VICKSBURG — Legends Gaming, the proprietor of casinos in Vicksburg and Bossier City submitted an economic failure report for Chapter 11 bankruptcy reorganization in Shreveport, La. on Monday and plans to put up its casinos for sale to an Oklahoma Indian tribe. The lady representative of the company, Kym Koch stated that company is going to sell its Diamond Jacks Casino to Global Gaming Solutions for $125 million after getting permission from state gaming directors and the bankruptcy court. Legends keep the right to look for buyers who can pay more and in case a number a buyers come up, the bankruptcy court will organize a public sale.
Global Gaming is under the possession of the Chickasaw Nation of Oklahoma. Remington Park Racing and Casino in Oklahoma City were acquired by the company in 2010 while Lone Star Park in Grand Prairie, Texas, was purchased in 2011. There are 13 casinos in Oklahoma's Indian casino market that are possessed by the tribe. The casinos in Louisiana and Mississippi operated by the tribes are exempted from state regulatory organization; however the functioning of Global Gaming would be administered and levied taxes similar to any other non-Indian casino proprietor. The Vicksburg Post was informed by the executive director of the Mississippi Gaming Commission, Allen Godfrey that Global Gaming will be supervised by the State of Mississippi similar to Diamond Jacks. Also the tax accountabilities will remain the same. Global Gaming will have to go through a background examination similar to any new casino possessor in the state as stated by the officers of Louisiana.
The possessions mentioned in the bankruptcy suit by the Legends cost between $50 million and $100 million while the charges accountable amount to $100 million and $500 million. It has to pay balance worth $163 million in 2014 as stated by Moody's Investors Service. A similar economic failure was declared by Legends in 2008. It stated that all the employees as well as the operations of casino will go on normally. The Chairman and CEO of Legends, William Mcenery stated that the team members are vital to the prospective achievement of the casino and they should continue their work without perceiving any difference in their jobs. He added that they consider the new possessor to be fully obliged to the societies they are operating in and to the team members as well, who are most worthwhile.
As per Mississippi records, there are 364 employees at the casino and hotel of Diamond Jacks in Vicksburg that opened in 1993 and there are 650 workers in Bossier City that opened in 1994, as per Louisiana statistics. Both these casinos were started by the Isle of Capri and had the credit to be the first casinos in their relevant cities. These gambling halls were sold by Isle of Capri in 2006 to the private sector celebrities.
On an average, Diamond Jacks stand at the last amidst five casinos in Bossier City as far as revenue is concerned, as per state figures recorded by Louisiana. The information about revenue for each casino is not publicized by Mississippi; however Diamond Jacks possess second-largest number of slot machines amidst four casinos of Vicksburg. Owing to its own liquidation, Grand Station, a fifth casino in Vicksburg was closed in March.
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