The Majestic Star Casino, LLC Retains XRoads Solutions Group, LLC to Evaluate
Strategic Alternatives
LAS VEGAS, Oct. 13 /PRNewswire/ -- The Majestic Star Casino, LLC (the
"Company") today announced that the Company has engaged XRoads Solutions
Group, LLC as financial advisor to assist the Company with its evaluation of
financial and strategic alternatives aimed at addressing trends in the
Company's operating results and financial position. These alternatives may
include a recapitalization, refinancing, restructuring or reorganization of
the Company's obligations or a sale of some or all of its assets.
Don Barden, the Company's Chairman, President and CEO, commented, "The
Company operates well established casino properties in each of their
respective markets; however, increased competition in each market, general
economic weakness and the smoking ban implemented in Colorado affecting our
Black Hawk casino has required us to explore our alternatives. Engaging a
financial advisor will assist management in developing and executing on
strategies that will position the Company to maximize long-term value."
The Company cautions that there can be no assurance that the
aforementioned evaluation will result in any specific transaction.
About The Majestic Star Casino, LLC
The Majestic Star Casino, LLC, is a multi-jurisdictional gaming company
that directly owns and operates two adjacent dockside gaming facilities and
hotel located in Gary, Indiana (Majestic Star and Majestic Star II); a
Fitzgeralds brand casino and hotel located in Tunica, Mississippi (Fitzgeralds
Casino Hotel-Tunica); and a Fitzgeralds brand casino located in Black Hawk,
Colorado (Fitzgeralds Casino-Black Hawk). Additionally, Barden Development,
Inc., the ultimate owner of The Majestic Star Casino, LLC, owns and operates a
Fitzgeralds brand casino and hotel in Las Vegas, Nevada (Fitzgeralds Casino
Hotel - Las Vegas). Inquiries for additional information should be directed to
Jon S. Bennett, Sr. Vice President and Chief Financial Officer, at
702-388-2400. Information about The Majestic Star Casino, LLC, and its casino
properties can be found at the Company's website,
'http://www.majesticstar.com'.
About XRoads Solutions Group, LLC
XRoads Solutions Group, LLC ("XRoads") was founded in 1997 in response to
corporate workout and restructuring needs of its clients. Today, with key
offices in New York City and Southern California, XRoads provides
comprehensive expertise and advice for companies to optimize, defend and
sustain enterprise value. XRoads' professionals have deep industry knowledge
across most business sectors, including manufacturing, gaming, hospitality,
retail, communications, healthcare and real estate. XRoads has performed
engagements for over 400 clients in the U.S., Canada, Mexico and the
Caribbean. XRoads provides solutions utilizing a spectrum of business
platforms tailored to meet its clients' needs from consulting to interim
management, from margin enhancement to financial restructuring, from
valuations to disposition of assets. Information about XRoads can be found at
their company website, 'http://www.xroadsllc.com'.
This press release may be deemed to contain certain forward-looking
statements with respect to the business, financial condition, and results of
operations of the Company and its subsidiaries which involve risks and
uncertainties, including, but not limited to, financial market risks, economic
conditions, regulatory matters and litigation and other risks described in the
filings of the Company with the Securities and Exchange Commission. These
forward-looking statements generally can be identified by phrases such as the
Company "believes," "expects," "anticipates," "foresees," "forecasts,"
"estimates," or other words or phrases of similar import. Such
forward-looking information involves important risks and uncertainties that
could significantly affect results in the future and, accordingly, such
results may differ from those expressed in any forward-looking statements made
by or on behalf of the Company. For more information, review the Company's
filings with the Securities and Exchange Commission.
SOURCE The Majestic Star Casino, LLC
Jon S. Bennett, Senior Vice President, Chief Financial Officer and Treasurer
of The Majestic Star Casino, LLC, +1-702-388-2400
