Majestic Star Blames Drop In Casino Visits For Ch. 11

Law360, New York (November 23, 2009, 1:40 PM EST) -- The Majestic Star Casino LLC is seeking Chapter 11 bankruptcy protection, blaming the company's financial woes on increased competition from gaming industry rivals and a recession-fueled drop in consumer visits to its four casinos.

Majestic Star and eight of its affiliates filed a bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware on Monday, listing $402 million in assets and $771 million in liabilities as of Oct. 31.

The casino operator said it has between 200 and 999 creditors, with Lehman Brothers Inc....
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