Costner Keeps His Casino

Hollywood powerhouse and casino owner Kevin Costner can keep his casino, says the South Dakota Supreme Court. The problem arose when he fired a couple of small stake holders in the casino who then wanted a cash buyout worth more than what Costner feels is the estimated value of the entire casino.

The problem was Costner lost a previous decision that would have forced him to sell the casino. During that trial the fair market value of the casino needed to be determined in order to ascertain the appropriate buyout price. The Canevas went to a Deadwood casino owner who testified during the initial trial the value of the Midnight Star was $6.2 million. Conversely, Costner’s accountant testified during the trial the true value of the casino was only half that, worth only  $3.1 million.

The original ruling noted Costner had to pay the Canevas or else the property would be sold on the open market.

The actor said the ruling was erroneous since the Canevas’ hypothetical buyer was making an offer not based on any legitimate financial figures. The $6.2 million was therefore entirely fabricated and had no real meaning to the actual value of the property. Costner’s legal team also said the Internal Revenue Service says the value of property is to be based on a hypothetical buyer and seller, the value must be based on financial documents to support a proposed price. Costner’s lawyer argued the Canevas simply wanted an inflated sale price because their take would only be based on value over $4.9 million, which is what the actor purchased the casino for.

The true value of the casino has yet to be determined, but it looks as if Costner will not have to shell out any money to recoup a 100 percent interest in the property.

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 small 55,000 square foot casino features just 55 slot machines as well as Three Card Poker, Blackjack and Let it Ride. Its open daily from 8am to 2am. The Midnight Star is named after a saloon in Costner's 1985 film Silverado, which is considered his first big hit.

Its restaurant Jakes is known as a place for fine wines, winning the Wine Spectator Award of Excellence for it's wine list in 2000, 2002, 2003, and 2004. Jake’s features entrees such as a Buffalo Ribeye, Poached Alaskan Salmon and Rack of Lamb.

Released two months ago, "The Guardian" is Costner’s latest film. It has pulled in just $53,547,000. Focused on the Coast Guard, the movie costars Ashton Kutcher and Sela Ward.

Next up for the 51-year-old actor is the thriller Mr. Brooks, in which William Hurt plays Costner's murderous alter ego.

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