Gaming News

Florida casino ship files for bankruptcy protection

FLORIDA – As reported by the Palm Beach Post: "The operator of the Port of Palm Beach's sole passenger ship, laboring under more than $30 million in debt, filed for protection from creditors Monday in U.S. Bankruptcy Court.

"The day-cruise gaming ship Palm Beach Princess, which supplies nearly 13 percent of the port's gross revenues, will continue its 14 trips per week as the company seeks to reorganize, ITG Vegas Inc. president and CEO Francis X. Murray said Tuesday.

"The Chapter 11 filing, on behalf of the casino line and related companies, listed $33'million in debt and $3.2 million in assets.

"The filing followed by three weeks a lawsuit by creditor PDS Gaming Corp. and by three days a decision by the revenue-strapped port to allow a competitor company's gaming ship to start service from an adjacent berth…"

< Gaming News