Home » NEWS » Banking & Finance » Commission OKs proposed new owners of Delta casinos

Commission OKs proposed new owners of Delta casinos

TUNICA — The Mississippi Gaming Commission has approved a structure to allow the seamless transition and uninterrupted operations of the Resorts and Bally’s casinos in Tunica, according to Foundation Gaming Group, LLC.

As previously reported, the two Mississippi casinos were part of the ACH, an Atlantic City casino. New Jersey casino regulators approved a plan to keep the struggling casino open and save the jobs of nearly 2,000 workers.

The state Casino Control Commission approved a plan for the casino’s owner, Los Angeles-based Colony Capital, to pump $15 million into it to keep it afloat. In return, lenders would foreclose on and take ownership of two casinos in Mississippi that Colony owns, Bally’s Tunica and Resorts Tunica, and will wipe out the mortgage debt for ACH.

The Foundation Gaming transaction is subject to completion of the foreclosure process. Once the foreclosure process is completed, and assuming the lender is the successful bidder, Foundation Gaming would operate the two casino properties.

The transaction is expected to close on or before November 30, 2011.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*