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President Casino Seeks Bankruptcy Protection - WLOX.com - The News for South Mississippi
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President Casino Seeks Bankruptcy Protection
The President Casino isn't the first coast resort to file for bankruptcy protection. Since 1994, the Biloxi Belle, Treasure Bay and the Palace all asked a federal judge to help them pay off their debts.
Bankruptcy worked for Treasure Bay and the Palace. They're both still in business -- and they're paying all their bills.
Keith Crosby runs the new look Palace. He stood at the top of a landscaped waterfall. Below him was the Palace's pool and its new marina. Crosby said he's gotten two comments about the amenities. People who live in the area told him they 'didn't expect this. And that makes us proud. And then somebody that's from here the other day said,'you know I was out at your pool and forgot I was in Biloxi.'
Both amenities, plus a hotel, were built after Robert Low bought the Palace out of bankruptcy. Crosby said, 'We had to get the thing back on its feet on the strength of the people that worked for us, and then reinvest in them.'
Joe Edwards was one of the Palace workers who survived the 1995 bankruptcy. 'I was in Keith's office two weeks ago,' Edwards recalled, 'and I was telling him this is like working at some other place. I mean it's totally different from the beginning to where we are now. And we're still growing.'
Past bankruptcies impacted more than just casinos. Vendors didn't know if they were supposed to ship merchandise to the bankrupt properties. Steve Castleman is a produce distributor. Because of the bankrutpcies, he said, 'There's always a wonder if, what money are you going to receive back from those people and how much and how long.'
Castleman's company delivered produce to the first three casinos that had financial problems. Each time one of those casinos filed for bankruptcy, produce bills didn't get paid when they were due. 'They've used our goods,' Castleman said. 'And of course you expect payment.'
Castleman said his produce company has been fortunate. Bankruptcy judges made sure his business got back about 95% of what it was owed at the time a casino filed for bankruptcy protection.
Right after it filed for bankruptcy, the President Casino sent a letter to its employees. It said the Biloxi resort just completed its best June since 1993. President officials said the bankruptcy case will help them built a stronger casino company for the future.
by Brad Kessie
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Updated: Wednesday, August 1 2018 7:39 AM EDT2018-08-01 11:39:23 GMT Gov. Bryant took a stand against a medical marijuana initiative on social media, stirring a debate among those who support the drug and those who don't. (File photo))As an initiative to allow medical marijuana in Mississippi gains traction, the state's governor is speaking out on social media against the issue, causing many to respond to his posts on the topic.More >>As an initiative to allow medical marijuana in Mississippi gains traction, the state's governor is speaking out on social media against the issue, causing many to respond to his posts on the topic.More >>Wet Wednesday, especially east of Hwy 49
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Updated: Tuesday, July 31 2018 10:11 PM EDT2018-08-01 02:11:15 GMT Gary Marchand (Photo source: UMMC)The CEO of Memorial Hospital at Gulfport is retiring effective Thursday. Memorial Hospital spokesperson confirmed to WLOX News Gary Marchand’s last day as Chief Administrative Officer is Wednesday.More >>The CEO of Memorial Hospital at Gulfport is retiring effective Thursday. Memorial Hospital spokesperson confirmed to WLOX News Gary Marchand’s last day as Chief Administrative Officer is Wednesday.More >>
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Posted: Tuesday, July 31 2018 9:47 PM EDT2018-08-01 01:47:39 GMTUpdated: Tuesday, July 31 2018 10:11 PM EDT2018-08-01 02:11:00 GMTBacteria in dog saliva caused a man to lose his legs and hands.More >>Bacteria in dog saliva caused a man to lose his legs and hands.More >>'Let him get a little chilly': Video shows GA police leave teen in freezing car
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Posted: Wednesday, August 1 2018 1:47 AM EDT2018-08-01 05:47:28 GMTUpdated: Wednesday, August 1 2018 1:47 AM EDT2018-08-01 05:47:28 GMT One officer was placed on paid leave following the incident, and a city official is ordering a comprehensive investigation into how the department operates. (Source: Roswell Police/WSB/CNN)One officer was placed on paid leave following the incident, and a city official is ordering a comprehensive investigation into how the department operates.More >>One officer was placed on paid leave following the incident, and a city official is ordering a comprehensive investigation into how the department operates.More >>Recall: Salads, wraps sold at Kroger, various grocery chains may be contaminated with parasite
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Spoil yourself with this home just a short walk to the beach. Light filled interiors and sleek modern lines, boasts a family friendly layout. The large master bedroom has an ensuite and walk in robe. The remaining 3 bedrooms are generously sized. The spacious formal lounge is located at the front of the home and showcases a feature window. A short passage opens to an expansive open plan living and dining room where a huge deluxe kitchen is ideally set up for entertaining with loads of cupboards and bench space, stainless steel appliances and walk in pantry. Sliding doors lead outside to your huge veranda that wraps around the home providing sensational entertaining area for family and friends all year round. The low maintenance native gardens have a peaceful outlook across the rear yard and the two large garden sheds have plenty of storage for all the tools and equipment. A double garage under the main roof keeps 2 cars secure and ducted reverse cycle air conditioning keeps you cool on those hot summer nights. Truly a marvelous place to call home, come in and see for yourself! Contact Jason Zub 0412 477 474 or John McGarry 0438 563 588
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