HomeCasinoDiamond Jacks Casino Finds Another Buyer in Cordish

Diamond Jacks Casino Finds Another Buyer in Cordish

Posted on: April 4, 2023, 03:33h. 

Final up to date on: April 4, 2023, 04:42h.

Diamond Jacks On line casino in Bossier Metropolis, La., is as soon as once more set to be offered.

Diamond Jacks Cordish Foundation Gaming Louisiana
Diamond Jacks has sat vacant and deteriorating since March 2020. The Cordish Firms, which operates casinos in Pennsylvania and Maryland, needs to buy the shuttered riverboat and provides the property new life by an intensive overhaul. (Picture: KSLA)

Lower than a 12 months after Mississippi-based Basis Gaming agreed to accumulate the industrial riverboat that’s sat vacant since March 2020, Basis has now reached a tentative settlement to promote the property. The customer is Baltimore-based Cordish Firms, which operates Stay!-branded casinos in Maryland and Pennsylvania.

Peninsula Pacific Leisure (P2E), a California gaming and hospitality agency, completely shuttered Diamond Jacks throughout the onset of the COVID-19 pandemic. The corporate, which has since been acquired by Churchill Downs, Inc., sought to relocate its Louisiana gaming license to a extra engaging market.

After voters in St. Tammany Parish rejected P2E’s efforts to construct a brand new on line casino in Slidell, P2E was pressured to reopen Diamond Jacks, promote the property, or give up its gaming privilege.

Basis got here to P2E’s rescue by agreeing in Could 2022 to purchase the vacant former riverboat for an undisclosed sum. Basis advised the Louisiana Gaming Management Board (LGCB) in December that it will make investments $200 million to renovate the Diamond Jacks resort and relocate the on line casino from the deteriorating riverboat to a brand new above-land on line casino area.

Delay Price It

LGCB regulators had been initially happy to study of Basis’s curiosity in Diamond Jacks, as the corporate has a confirmed monitor report of renovating distressed riverboats.

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