Majestic Star casino company files for Chapter 11

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By SBT 24/7 News

Story Created: Nov 25, 2009 at 2:49 AM EST

Story Updated: Nov 25, 2009 at 9:29 AM EST

GARY (AP) — The company that owns two casinos along Indiana's Lake Michigan shore and others in Mississippi and Colorado has been declared in default on nearly $80 million in debt by its lenders.

Majestic Star Casino LLC disclosed the default notice in a Securities and Exchange Commission filing. Majestic Star senior vice president Jon Bennett says the Las Vegas-based company is "looking at all alternatives available."

The company owns two Majestic Star casinos and a hotel in Gary, a casino-hotel in Tunica County, Miss., and a casino in Black Hawk, Colo.

The casino company and its subsidiaries already were in default with bondholders after missing multiple interest payments in the past year. Majestic Star said in August it anticipated skipping some debt payments and that it might file for bankruptcy protection.

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