Majestic Star emerges from Chapter 11 bankruptcy

by Associated Press

Published: December 2,2011

Tags: bankruptcy, casinos, gambling, gaming, hospitality, hotels, lodging, meetings and conventions, restaurants, tourism, tourists, visitors

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.

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