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Judge approves Shelbyville racino sale to Centaur

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A bankruptcy court judge has approved Centaur Holdings LLC's purchase of the Indiana Grand racetrack and casino in Shelbyville for $500 million.

Indianapolis-based Centaur owns the Hoosier Park racetrack and casino in Anderson, so it will own both gambling facilities in central Indiana if state regulators also approve the sale.

Centaur will pay $500 million, plus one dollar, and assume Indiana Grand's liabilities, according to the sale agreement. Centaur General Counsel John Keeler couldn't be reached for comment Thursday morning.

The judge's approval, entered Wednesday, came after Indiana Grand owner Indianapolis Downs LLC accepted Centaur's winning bid in September.

Judge Brendan Shannon, in a Wilmington, Del., court, approved the sale over objections from South Bend businessman Ross Mangano, a shareholder in Indianapolis Downs who has expressed an interest in acquiring the property.

Mangano had alleged that Centaur didn't negotiate in good faith and that its purchase wasn't feasible because the lengthy regulatory approval process could further the racino's need for financial restructuring.

"This sale's not final," Mangano said Thursday morning. "It's got to go through regulatory approvals."

Mangano said he was glad the Federal Trade Commission is required to look at the deal because he thinks it would give Centaur a monopoly on gaming in the area.

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  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

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