A casino sitting in Natchez along the Mississippi River has been sold to Saratoga Casino Hotel in New York parent company. Magnolia Bluffs Casino Hotel was formerly owned by Premier Gaming Group and co-founded by Kevin Preston in 2012. However, the information about the transaction is not yet known to the public.
The riverboat casino has 14 table games and 500 slot machines, and a sportsbook. Last fall, Magnolia Bluffs expanded its previous agreement with IGT to offer sports betting. Apart from that, the casino has a separate hotel with 141 guestrooms.
Speaking about his decision to sell the casino, Preston noted that it was a tough choice. However, he assured clients and the team that he was leaving the casino in the best hands.
Preston added that he and his partners sold the company to another company that possessed the same value and passion as the Natchez community and team members. According to Preston and Premier Gaming Group, Saratoga Casino Holdings possess the values and passion needed to carry on the history of Magnolia Bluffs. Saratoga Casino Holdings also owns Saratoga Casino in Black Hawk, Colorado.
No Noticeable Changes
Preston clarified that Saratoga Casino Holdings bought the casino, hotel, and brand name. Therefore, guests and employees will not see any noticeable changes. He also confirmed to the 158 employees that the sale would not affect their jobs.
The new owners will continue with the same revenue share agreement with Natchez. It will also continue with the lease and generally most other aspects as previous.
However, the Mississippi gaming regulator is yet to approve the transaction. But, it is expected to do so by August or latest, September.
Meanwhile, the chief operating officer of Saratoga Casino Holdings has promised to ensure everything remains constant, especially the relationship between the casino and patrons and workers.
Sam Gerrity noted that his company was committed to offering first-class products and services. He added that his company offered first-class services by creating lasting relationships with workers, guests, and everyone involved.
DiamondJacks Bossier Casino Awaits a Similar Fate
It looks like DiamondJacks Casino in Bossier City, Louisiana, is facing the same fate at Magnolia Bluffs. The Louisiana Gaming Control Board set a deadline to reopen the casino, which is fast approaching.
With the 60 days extension almost ending, Peninsula Pacific Entertainment seems to be taking the second option. The gaming regulator had extended the reopening date for the casino, asking the owners to adhere to it or sell it.
Peninsula Pacific Entertainment closed DiamondJacks during the first months of the Coronavirus pandemic. The casino is yet to reopen, but its owners have been lobbying to transfer its license to Slidell.
For now, the casino operator has filed regulatory documents to sell DiamondJacks. P2E intends to sell its casino operation rights to Foundation Gaming, a local casino operator in Mississippi.
Foundation operates WaterView Casino and Hotel and Fitz Casino and Hotel in Mississippi. The firm has confirmed that it has reviewed over 400 opportunities. It has reviewed various transactions and existing properties too.
However, the company plans to take its time as it utilizes its 360-degree look at every opportunity it has. But, it has not confirmed the transaction between itself with Peninsula Pacific Entertainment.
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