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. 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.
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. “From our excellent slot program, to honoring points earned in our loyalty program, to our great promotions and contests, it’s business as usual at DiamondJacks Casinos,” Cook said.
During the quarter ended September 30, 2011, three gaming magazines, Casino Player, Strictly Slots and Southern Gaming & Destinations, published their “Best of 2011 Awards”. DiamondJacks was one the most recognized brands in the Mid-South region, garnering a combined 95 awards.
William J. McEnery, Chairman and CEO for Legends, said, "We are seeking a sale to enable Legends to position the business for long-term success. We appreciate the continued support we have received from our customers and vendors. Just as importantly, the management team and I would like to underscore our appreciation for the hard work and loyalty of our team members. 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.”
The Seaport Group, LLC is Legends' financial advisors. Heller, Draper, Patrick & Horn and Jenner & Block LLP are Legends’ legal advisors. For additional information on Legends, please contact the Company at (702) 352-9120.
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Global Gaming Solutions LLC (“Global”) is a wholly owned limited liability company of the Chickasaw Nation, organized in Delaware with a primary business focus of pursuing entertainment, gaming and racing related opportunities in emerging jurisdictions in the United States and overseas as well as acquisition of regional gaming and entertainment assets. Global is the parent company of GG RP, which owns Remington Park in Oklahoma City, OK and GG LSP, which owns and operates Lone Star Park in Grand Prairie, Texas.