Business

2nd Indiana racino seeks bankruptcy protection

Posted April 06, 2011 11:00 pm

Associated Press

SHELBYVILLE, Ind. — The parent company of the Indiana Live horse racing track and casino in Shelbyville is reorganizing under Chapter 11 bankruptcy protection.

Indianapolis Downs LLC filed its bankruptcy petition Thursday in federal court in Delaware.

The company says both the racetrack and its casino along Interstate 74 about 15 miles southeast of Indiana will continue to operate normally during the restructuring.

The Indiana Live filing follows a similar reorganization petition filed last year by the operator of Indiana's other so-called "racino," Indianapolis-based Centaur LLC, which owns Anderson's Hoosier Park & Casino. Hoosier Park is emerging from bankruptcy after gaining approval for its reorganization plan in February.

The two racetracks borrowed heavily to buy $250 million state licenses to operate the casinos.

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