RED ROCK, Tenn.
— The fate of Fandor’s casinos in Tennessee and Alabama has not been decided yet.
The company has not disclosed how much its casino operations will be worth at this time, and the company has said that it expects to sell its remaining gambling properties by the end of 2018.
But some in the industry worry that Fandors is still in trouble.
“I think they’re still in the same boat,” said Mike Loomis, a partner at the accounting firm Witherspoon and Associates in Nashville.
“Fandor has not proven to be successful.
I think Fandorians gambling assets are still in serious peril.
And that’s the sad part about it.”
Loomish says Fandoras recent losses have been more than what it expected.
“I’ve always believed that Fands gamble assets were going to go up in value over time,” Loomist said.
He said he expects Fandora to be profitable, but says Fands losses have “devastated” his company.
The Tennessee Gaming Commission has said it is reviewing the company’s financial statements and has not yet determined how much it is worth, but that it has already cut its losses.
Fandora, which is based in Memphis, said in a statement that it is “deeply saddened and deeply saddened by the loss of the businesses” it has been in business for over a century.
Fandoredes casino operations in the Carolinas have already been sold and the Nashville location is scheduled to close this summer.
The casinos are part of the Red Rock, Elroy and Jack casinos.
The companies said they are currently working to secure additional sites in Georgia and elsewhere in the Southeast.
In Alabama, the state’s Gaming Commission approved the sale of its remaining eight remaining gambling facilities, which include the Red Rocks, Elmore, Algiers and Jacks casinos.
A spokesman for the Alabama Gaming Commission did not immediately return a call seeking comment.
The Alabama Gaming Board said in an email to CNN that the sale is not expected to close until June 2019.
Red Rock Casino, which closed its doors in May, announced last month that it would not be making any further payments on its remaining casinos, a move it said would help the company stay solvent.
On Friday, Red Rock said it would close its Alabama gambling operations, and its Mississippi and Tennessee locations.
“We have decided to close the state of Alabama’s gaming properties,” the company said in the statement.
“We are working with our attorneys to secure an orderly transition for the remaining businesses in Alabama.”
The Mississippi state gaming commission said in its statement that the closure would not affect the gaming operations of other gaming establishments, but said that if the closing occurs, the licenses and licenseses could be required to forfeit their gaming licenses.
It is unclear whether the companies have the funds to repay the states and local governments that invested in them and have not yet been repaid.
Kay Ivey said in her statement that she is committed to helping the states recover the $1 billion the state has spent on Fandoran and other businesses.
“We’ve got to keep moving forward with the state,” Ivey added.
However, she added that she has “no idea what the state will be able to recover in the coming years.
It is unclear how the states will finance the $500 million in gambling revenues that have been lost.”
In the meantime, the companies’ debts could grow.
Loomis said that he expects the Alabama state and local gambling commissions to seek more casino licensees to continue to operate.
But in an interview with CNN, a spokeswoman for the state gaming board said that the companies may not have enough money to pay their debt.
“I don’t think they can repay,” said Lisa Hinkle.
Hinkle said that state and state agencies have not been able to find additional money to make up for the lost gambling revenue.
She said that Fandiores loss of $7.5 million was more than it expected to be.
“It’s a real shame,” she said.
“I’m sure they’ll make up that money and then go back to making money in the future.”
Lomis said Fandoros future is uncertain.
At a hearing earlier this month, Fandorr said it is uncertain whether the company can continue operating as it does now.
Its executive vice president and general counsel, Robert Cazak, said at the time that the company is in a position to do so, but noted that the state and its local governments may need to make new investments to support the business.
Hinton said she believes that the new revenue that Fandreas will bring into the state should help