The optimum in opulence has crumbled, the gilded age is no longer—Majestic Star Casinos, LLC,has filed for bankruptcy.  Like many businesses in bankruptcy with an unsure foothold of the future, Majestic Star is putting on a brave “business as usual” face, with its Detroit businessman owner stating that they will make “some changes” throughout their Chapter 11 bankruptcy plan.One of the more certain changes?  Downsizing, as their weekly payroll totals $1.6 million.

Majestic Star isn’t the only casino going through “some changes”, bankruptcy or not.  Like so many casinos in the past year, Majestic Star casino is discovering that money does not grow on trees, regardless of how “majestically” it seems to disperse from slot machines. 

The modern casino competitively endeavors to front a complete escapist brand; in so doing they have diversified their cash intake with luxury suites, bars, entertainment and other non-gaming expenses—this makes their stock much more variable.  For instance, once Celine Dion ended her epic run at the Coliseum at Caesar’s Las Vegas, investors scrambled to make sure the stocks would not plummet.  They booked Bette Midler, hoping that ticket buyers would find her show a rhinestone as big as the Ritz.  Once post-Celine ticket sales failed to rock, casino stocks were suddenly very fluid and unreliable.  Post-Celine, investors simply crossed their fingers that the heart of their earnings, gaming operations, will go on.

Majestic Star Casino’s bankruptcy states their debts at $771 million, with assets totaling $402 million.  Additionally, they reportedly owe hundreds of thousands to the average gambler, a huge deterrent in their immediate patron base.  Majestic Star’s has opted out of D.I.P., Debtor in Possession bankruptcy, which enables the debtor to continue operating without an appointed bankruptcy trustee. 

The current state of the gambling business is about as certain as the folly of the contrary dice or bobtail flush.  Our bankruptcy advisors help guide clients with an unsure financial future gain a foothold with a bankruptcy that will protect them from hounding creditors, foreclosure, or a damaging lawsuit.  Call for a free initial bankruptcy consultation today with one of Legal Helpers’ qualified attorneys—Call 1-800-260-1402 today!

Bargain Bin Marble and Gold Plated Elk Sculptures and Big Game Taxidermy from a Fallen Giant in Luxury Getaways

The Yellowstone Club, often considered the single most elite stateside luxury getaway, now belongs to a less exclusive club of bankruptcy debtors.  The Yellowstone Club’s eclectic assets are currently being auctioned off, making their bankruptcy all the more eye-catching:  the public comes for the humongous cowboy boot shaped chair and monolithic 10-foot elk statues, then stay for the spectacle of their steep decline. 

Once an invite-only resort and ski club frequented by Dan Quayle and Bill Gates, the  Yellowstone Club consciously sought to make their resort the single most opulent home in America, one which required an “initiation fee” of $300,000, property purchases of $5 million to $25 million dollars, and an $18,000 annual fee. 

All this to reside in a secluded ski lodge, reserved from the hectic hustle and bustle of other ski tourist traps like Telluride in Montana’s Madison mountains, with lodgings replete with big game taxidermy and cowhide adorned bed-frames.

Yellowstone Club’s former founder, Tim Blixseth, sued the dwindling resort after having given it up to his estranged wife Edna Blixseth in a contentious divorce.  Edna defaulted on a 13 million dollar loan to the Club, one that she likely believed she’d overcome considering the Blixseths made hundreds of millions of dollars on real estate of their property annually.  Despite these ivory towers, not even several hundreds of millions of dollars of secluded luxury mansions can avoid bankruptcy without buyers.

For normal folks who’ve invested more cautiously in their single homes and children’s future, contact an attorney who can guide you through a level headed bankruptcy.  Our bankruptcy attorneys can walk you through options that can protect you from a damaging claims suit.  Call our bankruptcy help line toll-free for a free initial consultation at 1-800-260-1402 today!

The law firm of Macey & Aleman/Legal Helpers recently saved $33,000 for a bankruptcy client in Las Vegas, Nevada, with a successful claims objection. Through the expertise of Legal Helpers attorneys, we were able to get creditor claims denied in this Chapter 13 bankruptcy case.

Macey & Aleman/Legal Helpers is one of the largest consumer bankruptcy firms in the country. The firm, always striving to provide the highest level of client service, has earned a national reputation for excellence in the representation of debtors in financial distress. With over 40,000 new bankruptcy clients each year, the lawyers at Macey & Aleman/Legal Helpers are constantly striving to resolve their clients’ most difficult financial and legal encumbrances regardless of location.  If you reside near one of the many law offices, you can come in for an initial complimentary consultation. You can also call the firm toll-free at 1-800-260-1402 for a free bankruptcy evaluation six days a week or visit their comprehensive website www.legalhelpers.com.