The Eagle River Casino near Edmonton, 10 kilometres west of Whitecourt on Highway 43, has commenced bankruptcy proceedings which should allow the casino to continue operating as it tries to restructure its debt.
According to other news sources, the casino owes about $100 million and has assets totaling about $57 million.
Bankruptcy documents show Paragon Canada Alexis, the company that manages the casino, owes American private equity firm, Silverpoint Finance about $82 million.
It also owes Diana Bennett, the chief executive officer and co-founder of Paragon, about $18 million.
The Eagle River Casino is 60 per cent owned by Alexis First Nations and 40 per cent by the Las Vegas-based private casino company, Paragon Gaming.
The Eagle River Casino opened on Jan. 31, 2008 on the Alexis Nakota Sioux First Nation. The band had hoped it would become a tourist attraction while creating jobs for its people.