Indiana casino owner declares bankruptcy

November 23, 2009

The company that owns two casinos along Indiana's Lake Michigan shore and others in Mississippi and Colorado declared bankruptcy Monday morning after it failed to reach an agreement with creditor groups, Bloomberg News reported.

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.

In the Chapter 11 filing, the gaming company listed estimated assets in the range of $100 million to $500 million and estimated liabilities in the range of $500 million to $1 billion.

Earlier this month, the Las Vegas-based company was declared in default on nearly $80 million in debt by its lenders.

The casino company and its subsidiaries already were in default with bondholders after missing multiple interest payments in the past year.



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