Casino and Gaming Issues in Chapter 11 CasesRead Time: 1 min
American Bankruptcy Institute
23rd Annual Southwest Bankruptcy Conference
Las Vegas, NV
Rudy J. Cerone served on a panel during the 23rd Annual ABI Southwest Bankruptcy Conference. The panel discussed the first-day orders necessary to keep a casino open (including regulatory interplay), including motions related to chips, loyalty programs and progressive play. Featured was a discussion of the issues related to valuation and the extent of security interests, including cash as proceeds of gaming collateral and perfection of bankroll, along with issues related to plan confirmation and § 363 sales, including regulatory limitations and protection of customer lists.
The panel was moderated by Thomas R. Kreller of Milbank, Tweed, Hadley & McCloy LLP in Los Angeles. Other panelists included Jeffrey R. Truitt of FTI Consulting, Inc. in Los Angeles and Hon. Bruce T. Beesley, U.S. Bankruptcy Court, District of Nevada (Reno).