Caesars Entertainment Corp.’s bankrupt operating group said in a court filing that it has cancelled the auction of property at its failed Harrah's Tunica Casino in Mississippi amid a lack of bidders, Reuters reported today. Casino operator Caesars Entertainment Operating Co., which filed for chapter 11 in January with $18 billion of debt, had been trying to sell Tunica for two years before closing its doors amid a slump in gambling and tough local competition. Caesars said that it would ask Bankruptcy Judge Benjamin Goldgar to approve the sale of Tunica to stalking-horse bidder TJM Properties Inc, a Florida real estate investment firm that develops senior living facilities, at a Nov. 2 hearing. TJM has offered $3 million cash for the leftover property at Tunica.
