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Margaritaville owners seek bankruptcy protection

2 years 8 months 1 week ago September 17, 2014 Sep 17, 2014 Wednesday, September 17 2014 September 17, 2014 4:15 AM in News
By: Associated Press

JACKSON, Miss. - The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection, only hours before a hearing where the landlord aimed to seize the property.

The Tuesday filing by MVB Holding LLC in U.S. Bankruptcy Court in Gulfport follows the casino's shutdown on Monday night.

MVB says both its assets and debts are between $10 million and $50 million. The company listed 164 creditors, although there could be more.

Clay Point LLC, the landlord, had planned to ask Harrison County Circuit Judge Michael Ward to give it control of the property in a Wednesday hearing. Clay Point says MVB hasn't paid rent since the casino opened in 2012 and owes more than $4.3 million.

The bankruptcy freezes the state court case, leaving a bankruptcy judge to sort things out.

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