|Majestic Star Casino has announced that its indirectly wholly owned subsidiary, Majestic Investor Holdings, LLC, has completed its acquisition of three Fitzgeralds casinos. These are located in Tunica, Miss., Black Hawk, Colo., and Las Vegas, Nevada. This means that Majestic Star and its affiliates now officially own and operate four casinos including its first casino, the Majestic Star Casino in Gary.|
The purchase of the three Fitzgeralds casinos are believed to have cost Majestic Star $149 million in cash plus the assumption of certain liabilities.
Majestic Star and its affiliates are wholly owned by Detroit businessman Don H. Barden. With the acquisition of Fitzgeralds, he 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.
Barden commented, “Its exciting to be making history with this endeavor. 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 to the value conscious middle market drive-in slot customer. Majestic Star say they will retain the Fitzgeralds name and will continue to market to its core customer.