COSTA APPLAUDS GAMING BOARD’S SWIFT ACTION

     HARRISBURG, August 15, 2008 - - State Sen. Jay Costa (D-Allegheny) today applauded the Pennsylvania Gaming Control Board’s unanimous approval of a plan to restructure the financing and ownership interests of Pittsburgh’s forthcoming casino.

     “I am very pleased with the decision made by the Gaming Control Board on this pressing issue,” Costa said.  “Once opened, Pittsburgh’s casino is sure to be a wonderful economic asset to our area.”

     The 7-0 vote was made after a nearly four-hour hearing, in which the Gaming Control Board heard testimony and questioned the new ownership team and others involved in this deal.

     The approval for reorganization, change of control, and recapitalization of the Pittsburgh casino project transfers the slot machine license from PITG Gaming, LLC, to Holdings Acquisition Co., L.P.

     The Board also imposed a $2.5 million fee in connection with the restructuring transaction which brings additional owners into the project.

     “Not only does this decision keep on track the projected August 2009 opening, but it also puts about 800 workers back on the job constructing the casino,” Costa said.  “I am excited for the completion of this project and feel confident that the Gaming Board made the right decision.”