Hotel Sold, Isle of Capri Natchez Closes

After selling its hotel for $11.5 million to Casino Holding Investment Partners, owners of Magnolia Bluffs Casino in Natchez, Mississippi, Isle of Capri (l.) closed its Natchez casino on October 18. Isle of Capri had owned the property since 2000. The casino's revenues have declined since Magnolia Bluffs opened in 2012.

The Isle of Capri Casino in Natchez, Mississippi closed Sunday, October 18, following the sale of its hotel for .5 million to parent company Casino Holding Investment Partners, which also owns Magnolia Bluffs Casino in Natchez. Isle of Capri has owned the property, a dockside casino with 520 slot machines and six table games, since 2000. It opened as the Lady Luck Casino in 1993. Isle of Capri announced the hotel closure and sale in August.

Although Isle of Capri overall revenues rose 5 percent and the casino generated $23 million in revenue in fiscal year 2015, Isle of Capri’s gambling revenues in Natchez have fallen since Magnolia Bluffs Casino opened in December 2012.

Isle of Capri spokeswoman Jill Alexander said the company does not know

If the barge will be moved from Natchez. She said the company is reviewing how the Natchez casino equipment can be used at the company’s 14 other U.S. properties. “It’s going to take a period of time to unwind the business,” she said.

Magnolia Bluffs Casino President Kevin Preston said before reopening last week, the hotel closed for a few days to switch over computer systems, change out vending machines and do other prep work. Preston added within the next 30 days the hotel lobby will be remodeled and the exterior will be repainted, and all of the hotel rooms will be remodeled in about four months.

The Isle of Capri is one of 18 casinos that operate along the Mississippi River between Tunica and Natchez.