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Another Casino Gaming Company Collapses
VANCOUVER, BRITISH COLUMBIA --
Casino operators across the US and around the world, facing declining earnings coupled to overextended financial situations, are teetering on the verge of bankruptcy. This week, yet another gambling company, Washington Gaming, filed for bankruptcy protection.
Washington Gaming owns ten casinos in the Puget Sound area. The company filed in British Columbia, under the filing of its owner, Canadian-based Evergreen Gaming, which itself declared bankruptcy this week.
By filing in Canada, the company petitions the US Bankruptcy Court in Washington to recognize the Canadian filing by Evergreen.
Herbst Gaming went under just weeks earlier, and Riviera Holdings has missed debt payments and is expected to be forced into bankruptcy. Station Casinos is currently attempting to arrange a prepackaged bankruptcy with bondholders, which would include debt restructuring approved by all parties.
Trump Entertainment went into bankruptcy earlier this year, after several extensions were unable to bring about satisfactory debt consolidation.And bigger companies have been dangling on the edge, including such massive gaming operators as Harrah's Entertainment, Las Vegas Sands, and MGM Mirage.
Wahington Gaming, like other operators seeking protection from lenders, will continue to run its casinos and employ its workers while conditions to rework its debt structure are arranged.
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