October 17, 2006

Kevin Costner In Dispute Over Casino

Dances With Courts
While trolling the back-news for interesting stories we discovered that Kvin Costner is in a dispute with a couple of soon-to-be-ex-partners over ownership in a South Dakota Casino. We had no idea he even owned one! Now we want to travel out there to see what this place is all about!

Kevin Costner is asking the South Dakota Supreme Court to help him cut ties with two business partners in a Deadwood casino Costner owns.

The star is asking the court to send the case back to a judge for a final decision so he can become the sole owner of the Midnight Star, an eating and gambling establishment where costumes Costner wore in various movies line the walls.

Costner filmed much of 'Dances With Wolves,' which won the Academy Award for best picture in 1990, on South Dakota's plains and in the Black Hills, where Deadwood is located.

The actor owns 93.5% of the casino and hired Francis and Carla Caneva to manage the operation and gave them each 6.5% ownership.

Costner fired the couple in July 2004 and asked them to part ways as partners, as well. When they declined, he chose to dissolve the partnership.

In order to formally sever ties, the casino's fair market value had to be determined, which has been the subject of much dispute.

Costner's accountant put the value of the casino at $3.1 million, while the Canevas got another Deadwood casino owner to testify he would pay twice that amount, or $6.2 million.

A judge agreed with that amount and ordered Costner to buy the business for $6.2 million or sell it on the open market.

Costner appealed the decision, arguing that the value of the casino wasn't derived from a hypothetical buyer and seller, as is required by the Internal Revenue Service, and that the value was set without viewing any financial documents.

-- from Gambling Planet
Kevin Costner Image from IMDB

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Posted by Russell Miner at October 17, 2006 8:10 AM
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