Diamond Jacks Casino Finds Another Buyer, Cordish to Redevelop Riverboat
Diamond Jacks Casino inwards Bossier City, La., is at one time over again go under to be sold.
Less than a year after Mississippi-based Foundation Gaming agreed to gain the commercial message riverboat that’s sat vacant since Mar 2020, Foundation has at present reached a tentative correspondence to sell the property. The buyer is Baltimore-based Cordish Companies, which operates Live!-branded casinos inward Maryland and Pennsylvania.
Peninsula Pacific Entertainment (P2E), a CA gaming and hospitality firm, for good shuttered Diamond Jacks during the oncoming of the COVID-19 pandemic. The company, which has since been acquired past Duke of Marlborough Downs, Inc., sought to relocate its LA gaming permission to a more attractive market.
After voters inwards St. Tammany Parish rejected P2E’s efforts to build a new casino in Slidell, P2E was forced to reopen Diamond Jacks, sell the property, or surrender its gaming privilege.
Foundation came to P2E’s rescue by agreeing in May 2022 to purchase the vacant former riverboat for an undisclosed sum. Foundation told the Louisiana Gaming Control Board (LGCB) inward December that it would invest $200 zillion to renovate the Diamond Jacks hotel and relocate the casino from the deteriorating riverboat to a young above-land cassino space.
Delay Worth It
LGCB regulators were initially pleased to take of Foundation’s involvement in Diamond Jacks, as the fellowship has a proven runway record of renovating hard-pressed riverboats.
“This is a solar day we’ve been waiting for a long time. Foundation has an impressive plan,” LGCB Chair Ronnie Johns said in December.
During a special LGCB meeting on Monday, Foundation revealed its hopes of marketing Diamond Jacks to Cordish. Foundation officials said Cordish’s programme is in reality more intensive and pricey than its own.
Foundation had planned to experience its $200 zillion service completed inward December 2024. Selling Diamond Jacks to Cordish will resultant inwards a deferral of the casino’s opening, as Cordish will want to fare its possess due industry as it formulates its last overhaul blueprint.
It testament mark the propose endorse a few months, but it will greatly raise it,” Johns told the Shreveport Times next Tuesday’s get on meeting. “I’m excited about the new developments.”
The young Diamond Jacks is poised to suit the world-class land-based casino inwards Bossier City. The local Shreveport/Bossier City gaming marketplace to boot includes Bally’s, Boomtown, Horseshoe, Margaritaville, and Sam’s Town casinos.
Presentation Forthcoming
The LGCB motioned to take into account Foundation to go with its correspondence to sell Diamond Jacks to Cordish. The body politic gaming commissioners said Cordish testament lay out its redevelopment plans to the get on during their next meeting, countersink for April 17.
At that time, additional details on what Cordish has in lay in for the belongings testament become public.
To Casino.org’s knowledge, Cordish has ne'er bought and redeveloped a casino. The company’s 2 most important gaming assets, Live! Casino Hotel Old Line State inwards House of Hanover and Live! Casino Hotel Philadelphia were both new, from-the-ground-up builds.
Cordish’s Live! Casino Pittsburgh, a so-called “mini-casino” that’s actually inward Westmoreland, involved the society reconfiguring a former Bon-Ton section lay in for gaming operations.
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