Chickasaw Nation's Global Gaming Buys Bankrupt Casinos in Louisiana, Mississippi
The Chickasaw Nation's entertainment and gaming arm, Global Gaming Solutions, plans to buy two casinos and all other assets of the Louisiana-based gaming company Legends Gaming, LLC, reported NewsOK.com.
Legends is the operator of two DiamondJacks casinos located in Bossier City, Louisiana and Vicksburg, Mississippi.
Legends filed the asset sale agreement on August 1 as part of a Chapter 11 filing with the United States Bankruptcy Court for the Western District of Louisiana, reported BossierPress.com.
Legends said its casinos will continue operation under the direction of its existing management team. Global Gaming CEO John Elliott released a statement that his company would strive to create "stability" for the casinos' employees.
The proposed deal to acquire the DiamondJacks casinos is still subject to approval by a Louisiana bankruptcy count and regulators in Louisiana and Mississippi.
Global Gaming operates WinStar World Casino, Oklahoma?s largest casino located in Thackerville.
Global Gaming's subsidiaries have a proven track record of reviving bankrupt gaming companies. A Global Gaming Solutions subsidiary, Global Gaming LSP, owns Lone Star Park racetrack in Grand Prairie, Texas and its sister racetrack Remington Park in Oklahoma City. Both were purchased from Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection in March 2009. Global paid $47.8 million for Lone Star Park in May 2011, garnering a 49 percent stake in the company (Texas law requires majority ownership of a racing license be held by Texas residents), and $80.25 million for Remington Park in October 2009. Global Gaming took control of Remington Park in January 2010, and in its first year of operation, spent more than $15 million to refurbish the facility. Their efforts were a success; the track experienced a 15 percent revenue increase in its first year of operation—a feat that garnered media notice. “What we did defied any national statistic you would care to get your hands on,” Elliott told the The Dallas Morning News.