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Bankrupt Indiana Casinos In Hands Of Investment Firm

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(Credit: CBS)

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GARY, Ind. (AP) — A Minnesota investment firm has taken over two northwestern Indiana casinos as the casino company continues going through bankruptcy reorganization.

The Indiana Gaming Commission on Thursday approved the transfer of licenses for the Majestic Star Casinos in Gary to Wayzata Investment Partners. The firm is one of the top creditors from Majestic Star’s 2009 bankruptcy.

The Post-Tribune of Merrillville reports Wayzata executive Patrick Halloran told the commission that the firm is looking to bring Majestic Star out of bankruptcy and improve morale among workers.

State records show that the two neighboring casino boats along Lake Michigan saw their attendance for October drop 13 percent from a year earlier.

The Times of Munster reports Halloran said the firm has been reviewing Majestic Star operations but hasn’t made decisions about changes.

(Source: Sun-Times Media Wire © Chicago Sun-Times 2011. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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