Caesars Entertainment has asked a federal bankruptcy judge for permission to “dismantle and liquidate” five barges in Buck Lake off the Mississippi River in Tunica County, Mississippi. The barges house a 136,000 square foot casino, part of the Harrah’s casino complex that closed in June. The closure caused about 1,000 people to lose their jobs. The company said selling the barges and their contents will help to costs and raise money to repay debts.
Opened in 1996 as Grand Casino Tunica, the Harrah’s complex includes more than 2,000 acres of land, three hotels with 1,360 rooms, a golf course, convention center, arcade, shooting range and RV park. Caesars Entertainment Operating Company filed for Chapter 11 bankruptcy protection on January 15, citing $19.9 billion in debt and $12.4 billion in assets. U.S. Bankruptcy Judge Benjamin Goldgar in Chicago will hold a hearing on Caesars’ request on March 25.
The closing of Harrah’s was seen as a symbol of many years of decline in the Tunica gaming market, which was impacted by increased competition, a 2011 flood and a recession. Caesars said it started to try to sell Harrah’s in 2012, although the casino did not start losing money until 2013.
Caesars still operates Horseshoe Tunica and Tunica Roadhouse Hotel & Casino, among eight remaining Tunica Resorts casinos. Revenue at both of those operations increased 13 percent since Harrah’s closed.
