Caesars Can Sell Tunica Property

Sun, Nov 8, 2015

U.S. Bankruptcy Judge A. Benjamin Goldgar informed Caesars Entertainment Operating Company that it may sell its Harrah's Tunica Hotel & Casino in Mississippi, closed since June 2014, to TJM Properties for $3 million. Caesars cancelled an auction for the Tunica property last week after no one showed up.

Caesars Entertainment Operating Company will sell its shuttered Harrah’s Tunica Hotel & Casino in Mississippi to TJM Properties for million. Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court in Chicago recently signed off on the sale as part of the company’s Chapter 11 restructuring.

Last week Caesars canceled an auction for the Tunica property after no one offered to counter the earlier offer from TJM, which owns hotels and senior-living properties. TJM bought another closed casino, the Atlantic Club Hotel & Casino in Atlantic City, last year for $13.5 million.

Opened in 1996 and built for $450 million, Harrah’s Tunica was billed as the biggest casino between Atlantic City and Las Vegas, with a gaming floor, several hotels, RV park, convention center and concert venue. It closed in June 2014 after losing business to numerous competitors.

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