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Eldorado Moves Forward in Hollywood Casino Acquisition

20 June 2005

LOUISIANA – As reported by the Shreveport Times: "Welcome, Eldorado Casino-Shreveport.

"Federal bankruptcy Judge Stephen V. Callaway made the announcement at 5:30 a.m. Sunday, after pulling an all-nighter that he refused to end until all parties in the casino's bankruptcy agreed on a plan.

"…Eldorado expects to seek Louisiana Gaming Control Board approval in July, and it's possible that the changeover to the new brand could take place before the holiday season, said John Hull, president of Hollywood managing partner HCS I Inc.

"The Reno, Nev., company has been told it has a 99 percent chance of getting approval. Eldorado submitted its application early last fall, when Hollywood planned to go through a quick bankruptcy that included the sale.

"But what was supposed to be an in-and-out Chapter 11 bankruptcy turned into nearly 9 months in the Shreveport court. Hollywood's second-largest bondholder, Black Diamond Capital Management, and contractors owed money by Hollywood tried several times to prove that Black Diamond's offers were better than Eldorado's…"

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