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Trustee Wants to Auction Grand Casino Boat and Contents
Author: Joel R. Glucksman
Date: March 22, 2013
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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.
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Trustee Wants to Auction Grand Casino Boat and Contents
Author: Joel R. Glucksman
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.