Sunday, May 26, 2024

The Cordish Companies to acquire Diamond Jacks Casino & Hotel Bossier City

by BIZ Magazine

BALTIMORE, MD –The Cordish Companies announced today the agreement to acquire Diamond Jacks Casino & Hotel in Bossier City, Louisiana. Cordish intends to redevelop the property, which has been closed since March 2020, into a world-class Live! casino resort and entertainment destination including the construction of a land-based casino to replace the existing casino riverboat.

Today’s announcement continues Cordish’s expansion across markets in the South Central and Southeast regions of the U.S. The Company currently has over $1 billion under construction adjacent to its Texas Live! development in the Arlington Entertainment District in North Texas, along with major new developments in Florida, Alabama, Georgia, North Carolina and Tennessee.

“It is incredibly exciting for The Cordish Companies to make this announcement today and to be working with Foundation Gaming & Entertainment on this new opportunity in Bossier City to bring our Live! brand to Louisiana for the first time,” stated Joe Weinberg, Managing Partner of The Cordish Companies. “We are committed to creating a world-class resort destination that brings first-class gaming, dining, entertainment and hospitality amenities to the region, creates significant new jobs, and generates millions of dollars in economic benefits for the community.”

“We are thrilled to announce our agreement with The Cordish Companies and believe that the introduction of their Live! Brand in the market will have a tremendous impact on the entire northwest Louisiana Region,” stated Greg Guida, Co-CEO of Foundation Gaming & Entertainment, LLC. “We are confident they will deliver a great product for the market, and we look forward to working with them to bring the project to fruition.”

For over a century, The Cordish Companies has created and managed an extraordinary portfolio of upscale mixed-use, entertainment and casino resort destinations throughout the United States. Its Live! brand, highly regarded as one of the premier entertainment brands in the country, welcomes over 55 million annual visitors to its dining, entertainment, casino, hotel, and sports-anchored entertainment districts, many of which have revitalized communities and reshaped the social and economic landscape of major markets across the country. This transformational effect has earned the Company an unprecedented seven Urban Land Institute Awards for Excellence for its urban revitalization efforts, more than any other developer in the world. For over two decades, Live! has dramatically changed the entertainment experience, creating one-of-a kind destinations that offer a curated year-round calendar of special events, premier dining venues, first-class hospitality, and the best of local, regional and national entertainment.

In gaming, The Cordish Companies has developed the most successful casino entertainment resorts in the U.S. including the Hard Rock Hotel & Casino Hollywood, FL; the Hard Rock Hotel & Casino Tampa, FL; Live! Casino & Hotel Maryland; Live! Casino & Hotel Philadelphia; and Live! Casino Pittsburgh. The award-winning properties have been nationally recognized for excellence in operations, food and beverage offerings, and its Live! Rewards Loyalty Program, annually named one of the best casino loyalty programs in the country by USA Today’s 10Best Readers’ Choice Travel Awards. 

“Our Live! casino resort and entertainment destinations around the country have set a gold standard for best-in-class operations and customer experiences,” stated Rob Norton, President of Cordish Gaming Group. “The success of Texas Live! in the Dallas Fort Worth region gives us great confidence to continue growing our Live! brand across the South Central region. We look forward to working with Foundation Gaming & Entertainment to bring a new standard in quality and excellence to Bossier City with the first land-based casino in the market.”

The Cordish Companies and its affiliates have a strong history of leadership in philanthropy, volunteerism and community service working with local non-profit organizations in all markets where it does business and becoming active members of the community. Cordish is committed to supporting the Bossier City community and its non-profit organizations through direct monetary contributions and in-kind services, acting as a convener to assist community organizations and non-profits in their fundraising efforts and volunteerism, an endemic value to the Company and its team members.

“The Cordish Companies is one of the leading developers and operators of high profile mixed-use, entertainment and casino resort destinations in the country,” said Thomas Chandler, Mayor of Bossier City, LA. “This project will not only attract millions of visitors to our city annually, it will also create substantial new jobs and generate additional significant tax revenue for our community. We look forward to working closely together with Cordish and Foundation Gaming & Entertainment to bring a world-class destination to Bossier City.”

The proposed project is subject to approval by the Louisiana Gaming Control Board. More details will be shared in the coming months.

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