PA Gaming Control Board Releases Adjudication Explaining the Decision On the Pittsburgh Casino

HARRISBURG: The Pennsylvania Gaming Control Board today released the adjudication containing the legal opinion and rationale that led to the recent board approval of the restructuring and recapitalization of Pittsburgh slots casino project.

The adjudication is available for download by visiting the Gaming Control Board’s web site, www.pgcb.state.pa.us, and choosing the link titled “Pittsburgh Adjudication” under the What’s New section on the home page.

The decision to approve the Joint Application of PITG Gaming, LLC (PITG) and Holdings Acquisition Co. L.P. (Holdings Acquisition) for change of control and recapitalization of the project was made through unanimous vote of the Board at its August 14th public meeting.

The document fully explains the legal reasoning for the approval including analysis of the Gaming Act pertaining to changes in slot license ownership, determination of a fee, applicability of ownership interest restrictions, and adherence to conditions agreed to when the original license was granted.

Construction of the Pittsburgh casino project restarted the week of August 18th and completion is expected in August of 2009.

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