First And Only African American to Wholly Own a Casino
Company Goes National
GARY, Ind., Dec.
6 /PRNewswire/ -- Majestic Star Casino ("Majestic Star") announced
today that its indirectly wholly owned subsidiary Majestic Investor Holdings,
LLC, has completed its acquisition of three Fitzgeralds casinos located in
Tunica, Miss., Black Hawk, Colo., and Las Vegas, Nev. Majestic Star and its affiliates now officially own and operate
four casinos including its first casino, the Majestic Star Casino in Gary. Majestic Star purchased the three
Fitzgeralds casinos for approximately $149 million in cash plus the assumption
of certain liabilities.
Majestic Star and
its affiliates are wholly owned by Detroit businessman Don H. Barden who, with
the acquisition of Fitzgeralds, becomes the country's first African American to
wholly own a national casino company. Majestic Star is one of only a handful of
privately held casino companies in the United States.
exciting to be making history with this endeavor," Barden said. "Our success in Gary has made this
acquisition possible. Fitzgeralds is a
perfect match for our company and I look forward to growing this new company
beyond what it is today."
Majestic Star and
Fitzgeralds cater primarily to the value conscious middle-market drive-in slot
customer. Majestic Star plans to retain
the Fitzgeralds brand name and will continue to market to its core customer by
offering great service, the most popular slots and table games as well as
top-notch food and accommodations all at an affordable price.
Tunica - Located 30 miles from downtown Memphis, Tenn., on a
50-acre site, this property employs
approximately 1,152 team members and
features a 507-room hotel, three
restaurants, 1,400 slots, 33 table games
a special events center and parking
for approximately 1,800 vehicles.
Hawk - Located approximately 35 miles west of Denver in
the historic old west mining town of
Black Hawk, this property employs
approximately 365 team members and
features 596 slots, six table games, a
restaurant, bar and a 392-space
all-valet parking garage.
Vegas - Anchoring one end of the world famous Fremont
Street Experience in downtown Las
Vegas, this property employs
approximately 978 team members and
features 638 hotel rooms, three bars,
four restaurants, 953 slots, 23
table games, a sportsbook and a keno
addition of these three casinos, Majestic Star will operate in three of the top
five gaming markets in the country," Barden said. "The Fitzgeralds purchase is the first
step in our plan to grow Majestic Star beyond our home in Indiana. I want to thank my team for bringing this
project to fruition and making this exciting opportunity a reality. I look forward to working with the many fine
employees at these three great Fitzgeralds properties. Together we're going to build a highly
competitive national casino brand with approximately 4,300 slots, 110 table
games, 1,100 hotel rooms, and 3,800 employees."
The Majestic Star
Casino began operations on June 7, 1996 at Buffington Harbor in Gary. Majestic
Investor Holdings, LLC was formed solely for the purpose of acquiring
substantially all of the assets of Fitzgeralds Tunica, Fitzgeralds Black Hawk
and Fitzgeralds Las Vegas. Majestic
Investor Holdings, LLC is an indirect wholly owned subsidiary of The Majestic
Star Casino, LLC.
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SOURCE Majestic Star
/CONTACT: Jef Bauer of Majestic Star Casino,
/Web site: http://www.majesticstar.com/
CO: Majestic Star
Casino, LLC; Majestic Investor Holdings, LLC; Fitzgeralds
Mississippi, Colorado, Nevada
IN: CNO ENT
SU: TNM BLK