Report: Former Gas City Owner's Casino Company Files for Chapter 11

Another business endeavor for former Gas City owner William McEnery is facing financial trouble after the casino company he heads filed for bankruptcy reorganization in Louisiana last week, the Associated Press reports.

Legends Gaming, which has casinos in Vicksburg, Miss., and Bossier City, La., filed for Chapter 11 bankruptcy Monday, July 30, in Shreveport, La., the report stated. McEnery is the company's chairman and CEO.

According to the report, Legends has liabilities of anywhere from $100 million to $500 million but only has assets between $50 million to $100 million. The company also has about $163 million in debt due in 2014, the report stated.

READ:

Legends also will sell its two casinos DiamondJacks casinos to Global Gaming Solutions for $125 million, the AP reported. Global Gaming Solutions is owned by the Chickasaw Nation of Oklahoma.

In a statement from McEnery, Legends, which filed for bankruptcy in 2008, will not lay off workers, the report stated:

“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.”

DiamondJacks employs 1014 people between the facilities being sold, according to the report.

Other Gas City and William McEnery Stories on Frankfort Patch:

Two Ways to Stay Connected to Frankfort Patch:

• Subscribe to our newsletters to have headlines and breaking news delivered to your inbox.
• "Like" our Facebook page for updates throughout the day.