Indy Company to Acquire Majestic Star Casinos

Posted: Updated:
(file photo courtesy of our partners at The Times of Northwest Indiana) (file photo courtesy of our partners at The Times of Northwest Indiana)

Two riverboat casinos in northwest Indiana will soon be under new ownership. Indianapolis-based Spectacle Entertainment, a newly-formed group led by the former chief executive officer of Centaur Holdings LLC, has announced plans to acquire Majestic Holdco LLC, which currently owns the Majestic Star and Majestic Star II casinos in Gary. Financial terms of the deal are not being disclosed.

Rod Ratcliff is the former chairman and CEO of Centaur, which was acquired by Las Vegas-based Caesars Entertainment Corp. (Nasdaq: CZR) earlier this year. He and Spectacle Vice Chairman Greg Gibson, a Terre Haute businessman, are leading the acquisition, which not only includes the casino vessels at Buffington Harbor, but also a 300-room hotel, 2,000-space parking garage, and a pavilion. 

"Spectacle’s acquisition of the two gaming licenses located in Gary presents a tremendous economic opportunity for the City of Gary as well as the State of Indiana," Ratcliff said in a news release. "We welcome the prospect of working with Gary and the General Assembly to maximize the value of these two licenses by allowing Buffington Harbor to become part of an intermodal hub, creating additional employment and increasing state and local tax revenues."

Earlier this year, an interim study committee at the Indiana Statehouse recommended a plan by the city of Gary to transform Buffington Harbor into an intermodal hub, which would force the Majestic Star casinos to move inland. John Keeler, general counsel for Spectacle, tells our partners at The Times of Northwest Indiana the company hopes to use its second gaming license to build a casino in another community.

"Getting the boats out of Buffington Harbor and repositioning the licenses to a better commercial location is in everybody's best interest," Keeler tells the publication. "We're committed to leaving one license in Gary, (however) we would be open to anything that makes sense."

Other communities, including the city of Hammond, have expressed interest in acquiring Majestic's second gaming license. 

The acquisition remains subject to regulatory approval and is expected to close in the first quarter of 2019.

  • Perspectives

    • A Pro Photographer Can Be Your Best Friend

      It's no surprise that an estimated 8.8 trillion photos were taken worldwide during 2018, given that most of us carry high-quality cameras in our phones. But shooting all those photos doesn't make us photographers. Digital technology has become a powerful equalizer in so many ways. Everyday people have access to tools that are far more sophisticated than what professionals had at their disposal a couple decades ago. High-school-age musicians can craft 24-track studio recordings in the...


Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Chamber Unveils 'Best Places to Work'

      The Indiana Chamber of Commerce has released its list of the Best Places to Work in Indiana. This year's list features 125 companies throughout the state, including more than 40 that were not on the list last year. The chamber will unveil company rankings April 30 at an awards dinner at the Indiana Convention Center in downtown Indianapolis. Winners are sorted into four categories based on size. Out-of-state parent companies must have at least 15 full-time employees in Indiana to...

    • Lev Bringing Headquarters to Indy

      Marketing technology consulting firm Lev has announced plans to relocate its headquarters to Indianapolis. The company, which is currently based in Arizona, says it plans to hire 70 employees this year, part of a previously-announced effort to create up to 175 jobs by 2021. Lev has had a presence in Indianapolis for nearly three years and Chief Executive Officer Michael Burton says, since that time, the company has outgrown every space it has occupied in Indy. In an interview with...

    • Mixed-Use Project Proposed For Speedway Main Street

      A Fishers-based commercial real estate development firm is proposing an $8 million mixed-use development in Speedway. Rebar Development says the project would redevelop a section of Main Street that would include residential, office and retail space.

    • Amendment Makes Major Change to Hate Crimes Bill

      A bill that would allow for longer sentences for hate crimes is moving forward with a significant change. Our partners at WIBC report the Senate passed an amendment Tuesday that removed the list of individual groups that would be covered under the law. Originally, Senate Bill 12 said a sentence could be lengthened if someone convicted of a crime was found to have deliberately targeted someone based on factors including race, religion, and sexual orientation, among others.

    • The study came from the Climate Change Research Center in Purdue's Discovery Park.

      Study: Climate Change Could Cost Businesses Big

      Demand for cooling will increase, and homes and businesses will get more of their energy through natural gas and renewable resources as Indiana's climate warms. Those are the main findings from the latest Indiana Climate Change Impacts Assessment report, released by the Climate Change Research Center in Purdue's Discovery Park. The report suggests, while residential energy use will decrease by as much as 3 percent by mid-century, business energy use will increase by as much as...