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1st Jackpot Casino Tunica

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Coordinates: 34°50′44″N 90°19′21″W / 34.845441°N 90.322486°W / 34.845441; -90.322486
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1st Jackpot Casino Tunica
Location Tunica Resorts, Mississippi
Address 1450 Jackpot Blvd, Robinsonville, MS 38664
Opening date1995; 29 years ago (1995)
Total gaming space46,535 sq ft (4,323.2 m2)
Casino typeRiverboat casino
OwnerGaming & Leisure Properties
Operating license holderPenn National Gaming
Previous namesBally’s
Website1stjackpot.com

1st Jackpot Casino Tunica (formerly Bally's) is a casino and former hotel in Tunica Resorts, Mississippi. It is owned by Gaming & Leisure Properties and operated by Penn National Gaming. The casino has 46,535 square feet (4,323.2 m2) of gaming space, with 899 slot machines and 16 table games.[1]

History

Bally's Saloon & Gambling Hall was originally opened on December 6, 1993 at Mhoon Landing by Bally Manufacturing.[2][3]

In 1994, Lady Luck Gaming opened its Olympia Hotel in Robinsonville, an area 10 miles north of Mhoon Landing which had emerged as a prime casino site because of its closer proximity to Memphis.[4] Lady Luck began construction of a casino to accompany the hotel, but suspended it later that year because of financial difficulties.[5]

In February 1995, Bally and Lady Luck entered into a joint venture agreement, under which Bally would close its casino and move the barge upriver to dock at Lady Luck's hotel.[4] Bally would own 58 percent of the combined venture and manage it, with Lady Luck and a local partner owning the rest.[4][6] Bally's at Mhoon Landing closed on February 9.[4] The casino reopened at its new location in Robinsonville (now Tunica Resorts) on December 18, 1995.[7]

Hilton Hotels acquired Bally in 1996 and then purchased Lady Luck's share of Bally's Tunica in 1997 for $15 million.[8] Hilton's gaming division, including Bally's, was spun off in 1998 as Park Place Entertainment, later renamed as Caesars Entertainment.

In 2004, Harrah's Entertainment agreed to purchase Caesars.[9] The deal provoked antitrust concerns in some markets, including Tunica, where the combined company would own 5 out of the 9 casinos in the area.[10] To ensure approval of the merger, Harrah's and Caesars agreed to sell four casinos, including Bally's Tunica and Harrah's Mardi Gras, to Colony Capital.[11] The sale was completed in April 2005.[12] The casino continued using the Bally's name under a licensing agreement. The two properties became part of Resorts International Holdings, a newly formed affiliate of Colony Capital.[13]

In 2011, facing a threat of foreclosure, Resorts International Holdings agreed to hand over ownership of Bally's Tunica and Resorts Tunica (formerly Harrah's) to lenders.[14] Foundation Gaming Group, a company based in Gulfport, was retained to manage the two properties.[15]

In January, 2014, RIH Acquisitions MS II assumed the management of Bally's Tunica and Resorts Tunica.

In May 2017, Bally's and Resorts Tunica were sold in a joint deal, with Gaming & Leisure Properties acquiring their real estate assets for a total of $83 million, and Penn National purchasing the operating assets for a total of $44 million.[16][17] The casino was renamed in September 2017 to 1st Jackpot Casino Tunica.[18] The hotel was later demolished.[19]

See also

References

  1. ^ Monthly Survey Information (Property Data) (PDF) (Report). Mississippi Gaming Commission. September 2017. Retrieved 2017-10-29.
  2. ^ Laurel Campbell (December 7, 1993). "Adjacent casinos open in Tunica". The Commercial Appeal. Memphis, TN – via NewsBank.
  3. ^ "Bally's licensed to open in Tunica". The Commercial Appeal. Memphis, TN. AP. December 4, 1993 – via NewsBank.
  4. ^ a b c d Michelle Hillier (February 10, 1995). "Bally's Casino to try luck closer to Memphis". Arkansas Democrat-Gazette. Little Rock, AR – via NewsBank.
  5. ^ Mike Hughlett (August 26, 1994). "Casino company halts projects in Mississippi". The Times-Picayune. New Orleans, LA – via NewsBank.
  6. ^ "The Ticker - Lady Luck". Chicago Sun-Times. February 10, 1995 – via NewsBank.
  7. ^ Michelle Hillier (December 22, 1995). "Bally's rolls upriver, reopens casino closer to Memphis crowds". Arkansas Democrat-Gazette. Little Rock, AR – via NewsBank.
  8. ^ "Lady Luck sells interest in Bally's". The Advocate. Baton Rouge, LA. AP. November 7, 1997 – via NewsBank.
  9. ^ Suzette Parmley (July 16, 2004). "Harrah's plans to acquire Caesars". Philadelphia Inquirer – via NewsBank.
  10. ^ Oliver Staley (September 1, 2004). "Casinos to be sold in merger". The Commercial Appeal. Memphis, TN – via NewsBank.
  11. ^ Oliver Staley (September 28, 2004). "2 Tunica casinos are sold". The Commercial Appeal. Memphis, TN – via NewsBank.
  12. ^ Michelle L. Quinn (April 27, 2005). "Few changes as Resorts takes over at E.C. casino". Post-Tribune. Gary, IN – via NewsBank.
  13. ^ "Company creates casino division, names COO". Las Vegas Sun. July 11, 2005. Retrieved 2017-10-30.
  14. ^ Wayne Parry (November 4, 2011). "Deal keeps struggling casino out of foreclosure". The Star-Ledger. Newark, NJ – via NewsBank.
  15. ^ "Firms chosen to run 2 casinos". Huntsville Times. November 19, 2011 – via NewsBank.
  16. ^ Form 10-Q: Quarterly Report (Report). Gaming & Leisure Properties. May 3, 2017. p. 8 – via EDGAR.
  17. ^ Form 10-Q: Quarterly Report (Report). Penn National Gaming. May 3, 2017. p. 23 – via EDGAR.
  18. ^ "Facebook - 1st Jackpot Casino Tunica". September 11, 2017. Retrieved 2017-10-29.
  19. ^ https://wreg.com/2017/10/30/ballys-hotel-in-tunica-demolished/

34°50′44″N 90°19′21″W / 34.845441°N 90.322486°W / 34.845441; -90.322486

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