{"id":209688,"date":"2022-04-18T03:00:16","date_gmt":"2022-04-18T10:00:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=209688"},"modified":"2022-04-18T11:28:24","modified_gmt":"2022-04-18T18:28:24","slug":"diamondjacks-on-pace-to-be-sold-to-foundation-gaming","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/","title":{"rendered":"DiamondJacks Bossier City Could Be for Sale"},"content":{"rendered":"

DiamondJacks Casino in Bossier City, La., appears to be on course to be sold as a regulatory deadline to reopen the venue nears.<\/p>\n

\"DiamondJacks\"
DiamondJacks Casino sign welcomes visitors to the Bossier City, La location. It’s likely to be sold to a Mississippi company. (Image: KSLA<\/em>)<\/figcaption><\/figure>\n

The Louisiana Gaming Control Board (LGCB) recently extended to owner Peninsula Pacific Entertainment (P2E) 60 days to reopen the gaming venue or sell it. The operator is opting for the latter choice. P2E permanently closed DiamondJacks during the early stages of the coronavirus pandemic but later lobbied to move its gaming license<\/a> to Slidell from Bossier City.<\/p>\n

P2E recently filed regulatory documents with LGCB to sell DiamondJacks to Mississippi-based Foundation Gaming — a regional casino operator.<\/p>\n

Collectively, we have reviewed in excess of 400 opportunities, including greenfield developments and transactions involving existing properties. We have developed a sound process that takes a 360 degree look at each opportunity, from both the near-term and long-term perspectives, guiding us to select which opportunities to pursue,\u201d according to Foundation.<\/p><\/blockquote>\n

Foundation currently operates the Fitz Casino and Hotel and the WaterView Casino and Hotel in its home state. Neither Foundation nor P23 confirm a possible transaction involving DiamondJacks on their corporate websites.<\/p>\n

Foundation Bossier Bet<\/h2>\n

While it was believed a casino in St. Tammany Parish would have provided a modest benefit to the local economy<\/a>, voters there rejected that effort. That means Foundation will have to maintain DiamondJacks\u2019 Bossier City footprint.<\/p>\n

It\u2019s also clear that there\u2019s fierce competition in Bossier City from Caesars Entertainment\u2019s Horseshoe, Penn National Gaming\u2019s Boomtown, and Margaritaville, among others.<\/p>\n

\n

Additionally, assuming Foundation is approved to acquire DiamondJacks, the new owner will likely have to sink some cash into the venue because it\u2019s worn down relative to competitors in the market. Since it\u2019s been closed, DiamondJacks has also become a crime hub<\/a>, underscoring the LGCB\u2019s frustration with P2E dragging its heels on selling the property.<\/p>\n<\/div>\n

The Gaming Division of State Police and the Attorney General’s Gaming Division have to evaluate Foundation\u2019s financial position and ability to operate DiamondJacks, indicating it could be some time before the venue reopens.<\/p>\n

LGCB meets today, which could start moving the casino into the Foundation\u2019s hands.<\/p>\n

P2E Still In Gaming Business<\/h2>\n

While it\u2019s out of Louisiana for now, P2E still has a foothold in the gaming industry, as it controls several regional casinos.<\/p>\n

The company runs the Hard Rock Hotel & Casino in Sioux City, Iowa, Colonial Downs Racetrack in Virginia, del Lago Resort & Casino in upstate New York, and five Rosie\u2019s Gaming Emporium locations in Virginia.<\/strong><\/p>\n

P2E is privately held. But Standard & Poor\u2019s estimates it generated $50 million of earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter of 2021 — a pace the ratings agency forecasts the operator will maintain this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

DiamondJacks Casino in Bossier City, La., appears to be on course to be sold as a regulatory deadline to reopen the venue nears. The Louisiana Gaming Control Board (LGCB) recently extended to owner Peninsula Pacific Entertainment (P2E) 60 days to reopen the gaming venue or sell it. The operator is opting for the latter choice. […]<\/p>\n","protected":false},"author":46,"featured_media":209690,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\nDiamondJacks On Pace To Be Sold To Foundation Gaming<\/title>\n<meta name=\"description\" content=\"P2E likely to sell DiamondJacks to Foundation Gaming.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DiamondJacks On Pace To Be Sold To Foundation Gaming\" \/>\n<meta property=\"og:description\" content=\"P2E likely to sell DiamondJacks to Foundation Gaming.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-18T10:00:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-18T18:28:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/DJ2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/\",\"url\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/\",\"name\":\"DiamondJacks On Pace To Be Sold To Foundation Gaming\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/DJ2.jpg\",\"datePublished\":\"2022-04-18T10:00:16+00:00\",\"dateModified\":\"2022-04-18T18:28:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"P2E likely to sell DiamondJacks to Foundation Gaming.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/diamondjacks-on-pace-to-be-sold-to-foundation-gaming\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/DJ2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/DJ2.jpg\",\"width\":1200,\"height\":675,\"caption\":\"DiamondJacks Casino in Bossier City, La. 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