Majestic Star Casino: New Investor Announced But Construction Will Temporarily Stop

A representative from PITG Gaming says the group has a new major investor in the Majestic Star Casino, and construction at the site will temporarily stop in the coming weeks.

Bob Oltmanns, of PITG Gaming, announced that the group had secured Walton Capitol out of Chicago as a major investor.

That group, according to Oltmanns, was founded by Neil Bluhm, who is majority owner of Sugar House Casino in Philadelphia.

Oltmanns stated that group plans to present its new financing plan to the Pennslyvania Gaming Board as soon as possible.

Keating Construction, the construction company, requested a temporary work suspension until the new financing plan is approved.

Concerns over financing and potential work stoppages at the site have been brought up frequently.

Following Oltmanns announcement today Allegheny County Executive Dan Onorato weighed in by issuing the following statement: "I spoke to Don Barden today, and he informed me that he has secured adequate financing to complete construction of the Majestic Star Casino by May 2009. Mr. Barden further stated that work may be slowed or suspended for a few days while the financing is finalized, but it will not affect the overall construction schedule. My goal has always been to see a quality casino opened in Allegheny County by May 2009, and Mr. Barden has told me that will happen."

Previous Stories: June 26, 2008: Gaming Officials Tour North Shore Casino Site June 25, 2008: Contractor Answers Questions About Casino Financing Concerns June 11, 2008: North Shore Casino Owner Summoned By Gaming Control Board May 21, 2008: North Shore Casino Receives Final Push Needed To Finish Construction April 23, 2008: Majestic Star Casino Surrounded By Financial Questions April 16, 2008: Pittsburgh Casino Financing Cost Jumps To $630 Million