Just a short drive from Chicago, along the shorelines of Lake Michigan, two casinos have found new owners.
Spectacle Entertainment will purchase the two casinos at Gary, Indiana’s Buffington Harbor, named Majestic Star Casino and Majestic Star Casino II, from Majestic Holdings.
Spectacle Entertainment is headed by Rod Ratcliff who is formally the CEO of Centaur Gaming which was associated with Caesars Entertainment (CZR).
Along with the two casinos at Buffington Harbor, the transaction includes a 300 room hotel as well as a parking garage. One of the casinos was originally owned by now President Trump’s Trump Hotel & Casino Resorts, Inc which declared bankruptcy in 2004.
The Majestic Star casinos are the second and third smallest casinos in Indiana in terms of casino wins. Combined, they ring in about $150 million in casino wins a year.
While the casinos’ close proximity to Chicago should be a positive, the new owners are looking forward to potentially moving the two casinos to other areas of Gary and Indiana. The casinos’ current home, Buffington Harbor, is slated to be turned into a transit hub which would require the casinos to move. Spectacle has said it is looking at moving one casino within Gary and the other casino to another part of Indiana.
Spectacle hopes to close the deal for the two Majestic Star casinos during the first quarter of 2019, pending Indiana Gaming Commission approval.