Due to a lack of bidders, Caesars Entertainment Operating Corporation recently canceled the auction of its shuttered Harrah’s Tunica Casino in Mississippi. The bankrupt operating group, which filed for Chapter 11 in January with billion of debt, had tried to sell the Tunica property for two years before closing its doors in June 2014 because of increased competition and declining revenue and attendance.
Caesars now plans to ask U.S. Bankruptcy Judge Benjamin Goldgar to approve the sale of the Harrah’s Tunica to Florida-based TJM Properties, an investment firm that develops senior living facilities, which has offered $3 million cash for the property.
Caesars is for sale in entirety, including its iconic Caesars Palace Las Vegas. However, industry observers, creditors and analysts have doubts the corporation will attract buyers.
The case is Caesars Entertainment Operating Corporation Inc., U.S. Bankruptcy Court, Northern District of Illinois, No. 15-01145.
