Cordish Companies agrees to acquire Diamond Jacks Casino in Bossier City

The deal is subject to approval by the Louisiana Gaming Control Board.
The deal is subject to approval by the Louisiana Gaming Control Board.

Cordish plans to redevelop the property, which has been closed since March 2020.

US.- The Cordish Companies has announced an agreement to acquire Diamond Jacks Casino & Hotel in Bossier City, Louisiana. Cordish intends to redevelop the property, which has been closed since March 2020, subject to approval by the Louisiana Gaming Control Board.

The firm plans to renovate the property into a world-class Live! casino resort and entertainment destination. It intends to include the construction of a land-based casino to replace the existing riverboat.

The move will continue Cordish’s expansion in the South Central and Southeast regions of the US. The company has an under-construction development to its Texas Live! in the Arlington Entertainment District in North Texas. It also has major new developments in Florida, Alabama, Georgia, North Carolina and Tennessee.

Managing partner of The Cordish Companies Joe Weinberg said: “It is incredibly exciting for The Cordish Companies to make this announcement today and to be working with Foundation Gaming & Entertainment on this new opportunity in Bossier City to bring our Live! brand to Louisiana for the first time.

“We are committed to creating a world-class resort destination that brings first-class gaming, dining, entertainment and hospitality amenities to the region, creates significant new jobs, and generates millions of dollars in economic benefits for the community.”

Greg Guida, Co-CEO of Foundation Gaming & Entertainment, added: “We are thrilled to announce our agreement with The Cordish Companies and believe that the introduction of their Live! Brand in the market will have a tremendous impact on the entire northwest Louisiana Region. We are confident they will deliver a great product for the market, and we look forward to working with them to bring the project to fruition.”

Thomas Chandler, mayor of Bossier City, commented: “The Cordish Companies is one of the leading developers and operators of high-profile mixed-use, entertainment and casino resort destinations in the country. This project will not only attract millions of visitors to our city annually, it will also create substantial new jobs and generate additional significant tax revenue for our community. We look forward to working closely together with Cordish and Foundation Gaming & Entertainment to bring a world-class destination to Bossier City.”

In December, the Louisiana Gaming Commission approved Pacific Peninsula Entertainment’s sale of the former DiamondJacks Casino to Foundation Gaming. The new owner had proposed a $200m revamp before reopening the riverboat casino on land.

DiamondJacks in Bossier City has been shut since May 2020. P2E laid off 349 employees and held a liquidation sale after announcing that it wouldn’t reopen the casino after pandemic restrictions were lifted. The property was the first casino to open in northwest Louisiana in 1994.

Louisiana sports betting handle slips in February

Louisiana’s sports betting handle was $197.6m in February, according to the Louisiana Gaming Control Board (LGCB). The handle was down 30 per cent compared to January and also down year-on-year. The state’s sportsbooks reported $19.3m in revenue, down from January’s $27.9m.

Retail sportsbooks registered $22m in bets and $1.5m in revenue, while online sports betting took $211m in bets and $17.8m in revenue. Revenue from online wagering was up 6.7 per cent from $16.7m in the same month last year, but 19.1 per cent behind $22m in January 2023. Retail revenue was 131.8 per cent higher year-on-year but 75 per cent less than the $6m generated in January.

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DiamondJacks Casino Land-based casinos Louisiana The cordish companies