Cordish Companies secures casino license for Bossier City Resort in Louisiana
Baltimore-based The Cordish Companies recently achieved a significant milestone as it secured unanimous approval from the Louisiana Gaming Control Board (LGCB), an endorsement that paved the way for the company to secure the gaming license formerly held by the Diamond Jacks riverboat in Bossier City.
In April this year, Cordish entered into a commercial agreement to acquire the dormant riverboat casino-hotel property from a Mississippi-based Foundation Gaming. Notably, Foundation Gaming, which initially acquired the vessel from Peninsula Pacific Entertainment (P2E), had never operated the casino. This acquisition followed P2E's failed attempt to relocate the property's Louisiana gaming license from Bossier City to Slidell, but the proposal was rejected by St. Tammany Parish voters.
Amid the Covid-19 pandemic, P2E decided to permanently shut down Diamond Jacks, citing oversaturation of the Bossier City gaming market and the unfeasibility of essential investments to augment the riverboat's attractiveness. In contrast, Cordish remains committed to revitalize the property. It is prepared to invest approximately $270 million into the venture, in addition to the undisclosed sum paid to Foundation Gaming for the acquisition. It may be noted here that both Cordish and Foundation Gaming are privately held entities.
This week, the LGCB granted approval for Cordish and its key executives and stakeholders to receive a Louisiana gaming license. Ronnie Johns, LGCB Chair, expressed the board's gratification with the approval, acknowledging Cordish Companies’ sterling status in delivering exceptional casino gaming, entertainment, and hospitality.
Cordish is planning to establish Live! Casino & Hotel Louisiana. This project will encompass the renovation & expansion of the existing hotel into a 550-room facility, complete with a resort-style pool and fitness center. The riverboat will be replaced with a new, expansive land-based casino covering 47,000 square feet. It will feature more than 1,000 slot machines in addition to electronic table games, forty live table games, and a state-of-the-art sportsbook.
Cordish Companies managing Partner Joe Weinberg said, “We’re grateful to the Louisiana Gaming Control Board for their approval and thank them for their consideration and enthusiastic support through this process.”
Underscoring the transformative impact of Live! Casino & Hotel Louisiana, Joe emphasized that it would usher in a new era of premier gaming, dining, entertainment & hospitality. He went on to state that the visionary project would not only create a substantial number of new employment opportunities but also inject millions of dollars in economic benefits into the local community, providing a big boost to economic growth and prosperity.