With Gambling Down, Holder Files Bankruptcy For Several Casinos

The casino industry in Nevada is crumbling by the day. Another casino operators has filed for bankruptcy in light of the gambling revenue decline that has been occurring over the past two years.

The Holder Hospitality Group, which is headed by businessman Harold Holder Sr., has filed for bankruptcy protection for six of their properties. It was an effort to hold off court-appointed receivers to take control of the casinos.

"This is just the latest chapter in what is becoming a brutal age in Nevada casino history," said observer Lawrence Bealler, "when the major casino companies are struggling, you know that the smaller operations are in a lot of trouble."

Among the casinos that were named in the bankruptcy papers were the Commercial Casino and Stockmen's Casino Hotel in Elko, the El Capitan in Hawthorne, Parker's Model T in Winnemucca, and the Silver Club in Sparks.

The Silver Club has already been closed. The casino is in debt to a company that holds a $33 million note on it. It joins a growing list of casinos in Nevada that have been closed in the past few months.

Revenue on the Las Vegas Strip has been declining for months. They have reached double digits in revenue loss, and big corporations such as MGM Mirage, Wynn Resorts, and Las Vegas Sands have been working to re-structure debt this year.

June 24, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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