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BY SUSAN ERLER
serler@nwitimes.com or 219.548.4349 | Wednesday, October 15, 2008 | (No comments posted.)
The Majestic Star Casino company said this week it has hired an advisor to evaluate changes to the company's financial structure, including the possible sale of assets.
Majestic Star Casino LLC, owner of Majestic Star I and II in Gary, said XRoads Solutions Group LLC will help the company look at "strategic alternatives."
Those include recapitalizing, refinancing, restructuring or reorganizing the company's financial obligations, or a sale of some or all of its assets, the company said in a prepared release posted on its Web site.
Increased competition in each of the company's gambling markets, a smoking ban in its Colorado market and general economic weakness "has required us to explore our alternatives," Chief Executive Don Barden said in the statement.
"Engaging a financial adviser will assist management in developing and executing on strategies that will position the company to maximize long-term value," Barden said.
There is no assurance the evaluation will result in a transaction, the company reported.
The company's pledge several years ago to improve the Buffington Harbor site of its Gary operation with a hotel, condominiums and other developments has gone unfulfilled, as has Barden's plan to combine the two region Majestic Star riverboats into a single vessel, freeing up one of his two Indiana gaming licenses.
"They're strapped for cash," said Ed Feigenbaum, whose Indiana Gaming Insights tracks the state's casino industry. "They're looking to see how they can improve their position."
Barden did not return a phone call seeking comment Tuesday.
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