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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. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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