Earlier this month, the Cordish Companies and Foundation Gaming completed the transaction of the Diamond Jacks casino. This riverboat casino never reopened since it was closed due to the spread of the Coronavirus in 2020.
Cordish Companies has already embarked on the process of revamping the casino. The company submitted its plan for the new casino to the Louisiana Gaming Control Board on Monday.
Live! Casino & Hotel Louisiana is expected to open in 2025. According to a Cordish Companies executive, the new casino will be a world-class destination in Louisiana. The company plans to build a first-class gaming site, and entertainment and dining venues.
Cordish Companies will work closely with Foundation Gaming & Entertainment to bring the new project to fruition. The company hopes to generate millions in tax revenue and create permanent jobs for hundreds.
The Managing Partner of Cordish, Joe Weinberg, has revealed some information about the upcoming casino. Joe noted that the company had set aside around $250 million to build their dream casino into reality.
The casino floor will spread over 47,000 square feet. This space will hold over 30 live dealer table games, electronic table games, and over 1,000 slot machines.
Another 25,000 square feet will host several event centers. There will also be 30,000 square feet for entertainment and dining areas.
Foundation Gaming & Entertainment, through its co-CEO Greg Guida, confirmed that it was thrilled to be a part of the Live! Casino. He also noted that the demolition of Diamond Jacks had begun, to give room for the construction of the new gaming property.
The gaming regulator of Louisiana is also in support of Cordish Companies. Speaking on Monday, the Chairman of the Louisiana Gaming Control Board said that he looked forward to working with Cordish.
Ronnie thanked Foundation Gaming and Cordish for choosing to invest in Louisiana. Meanwhile, the mayor of Bossier City believes Live! Casino and Hotel will be life changers.
Thomas Chandler was excited to welcome Cordish Companies and their new project with Foundation Gaming. He echoed that the resort would attract many visitors and create a lot of wealth for the state and the community.
Building a Land-Based Casino
The 2018 law changes have contributed hugely to the realization of Live! Casino. Diamond Jacks is a riverboat casino. But, with the amendment of some laws in 2018, Diamond Jacks can move into land.
By moving inland, the casino floor can be anything above 30,000. For instance, Live! Casino floor will cover 47,000 square feet. A riverboat casino can only move inland as long as it stays within 1,200 feet of its original site.
While the Louisiana Gaming Control Board is supporting the Cordish plan, the firm has some reviews to pass through. For instance, the Louisiana State Police will review whether the company is suitable to continue with the casino project.
The law enforcement agency will do background checks and present a report to the gaming control board. Once Cordish is found suitable, the gaming board will formally approve its acquisition of Diamond Jacks from Foundation Gaming.