Fresno's Club One Casino Files For Bankruptcy
The Club One Casino in downtown Fresno has filed for Chapter 11 Bankruptcy but the casino’s owner says this is not a sign of trouble.
In a Bankruptcy filing, the Club One Casino detailed more than $9-million in debt it owes to its top 20 creditors.
Chapter 11 allows a business to reorganize that debt.
Casino owner Kyle Kirkland says they have no intention of closing.
“We have been open 7300 days in a row. We are not going to close”, Kirkland said.
The casino’s attorney Hagop Bedoyan says the filing is to clear up a conflict with the previous owner not a sign of trouble for the facility.
“It’s a huge contributor to the community both in pay roll and tax revenue. And it absolutely has no plans to shut down. It’s very viable,” Bedoyan said.
Bedoyan says the casino puts a $500,000 in pay roll a month into the community as well as paying more than a million dollars a year in taxes.
The Casino also pays the City of Fresno more than one-million dollars in a year in ‘table tax’.
City Manager Bruce Rudd says they believe the casino will make good on those promises.
“They are committed to continue to meet all their obligations. This is just one of those things that is available to them under law to help them meet their liabilities,” Rudd said.
The Club One Casino has been a downtown fixture for two decades.
Artist/Author: Valley Public Radio News October 2, 2016 |
