Majestic Star Casinos Files For Bankruptcy
The tough times for casinos continue. Casino operator Majestic Star Casino LLC filed for bankruptcy this week. The move was an a last ditch move after months of talks to restructure debt failed. Majestic Star owns casinos in Indiana, Mississippi and Colorado. The Majestic's parent, Barden Development Inc, is not part of the bankruptcy. Court documents show that the Majestic Star and its affiliates have assets of $402.1 million and liabilities of $771.1 million as of October 31.The company has said that increased competition and the ongoing recession are to blame for the company's woes. The two casinos and hotel along Lake Michigan in Gary, a casino-hotel in Tunica County, Mississipi, and a casino in Black Hawk, Colorado are all still open for business.
The company operates two casino boats on Lake Michigan in Gary, Indiana and has been working on getting a land-based casino in Gary. Last summer, Indiana lawmakers voted down a measure to allow this. The Majestic Star owes the city of Gary $7.4 million but the mayor of Gary, Rudy Clay has said he still plans to work with casino owner Don Barden to change Indiana law to allow a land-based casino in the city.
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