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Judge OKs sale of Shelbyville casino
Updated: Thursday, 01 Nov 2012, 2:40 PM EDT
Published : Thursday, 01 Nov 2012, 2:40 PM EDT
SHELBYVILLE, Ind. (AP) - A Delaware bankruptcy judge has approved Hoosier Park owner Centaur Holdings' purchase of the Indiana Grand Casino and Downs in Shelbyville, allowing the company to seek state and federal regulatory approval to complete the deal.
Indianapolis-based Centaur said Thursday the judge approved its bid to pay $500 million while assuming Indiana Grand's debts.
Indiana Downs and Hoosier Park in Anderson host the state's only pari-mutuel horse racing tracks and both opened casinos over nine months in 2008 and 2009. The $250 million state casino licensing fee that each paid and the onset of the recession in 2009 helped trigger bankruptcy at both racinos.
A 2011 state law allowing a single company to own two Indiana pari-mutuel tracks opened the door for Centaur to bid for the Shelbyville operation.
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