Owner of Terrible's casino chain to seek bankruptcyOwner of Terrible's casino chain to seek bankruptcy

11.03.2009, New York (Reuters) - Herbst Gaming, owner of the Nevada-based Terrible's Casino chain, said on Tuesday it plans to file a prearranged bankruptcy case to restructure its debt obligations.

Herbst, which operates 12 casinos in Nevada including Buffalo Bill's and Whiskey Pete's, said it had reached an agreement with bank lenders holding about 68 percent of its loans on the plan.

The company, which has more than USD 1 billion in debt outstanding, plans to operate as normal during the restructuring. Under a prearranged bankruptcy, companies are often able to move more quickly through the court process.

Las Vegas-based Herbst said it employs about 5,400 people, and also runs a "slot route" business with almost 7,000 slot machines in grocery stores, bars and restaurants throughout Nevada. It also operates two casinos in Missouri and one in Iowa.

Under its proposed debt restructuring, about USD 847 million of the company's Senior Credit Facility will be converted into debt and equity of the reorganized businesses, while other portions of its debt obligations and its equity will be terminated or canceled.

The company said it plans to separate its casino and slot route businesses into two holding companies. The Herbst family will receive 90 percent of the new equity in the new slot route company in exchange for contributing a new gaming device license agreement, the company said.

Many casino operators have run into financial struggles this year amid the economic slowdown, with several such as Tropicana Entertainment LLC and Trump Entertainment Resorts now operating in bankruptcy. Reuters.com

Über Glücksspiele Las Vegas - Gambling in Las Vegas:

Las Vegas liegt im Westen der USA im Bundesstaat Nevada und ist das Glücksspiel-Paradies von Amerika.

Las Vegas hat rund 100 Spielcasinos. Im Bundesstaat Nevada sind sogar über 300 Spielcasinos registriert. Die grössten Casinos sind das Bellagio, Caesars Palace, Venetian / Palazzo, Wynn / Encore, MGM Grand, Mandalay Bay.

Weitere bekannte Casinos sind das Mirage, frühere Heimat von Siegfried und Roy, das Luxor in Form einer Pyramide oder das Casino Rio All-Suite Hotel and Casino, in welchem jährlich die Pokerweltmeisterschaft (World Series of Poker WSOP) durchgeführt wird.

Die bekanntesten zwei Strassen sind der Las Vegas Boulevard, welcher auch als Las Vegas Strip bezeichnet wird. Daneben ist die Fremont Street eine gut besuchte Casino-Meile, wo beispielsweise das legendäre Casino Binion's (vormals Binion's Horseshoe) seine Spiele anbietet.

Las Vegas erstreckt sich über eine Fläche von 340 km2 und hat rund 650'000 Einwohner.

--- Ende Artikel / Pressemitteilung Owner of Terrible's casino chain to seek bankruptcyOwner of Terrible's casino chain to seek bankruptcy ---


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