Chickasaws moving forward on buy of riverboat casino
by Associated Press
Published: October 25,2012
Tags: acquisition, bankrupt, bankruptcy, casino, court, debt, entertainment, gamble, gambler, gambling, gaming, hospitality, hotel, lodging, merger, nightlife, purchase, restaurant, sale, sell, tourism, tourist, visitor
Vicksburg — An Oklahoma Indian tribe is moving forward with buying the DiamondJacks casinos in Bossier City, La., and Vicksburg.
A bankruptcy auction did not occur after Global Gaming Solutions was the only bidder to qualify. The unit of the Chickasaw Nation of Oklahoma plans to pay $27.5 million in cash and $97.5 million in new debt to secured lenders of current owner Legends Gaming.
Legends filed for Chapter 11 bankruptcy reorganization in Shreveport, La, in July.
The new owners won’t be able to complete the purchase until a bankruptcy judge approves.
Court papers show Legends, even after an earlier bankruptcy, owes lenders $298 million. Almost all of that is secured debt.
The tribe owns 13 casinos in Oklahoma’s competitive Indian gambling market, plus horse racing tracks in Oklahoma and Texas.
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