Casinos

Centaur ready to sell Pennsylvania racetrack-casino project

August 11, 2010
Associated Press
Indianapolis-based Centaur LLC said Wednesday it is asking a federal bankruptcy judge to approve bidding procedures to transfer ownership of Valley View Downs.
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Indiana Downs cancels horse races after complaints

August 4, 2010
 IBJ Staff and Associated Press
The Shelbyville track's final race on Monday was canceled after a horse pulled up lame and was later euthanized. The track canceled its full card of Tuesday races.
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Pennsylvania, Indiana top Nevada in gambling taxes

July 27, 2010
Associated Press
Pennsylvania's tax revenue from commercial casinos approached $1.1 billion in the fiscal year that ended June 30. Indiana was second with $878 million and Nevada third with $831 million.
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Shelbyville, county plan economic development projects

July 17, 2010
Kathleen McLaughlin
Millions of dollars in tax revenue that flows from the Indiana Live casino to local government coffers will be set aside for economic development. Shelbyville Mayor Scott Furgeson hopes to present new projects to the city council in the next month or two.
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Moody's upgrades outlook for U.S. gambling industry

June 26, 2010
 IBJ Staff
It may take some time to trickle down to Indiana, but the American gambling industry is starting to show early signs of recovery.
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Governor backs card counter banned by casino

May 25, 2010
Associated Press
Indiana Gov. Mitch Daniels used the story of a blackjack player's lawsuit in telling Franklin College graduates about using skill to push the odds in one's favor.
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Centaur's junior lenders press for bankruptcy liquidation

April 13, 2010
Peter Schnitzler
Unsatisfied with the Hoosier Park owner's reorganization plan, hedge funds represented by Wells Fargo Bank petition for conversion of Chapter 11 bankruptcy into Chapter 7.
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Centaur bets on risky restructuring planRestricted Content

April 10, 2010
Peter Schnitzler
Bankrupt Hoosier Park owner Centaur Inc. has offered its creditors a risky reorganization plan. For it to work, dozens of hedge funds must stay in the game, in return for a chance to buy a big chunk of the company later.
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Indiana high court hears casino card-counting case

April 7, 2010
Associated Press
An Indianapolis man sued the Grand Victoria Casino and Resort after it banned him from the blackjack table in 2006. The casino won the suit, but the state appeals court reversed that decision. The casino asked the high court to weigh in.
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Downgrade a red flag for Indiana Live casino

April 3, 2010
Peter Schnitzler
New York-based Moody's Investors Service has downgraded its credit rating for Indiana Live horse track and casino, a warning signal that the Shelbyville facility may soon follow its Anderson counterpart Hoosier Park into bankruptcy.
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Indiana takes over third place in gambling revenue

March 17, 2010
 IBJ Staff and Associated Press
Indiana's reign at No. 3 may not last more than a year. It faces new competition from Ohio and possibly Kentucky.
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Hoosier Park owner seeks to reorganize $680M in debt

March 8, 2010
Peter Schnitzler
Centaur LLC, which filed for Chapter 11 bankruptcy protection on Sunday, plans to sell its Colorado casino. Much of its debt was incurred to upgrade Hoosier Park in Anderson and add its slots parlor.
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Hoosier Park owner Centaur files for bankruptcy protection

March 7, 2010
Indianapolis-based Centaur LLC, owner of Hoosier Park horse track and casino in Anderson, filed for Chapter 11 reorganization on Sunday. The company's casino, racing and hotel operations will continue without interruption, it said.
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Gambling to remain an issue in General Assembly

February 13, 2010
Associated Press
Issue likely to land in House, Senate conference committee.
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Newly opened racinos already face credit crunch

December 26, 2009
Peter Schnitzler
Clear signs emerged in 2009 that the Hoosier gambling market is oversaturated. Major credit rating agencies expressed concerns that several casinos, including the state’s new horse track “racinos” on the outskirts of Indianapolis, might go bust before the year was finished.
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Bills in General Assembly would ease costs for casinos

December 19, 2009
 IBJ Staff
The Indiana General Assembly is taking its first steps toward restructuring Hoosier gambling law.
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Indiana weighs changes to combat out-of-state casinos

December 13, 2009
Associated Press
State lawmakers are weighing possible changes to state gambling laws at a time when growing competition from out-of-state casinos threatens to cut into business at Indiana's 11 riverboat casinos.
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Indiana casino owner declares bankruptcy

November 23, 2009
 IBJ Staff and Associated Press
Majestic Star Casino LLC owns two casinos and a hotel in Gary, a casino-hotel in Tunica County, Miss., and a casino in Black Hawk, Colo.
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Ohio casino question could affect Indiana

November 2, 2009
 IBJ Staff and Associated Press
Ohio voters are poised to weigh in on a ballot question that would authorize casinos in Cincinnati, Cleveland, Columbus and Toledo.
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Hoosier Park owner misses $13.4M loan payment

October 29, 2009
Peter Schnitzler
Indianapolis-based Centaur LLC, owner of Anderson's Hoosier Park horse track and casino, missed a $13.4 million interest payment due Tuesday on its more than $400 million in outstanding debt, putting the company in default with its lenders.
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Cash-strapped Hoosier Park racing to restructure $400M in debt

October 17, 2009
Peter Schnitzler
Despite rampant speculation, Anderson’s Hoosier Park is not facing imminent bankruptcy, according to its owner, locally based Centaur Inc.
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Slots revenue revives hopes of state's horse breeding industryRestricted Content

September 19, 2009
Kathleen McLaughlin
Purses at Hoosier Park in Anderson and Indiana Downs in Shelbyville have swollen since the two tracks added slot machines in June 2008.
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State gambling revenue expected to stay flat

August 24, 2009
Scott Olson
Indiana’s share of tax money generated by the state’s 13 casinos is expected to remain relatively flat for at least the next few years, a state fiscal analyst told Gaming Study Committee members this morning.
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FEIGENBAUM: Historic milestone in gambling industry approachesRestricted Content

July 27, 2009
Ed Feigenbaum
Indiana has made billions on gambling in nearly two decades, funding key programs, cutting excise and property taxes, and avoiding tax hikes. The state has seen more than $2 billion in investment without any government incentives, and more dollars committed in our history than by any industry outside of steel, power and autos.
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Recession forces casinos to go all in with pricey expansion projectsRestricted Content

July 13, 2009
Peter Schnitzler
In a saturated gambling market, Indiana casinos increasingly rely on expanded entertainment options to attract patrons. The upshot is that an industry once considered “recession-proof” is asking the General Assembly for lower taxes and hopes to eliminate expensive regulatory requirements like maintaining engines and crews.
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