Trustee to auction off closed casino, some inventory

by Associated Press

Published: April 9,2013

Tags: auction, bankrupt, bankruptcy, casino, Commercial Real Estate, gamble, gambler, gaming, sale, sell, trustee

VICKSBURG — The trustee in the bankruptcy liquidation case of a closed Vicksburg casino boat will auction off the vessel and some its inventory on April 25.

The Vicksburg Post reports a court hearing for creditors of the former Grand Station Casino will be heard again May 3.

In March, U.S. Bankruptcy Judge Neil P. Olack granted Smith permission to conduct the auction. In addition to the casino vessel, all moveable equipment will be sold including furniture, office equipment, a lift, food and beverage items, bar equipment, china and two pickups.

The Grand Station closed March 28, 2012 and laid off 230 workers.

The case was converted to a Chapter 7 liquidation case in November after a court-approved sale of the casino fell through. A hotel is not included in the liquidation.

The two major creditors are Bally Gaming and the City of Vicksburg.

The Las Vegas-based gambling equipment maker seeks to recoup a $3 million loan for improvements on which Delta Investments & Development defaulted before the casino closed. The city seeks rent payments on 2.95 acres at City Front that could be worth more than $800,000 according to terms of the original contract between the city and Harrah’s, the casino’s first owners.

Another creditor, Great Southern Investment Group, is the listed owner of the hotel.

Attorneys for Delta are seeking $1.2 million in accounts receivable from the hotel ownership.

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