Philly group aids troubled Pittsburgh casino

July 10, 2008 8:11:19 AM PDT
The lead owners of a planned Philadelphia casino are hoping to gain an ownership stake in a financially troubled casino under construction in Pittsburgh. Real-estate magnate Neil Bluhm was to appear before the Pennsylvania Gaming Control Board on Thursday and make a pitch to help Majestic Star Casino in Pittsburgh.

Bluhm is also the lead investor in the planned SugarHouse Casino in Philadelphia. According to a new filing with the gaming board, Bluhn and his partners are offering $120 million to Don Barden, who is building the Majestic Star.

Barden is trying to piece together a new financing plan for his $780 million project on Pittsburgh's North Shore.

He will need the gaming board's approval of the new financing and any change of ownership.