Former Diamond Jacks Casino in Bossier City Nearing Sale to Cordish Companies

Former Diamond Jacks Casino in Bossier City to be sold to Cordish Companies

The former Diamond Jacks casino resort in Bossier City, Louisiana, is currently being sold to Baltimore-based Cordish Companies. A state official said he expects the deal to close in the fall.

Los Angeles-based gaming operator Peninsula Pacific Entertainment permanently closed its Louisiana riverboats in March 2020 amid the pandemic. The company wanted to move its state-issued commercial gaming license south to Slidell, but St. Tammany Parish voters rejected the proposal through a local referendum.

P2E finally found a buyer for its shuttered Diamond Jacks in May 2022, when Mississippi-based riverboat gaming company Foundation Gaming agreed to purchase the troubled and dilapidated property for an undisclosed amount. The foundation that owns and operates Vicksburg's Fitz Tunica and WaterView Casino originally planned a $200 million renovation of Diamond Jacks.

But in a surprise move, the foundation announced in April that it would sell the Diamond Jacks property and state gaming license, the latter of which was the more valuable asset, to Cordish for an undisclosed price.

Disassembly and suitability testing are conducted simultaneously

Cordish operates casinos in Maryland and Pennsylvania and entertainment areas in many states. But Diamond Jacks will be the company's first investment in Louisiana.

Before the Louisiana Gaming Control Board (LGCB) can approve the foundation's sale of Diamond Jacks to Cordish, Louisiana State Police must first conduct a health check on the company and its key officers. This investigation is ongoing.

Meanwhile, the foundation is making progress on demolishing the former Diamond Jacks Hotel. LGCB chairman Ronnie Johns said the former river vessel had also been scrapped and its remaining parts would soon be "dismantled and trucked away".

"There's no question that Cordish will be approved," Johns told USA TODAY of the company's suitability review.“The company’s balance sheet is impeccable.”

Johns expects the results of the state police investigation to be released soon, and gaming regulators are expected to formally approve the acquisition of Cordish-owned Diamond Jacks, possibly in the fall. Johns believes that if all goes according to plan, Cordish could begin construction on its Bossier City casino resort early next year.

Cordish proposed spending $250 million to build a new resort with a land-based casino and hotel. Louisiana gambling laws allow riverboats to operate within 1,200 feet of the original barge.

Not Just a Game

Cordish Gaming CEO Rob Norton told LGCB earlier this year that the company plans to focus Bossier City games on entertainment rather than just casino games.

We plan to renovate the event space and focus on bringing entertainment back to the market," Norton said."We hope this will be a breakout project for the Bossier City market. "

With Gross Gaming Revenue (GGR) consistently declining over the past few years, Bossier City needs a game changer.

In the state’s fiscal year 2016, Bossier City/Shreveport riverboat GGR was approximately $638.8 million. In fiscal 2019, that number fell to $626.4 million, down 2%.

While pent-up demand from the pandemic has pushed gaming to record highs in much of the country, Bossier City's casino revenue for fiscal 2021 totaled $583.7 million, down nearly 1% from 2016 9%.