Indiana Live Casino in Shelbyville, Ind.
(Shelbyville, Ind.) – The parent company of a competitor to southeast Indiana riverboat casinos has filed for bankruptcy.
Indiana Downs LLC announced Thursday it has filed Chapter 11 in a Delaware federal court. The company owns Indiana Live Casino and Indiana Downs race track off Interstate 74 in Shelbyville.
Indiana Downs LLC says it can continue to pay its operating expenses, but is having trouble servicing its debt. The company had to borrow money to pay a $250 million licensing fee to the state, as well as a high tax rate.
The track will continue to operate normally, with racing and casino operations continuing normally.
Indiana Live Casino and Indiana Downs now joins its fellow “racino” in bankruptcy. Anderson, Indiana’s Hoosier Park is owned by Centaur LLC, which filed for Chapter 11 last year.