As the Spectacle Entertainment Company missed the deadline to detach from its founder, it has consented to pay a fine of $530,000 to the Indiana Gaming Commission. Already an active investigation is running on Spectacle Entertainment.
An agreement failed to reach by the company to break away from Rod Ratcliff, the company fined $10,000 for a day until February 28. January 8 was the deadline.
At Tuesday’s Commission meeting, Sara Gonso Tait (IGC Executive Director) said that the first-time commission order and casino owner license failed to comply, marked for the first time.
In Gary, as the Hard Rock International and Spectacle broke the ground of $300 million, a land-based casino, after a couple of weeks, the IGC investigation started.
Commission staff uncovered based on the findings. To stop the assets’ transfer from Spectacle’s Majestic Star Casino Riverboat to Hard Rock Northern Indiana, a temporary stop ordered by Tait.
The issue took place in November and until earlier of this month was not raised.
An important economic development project to the state and the city of Gary postponed and caused by Spectacle’s incompetence to address the problematic associations. And as a result, the highest perspective total revenue is not collected by the state. Moreover, the state is missing the opportunity of the privilege to hold the license of Casino Owners.
IGC Investigation Details
In January 2020, into Spectacle, the IGC began its investigation. After receiving the information that the previously owned Ratcliff company is involving in it.
In December, Ratcliff’s license suspended as it found that the news of the transfer of the company’s share failed to disclose. A total deposit of $900,000 deposited by the employees in a horse racing wagering account; this issue also not told by him.
Ratcliff, through a spokesperson, announced that from the gambling business, he would retire “on his own terms”, as earlier of this month, a settlement announced.
Spectacle’s CEO and chairman Ratcliff is one of the two former Spectacle executives who removed because of the investigation. The company’s former Vice President and General Counsel John Keeler was the other one.