27 Oct Foundation Gaming & Entertainment, LLC Announces Closing of Sale of Diamond Jacks Casino to Cordish Gaming Company
October 2023 – Foundation Gaming & Entertainment, LLC announced today that it has completed the sale of the Diamond Jacks casino to Cordish Gaming Company. The Louisiana Gaming Control Board approved the sale at its October meeting. The approval clears the way for the continued redevelopment of the property, which Foundation started in January 2023. The Diamond Jacks property closed in the spring of 2020, a casualty as a result of the COVID pandemic, and did not reopen.
“We are pleased to have completed the sale of the Diamond Jacks casino to Cordish Gaming Company,” said a spokesperson for Foundation Gaming & Entertainment, LLC. “We believe that Cordish Gaming Company is the right partner to take the Diamond Jacks casino to the next level, and that their development plan for the property will be transformative, and we are thrilled to be a part of it.”
During the public hearing to the Louisiana Gaming Control Board, Cordish officials presented an overview of the plans for the new LIVE! CASINO & HOTEL LOUISIANA, which represents an investment of $270+ million. The redeveloped property will feature: more than 47,000-square-feet of gaming space including 1,000+ slots and electronic table games and 40+ live action table games; a sportsbook; an upscale 550-room hotel, resort pool and fitness center;a 25,000-square-foot, state-of-the-art, multi-purpose Event Center for top name entertainment, meeting, conventions, non-profit and social gatherings; 30,000-square-feet of best-in-class dining entertainment venues including 6+ new food and beverage outlets featuring nationally acclaimed concepts Sports & Social and PBR Cowboy Bar; Luk Fu, an Asian restaurant; and a fine dining steakhouse. The property is expected to open sometime in 2025.
The terms of the transaction were not disclosed.