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
- Regions must pay $7.5 million in fines over illegal overdraft fees
- Mississippian Glenn McCullough Jr. gets nod as new MDA chief
- Bradley Arant Boult Cummings attorney Alan Perry takes office as IHL board president
- Two new casinos like the odds on Mississippi Gulf Coast
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Top 40 Under 40
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Top 40 Under 40 Nomination Form
- New process from Mississippi company helps remove bacteria from oysters