Offshore Gaming Vessel

Transaction Type: Restructuring
Industry: Gaming
Location: Southeast United States
Client: Senior Lender
Role: Chief Restructuring Officer

Cascade was brought into this troubled casino operation by the senior lender in order to assess the property’s viability and to develop a turnaround plan to generate a recovery for the lender. Cascade brought in an experienced operator it had worked with on a previous assignment and together they were able to eliminate a negative EBITDA performance for the casino. Within 3 months the casino was at breakeven and the team had negotiated a dramatic reduction in debt.

Once the cash flow turned positive, the operation bought another boat and grew the business significantly. By insuring the cash flow of the operation, the business was able to protect its investments from the devastating effects of hurricane Katrina and has grown even more post-Katrina.