Isle's Vicksburg and Bossier City casinos FILE FOR BANKRUPTCY
These former ISLE properties have filed for Bankruptcy. Note the debt issues. Issues that ISLE currently has with 1.2 billion in debt! Note all the Casino Bankruptcies in Vicksburg and the dollar amounts these casinos are selling for.
VICKSBURG, Miss. (AP) — The owner of casinos in Vicksburg, Miss. and Bossier City, La., has filed for bankruptcy and plans to sell its casinos to an Oklahoma Indian tribe.
Legends Gaming filed Monday for Chapter 11 bankruptcy reorganization in Shreveport, La. The company plans to sell its DiamondJacks casinos to Global Gaming Solutions for about $27.5 million, if the bankruptcy court and state gaming regulators approves.
In its bankruptcy filing, Legends listed assets between $50 million and $100 million and liabilities between $100 million and $500 million. Moody's Investors Service said Legends has as much as $163 million in debt due in 2014. Legends, which also filed for bankruptcy in 2008 said no workers will be laid off and that the casinos will continue to operate as usual.
DiamondJacks is typically last among Bossier City's five casinos in terms of revenue, according to Louisiana state figures. Mississippi doesn't release revenue figures for individual casinos, but DiamondJacks has the second-largest number of slot machines among Vicksburg's four casinos. A fifth Vicksburg casino, Grand Station, closed in March amid its own bankruptcy.
Both properties were the first casino in their respective cities when opened by the Isle of Capri. Vicksburg opened in 1993 while Bossier City opened in 1994. Isle of Capri sold the gambling halls to privately-held Legends in 2006. Legends first filed bankruptcy in 2008 to lower interest rates on $215 million in borrowed to finance the purchases.