The Rivers Casino - Nov. 14, 2008 - Casino to Generate Thousands of New Jobs and Tens of Millions of Dollars in New Tax Revenues

Latest Press

Nov. 14, 2008 - Casino to Generate Thousands of New Jobs and Tens of Millions of Dollars in New Tax Revenues

PENNSYLVANIA GAMING CONTROL BOARD OFFICIALLY PRESENTS LICENSE TO HOLDINGS ACQUISITION CO., L.P.
Casino to Generate Thousands of New Jobs and Tens of Millions of Dollars in New Tax Revenues

PITTSBURGH: On Friday, November 14, 2008, the Pennsylvania Gaming Control Board officially presented Holdings Acquisition Co., L.P. with its license to operate the Pittsburgh casino. The license presentation came during a noon press conference following a tour of the facility by PGCB Chair Mary DiGiacomo Colins and members Sanford Rivers and Raymond S. Angeli and briefing on the status of the development. Holdings Acquisition principals Neil Bluhm and Greg Carlin accepted the license. Allegheny County Executive Dan Onorato, state Senator Wayne Fontana and Yarone Zober, the Chief of Staff for Mayor Ravenstahl, also attended and spoke at the event.

“We thank the members and staff of the Pennsylvania Gaming Control Board for all of their hard work throughout this license transfer process and are honored to accept this gaming license,” said Neil Bluhm. “We are very happy with the progress we have made since construction resumed and we are on track to open by late summer 2009. We are confident that the Pittsburgh Casino will be a great addition to the city and the region creating significant new jobs and tax revenues.”

On August 14, 2008, the Pennsylvania Gaming Control Board unanimously approved Holdings Acquisition Co.’s request to recapitalize the Pittsburgh casino project and acquire control of it. Construction was restarted less than a week later. Since then, over 350 people have been working on site.

“Just as important as the financial viability of the group headed by Mr. Bluhm was to the Board, we were also pleased by their commitment to honor both financial pledges to this community and to construct essentially the same world-class facility that was envisioned in the original licensing and which a city like Pittsburgh deserved,” said Chairwoman Colins. “Beyond who would have control of this property, the Gaming Control Board fully recognized that a failure to keep this project on track would have devastating consequences to the contractors and the lives of the thousands of hard-working construction professionals and their families in the Pittsburgh area and beyond.”

In addition to the good new jobs the project will bring to Pittsburgh, the project will also generate substantial tax revenues for the City of Pittsburgh, Allegheny County and the Commonwealth of Pennsylvania. Over its first five years of operation, the casino is projected to generate $1.1 billion for the state in new taxes and assessments and $98 million for the City and County.

Holdings Acquisition Co. has also committed to a contribution of up to $225 million for the new Penguins Arena, a donation of $3 million to the Northside Leadership Conference, and $3 million to the Hill District neighborhood.

The Pittsburgh casino project will be a 400,000 square foot entertainment facility with 3,000 slot machines, 4 restaurants, 4 bars, a lounge, an amphitheater, a boat dock, outdoor amphitheatre and riverfront paths located on the North Shore in Pittsburgh.

Holdings Acquisition Co., L.P.
Holdings Acquisition Co., L.P. is a joint venture between Walton Street Capital, High Pitt Gaming and Don Barden. Neil Bluhm, the Founding Principal of Walton Street Capital, has over four decades of experience developing commercial, residential and gaming properties. Greg Carlin, the CEO of Holdings Acquisition Co., L.P., has over a decade of gaming investment and management experience. Other casino projects owned and managed by Mr. Bluhm and Mr. Carlin include the Fallsview Casino Resort in Ontario, the Riverwalk Casino & Hotel in Vicksburg, MS, and the SugarHouse Casino in Philadelphia.

Download This Months Promotion Calendar

Hotel Specials - Click Here!