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Board Presents Bluhm With Slots Gaming License

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Nov 14, 2008 7:15 pm US/Eastern

Board Presents Bluhm With Slots Gaming License

PITTSBURGH (KDKA/AP) ― Chicago real estate billionaire Neil Bluhm has officially taken control of Pittsburgh's North Shore casino, months after state regulators approved a plan to rescue the venture.

The Pennsylvania Gaming Control Board presented the slots gaming license to Bluhm's group today at 12 p.m. during a small ceremony at the construction site of the casino.

Bluhm's group took control of the casino in August after developer Don Barden went into default on a $200 million bridge loan. That's when he began searching for investors to take over the project.

In the restructured Pittsburgh casino venture, Bluhm and his adult children own about 20 percent, while Walton Street Capital LLC controls a majority stake. Barden will keep 20 percent for himself and several partners.

Officials say that the construction is on schedule for the casino to open in August. 

People looking for jobs at the casino being built on the North Shore can visit  Pittsburgh Casino Jobs.

Stay with KDKA for a full report on this developing story.






(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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