November 08, 2009
What's Inside:
Herbst Gaming Falls Under Control Of Bankers
Terrible's Casinos are officially under bank control. This, after a Sunday bankruptcy filing by Herbst Gaming.
the filing means Herbst will hand over ownership of all their casinos - including terrible's - to banks and lenders.
St. Joseph Terrible's Casino Manager, Craig Travers, confirmed that information to Saint Joe Now Monday morning.
As reported previously, Herbst operates 12 casinos in the state of Nevada, the Terribles here in St. Joseph and other properties. The company is reportedly one billion dollars in debt, but still plans business as usual during this reorganization.
The company employs about 5,400 people, and also runs a "slot route" business that supplies nearly 7,000 slot machines in grocery stores, bars and restaurants throughout Nevada.
Herbst will retain control of the slot route business.
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