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Casino company files for bankruptcy

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Published: Nov. 27, 2009 at 12:14 AM
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WILMINGTON, Del., Nov. 27 (UPI) -- A company operating casinos in Colorado, Indiana and Mississippi filed for Chapter 11 bankruptcy this week, court records indicate.

A federal bankruptcy judge in Delaware gave Majestic Star Casino LLC permission to continue paying its employees and bills while it undergoes restructuring, the Gary (Ind.) Post-Tribune reported Thursday. The company can also continue to provide comps to its best customers.

"We accomplished a great deal in the first few days of our Chapter 11 restructuring," Chief Executive Officer Don H. Barden said.

Majestic reported $750 million in liabilities in June with $405 million in assets. It operates Majestic Star casinos in Gary, Ind.; Fitzgeralds and Casino Hotel in Tunica County, Miss.; and Fitzgeralds Casino in Black Hawk, Colo.

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