Diamond Jacks Casino in Bossier City Sold, Foundation Gaming Plans $200M Overhaul
The shuttered Diamond Jacks Casino inwards Bossier City, La., has officially been sold to Foundation Gaming. The Mississippi-based gaming steady owns and operates the Fitz Tunica Casino & Hotel and WaterView Casino & Hotel inwards Vicksburg.
Foundation inward May 2022 agreed to gain the former Diamond Jacks Casino from Peninsula Pacific Ocean Entertainment (P2E) for an unrevealed sum. P2E closed in(p) the Louisiana riverboat during the pandemic.
P2E tried to relocate the gaming certify to Slidell northerly of New siege of Orleans through a young $325 gazillion casino evolution called Camellia Bay Resort, but local voters inward the St. Tammany Parish rejected the scheme. The Pelican State Gaming Control Board (LGCB) sanctioned the Diamond Jacks sales agreement during its group meeting on Thursday.
This is a twenty-four hour period we’ve been ready and waiting(p) for a long time,” said LGCB Chair Ronnie Johns. “Foundation has an telling plan.”
Foundation, dissimilar P2E, is optimistic regarding the hereafter of Bossier City’s gaming industry. While Peninsula Pacific said the Shreveport-Bossier City securities industry had go oversaturated, Foundation is ready to inject nearly $200 million into updating the former riverboat into a land-based resort.
Casino Moving Ashore
In response to recent hurricanes and terrible river flooding, LA lawmakers inward 2018 passed legislating that allowed the state’s riverboat casinos to move inland. The only when requirement is that new cassino structures remain within 1,200 feet of their archetype barges.
Foundation Gaming plans to make vantage of the inland opportunity. The nearly $200 one thousand thousand restoration budget, the keep company says, testament ensue in an solely unexampled casino complex body part built supra soil neighboring(a) to the current Diamond Jacks hotel building. Foundation says the unexampled cassino testament assess 47,000 square feet and characteristic slot machines, tabular array games, and a sportsbook.
“We’ve pose together what we believe will follow a great propose for the market and for the community,” commented Greg Guida, Foundation’s co-chief executive officer.
Foundation plans to restitute for each one of the property’s 405 hotel guestrooms. The investiture additionally includes a 300-seat live entertainment venue, plus at least trey new restaurants, 2 retail shops, and a spa and puddle complex.
The propose will also yield jobs and tax dollars to Bossier City. At the end of 2019, Diamond Jacks employed 338 people. Foundation says it testament rename the prop in one case the renovation cast is complete, which is expected inwards 2024.
State Bids P2E Adieu
Louisiana gaming regulators don’t believe Peninsula Pacific Ocean ever so had a great deal purport in operating a casino in Bossier City. Board officials instead think the Los Angeles-based gaming truehearted acquired Diamond Jacks in 2016 with the goal of relocating the province gaming certify to a more attractive market.
Peninsula bought the property to go game to St. Tammany. When that didn’t piece of work out, they bailed,” Jasper Johns opined.
The Shreveport-Bossier City cassino marketplace currently consists of Boomtown Bossier City Casino, Horseshoe Bossier City Casino & Hotel, LA Downs Casino & Racetrack, Margaritaville Resort Casino, Bally’s Shreveport Casino & Hotel, and Sam’s Town Hotel & Casino.
Though it had the distinction of existence the oldest cassino in Shreveport-Bossier City, Diamond Jacks was the smallest boat in the Red River River before its closing. The cassino won simply $35.1 billion during the state’s 2018-19 fiscal year, the lowest cart of the bunch.
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