Casino business craps out in La. - 2004-02-14
The leading bidder for Illinois’ 10th casino permit is in default on debt on a Louisiana casino.
Since gaining Hollywood Casino Shreveport in its purchase of Dallas-based Hollywood Casino Corp. last year, Penn National Gaming Inc. has declined to make mortgage payments on the casino.
The company argues that the casino doesn’t make enough cash to take care of payments on the $189-million debt. So far, Penn has missed and a calculated $25 million in payments.
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