Local casino cuts deal to sell to Native American casino company
By: Nancy Cook
Updated: August 2, 2012
Legends Gaming, LLC ("Legends"), the operator of the DiamondJacks Casino in Bossier City, Louisiana and the DiamondJacks Casino in Vicksburg, Mississippi, announced today that it has entered into an asset sale agreement with Global Gaming Solutions, LLC ("Global") for the sale of substantially all of its assets to Global.
Global is a wholly-owned limited liability company of the Chickasaw Nation headquartered in Oklahoma. Global subsidiaries own Remington Park, a racetrack/casino in Oklahoma City, and a significant stake in the ownership group of Lone Star Park, a racetrack in Grand Prairie, Texas that is operated by Global.
Legends filed the asset sale agreement today as part of a Chapter 11 filing with the United States Bankruptcy Court for the Western District of Louisiana.
If the sale goes through, it will be Chicksaw Nation's first Shreveport/Bossier.
The sale is expected to be consummated through a process supervised by the Bankruptcy Court and is subject to regulatory approval in Louisiana and Mississippi.
Global is a wholly-owned limited liability company of the Chickasaw Nation headquartered in Oklahoma. Global subsidiaries own Remington Park, a racetrack/casino in Oklahoma City, and a significant stake in the ownership group of Lone Star Park, a racetrack in Grand Prairie, Texas that is operated by Global.
Legends will continue normal operations at both of its properties under the direction of its existing management team with the continued support of its hundreds of loyal employees. "Both of our casinos will continue to operate as usual, and we will continue to provide our guests with the same great value and service they have always enjoyed at our properties," said Raymond Cook, President of Legends.
William J. McEnery, Chairman and CEO for Legends, said the sale will not affect employees and their jobs. "Our team members are essential to our future success, and should see no difference in their jobs. We believe that we have found a buyer who will continue DiamondJacks' commitments to the communities in which we operate as well as to its most valued asset, our team members."
