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Indiana casino owner declares bankruptcy

November 23, 2009

Keywords

Arts & Entertainment, etc., Casinos, Gambling

The company that owns two casinos along Indiana's Lake Michigan shore and others in Mississippi and Colorado declared bankruptcy Monday morning after it failed to reach an agreement with creditor groups, Bloomberg News reported.

Majestic Star Casino LLC owns two casinos and a hotel in Gary, a casino-hotel in Tunica County, Miss., and a casino in Black Hawk, Colo.

In the Chapter 11 filing, the gaming company listed estimated assets in the range of $100 million to $500 million and estimated liabilities in the range of $500 million to $1 billion.

Earlier this month, the Las Vegas-based company was declared in default on nearly $80 million in debt by its lenders.

The casino company and its subsidiaries already were in default with bondholders after missing multiple interest payments in the past year.

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Local returns

chrisNovember 23, 2009 1:33 PM
Let the legislatures force the American Legions, VFW's and DAV from operating gaming and bingo while the fat cats in the casinos take all the revenue from gaming and keep it. Do you realize that when your local clubs conduct gaming that 90% of the funds go right back to the local community, schools, girl scouts boy scouts etc. Why on earth did we punish our local charitable clubs in favor of out of town scoundrels who took our money and ran.

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Crapped Out

JohnNovember 23, 2009 10:52 AM
And these are the companies that our brilliant legislators bet the future of our state on. Looks like it is finally time to shrink government.

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