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Hollywood Casino creditors vote to sell property

Friday, June 10, 2005 | 11:17 a.m.

SHREVEPORT, La. -- Creditors of the Hollywood Casino in Shreveport have voted to sell the troubled gambling property to Eldorado Resorts.

If a federal bankruptcy judge approves the ballots and a reorganization plan, the Reno-based company will be able to take over the floating casino. Plans call for the casino to be renamed Eldorado Casino-Shreveport.

"We want to see this come to an end. This has been a long, drawn-out process," said Eldorado Resorts chief financial officer Bob Jones.

A rival company that wants to buy the casino, Black Diamond Capital Management, plans to argue next week that the Eldorado bid is not the highest, said attorney Robert W. Raley, who represents the company.

Eldorado Resorts owns and operates the Eldorado Hotel & Casino in Reno and is a joint venture partner with Mandalay Resort Group in the Silver Legacy Resort Casino, also located in Reno.

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