- The Louisiana Gaming Control Board has approved the sale of DiamondJacks Bossier City to Foundation Gaming.
- DiamondJacks Bossier City has been closed since the onset of the COVID-19 pandemic in March 2020.
- The new owners are planning a $200 million relocation to a land-based site that will bring the casino back to life.
The Louisiana Gaming Control Board has approved the sale of the DiamondJacks Bossier City to Foundation Gaming for an undisclosed amount. The deal was given the go-signal last Thursday, setting the stage for a massive renovation that the new owners say will bring the property “back to life”.
Per Gaming Commission Chairman Ronnie Johns:
The plan is to relocate the riverboat casino to a new-land based location. Once completed, it will be the first land-based casino in the Shreveport-Bossier City market since the other casinos are on barges. The new owners are also expected to rebrand the casino with a new name.
A $200 Million Renovation
Louisiana Gaming Control Board Chairman Ronnie Johns says Mississippi-based Foundation Gaming wants to invest 200 million dollars in re-opening DiamondJacks Casino in Bossier City. https://t.co/0YIVxv38bz
— LaRadioNetwork (@LaRadioNetwork) October 17, 2022
According to plans submitted to the Commission, the $200 million renovation plan by Foundation Gaming includes the construction of a 47,000-square-foot casino just 0.8 km from Bossier City at 711 Diamond Jacks Boulevard while discontinuing its previous riverboat facility. The demolition of its riverboat location will begin early next year while the new land-based location will be completed in December 2024.
The company will also be renovating the old 405-room hotel, adding a sports betting lounge, and a 300-seat entertainment venue that will be a signature amenity in the new land-based site. The new casino will also have three restaurants, two retail shops, and a pool and spa.
The project has been endorsed by Bossier City Mayor Thomas Chandler and the Bossier Parish Police Jury. It also has the backing of several legislators, including Democratic State Representative Sam Jenkins from District 2, where the casino is located.
A COVID-19 Casualty
DiamondJacks in Bossier City announces permanent closure, citing coronavirus impact. #FOX48News https://t.co/bCivmDIxeL
— FOX48 & CenLANow.com (@FOX48tv) May 15, 2020
DiamondJacks Bossier City was one of the gambling industry’s COVID-19 casualties. The casino closed in March 2020 when the pandemic forced the entire casino industry to halt operations. When the industry reopened in May 2020, DiamondJacks Bossier City remained closed and its owners announced that they would be permanently closing the casino due to COVID-19 impact on business.
In October of the same year, owner P2E announced that it was laying off the casino’s 348 employees. It subsequently held a liquidation sale where it sold everything from kitchen and laundry equipment to stage lights and flat-screen TV sets. P2E then attempted to move the casino away from Shreveport citing saturation of the market but that proposal was rejected by voters during a December 2021 referendum.
Peninsula Pacific Entertainment was then given until February 29, 2022, to resume operations or surrender its gaming license. The company asked for an extension of the deadline and got one. Eventually, P2E entered into an agreement with Foundation Gaming, a company that specializes in refurbishing distressed casinos, for its sale. That sale is now approved.
The Bossier City-Shreveport area is home to six casinos – Horseshoe Hotel & Casino, Boomtown Hotel & Casino, Margaritaville Resort Casino, and DiamondJacks in Bossier City. Meanwhile, Eldorado Resort Casino and Sam’s Town are in Shreveport. Among the six casinos, DiamondJacks Bossier City was the lowest-earning property prior to its closure.
