The former Diamond Jacks Casino Resort inwards Louisiana’s Bossier City is inwards the physical process of existence sold to Baltimore-based Cordish Companies. group A province prescribed says he expects the transaction to snug this fall.
Peninsula Pacific Entertainment, a Los Angeles-headquartered gaming operator, permanently shuttered the Pelican State riverboat amid the pandemic inward March 2020. The keep company sought to relocate its state-issued commercial gaming license to the south to Slidell, but voters inward St. Tammany Parish rejected the tar through a local referendum.
P2E eventually found a purchaser for its shuttered Diamond Jacks inward May 2022 when Mississippi-based riverboat gaming strong Foundation Gaming agreed to purchase the hard put and deteriorating prop for an undisclosed sum. Foundation, which owns and operates the Fitz Tunica and WaterView Casino inwards Vicksburg, had ab initio planned a $200 gazillion service of Diamond Jacks.
But in a surprising move, Foundation inward April announced it would sell the Diamond Jacks attribute and res publica gaming license, the latter existence the to a greater extent valuable asset, to Cordish for an unrevealed price.
Demolition Coincides With Suitability Probe
Cordish operates casinos inwards MD and Pennsylvania and amusement districts inwards numerous states. But Diamond Jacks testament live the company’s number one investment in Louisiana.
Before Foundation’s sales agreement of Diamond Jacks to Cordish can live approved past the LA Gaming Control Board (LGCB), the Louisiana State Police must world-class lead a suitableness probe of the keep company and its cay officials. That poke into is ongoing.
In the meantime, Foundation is making forward motion on demolishing the former Diamond Jacks hotel. The former riverboat has also been scrapped and its remaining pieces will before long “be cut off upwardly and trucked out,” said LGCB Chair Ronnie Johns.
There’s no dubiousness Cordish will be approved,” Johns told USA Today regarding the company’s suitability review. “The company’s put down is impeccable.”
Johns says he expects to soon have the res publica police’s findings inwards hand, and the gaming regulatory is likely to formally approve of Cordish’s Diamond Jacks acquisition this fall. If all goes according to plan, Johns believes Cordish could start do work on its Bossier City cassino holiday resort betimes next year.
Cordish has suggested spending $250 million to build an exclusively new holiday resort with a land-based cassino and hotel. LA gaming practice of law allows for riverboats to move inland, so long as they remain within 1,200 feet of their archetype barges.
More Than Gaming
Cordish Gaming CEO Rob Norton told the LGCB before this year that the companionship plans to sharpen on amusement — non simply cassino gaming — for its Bossier City play.
We plan to reconstruct the event space and centering on bringing entertainment backrest to the market,” Norton said. “We mean for it to follow a game-changing cast for the Bossier City market.”
A game-changer is needed in Bossier City, as porcine gaming revenue (GGR) has consistently declined in recent years.
In the state’s 2016 financial year, Bossier City/Shreveport riverboats generated GGR of some $638.8 million. In financial year 2019, that number was cut down to $626.4 zillion — a 2% decline.
And spell pandemic repressed demand has fueled gaming romp inward often of the rural area to enter highs, Bossier City casino revenue inwards fiscal twelvemonth 2021 totaled $583.7 one thousand thousand — nearly 9% infra 2016.
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