The company that is trying to bring Valley View Downs & Casino to the New Castle area has filed for Chapter 11 bankruptcy protection.
Centaur LLC owns Indiana's Hoosier Park casino and horse track and a casino in Colorado. According to Centaur, normal operations will continue at Hoosier Park in Anderson and Fortune Valley Hotel & Casino in Central City, Colo., despite Sunday's filing. The Indianapolis-based company said it would also continue work on its Valley View Downs & Casino projects near New Castle, Pa.
Hoosier Park general manager Jim Brown says Centaur's casinos are healthy businesses, but it has struggled to make debt payments.
Last October, Centaur missed a $13.4 million payment due on more than $400 million in debt. The company borrowed heavily to pay for a $250 million state license fee and $150 million in upgrades to open the Hoosier Park casino in 2008.
Back in October of 2009, two of Centaur's subsidiaries also filed for bankruptcy protection.
