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As a consequence of becoming a "C" corporation, MSC II became responsible for filing its own tax returns and paying income taxes on its holdings and operations (26 C.F.R. §§ 1.11-1(a); 1.6016-1-1.6016-4), which include the Majestic Star II riverboat casino and the Majestic Star Hotel at Buffington Harbor in Gary, Indiana. Compl. at ¶¶ 22, 25.
Las Vegas-based Majestic Star Casino LLC filed for bankruptcy protection today in Delaware after defaulting on debt obligations covering its properties in Colorado, Indiana and Mississippi.
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