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December 3, 2009

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Barden to market Fitzgeralds in Chicago

Friday, Oct. 19, 2001 | 9:57 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- Detroit businessman Don Barden has some ideas on how to turn around the Fitzgeralds hotel-casino in downtown Las Vegas, which he purchased out of bankruptcy court.

Barden, the first black person to be sole owner of a major Nevada casino, won approval for a license from the state Gaming Commission Thursday. He has purchased Fitzgeralds and Fitzgeralds properties in Tunica, Miss., and Black Hawk, Colo., for $149 million.

He told the commission, "If you're not in Nevada, you're not in the big leagues."

Commission Chairman Peter Bernhard, presiding over his first meeting, asked Barden officials for "comfort" that the property would not soon return to bankruptcy court. Fitzgeralds, said Bernhard, has traditionally had financial troubles.

Michael Kelly, vice president of Barden Development Inc., said the new owners have $100 million less in debt than the former owners. He said the Barden company has identified $3.7 million in cost-saving measures and will market the Las Vegas casino to Barden's big feeder market of Chicago.

Barden already operates the Majestic Star casino in Gary, Ind., which serves the Chicago market.

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