Indiana Grand Casino owners accept bid from Centaur

Back to TopCommentsE-mailPrintBookmark and Share

Central Indiana’s two racetrack-casinos may consolidate under a single owner after Indianapolis-based Centaur Holdings LLC submitted a winning bid of at least $500 million for Indiana Grand Casino in Shelbyville.

Centaur informed its employees at Hoosier Park in Anderson on Tuesday morning that Indiana Grand’s owners had accepted the bid, General Counsel John Keeler said. Now it will be up to a Delaware bankruptcy court judge, as well as state and federal gaming regulators, to approve the sale.

“Obviously, we hope we can grow these properties, both of them,” Keeler said. “It’s our intention to maintain the same, what we believe to be, quality of racing, gaming and entertainment in Anderson and bring that to Shelbyville as well.”

Indiana Grand owner Indianapolis Downs LLC has been in bankruptcy since April 2011, and has gone through a number of fits and starts in trying to recapitalize the business, or sell the assets. The final auction was held Friday in the New York offices of Indianapolis Downs’ law firm, and Centaur was the only qualified bidder, Keeler said.

Keeler would not disclose Centaur’s actual bid, but according to bankruptcy court filings, the minimum qualifying bid was $500 million.

Indianapolis Downs likely will file a motion for approval of the sale this week, Keeler said. That will begin what’s likely to be a long approval process, both in court and before state regulators.

While Hoosier Park also reorganized through bankruptcy court, Indiana has never dealt with the transfer of a racino license, Keeler noted.

Indianapolis Downs’ major creditors have pushed for resolution of the case, but Keeler said he’s not sure where each of them stands on the sale to Centaur.

One of the creditors is Indianapolis Downs shareholder Ross Mangano, a South Bend businessman who’s also expressed an interest in acquiring the property through bankruptcy.

“Anybody that’s got a stake in the case has the right and the opportunity to object,” Keeler said.

Hoosier Park and Indiana Downs host the state's only pari-mutuel horse racing tracks and both opened casinos within a nine-month span in 2008 and 2009. The $250 million state casino licensing fee that each one paid, coupled with the onset of the recession in 2009, helped trigger bankruptcy at both racinos.

A 2011 state law allowing a single company to own two Indiana pari-mutuel tracks opened the door for Centaur to make a bid for the Shelbyville operation.




Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. Yes sir keep cashing those 300K a year checks direct to IMS, while millions disappear from the teams like Rahal's. Guess there wasn't enough ka- ching going around to keep Sarah Fisher in business without their "merger". LOL._____.Meanwhile back in Realville the series with the "best racing in the world" drew what appeared to be about 5000 live spectators ( and probably 1500 of those Target "freebies", and was beaten in the ratings by a series that reportedly consists of "parades" and aired while most people are still sleeping. That will generate those big ka-chings for sure. :-). But, hey, as long as the Speedway gets the cash who gives a damn about the teams?

  2. Welcome to PETERSON LOAN AGENCY Company (A Personalized Service for All Your Financial Needs) We, Liberal Investment Company Providers offers loan at a very low interest rate of 2%, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Educational Loan, Home Loan, and Loan for any reason and urgent needs!. with a maximum duration of 30 years. Have you been turned down by your bank? Do you have bad credit? Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000-USD (Five Thousand US dollars) to $50, 000,000.00.(Fifty Million US dollars). We also lend in USA DOLLARS EURO and POUNDS ! Fill in this form and forward it to our email: PETERSONLOANAGENCY@GMAIL.COM 1. Your Full names:_______ 2. Contact address:_______ 3. Country Of Residence:______ 4. Loan Amount Required:________ 5. Duration:_____ 6. Gender:_____ 7. Occupation:________ 8. Monthly Income:_______ 9. Date Of Birth:________ 10.Telephone Number:________ 11. Purpose of loan:_________ Yours In Service, MR PERRY, PETERSONLOANAGENCY@GMAIL.COM

  3. If I could actually get the prices...I would do this on my own. We need laws that force provides to publish the costs they will charge. Everyone else gives you the price in advance...except hospitals.

  4. I was under the impression that fencing is not allowed on a front yard and that on a corner, both sides are considered "front" yards, therefore can't be fenced without a variance. Also impedes the visibility for drivers at the intersection. Am I understanding this correctly? Might be why a fence was not included in the plans and a request for a variance will have to be made?.

  5. I was a big fan of Cowards and Carrots, which I got a chance to see at the show. It's currently on Kickstarter, but the designer also put out What's He Building in There last year, which got a fair amount of buzz.