The Louisiana Gaming Control Board (LGCB) recently approved the sale of the DiamondJacks Casino and Hotel in Bossier City to Foundation Gaming for an undisclosed amount.
LGCB Chairman Ronnie Johns said, “This is a day we’ve been waiting for a long time. The old riverboats have outlived their usefulness. Foundation Gaming has an impressive plan.”
Foundation Gaming officials said they are planning a $200 million renovation of the property that closed in March 2020 due to Covid-19 and never reopened. Later, owners Peninsula Pacific Entertainment (P2E) held a liquidation sale selling everything from kitchen and laundry equipment to stage lights and flat-screen TVs.
P2E tried to move the facility out of Shreveport but voters rejected that plan in a December 2021 referendum. Earlier this year, P2E made a deal to sell the property to Foundation Gaming, which specializes in refurbishing distressed casinos. That sale was approved by the LGCB.
Foundation Gaming officials plan to relocate the venue to a new-land based location, making it the first land-based casino in the Shreveport-Bossier City market. The property, to be completed in December 2024, most likely will be rebranded with a new name, the new owners said. It will feature a 47,000-square-foot casino at 711 Diamond Jacks Boulevard.
Also, Foundation Gaming will renovate the property’s 405-room hotel, and add a sports betting lounge, 300-seat entertainment venue, meeting space, a ballroom, three restaurants, two retail shops and a pool and spa. The project is anticipated to create 700 new jobs.
Johns noted, “While they pay the state of Louisiana a hefty gaming tax, it’s 21.5 percent, Foundation Gaming also will enter into an agreement with Bossier City and the Parish of Bossier for a local gaming tax.”
The Bossier City-Shreveport market includes Horseshoe Hotel & Casino, Boomtown Hotel & Casino, Margaritaville Resort Casino and DiamondJacks in Bossier City; Eldorado Resort Casino and Sam’s Town are located in Shreveport. DiamondJacks Bossier City was the lowest-earning property prior of the six before it closed.
