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Gary Casinos File for Bankruptcy
Produced by Michael Puente on Wednesday, November 25, 2009
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The company that operates two casino boats on Lake Michigan in Gary is filing for Chapter 11 bankruptcy protection. It's not stopping plans for a land-based casino in Gary.
Majestic Star owes the city of Gary $7.4 million. That's according to court filings filed by the casino owner in the state of Delaware. The Las Vegas-based casino owes nearly $80 million overall to creditors. The mayor of Gary, Rudy Clay, says he still plans to work with casino owner Don Barden to change Indiana law to allow a land-base casino in the city.
CLAY: Don Barden and the city administration, we're working together. And we will continue to work with him to make that happen.
Last summer, Indiana lawmakers voted down a measure to allow a land-based casino in Gary. The casino operation does not plan on laying off workers at its two boats and hotel in Gary, nor will the bankruptcy filing affect day-to-day operations.
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