Indiana Live casino facing debt troubles - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Indiana Live casino facing debt troubles

SHELBYVILLE, Ind. (AP) - A credit rating service is warning that Indiana Live casino might face a bankruptcy restructuring because of its debt load.

The recent rating from Moody's Investors Service for the casino and horse track near Shelbyville follows a bankruptcy filing last month by the company that owns Hoosier Park in Anderson.

Both companies borrowed heavily to pay $250 million state license fees and then build casino facilities at the central Indiana horse tracks in 2008.

The Indianapolis Business Journal reports that Moody's doesn't expect Indiana Live to have enough revenue to meet its interest expenses for 2010. South Bend-based Oliver Racing's chairman, Ross Mangano, told legislators that Indiana Live lost $50 million during the 2009 fiscal year.

State regulators don't expect any changes in daily operations.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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