Black Gaming plans Chapter 11 filing to restructure debt
Black Gaming LLC, the Las Vegas-based owner and operator of three casinos in Mesquite, said Wednesday that it will file for Chapter 11 bankruptcy, which allows it to continue operations. The company said it reached an agreement with some of its creditors in advance of the bankruptcy petition.
Robert R. “Randy” Black Sr., South Point owner Michael Gaughn and Anthony Toti are investors in the reorganized company.
Black will remain chief executive officer. Either he, parties designated by Michael Gaughan or others will contribute $17 million in cash for 94 percent of the equity in the reorganized company. Black Gaming owns the CasaBlanca, Virgin River and Oasis resorts in Mesquite.
In a statement, CEO Black said the company is generating cash flow but has too much debt.