Centaur Gaming Becomes Latest Casino Developer To File Bankruptcy

Centaur Gaming is now among the casino development companies who have turned to bankruptcy. The company filed for bankruptcy protection after missing two interest payments for casinos the company operates in Indiana and Colorado.

Company officials insist that this is not the end for Centaur. In fact, the company believes that by going this route, it will open up doors in the future. Several other casino companies have entered bankruptcy protection and emerged from bankruptcy down the road.

The company has plans for a casino and racetrack outside of New castle, and they claim that the bankruptcy filing in Delaware will not hinder those efforts. Before the project can be complete, Centaur must secure the rest of the financing before a gaming license is issued.

"This step in Pennsylvania demonstrates how serious we are in clearing the way to get the Valley View Downs project built and operating," said Kurt Wilson, Chief Financial Officer for Centaur, in a statement, "It allows the application process to continue and reflects our deep commitment to the project."

Casino gambling expansion is occurring all across the US and Valley View Downs is just one of the projects. Centaur had funding in place for the project, but it was pulled by Credit Suisse Bank over a year ago. Now, the company has bought itself some time to come up with the financing.

October 30, 2009
Posted By Vincent Tapoglia III
Staff Editor, CasinoGamblingWeb.com
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