Louisiana Gaming Control Board Chairman Ronnie Johns recently announced Los Angeles-based Peninsula Pacific Entertainment (P2E), owner of the shuttered DiamondJacks Casino in Bossier City, filed a petition with the board for a buy-sell agreement with Foundation Gaming of Mississippi. Two months ago, the gaming control board issued a final ultimatum to P2E to sell the property or lose its gaming license.
Johns said, “Approximately 60 days ago, we passed a resolution by this board giving DiamondJacks, P2E 60 days to file a petition for transfer of ownership of that property up in Bossier City. DiamondJacks did file the petition timely. It’s in good order. We’re very pleased as to the work they’ve put forward to it.”
In May 2020, P2E announced it would not reopen DiamondJacks, even after Covid-19 restrictions eased. In October, the casino laid off 349 employees and held a liquidation sale to move out commercial kitchen and laundry equipment, flat-screen TVs, stage lights and much more.
P2E wanted to move its license to St. Tammany Parish and develop a $325 million casino and marina in Slidell. However, local voters rejected that idea in a referendum in December 2021.
P2E originally was given a deadline of February 9 to resume gaming operations at DiamondJacks or relinquish its license. However, officials requested and received an extension to present a detailed reopening plan to the board on February 17. But P2E asked for even more time as the possibility of a sale to Foundation Gaming came about.
The gaming board reluctantly gave P2E another extension, to April 18, plus the choice to work out a sale or cede their gaming license. Although a deal seems likely, it still could take two to three months for the license transfer and another two to three years to refurbish and reopen the property. Meanwhile, Johns said state police and the attorney general’s office will start conducting suitability and background checks on Foundation Gaming and P2E officials and the proposed sale agreement. The board will have final approval on any sale agreement.
Foundations is operated by former Isle of Capri executives and runs Fitz Casino Hotel in Tunica, and the Waterview Casino in Vicksburg, Mississippi.
