Spectacle Gaming, Indiana Gambling Regulator Still Working To Find Trustee For Ratcliff Interests

Spectacle Gaming is still working with the Indiana Gaming Commission to find a trustee to handle the stake of suspended former CEO Rod Ratcliff.

Ratcliff, whose occupational license was suspended for 90 days on Dec. 28 in an emergency meeting called by the state regulatory agency, also was ordered to relinquish all control of Spectacle in June when he resigned as CEO and chairman. He also resigned from positions as investor relations and financial advisor in December.

The IGC’s original deadline for him to turn over his stake in Spectacle Gaming was Jan. 8, but both sides are working towards a resolution.

In an email to Hoosier State Bets sent Monday, IGC Executive Director Sara Gonso Tait said, “Identifying the method to effectuate the Order is a priority of Commission staff and the parties are demonstrating good faith efforts to comply. This matter is receiving attention daily. A trustee has not been named as of today’s date. Provided the collaborative nature and good faith efforts continue, Commission staff will not pursue action for non-compliance with Order 2020-168 without five (5) days written notice to the parties.”

A separate action also passed during the emergency Dec. 28 meeting requires former Spectacle Vice President John Keeler to sell his stake in the company by Friday. Keeler had his license suspended in September after he was indicted on three counts of federal charges of violating campaign finance laws along with former state legislator Darryl Waltz.

The IGC also suspended the movement of gaming equipment from Majestic Star to the Hard Rock Casino Northern Indiana in Gary, citing the need to protect employees at the existing location and gaming revenues for the state. That likely pushes back a potential springtime opening targeted for the $300 million casino, which had ground broken for construction in January 2020.