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twitterBrief: Casino stock trading blues
Thursday, Dec. 10, 1998 | 11:55 a.m.
JCC Holding Co. common was quoted at $8 to $8.25, but a lack of buyers prompted the Amex to halt trading for four hours. Finally, the stock opened at $3.50. It was quoted at $4, up 50 cents, in early afternoon trading today.
JCC Holding owns Jazz Casino Co., successor to Harrah's Jazz Co., which went into bankruptcy after a series of setbacks suffered during its attempt to open a land-based casino in Louisiana.
Harrah's Entertainment of Memphis owns 43 percent of the company that emerged from bankruptcy in October, and has guaranteed certain debt of the venture, including minimum annual $100 million payments to Louisiana.
The 100,000-square-foot casino is scheduled to open next October.
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