Horse Tracks

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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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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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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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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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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Legislature snubs casinos, but forms study committeeRestricted Content

July 6, 2009
Peter Schnitzler
Indiana's struggling gambling industry didn't get the relief it sought during the special session of the Indiana General Assembly. But embedded within the budget bill approved June 30 is a provision creating a gambling summer study committee. Its recommendations, due by Dec. 1, may make or break several of Indiana's casinos.
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Gambling habit puts state at riskRestricted Content

April 6, 2009
The state's overreliance on gambling, what once seemed like easy money, is becoming a major concern to taxpayers.
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State's gambling jackpot may have reached its limitRestricted Content

March 30, 2009
Peter Schnitzler
Hoosiers' long ride on the gambling gravy train finally may be coming to an end.
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Cash-strapped gambling firm pushing bill in Legislature; Centaur trying to recover from Pennsylvania setbackRestricted Content

February 2, 2009
Peter Schnitzler
Centaur is lobbying the Indiana General Assembly to let it transfer 500 slots from its Hoosier Park horse track in Anderson to the Fort Wayne area.
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Two central Indiana racinos debut amid tough economyRestricted Content

June 2, 2008
Peter Schnitzler
The next few weeks will be critical for the state's two new racinos, which need to open with a splash to meet their ambitious projections of drawing more than 3 million visitors apiece annually. Hoosier Park in Anderson will open June 2, and Indiana Downs in Shelbyville will follow a week later.
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Gambles paying off for Centaur CEORestricted Content

November 5, 2007
Peter Schnitzler
Through persistence and sheer pluck, Rod Ratcliff has become a player in the gambling industry--one many businesses try to break into, most without success. On Oct. 30, his Indianapolis-based company, Centaur Inc., closed a $1 billion financing deal that will fund gambling projects in three states.
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Indiana Downs buyout nearing finish lineRestricted Content

August 6, 2007
Peter Schnitzler
The high-stakes competition for control of Indiana Downs has entered the homestretch. And South Bend-based Oliver Racing LLC is poised to win.
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Horse track owners vie for controlRestricted Content

June 25, 2007
Peter Schnitzler
Indiana's two horse tracks could change hands as investors race to come up with the $250 million required to add thousands of slot machines. The steep cost of a state license combined with the potential of a lucrative payoff has stakeholders in Shelbyville-based Indiana Downs and Anderson-based Hoosier Park jockeying for position.
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Racinos may push gambling's limitsRestricted Content

May 14, 2007
Peter Schnitzler
During their first half-decade in operation, the state's casino slots machines grew their total sales to $22 billion, according to Indiana Gaming Commission records. But in the last five years, slot sales grew just 18 percent, reaching $25.9 billion in 2006. That's what business textbooks call a maturing market.
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Off to slow start, French Lick fears threat from 'racinos'Restricted Content

February 26, 2007
Peter Schnitzler
French Lick Resorts & Casino is already struggling, less than four months after its launch. And the casino's owners are downright terrified legislators soon will allow both of the state's horse-racing tracks to become "racinos" and add up to 5,000 slot machines.
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