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Centaur LLC The Latest Gaming Company To Emerge From Bankruptcy

Gaming companies have had a rough go of it over the past three years in the US. The economic recession has caused many casinos and their owners to file for bankruptcy protection, with Centaur LLC being one of those companies.

Centaur owns Indiana's Hoosier Park casino and horse race track. The company filed for bankruptcy protection last year with over $900 million in debt. The company has brought their debt down to $270 million, and is expected to have their reorganization plan approved by the state casino and horse racing commission.

"Hoosier Park was very successful as a business and casino before the bankruptcy filing and it has remained successful through the entire process," said Hoosier Park President Jim Brown. "We really haven't changed anything here that wasn't done with the intent of better serving our customers."

Hoosier Park is not only coming out of bankruptcy, the track is coming out with several new features for their customers. Brown asserted that the surprises were in store to pay customers back for sticking by the casino through the difficult times. Centaur will be focusing on Indiana alone coming out of bankruptcy.

The gaming company had properties in Pennsylvania and Colorado, but gave up the casinos in those states as part of the bankruptcy plan. They will now focus on their facilities in Fort Wayne, Merrillville, and Indianapolis.

One of the main reasons that Hoosier Park and the other facility in central Indiana, Indiana Live, filed for bankruptcy, was a $250 licensing fee they had to pay to the state. The owners of the two facilities both acknowledged that the $250 million was a major reason the gaming establishments struggled when the economy collapsed.

Centaur may have done better to keep their Pennsylvania casino, as the industry in the Northeast has taken off. Pennsylvania is expected to become the top gaming destination on the East Coast by the end of 2012. Analysts believe that Centaur may have decided that the competition in Pennsylvania has become too intense and they did not have the ability to keep up with the new facilities that have been built in recent years.

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