ANDERSON, Ind. — Indiana racino operators would be able to own more than one facility under a bill that cleared the Statehouse on Tuesday with sponsorship from three Madison County lawmakers.
The bill’s passage was welcome news to Hoosier Park parent company Centaur LLC. “Basically we really wanted parity with what you have in the riverboat industry,” Centaur CEO Jeff Smith said. “In the riverboat industry, you can own two gaming facilities. This just puts us on the same footing as them.”
The law would apply to ownership of Hoosier Park and Indiana Live racino near Shelbyville. Both facilities struggled after paying the state $250 million in 2008 to gain slot machines and casino gaming: Centaur’s bankruptcy reorganization awaits court approval, and Standard & Poor’s has warned that Indiana Live may default on more than $500 million in debt.
“The way the present law is, if Hoosier Park wanted to buy the facility in Shelbyville, they could not, and vice versa,” said Rep. Jack Lutz, R-Chesterfield. Lutz said he didn’t believe the legislation had been offered in prior sessions of the General Assembly.
Smith said talk of such deals is premature. “I don’t think there’s really much to be read into it other than the fact that it would allow us to be on the same playing field” as other would-be purchasers, should Indiana Live be on the block.
“This law would give tracks a seat at the table in situations where you have a willing seller and a willing buyer,” Smith said.
Changes in ownership would still require approval of the Indiana Racing Commission, which would have to determine that a sale was in the best interest of the state and the horse racing industry.
Sen. Tim Lanane, D-Anderson, said the bill, which passed easily in both houses, is “just a recognition that (sale of a racino) is something that could be considered in the future, and we just need to have the Racing Commission in a position where they’re not prohibited from considering the other track owner.”
Rept. Terri Austin, D-Anderson, said it made sense. “If, in fact, one of the owners wanted to sell, we’d like to ensure that stays within the state of Indiana,” she said.
While the bill had the support of Madison County lawmakers, Rep. Sean Eberhard, R-Shelbyville, tried but failed to amend the bill to delay its implementation until 2012.
Eberhard said on the House floor Tuesday that he asked for the delay to give the owners of Indiana Live time needed to reorganize its debt. “We’re asking for the same courtesy you gave Hoosier Park for Indiana Downs,” he said.
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