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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. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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