Caesars cancels Mississippi Tunica auction amid lack of bidders
Caesars said it would ask U.S. Bankruptcy Judge Benjamin Goldgar to approve the sale of Tunica to stalking horse bidder TJM Properties Inc, a Florida real estate investment firm that develops senior living facilities, at a Nov. 2 hearing.
TJM has offered $3 million cash for the leftover property at Tunica. The entire bankrupt casino group, including the iconic Caesars Palace Las Vegas, went on the market this month but analysts, creditors and industry players have doubted that the sale will attract bidders.
Casino operator Caesars Entertainment Operating Co, which filed for Chapter 11 in January with $18 billion of debt, has been trying to sell Tunica for two years before closing its doors amid a slump in gambling and tough local competition.
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