Global Gaming Solutions, the development arm of the Chickasaw Nation of Oklahoma, is one step closer to purchasing the DiamondJacks casinos in Louisiana and Mississippi.
Global Gaming Solutions was the only buyer interested in purchasing the casinos from bankruptcy last month. It plans to pay $27.5
million in cash and $97.5 million in new debt to Legends Gaming, owner of the casinos. Legends filed Chapter 11 bankruptcy in July in a Shreveport federal court. Its $105 million in assets is counterbalanced by nearly three times that amount in debt that is held by a trust headed by Wilmington Trust and another trust headed by Wells Fargo & Co.
The purchase requires the approval of the bankruptcy judge. The debt holders had agreed previous to the sale not to take any actions to sabotage it. The purchaser owns 13 casinos in Oklahoma. In 2010 it bought the Remington Park Racing and Casino in Oklahoma City and in 2011 bought part ownership the Lone Star Park racetrack in Texas, all as part of a regional expansion.