Majestic Star Casino LLC also has 240 acres of undeveloped land in Gary.

From the November 14SEC Filing

The Majestic Star Casino, LLC (the “Company”) did not make the October 15, 2008 interest payments of $24.0 million in aggregate with respect to the $300.0 million 9 ˝% Senior Secured Notes due 2010 (the “Senior Secured Notes”) and the $200.0 million 9 ľ% Senior Notes due 2011 (the “Senior Notes”) prior to expiration of the grace period to cure such payment defaults on November 14, 2008. As a result, there is an Event of Default under the indentures governing the Senior Notes, the Senior Secured Notes and the loan and security agreement which governs its $80.0 million Senior Secured Credit Facility (“Senior Secured Credit Facility”). Similarly, there is an Event of Default under the indenture governing the Majestic Holdco, LLC 12 ˝% Senior Discount Notes, $63.5 million in principal, due 2011 (the “Discount Notes”) which have been pushed down to the Company. The Discount Notes are solely the obligation of Majestic Holdco and Majestic Holdco, Inc. (the co-issuer with Majestic Holdco) and are unsecured. Neither the Company nor any of its direct or indirect subsidiaries guarantees the Discount Notes nor are the equity or assets of the Company or its direct or indirect subsidiaries security for the Discount Notes.

Following the Event of Default, lenders under the Senior Secured Credit Facility, the trustee or a specified percentage of holders of the Senior Secured Notes, as well as the trustee or a specified percentage of holders of the Senior Notes have the right to accelerate the maturity date of the respective indebtedness, which would cause the respective indebtedness to be immediately due and payable and could result in all of the Company’s indebtedness becoming immediately due and payable. Further, the lenders under the Senior Secured Credit Facility would have the right to foreclose on substantially all of the Company’s and its subsidiaries’ equity and on the Company’s and its subsidiaries’ assets which secure such indebtedness. The Company and its advisors intend to enter into discussions with its secured lenders and note holders regarding the consequences of the Events of Default under the respective debt documents and the financial and strategic alternatives available to the Company.

In addition, until such time as no Event of Default exists, the Company is (i) required to pay an additional 1% per annum in excess of the applicable interest rates on the Senior Secured Notes and Senior Notes on the overdue installments of interest and an additional 2% in excess of the rates otherwise applicable under the Senior Secured Credit Facility and (ii) restricted from taking certain actions as specified in the covenants in the indentures governing the respective notes and the Senior Secured Credit Facility including making certain payments and investments and incurring certain indebtedness.

Source: Majestic Star Casino LLC