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Questions Surround Indiana Casinos

INDIANA – As reported by the Northwest Indiana Post-Tribune: "Casino giants such as Las Vegas-based MGM/Mirage and Barden Enterprises, owner of Majestic Star in Gary, may seriously consider adding one of Harrah's boats to its portfolio, according to gambling analysts.

"Several casino operators contacted said it's too early to tell whether they would want to buy Harrah's East Chicago or the soon-to-be-purchased Caesar's in southern Indiana, but analysts watching activity in Northwest Indiana said there are several reasons other gambling companies would want to add one of the boats to their fleets.

"Harrah's, which recently closed the purchase of Horseshoe that includes the Hammond casino boat, is now buying high-end Caesar's for $5.2 billion in cash and stock. But Indiana state law limits casino companies to owning no more than two boats in the state, so the Las Vegas-based company likely will have to divest one of the three boats.

"Harrah's has said it will not sell Horseshoe, the most lucrative boat in Northwest Indiana, but did not say which, if any, of the other two boats it might try to sell.

"…Some analysts speculate the Las-Vegas based gambling company may try to keep all three Indiana gaming operations, either by approaching the legislature for a change in law or by making one boat a subsidiary…"

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