Published on: March 2, 2021, 11:12h.
Final updated on: March 2, 2021, 11:12h.
Rod Ratcliff, a longtime Indiana video gaming professional that has been under research by state regulators, has now reached money to market their stocks of Spectacle Entertainment. That’s based on instructions published by the Indiana Gaming Commission on
Rod tuesday Ratcliff speaks during his induction into the Indiana Horse Racing Association Hall of Fame in 2019 november. On he accepted a deal with the Indiana Gaming Commission, Hard Rock International, and Spectacle Entertainment to sell his Spectacle shares and retire from the gaming business tuesday. (Image: Coady Photography)
With the deal, Ratcliff has sold his shares to Greg Gibson, his partner in Spectacle, and Hard Rock International. In January 2020, Hard Rock and Spectacle broke ground on a $300 million casino that is land-based Gary. That task, though, was delayed for months after IGC Executive Commissioner Sara Gonso Tait ordered a halt to assets that are transferring Spectacle’s Majestic Star Casino to Hard Rock Northern Indiana.
The agreement allows for Hard Rock Northern Indiana to resume work. In addition, Ratcliff has waived his right to challenge or appeal the order.
The investigation into Spectacle started in 2020, just a couple weeks after the Hard Rock groundbreaking january. That’s when state regulators learned that Ratcliff’s gaming that is former was implicated in a federal investigation regarding illegal campaign contributions to a congressional candidate.
Over The course the review, it was said by the Commission discovered proof that do not only had been Ratcliff active in the campaign share scheme but that other violations had been found. The type of allegations had been unreported stock transfers and an undisclosed horse account that is racing. Those charges and more led the IGC to seek revocation of his license.
Ratcliff and his attorneys countered that the gaming executive was not indicted by federal authorities. They also claimed the continuing state ended up being wanting to coerce him into attempting to sell their stocks to tough Rock at a diminished price.
Ratcliff Out “On their Own Terms”
In a statement, Ratcliff spokesman Robert Vane stated their customers ended up being pleased to begin to see the state stop its prosecution that is“unfair reach an accord to everyone’s benefit.
With this settlement agreement, Rod achieves what he wanted from the very beginning of this ordeal—to retire from Indiana gaming on his terms that are own” Vane said.
In her declaration, Tait stated she consulted with IGC Chairman Michael McMains to accept an ownership transfer that may result in the dismissal of all of the administrative and state cases that are judicial to the case.
Even with that, the investigation into Spectacle has not been closed.
Since November, the Commission has sought to find a way to resume the Gary casino project under what Tait called “difficult and unprecedented circumstances.” She said casino project was a vital one for the populous town, state, and workers of this Majestic Star. Those employees, plus a huge selection of brand new hires, will proceed to the rough Rock casino when its ready to open.
However, there is apparently some work nevertheless to complete involving the shareholders that are remaining Spectacle and Hard Rock International. While enough had been settled to resume the asset transfers between the Majestic Star and Hard Rock Northern Indiana, Tait said that the two sides still had not reached an agreement on all presssing problems between them.“Tough Rock and Spectacle Entertainment will undoubtedly be expected to deal with the Commission at its March conference, with a focus on extra efforts that are remedial commitments moving forward,”
That meeting is set to take place on March 23.
Hard Rock, Spectacle Look Forward to New Casino
In a statement, Hard Rock International COO Jon Lucas said the settlement with Ratcliff will not only allow the Gary casino to move forward but one planned for Terre Haute as well.
“Through this settlement, we have increased our ownership in the northern Indiana project while continuing to be the manager for the upcoming Hard Rock Casino Northern Indiana property,” Lucas said. “We are excited to put this chapter behind us and look forward to working with the Indiana Gaming Commission and our partners to bring this project that is amazing fruition within the next couple of months.”
In Spectacle’s statement, seat and CEO Jahnae Erpenbach stated the organization could maybe not touch upon the main points but included the gaming that is indiana-based was glad to reach a deal between all parties.
“We Appreciate the assistance and cooperation of this Indiana Gaming Commission, in addition to people who worked faithfully to eliminate this situation,” she said. “We anticipate the effective opening of rough Rock Casino Northern Indiana together with benefit that is substantial brings to the associates, community and visitors.”
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