Foundation Gaming & Entertainment LLC of Gulfport, Mississippi recently purchased Fitz Casino & Hotel Tunica from Majestic Mississippi Gaming LLC. The price was not disclosed. The property has a 38,000 square foot casino, three restaurants, 500-room hotel and events center. It posted $76 million in revenue in 2017, and has 500 employees.
Foundation Gaming previously managed the Tunica properties Bally’s Casino & Hotel and Resorts Casino & Hotel, from November 2011 to December 2013.
Foundation Gaming Chief Operations and Marketing Officer Les McMackin said the company plans to seek feedback from Fitz Tunica employees and customers, then “deploy capital.” He said, “We will be planning over the next few months to figure out what we would like to do first and then will embark on some strategically deployed capital projects in the near future to enhance the product and the competitiveness of the property.”
McMackin added, “The Tunica market has its challenges like any regional market today, but we believe with the right product and the right team, you can be successful regardless of what the overall market dynamics are.
In regard to the “right team,” as part of the transaction, Foundation Gaming named Tony Scudiero, a 30-year gaming veteran, as vice president and general manager at Fitz Tunica. Scudiero was vice president and general manager at Foundation Gaming’s other casino property, the WaterView Casino & Hotel in Vicksburg, Mississippi. Foundation Gaming Co-Chief Executive Officer Greg Guida said, “Tony was instrumental in the successful transformation of our Vicksburg property. We are confident he will prove equally successful in his new role leading our Tunica property.”
In addition, Donn Mitchell, was named chief financial officer and principal. Mitchell brings more than 20 years of gaming industry experience to his new position, primarily in senior corporate finance roles. He also played a critical role in the Fitz Casino purchase, Guida said.
Also, Penny Bankston was named vice president and general manager at WaterView Casino & Hotel in Vicksburg. Prior to her promotion, she served as senior director of casino operations at WaterView and was senior operations manager at the River Walk Casino in Vicksburg.
“We are excited about working with the great team that is in place at Fitz, which has been a solid performer in the market for many years. This transaction positions us for continued growth and development,” Guida said.