Bankruptcy
The riverboats and its licenses were eventually sold off and transferred to other companies. Isle of Capri in Lake Charles acquired the Grand Palais (with license) in 1996. Isle's parent company, Casino America paid $55 million for the Grand Palais Riverboat in January 1996, with a package of cash, notes, stock, warrants, and by assuming $10 million of Grand Palais' existing liabilities. Boomtown Casino New Orleans acquired the Crescent City Queen riverboat without license in 1998 (renamed as Boomtown Belle II) to replace the smaller Boomtown Belle riverboat. Crescent City Queen's gaming license was transferred in 1996 to Casino Magic, which then operated a docked riverboat casino in Bossier City, later renamed Boomtown Bossier City. Boomtown's parent company, Pinnacle Entertainment revived the River City Casino name for its newest property in the St. Louis, Missouri area when it opened in March 2010.
Read more about this topic: River City Casino (New Orleans)
Famous quotes containing the word bankruptcy:
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)