Chickasaws moving forward on buy of riverboat casino
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- State renews battle over water use with city of Memphis
- Mississippi Film Studios signs contract with New Orleans company
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Biloxi baseball project still alive but may be held for 2015