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Black Gaming filed for bankruptcy protection this week, with a restructuring plan already laid out for the courts, including a newly organized company headed by a group of investors proposed to control Black Gaming.
Among those investors are South Point hotel-casino operator Michael Gaughan, the Toti family including Black Gaming’s CEO, Anthony Toti formerly with Coast Casino’s Inc and his father Franklin Toti who was a director and VP for Gaughan’s Coast Casinos as well as Randy Black Sr. currently Black Gaming’s majority owner.
The gaming company defaulted on $206 million of debt and announced its plans to file for bankruptcy after entering into a “lockup agreement” with the holders of approximately 70% of the companies senior secured notes.
Under the terms of the agreement, Black Gaming can restructure debt and accept an investment of capital into the company.
Creditors and the holders of $66 million in subordinated bonds were not included in the agreement and have not yet announced their position.
The restructuring plans calls for operations to continue under current management throughout the process.
Black Gaming operates the Casablanca, Oasis and Virgin River hotel-casinos in Mesquite 35 miles southwest of St. George, however operations have been suspended at the Oasis because of the recession.
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