In September, when news of Ratcliff\u2019s moves became public, IGC Executive Director Sara Tait said that while he retained an ownership stake, Ratcliff had been enjoined from exerting any control over Spectacle\u2019s management of the Majestic Star.<\/p>\n
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However, at the December hearing, the IGC said it found that Ratcliff was still involved in managing the casino. Further, they found that he had failed to report several items to the IGC. First, he did not report a change in the trustee to his trust agreement. He also failed to report equity transfers and did not disclose a contract agreement involving a large monetary settlement.<\/p>\n<\/div>\n
The IGC said Ratcliff initially expressed an interest in sitting with IGC staff for an interview. However, he has since declined to meet.<\/p>\n
Casino.org<\/em> sent questions Wednesday to Ratcliff\u2019s attorneys regarding the status of their client\u2019s shares. Robert Vane, a spokesman, responded saying they would not comment at this time.<\/p>\nThe IGC\u2019s investigation into Spectacle remains active.<\/p>\n
Hard Rock Gary on Hold<\/h2>\n
The investigation began on Jan. 23, 2020. That was two weeks after Spectacle and Hard Rock executives celebrated the groundbreaking for the new Gary casino with area leaders. The investigation led to a three-month delay in approving the Terre Haute license. For now, it is keeping IGC officials from allowing the Hard Rock casino in Gary from moving forward.<\/p>\n
Assets from the Majestic Star were scheduled to be moved to the Hard Rock site this month.<\/p>\n
\u201cWith all of the uncertainties surrounding the license, staff is focused upon maintaining the operations of the current profitable casino,\u201d <\/strong>Tait said at the Dec. 23 meeting. \u2018Depriving it of its valuable assets would undermine casino operations to the detriment of casino employees, the city of Gary, and of the state.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"A trustee to oversee Rod Ratcliff’s ownership stake in Spectacle Entertainment has yet to be appointed, the Indiana Gaming Commission told Casino.org. It has been three weeks since the commission suspended his gaming license and ordered the longtime casino executive to refrain from exerting any control over Spectacle Entertainment. According to Order 2020-168, which the […]<\/p>\n","protected":false},"author":45,"featured_media":161263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"acf":[],"yoast_head":"\n
Indiana Gaming Officials Say Ratcliff Has Not Resolved Trustee Issue<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n