IBJNews

Indiana Live owners miss interest payment

Back to TopCommentsE-mailPrintBookmark and Share

Indiana liveThe owners of Indiana Live racetrack and casino failed to make an interest payment due Nov. 1 on $375 million in debt, providing additional fodder for credit analysts already worried about its financial condition.

As IBJ reported last month, the Shelbyville venue has been the subject of analyst attention given its massive debt load. All told, South Bend-based Oliver Racing LLC owes $544 million, mostly in bonds.

Moody’s Investors Service said in March that the capital structure “is not sustainable in its current form,” and analysts from ratings agency Standard & Poor's have speculated that default is imminent.

Both Indiana Live and Indianapolis-based Centaur Inc., owner of Hoosier Park in Anderson, borrowed heavily after the General Assembly in 2007 allowed the horse tracks to add slot machines in return for a $250 million licensing fee.

The slots parlors, which opened the following year, have drawn smaller crowds than projected, in part because of the recession. Centaur slid into Chapter 11 bankruptcy in March of this year and is selling off holdings in Colorado and Pennsylvania to reduce debt.

ADVERTISEMENT

  • No, he won't, not!
    He will when he needs the state employment numbers to improve.
  • No, he won't.
    The racinos have been lobbying hard for tax credits etc almost from the day they opened to less than projected revenues. They have been turned down by Daniels and the state legislature every step of the way. Proof is the fact that Hoosier Park went into Chapt 11. No one bailed them out. So why do you think anyone would bail Live out? It's a shame you are so clueless about this.
  • Mitch to Save the Day
    Don't worry, Mitch will bail them out with tax credits and tax-free incentives. He needs to step up to the plate for all they did for his campaign funds. Without the tax revenues, Mitch will be able to cut more to education and blame it on people not gambling their life earnings away. The state can't afford to fund the essential stuff when so many cronies are in need

    Post a comment to this story

    COMMENTS POLICY
    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
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

    2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

    3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

    4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

    5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

    ADVERTISEMENT