GB Holdings, Inc. which operates the world's largest online exchange and depository of firearms, and is also a major shareholder of Atlantic Coast Entertainment Holdings, has filed Chapter 11 Bankruptcy under US Federal Bankruptcy laws.  The company did so after failing to pay the 11% of Notes it was indebted to. What makes this news of potential concern for the casino gambling industry is that GB Holdings owns 28% of the stock interest in Atlantic Coast Entertainment Holdings, (ACEH) who in turn, owns the Sands Casino Resort in Atlantic City.

While high-risk stock holders with GB Holding should be concerned, ACEH stock holders should not be worried at all - so says the executives at ACEH.  According to the them, The Sands Casino is in excellent shape, with a net worth of $143 million and hardly any outstanding debt to its name.  Furthermore, the company went on to say that the actions of GB Holdings will not affect the capital business that The Sands handles on a daily basis.  Although some stock changes could take affect, GB Holdings is considered a minority stock holder.

Even so, Sands Casino in Atlantic City has plans to upsize its resort by building an additional 1,000 rooms to its already large casino guest suite.  As they said, the bankruptcy of GB Holdings would not affect any of The Sands business operations whatsoever - not even its casino operations.  In the meantime, GB Holdings will be doing business as usual, including the online trafficking of firearms, which as illegal as it sounds, is a reputable online business.

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