The Herald Bulletin - Source reports Hoosier Park near bankruptcy

Tue, Nov 24 2009

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The standardbred season kicked off with the $23,000 "The Inaugural Pace" under partly cloudy skies and warm tempratures Tuesday at Hoosier Park. This is the 16th standardbred meet and it includes the Hoosier Cup, Dan Patch Invitational and new this year the Indiana Million Dollar Championships.
Don Knight / The Herald Bulletin

Hoosier Park Casino has generated close to $3 million in revenue in 2008 for Madison County governments.
John P. Cleary / The Herald Bulletin

This is the main entrance of the slots facility at the north end of the project and will be connected to the Clubhouse of the racetrack on the south end.
John P. Cleary / The Herald Bulletin

Published October 08, 2009 09:49 am - ANDERSON, Ind. — An Indianapolis television station has reported that Hoosier Park Racing & Casino is on the brink of bankruptcy. Fox 59 reported early Thursday morning that large loans due in the next 90 days may force Hoosier Park owner Centaur to file for bankruptcy.

Source reports Hoosier Park near bankruptcy
Centaur may be unable to repay loans in the next 90 days

The Herald Bulletin

ANDERSON, Ind. — An Indianapolis television station has reported that Hoosier Park Racing & Casino is on the brink of bankruptcy.

Fox 59 reported early Thursday morning that large loans due in the next 90 days may force Hoosier Park owner Centaur to file for bankruptcy.

“They are in very deep trouble, financially, and they don’t have much equity in the business,” State Sen. Luke Kenley (R-Noblesville) told Fox 59, noting that Centaur CEO Rod Ratcliff has approached him saying Hoosier Park will fold unless the state can provide tax abatements. “They have two large bonds which are in jeopardy of not being paid.”

Indiana Deputy Gaming Commissioner Jenny Reske said several Indiana casinos have undergone bankruptcy reorganization.

Joe Gorajec, executive director of the Indiana Horse Racing Commission, said he is not familiar with Hoosier Park’s financial status and has received no paperwork to suggest a bankruptcy.

“We’ve received nothing from Hoosier Park,” Gorajec said. “I’m not aware of any scenario whereby the track would discontinue operations.”

Indiana Gaming Commissioner Ernie Yelton previously told The Herald Bulletin that without financial relief, the bankruptcy of Hoosier Park Racing & Casino is “imminent.”

“I was repeating what representatives of Centaur have been suggesting to particular legislators,” Yelton said in June. “We don’t take a position one way or another.”