Key Takeaways
The Cordish Companies earlier this month tentatively reached an agreement with Foundation Gaming to acquire the long-shuttered Louisiana riverboat until it closed in March 2020.
Diamond Jacks Casino in Bossier City, La., is seen in 2016. The Louisiana riverboat closed during the COVID-19 pandemic in March 2020. The Cordish Companies is seeking to purchase the distressed former riverboat and turn the property into a premier gaming and entertainment destination. (Image: The Shreveport Times)The Baltimore-based gaming and hospitality firm, which operates Live!-branded casinos in Maryland and Pennsylvania, presented its Diamond Jacks redevelopment plans to the Louisiana Gaming Control Board (LGCB) during the agency s meeting on Monday.
Cordish officials told state regulators that, with the state s blessing, the company would spend more than $250 million to transform the dilapidated riverboat and hotel into a premier casino resort and entertainment destination. The investment would result in an entirely new land-based casino and a full renovation of the current hotel. The existing riverboat would be removed from the Red River.
Cordish reps told gaming regulators that the resort would be called Live! Casino Hotel Louisiana. That aligns with the firm s other casino resorts, including Live! Casino Hotel Maryland and Live! Casino Hotel Philadelphia. Cordish additionally operates Live! Casino Pittsburgh a boutique casino that doesn t have a hotel.
Project DetailsCordish Managing Partner Joe Weinberg said Live! Louisiana would include 47,000 square feet of gaming space. It would have more than 1,000 slot machines and electronic table game positions, plus 30 traditional live dealer tables and a sportsbook.
The hotel renovation would result in 400 updated guest rooms, 25,000 square feet of customizable multipurpose event space, and numerous dining and drinking options. A PBR Cowboy Bar is also in the early plans.
Live! Casino Hotel Louisiana will bring a first-class gaming, dining, entertainment, and hospitality experience to the region, create significant new jobs, and generate millions of dollars in economic benefits for the community, said Weinberg stated.
LGCB Chair Ronnie Johns expressed his support for the Cordish plan.
The reputation of The Cordish Companies throughout the country to own and operate first-class casinos, restaurants, hotels, and entertainment destinations is exemplary, Johns said during the Monday meeting.
Foundation Gaming agreed to buy Diamond Jacks in May 2022 from (P2E) for an undisclosed sum. The LGCB approved the sale in December after Foundation presented the state with a $200 million renovation, including a new land-based casino.
Riverboats Move InlandIn 2018, Louisiana lawmakers amended the state s 27-year-old gaming law to allow riverboats to move inland so long as they remain within 1,200 feet of their original barges. The 2018 regulatory change also allowed casinos to expand beyond the previous cap of riverboats limited to 30,000 square feet of gaming space.
The LGCB signed off on Cordish s plan for Diamond Jacks, but the gaming firm must still undergo a suitability review. That will be conducted by the Louisiana State Police, with the law enforcement agency set to present its background findings to the LGCB in the coming months.
Should Cordish be found suitable to possess a state gaming license in Louisiana, the LGCB is expected to formally approve the company s acquisition of the gaming concession and Diamond Jacks property from the Foundation.
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