What we know about Cordish, the company buying Diamond Jacks Casino
Cordish executives said Wednesday they plan to transform the long-shuttered Louisiana Diamond Jacks Casino into a "world-class" resort and gambling destination when the company acquires the property from Foundation Gaming Group.
The Louisiana Gaming Commission on Tuesday gave its approval for the sale to move forward, but Cordish must clear a suitability investigation by the State Police and attorney general before the regulator can approve the transfer of the state gaming license to The Cordish Companies.
"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," said Joe Weinberg, managing partner of The Cordish Companies, in a press release.
"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."
Cordish, a family-owned company headquartered in Baltimore, has extensive international operations in gaming, entertainment, residential and hospitality.
It operates casinos in Maryland, Philadelphia, Pittsburg, Tampa and Hollywood, Fla.
Cordish's signature "Live!" entertainment districts are located in major markets like Arlington, where its Texas Live! district is nestled between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium and anchored by a Loews hotel.
The company said it has more than $1 billion under construction adjacent to its Texas Live! development alone.
In Bossier City, the company will be taking over a property that has been vacant since 2020.
"Our Live! casino resort and entertainment destinations around the country have set a gold standard for best-in-class operations and customer experiences," said Rob Norton, president of Cordish Gaming Group, in a press release.
"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."
Louisiana Gaming Commission Chairman Ronnie Johns said he is confident Cordish can elevate Diamond Jacks beyond what Foundation had planned to do when it secured the property just four months ago.
"(Cordish) will greatly enhance the project," Johns said in an interview with USA Today Network.
Cordish has promised to provide details of the company's plan for Bossier City during the Louisiana Gaming Commission's next meeting on April 17.
Diamond Jacks has been closed since the spring of 2020, a casualty of what previous owner Peninsula Pacific called the "unexpected impact" of the COVID pandemic. The dilapidated campus has been vacant ever since.
Peninsula never intended to reopen Diamond Jacks in Bossier City.
More: Diamond Jacks Casino being sold again before renovations begin
The company went all in on a bid to use its license to build a $325 million casino resort project in St. Tammany Parish near Slidell, but voters there overwhelmingly rejected the proposal.
"Peninsula bought the property to go to St. Tammany," Johns said. "When that didn't work out they bailed out."
The property was the first casino to open in the Shreveport-Bossier market, starting business at the Isle of Capri in 1994.
Greg Hilburn covers state politics for the USA TODAY Network of Louisiana. Follow him on Twitter @GregHilburn1.
This article originally appeared on Lafayette Daily Advertiser: What we know about Cordish, the company buying Diamond Jacks Casino
