A group headed by Chicago billionaire Neil Bluhm formally took control of the Pittsburgh casino today, receiving its license to operate the slots parlor from the state gaming control board.

The license transfer occurred at the casino construction site on the North Shore. Mr. Bluhm and his group took over the casino project from Detroit businessman Don Barden in August after he failed to secure permanent financing for the $800 million project.

"We're going to have, as you can see, a magnificent project here. You couldn't ask for a better location," Mr. Bluhm said in accepting the license.

With the financial crisis gripping the nation, the gaming board made the "right decision" in selecting Mr. Bluhm to take over the project rather than rebidding the Pittsburgh slots license, Chairwoman Mary DiGiacomo Colins said. At the time, the board was under pressure from some legislators to seek new bids for the license.

"Obvously, in hindsight, we're very comfortable with the decision we made," she said.

Mr. Bluhm said the casino remains on track to open next August. It will employ about 1,000 people. Despite the faltering economy, Mr. Bluhm believes the casino still will do well and should be able to produce enough revenue to make debt payments. As a cushion, the new onwers put $200 million in equity in the project. Mr. Barden was pledging virtually no equity before he gave up the project.