Suitors circle faltering racino
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Centaur plans to sell a casino west of Denver and a stalled casino development near Pittsburgh.
Indianapolis-based Centaur LLC said Wednesday it is asking a federal bankruptcy judge to approve bidding procedures to transfer
ownership of Valley View Downs.
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.
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.
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.
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.
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.
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.
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.
Rep. Bill Crawford unexpectedly pulled the measure after the House defeated his amendment to allow inland casinos while approving
another one to shift some of the tax burden from two central Indiana horse racing tracks with slot machines.
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.