Hollywood Casino Shreveport misses $12.3 million payment on notes

By Jeff Pines

Washington, Aug. 4 - Hollywood Casino Shreveport missed $12.3 million in interest payments on its 13% senior secured notes due 2006 and 13% first mortgage notes due 2006.

The Fort Worth, Texas-based casino company has $150 million outstanding of the 13% first mortgage notes outstanding and $39.6 million of the senior secured notes outstanding, and this is not the first time this has happened.

The company reported the missed payments in a Wednesday filing with the Securities and Exchange Commission.

Hollywood Casino also missed the Aug. 1, 2003 and Feb. 1, 2004 interest payments of about $12.3 million each which were due on the notes.

Last month, the chairman and chief executive of Hollywood Casino's managing general partner resigned. In addition, two vice presidents of the managing general partner, one of them the general counsel also resigned.

In its most recent 10-Q filed with the SEC, the company said in February it started looking into selling the riverboat casino and hotel complex.

In early May, it sent out requests for bids. Hollywood Casino said it expects any transaction will be completed through a bankruptcy proceeding.

Penn National Gaming is the parent of Hollywood Casino.

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