Pittsburgh Casino License Update

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Pittsburgh Mayor Luke Ravenstahl said Tuesday he was "frustrated" that
the Pennsylvania Gaming Control Board hasn't answered the many
questions surrounding the status of Pittsburgh's casino license.

"It's hard for me to say what is the best course of action," the mayor
said at a news conference at City Hall.

On July 10, after defaulting on a $200 million bridge loan from Credit
Suisse, PITG Gaming LLC Chairman Don Barden petitioned the Gaming
Control Board to approve a new financing and ownership structure,
shifting the license from PITG Gaming to Holdings Acquisition Co. LP.
Under the proposal, Barden would retain a 25 percent stake in the
casino, still referred to as Majestic Star, but Chicago billionaire
Neil Bluhm of Walton Street Capital would be the majority stakeholder.

Ravenstahl and some state legislators question whether transferring
the license is the proper course of action.

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