The agreement still needs blessings from the Pennsylvania Gaming Control Board and from the banks, which will provide the financing not offered up front by Mr. Barden, Neil Bluhm's Walton Street and their new joint venture, Pittsburgh Gaming Holdings L.P.
In a statement released this morning, Pittsburgh Gaming Holdings said that it had signed an agreement "with PITG Gaming, LLC to purchase preferred equity and 75 percent of the common equity in the Pittsburgh casino. Pittsburgh Gaming Holdings is a joint venture between, High Pitt Gaming LLC and Don Barden."
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