Horse Tracks

Indiana Live parent seeks Chapter 11 loan extension

March 15, 2012
Bloomberg News
Indianapolis Downs LLC, parent company of Indiana Live horserace track and casino in Shelbyville, wants lenders to grant a one-year extension of financing for the Chapter 11 reorganization that otherwise would expire in April.
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Indiana Live receives offer from Hoosier Park ownerRestricted Content

February 25, 2012
Kathleen McLaughlin
Indiana Live is receiving overtures from potential buyers, including the owner of local competitor Hoosier Park & Casino, its parent company said in a recent bankruptcy court filing.
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Kentucky governor: Casino gambling bill coming soon

January 25, 2012
Associated Press
A long-awaited proposal to open Kentucky to casino gambling so it can compete with neighboring states could be introduced in the state's Senate within days.
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Indiana Live asks court for $23 million tax refundRestricted Content

December 10, 2011
 IBJ Staff
Bankrupt racetrack and casino asks for help recovering money from Indiana Department of Revenue.
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Agency endorses big cut to state horse racing’s $58M subsidy

November 16, 2011
Scott Olson
The Indiana Inspector General recommends in a report that the annual subsidy paid to the state's horse racing community be reduced by more than half, to $28 million.
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Court sides with racinos in tax dispute with state

October 27, 2011
Francesca Jarosz
A federal bankruptcy court has sided with two Indiana racinos in a dispute over their tax burdens, a ruling that could reduce the total amount they pay into state coffers by as much as $30 million per year.
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Big name in horse racing banned from tracksRestricted Content

October 15, 2011
Kathleen McLaughlin
Ed Martin Jr., the former car dealer who helped create Indiana’s horse-racing industry, these days isn’t even welcome at the state’s tracks. The Indiana Horse Racing Commission banned Martin after he refused to obtain a license, but he filed a lawsuit in Marion Superior Court last month seeking to overturn the decision.
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Anderson racino emerges from bankruptcy

October 4, 2011
Francesca Jarosz
The parent company of Anderson racetrack and casino Hoosier Park has officially emerged from bankruptcy. The original shareholders of Centaur Inc., about 80 individual Indiana investors, lost their entire investment in the company.
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Indiana Live to get federal hearing on tax matterRestricted Content

September 10, 2011
 IBJ Staff
Shelbyville racetrack and casino could save millions if it successfully contests the way Indiana interprets state tax law.
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Cordish can press suit against CEO of Indianapolis Downs

August 26, 2011
 IBJ Staff and Bloomberg News
Cordish Co., a real-estate developer building a casino near Baltimore, can pursue a defamation lawsuit against the CEO of its bankrupt former business partner, Indianapolis Downs LLC, a judge said Aug. 26.
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Indiana Downs owner halts lawsuit amid bankruptcy

May 18, 2011
Bloomberg News
Cordish Cos., a real-estate developer trying to build a casino near Baltimore, must temporarily halt a defamation lawsuit against the chief executive officer of Shelbyville casino owner Indianapolis Downs LLC, a federal judge said Tuesday.
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Suitors circle faltering racinoRestricted Content

March 5, 2011
Francesca Jarosz
Two racetrack owners have signaled they’re interested in buying Indiana Live racetrack and casino in Shelbyville as the facility begins to sort out its massive debt.
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Court OKs reorganization plan for Hoosier Park owner

February 22, 2011
Bloomberg News
Hoosier Park Racing & Casino owner Centaur LLC last week won court approval of its plan to cut debt by about $636 million and exit bankruptcy.
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Ex-manager files $600M suit against Indiana Live owners, others

February 21, 2011
Scott Olson
Maryland-based Cordish Cos. says the casino owners withheld $8.4 million in payments and conspired with other groups trying to sabotage its plans for a Maryland gambling facility.
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Budget would take slice out of growing horse industry

February 19, 2011
Francesca Jarosz
A move by budget-makers to tap the kitty that feeds the state’s horse-racing industry could deal a blow to the business just as Indiana is starting to gain ground on its neighbors.
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Statewide smoking ban bill clears House committee

January 19, 2011
Associated Press
The Indiana House Public Health Committee voted 9-3 to endorse the bill prohibiting smoking in public places and indoor work sites—after it exempted casinos and pari-mutuel horse tracks from the ban.
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Hoosier Park parent set to emerge from bankruptcy

December 28, 2010
 IBJ Staff and Bloomberg News
Hoosier Park Racing & Casino’s parent company could emerge from bankruptcy early next year if creditors approve a reorganization plan that’s set for a court hearing in Delaware on Feb. 1.
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Indiana Live owners miss interest payment

November 4, 2010
 IBJ Staff and Bloomberg News
The 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.
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Indiana Live swamped by debt, faces potential default

October 16, 2010
Francesca Jarosz
Owners of the Indiana Live racetrack and casino face an interest payment on the lion’s share of their $544 million in debt next month, as credit analysts continue fretting about the company’s ability to pay its bills.
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Centaur wins approval to sell Colorado casino

August 27, 2010
Bloomberg News
Luna Gaming Central City LLC is paying $7.5 million in cash plus a $2.5 million note, less adjustments. There were no competing bids.
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Casino operator Centaur aims to exit bankruptcy much leaner

August 21, 2010
Scott Olson
Centaur plans to sell a casino west of Denver and a stalled casino development near Pittsburgh.
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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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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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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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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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