with the city and our neighbors as we build and operate a world class facility of which Pittsburghers can be proud,"
Don Barden will still own a 25 per cent stake in the casino but needs the funding of investors to complete the project. The building work stalled for two weeks but will soon be back up and running with the aim of completing the project as soon as possible.
The facility will cover more than 400,000 square feet, boasting 5 world class restaurants and a 100,000 square feet gaming area. The casino is due to open for the public in May 2009 but this could well be delayed due to the new investment.
By Jamie
