ANDERSON, Ind. -- The company that owns Indiana's Hoosier Park casino and horse track and a Colorado casino has filed for Chapter 11 bankruptcy protection.

Centaur LLC said normal operations will continue at Hoosier Park in Anderson and Fortune Valley Hotel & Casino in Central City, Colo., despite Sunday's filing, 6News' Derrik Thomas reported.

The Indianapolis-based company said it would also continue work on its Valley View Downs & Casino projects near New Castle, Pa.

Hoosier Park general manager Jim Brown said Centaur's casinos are healthy businesses, but it has struggled to make debt payments.

Centaur last October missed a $13.4 million payment due on more than $400 million in debt. The company borrowed heavily to pay for a $250 million state license fee and $150 million in upgrades to open the Hoosier Park casino in 2008.

Casinos have said Indiana's taxing structure puts them at a competitive disadvantage, but Sen. Luke Kenley said the state should not be blamed for the company's financial situation.

"I don't think the fee was too high. I think they never put enough equity in there to make the thing work," Kenley said. "They were carrying so much debt that was an overpowering expense for them."

Indiana casinos are facing a more difficult financial environment because of the economic downturn and loosened gaming laws in other states, causing fewer people to visit from out of state.

Brown said that despite the financial challenges, no casino workers would be laid off, and that customers won't notice a difference.

"Customer rewards will be as they were in the past. Our promotions will be as strong. Our entertainment will be as strong," he said. "We are not doing layoffs."

Casinos and the lottery bring in about $1 billion a year in state and local tax revenue.