Casino’s foreclosure sale postponed; Bally agrees to discuss unpaid debt
by Associated Press
Published: March 27,2012
VICKSBURG — Bally Gaming Inc. and the owners of Vicksburg’s Grand Station Casino have agreed to discuss unpaid $3 million debt.
Vicksburg City Attorney Lee Thames tells the Vicksburg Post the foreclosure sale of the Grand Station Casino scheduled for yesterday has been postponed indefinitely.
The casino was expected to be sold to settle all or part of an unpaid $3 million debt that Bally Gaming Inc. said is owed by casino owner Delta Investments and Development.
“No date for another sale has been set,” Thames said.
Bally filed for foreclosure on Feb. 29 with the county chancery clerk. Bally said it is owed $3 million for equipment inside the 36,000-square-foot casino. Bally also filed a lawsuit filed on March 2 in U.S. District Court in Jackson to recover the money.
The postponement follows an announcement on March 15 by a New Orleans developer that he plans to buy the Grand Station Hotel.
Kenneth W. Bickford, president of Chappapeela Development Corp., a New Orleans development company, said he wants to develop the 117-room Grand Station Hotel into a luxury condominium hotel and marina resort.
The casino that currently is Grand Station was Harrah’s when it opened in November 1993. Harrah’s became Horizon in 2003, and its owner sold to Delta Investments in 2010.
Grand Station is Vicksburg’s only downtown casino and was the second to open.
Harrah’s sold the casino to Columbia Sussex Corp. of Fort Mitchell, Ky., in July 2003 for $28.6 million and renamed the casino Horizon.
Tropicana Entertainment, which had been part of Columbia Sussex, took over Horizon operations and in 2007 agreed to sell the casino to Nevada Gold and Casinos for about $35 million. When Nevada Gold backed out of the deal, and Delta stepped in to buy the hotel and casino.
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