There's a bit of advice seasoned gamblers give to novices: Never take more to a casino than you can afford to lose. If you go overboard, you won't get any sympathy from the casino, and you may have little choice but to declare bankruptcy. Guess the same thing applies to casinos, which should never invest more than they can afford to lose if the economy turns sour and the competition heats up:
Don Barden said he's planning no layoffs at his two Majestic Star Casinos in Gary following his company's filing Monday for Chapter 11 bankruptcy protection.
Majestic Star Casino LLC claims in a petition filed in U.S. Bankruptcy Court in Delaware to owe Gary $7.45 million, naming the city as its 10th largest creditor. The filing also arrives while state lawmakers are considering a move to land-based casino gambling in Indiana.
Yeah, let's keep pushing for a casino in Fort Wayne, especially now that it would have competition from new Ohio operations. We can be a creditor, too!
Of course casinos have one option other gamblers don't. They can ask the state for tax breaks or help in moving to land-based operations. They're too big to fail now -- the