Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Trustee Wants to Auction Grand Casino Boat and Contents
Author: Joel R. Glucksman
Date: March 22, 2013
Key Contacts
Back
The bankruptcy trustee overseeing the Chapter 7 liquidation of the Mississippi-based Grand Station Casino has submitted a request to auction off the famous casino boat and most of its inventory.
Trustee Stephen Smith asked the court for permission to have the vessel auctioned off with all moveable equipment, including furniture, office equipment, a lift, food and beverage items, bar equipment, china, and two pickup trucks owned by the casino, according to The Associated Press.
Grand Station was originally Harrah’s when it opened in 1993, but was acquired by Delta Investments in 2010. Since the acquisition, the casino has fallen on tough times, which were exacerbated by Delta’s own financial struggles. WAPT News reported that Delta owes millions of dollars on several properties, including the city of Vicksburg, where the failed casino is located. The bankruptcy of the casino is also expected to have a resounding impact on the city’s economy. Although Vicksburg Mayor Paul Winfield pleaded with investors to purchase the casino and keep it afloat, no deal was ever completed.
The once-popular casino had accepted a $400,000 purchase offer from M Street Inc. in October, and the agreement was approved by the bankruptcy judge. However, Grand Station – which originally filed for bankruptcy law protection under Chapter 11 of the Bankruptcy Code – was forced to convert its proceedings to Chapter 7 liquidation after the M Street deal fell through. Reported disputes over property taxes, insurance, and the declining state of the vessel’s condition were cited as primary reasons for the ruptured deal.
The casino closed its doors on March 28, 2012, and was forced to lay off 230 workers.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Author: Ken Hollenbeck
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.