|
On Wednesday, it was reported by Debewire that St. Louis-based Isle of Capri Casinos Inc. has agreed to manage four station casinos Inc. properties if they come clean out of station’s bankruptcy case.
Jill Haynes, the company spokesman, said that the Isle ahs entered into a consultancy agreement with some leaders to support the lenders to be ready to take over the assets to the extent necessary.
If the station fails to maintain the control of Isle of Capri in the bankruptcy court, the agreement would allow the Isle of Capri to operate the properties by the lenders led by the Deutsche Bank. Boulda Station, Palace Station, Sunset station and Red Resort are covered in the agreement.
In United States 13 gaming station are owned by the Isle which are in Black Hawk, Lula, La.; Colorado, Biloxi and Natchez, Lake Charles, Miss.; Caruthersville and Boonville, Mo.; Waterloo and Marquette, Bettendorf, Pompano Beach, Iowa.; and Fla.
A debt of $2.475 billion is burdening the four station properties. The four stations are leased by the stations by itself. The mortgage payment is covered annually with a lease payment of $249.5 million.
Other creditors have said that the rents on the properties are excessive.
|
