Cordish Secures Purchase of Diamond Jacks Casino for Redevelopment

Diamond Jacks Casino in Bossier City, Louisiana is due to be sold once more. The venue has been unoccupied and deteriorating since March 2020, but The Cordish Companies, which operates gambling establishments in Pennsylvania and Maryland, plans to purchase the shuttered riverboat and breathe new life into it with a comprehensive renovation. Less than a year ago, Mississippi-based Foundation Gaming agreed to buy the gambling venue which had remained dormant since March 2020, and they now have a tentative deal in place to offload the property to Baltimore-based Cordish Companies.

Peninsula Pacific Entertainment (P2E), a California gaming and hospitality firm acquired by Churchill Downs, Inc. , had to close Diamond Jacks due to the outbreak of the COVID-19 pandemic. They had intended to relocate the gaming license to a new, more attractive market, but after voters in St. Tammany Parish rejected their plan to construct a new casino in Slidell, they were forced to either reopen Diamond Jacks, sell the property, or surrender their gaming privileges.

Foundation then stepped in to help P2E out by agreeing to buy the closed riverboat in May 2022 for an undisclosed amount. They told the Louisiana Gaming Control Board (LGCB) in December that they would invest $200 million to revamp the Diamond Jacks hotel and move the casino from the decaying riverboat to an over-land casino space.

The LGCB were pleased to know that Foundation were interested in Diamond Jacks as they have a proven record of restoring distressed riverboats. They have now approved Foundation’s agreement to sell the property to Cordish, who have a more expensive and intensive plan in the works. The opening of the casino was expected to be completed in December 2024, however, due to the sale, it will be delayed a few months as Cordish need to do their own research and formulate the renovation plan.

When the next LGCB meeting occurs on April 17th, more details regarding Cordish’s redevelopment plans for Diamond Jacks will be released. If successful, this will be the first land-based casino in Bossier City, joining the Shreveport/Bossier City gaming market which includes Bally’s, Boomtown, Horseshoe, Margaritaville and Sam’s Town casinos.