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Operating 15 casinos in Nevada, Iowa and Missouri and a 600-location, 6,800-machine Nevada slot route, and continuing to be hammered by a sour economy, Herbst Gaming has filed a prepackaged Chapter 11 bankruptcy reorganization plan that will result in the company losing ownership of its casinos but retaining control of its Nevada slot machine route.
The current management team is planned to remain in place and employees will receive pay and benefits, and suppliers will be paid regularly vows Herbst Gaming CEO Troy Herbst, who owns the gaming company with his brothers.