Indiana Racino Takes New Name

Indiana Live! Casino’s post-bankruptcy fate may be a question mark, but it’s losing the exclamation point.

A bitter trademark battle and subsequent break with its management company led the casino to change its name to Indiana Grand Casino, effective Thursday.

On the casino’s website, Chief Operating Officer Tom Dingman said the new name is the only change customers will notice at the casino, a 233,000 square-foot facility that’s open 24/7.

However, as the Indianapolis Star reports, there may be another change in store, and that’s who owns the casino and its neighboring horse racetrack. Current owner Indianapolis Downs LLC is now under Chapter 11 protection, and it has filed a bankruptcy-exit plan that calls for a sale or takeover.

In a plan filed last month, Indianapolis Downs would hand its “racino” to such creditors as Fortress Investment Group, Wayzata Investment Partners LLC and three other hedge funds unless another buyer steps forward. According to Daily Bankruptcy Review reporter and Bankruptcy Beat contributor Peg Brickley (sub. req.), Indianapolis Downs aims to secure court approval of an exit strategy by August.

Located on 283 acres southeast of Indianapolis in Shelbyville, Ind., Indianapolis Downs’ racino offers seasonal live-betting on horse races and year-round simulcast betting. The company sought Chapter 11 protection in April 2011.