Majestic Star emerges from Chapter 11 bankruptcy
Published: December 2,2011
ROBINSONVILLE — Majestic Star Casino, which owns Fitzgeralds Casino Hotel in Robinsonville, has emerged from Chapter 11 bankruptcy reorganization.
The Las Vegas company said it had eliminated more than $500 million in debt. The company is now owned by former lenders, with Minnesota-based Wayzata Investment Partners the largest shareholder.
Fitzgeralds, one of nine casinos in Tunica County, had 666 employees at Sept. 30.
Majestic Star also owns two casinos with that name in Gary, Ind., and a Fitzgeralds casino in Black Hawk, Colo. The company filed for bankruptcy in November 2009, with debts of $771 million versus assets of $402 million, citing the recession and increased competition.
Another company recently gave Resorts and Bally’s casinos in Tunica to lenders to save a casino in Atlantic City, N.J.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Dan Jones rejects IHL offer, won't publicly apologize
- BREAKING NEWS: Trustees offer new deal to Ole Miss chancellor Dan Jones
- DAVID DALLAS — From Dan and Dixie with love
- Law to bolster utilities’ economic development efforts gets mixed reactions
- Suit against Kemper employee Brett Wingo is dismissed
- DAVID WILLIAMS: Smart traffic signals pave way for better driving in connected world
- Developers withdraw zoning application for former country club
- Lawmakers: Time to raze IHL
- The Dan Jones-IHL saga: Is this the story that started it all?