DiamondJacks Casino in Bossier City could be set for sale
A deal is in the works for the sale of the P2E’s DiamondJacks Casino to a Mississippi-based company, according to the Louisiana Gaming Control Board.
US.- A deal is reportedly in the works to sell Peninsula Pacific Entertainment’s (P2E) DiamondJacks Casino in Bossier City. Foundation Gaming, a Mississippi-based company that buys and refurbishes distressed casino properties, may buy the venue.
According to Louisiana Gaming Control Board chairman Ronnie Johns, Peninsula Pacific Entertainment (P2E) has filed a petition with the board for a buy-sell agreement with Foundation Gaming. It comes after the company receieved a 60-day extended deadline to sort out the casino’s fate.
“Approximately 60 days ago, we passed a resolution by this board giving DiamondJacks, P2E 60 days to file a petition for transfer of ownership of that property up in Bossier City,” Johns said.
“DiamondJacks did file the petition timely. It’s in good order. We’re very pleased as to the work they’ve put forward to it. As you know, it has been public knowledge that they are attempting to sell their property to Foundation Gaming, based out of Mississippi. I’m not at this time able to discuss the petition that they did file this week, but I will tell you that it’s absolutely in order and it’s exactly what the board asked them to do.”
DiamondJacks in Bossier City has been shut since May 2020, when P2E announced that it wouldn’t reopen the casino after pandemic restrictions were lifted. In October, the casino laid off 349 employees and held a liquidation sale, offloading everything from the kitchen and laundry equipment to flat-screen TVs and stage lights.
The operator made a bid to relocate its licence, arguing that the Shreveport area casino market was oversaturated. However, in December, voters in Louisiana’s St Tammany Parish rejected a referendum that would have allowed that.
P2E originally had until February 9 to resume gaming operations at the Bossier City property or relinquish its license, but it asked for and received an extension in January to have more time to prepare a detailed reopening plan before the board on February 17. The regulator then gave P2E an additional 60 days to figure out its plans, with the option to either sell the site or have its state gaming licence revoked.
Now that a deal appears to be in the works, it could still take an estimated two to three years to approve new buyers and get a firm date for reopening.
The Gaming Division of State Police and the Attorney General’s Gaming Division have to evaluate Foundation’s financial position and ability to operate DiamondJacks, indicating it could be some time before the venue reopens.
See also: P2E may lose Louisiana casino licence over DiamondJacks
