Indiana casino owner preparing to exit bankruptcy

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The company that owns Indiana's Hoosier Park casino and horse track expects to emerge from bankruptcy protection in the coming months with about two-thirds less debt.

Hoosier Park President Jim Brown said Indianapolis-based Centaur LLC anticipates having approval from the state casino and horse racing commissions for the reorganization plan within 60 days.

According to the Herald Bulletin of Anderson, the plan would leave Centaur with about $270 million in debt, down from about $906 million when it filed for bankruptcy last year.

The plan received court approval in February.

Brown said Hoosier Park in Anderson has remained a successful business and that it has been largely unaffected by the bankruptcy process.

"Hoosier Park was very successful as a business and casino before the bankruptcy filing and it has remained successful through the entire process," he said. "We really haven't changed anything here that wasn't done with the intent of better serving our customers."

The other horse track and casino in central Indiana — Indiana Live near Shelbyville — also filed for bankruptcy protection in April. Both operations have struggled since borrowing heavily to pay $250 million state licensing fees to add slot machines and other electronic games in 2008.

"That $250 million was a prime reason we had to enter into bankruptcy," Brown said. "It hit us and our customers at a tough time."

Centaur has sold off gambling properties in Colorado and Pennsylvania as part of the bankruptcy settlement.

Centaur's current plan is to concentrate solely on its Indiana sites — Hoosier Park and off-track pari-mutuel betting sites in Indianapolis, Fort Wayne and Merrillville.

Brown said new attractions are planned for Hoosier Park within a few months of exiting bankruptcy.

"We've got several surprises for our customers that we're getting ready to roll out," he said. "We want to show them that we're thankful for their support through this time."


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  1. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  2. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

  3. Good try, Mr. Irwin, but I think we all know the primary motivation for pursuing legal action against the BMV is the HUGE FEES you and your firm expect to receive from the same people you claim to be helping ~ taxpayers! Almost all class action lawsuits end up with the victim receiving a pittance and the lawyers receiving a windfall.

  4. Fix the home life. We're not paying for your child to color, learn letters, numbers and possible self control. YOU raise your children...figure it out! We did. Then they'll do fine in elementary school. Weed out the idiots in public schools, send them well behaved kids (no one expects perfection) and watch what happens! Oh, and pray. A mom.

  5. To clarify, the system Cincinnati building is just a streetcar line which is the cheapest option for rail when you consider light rail (Denver, Portland, and Seattle.) The system (streetcar) that Cincy is building is for a downtown, not a city wide thing. With that said, I think the bus plan make sense and something I shouted to the rooftops about. Most cities with low density and low finances will opt for BRT as it makes more financial and logistical sense. If that route grows and finances are in place, then converting the line to a light rail system is easy as you already have the protected lanes in place. I do think however that Indy should build a streetcar system to connect different areas of downtown. This is the same thing that Tucson, Cincy, Kenosha WI, Portland, and Seattle have done. This allows for easy connections to downtown POI, and allows for more dense growth. Connecting the stadiums to the zoo, convention center, future transit center, and the mall would be one streetcar line that makes sense.