1st Jackpot Casino Tunica Ms

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]

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History[edit]

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[edit]

References[edit]

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. ^ ^abcdMichelle 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/

Bally's Casino Tunica

External links[edit]

1 Jackpot Tunica

Coordinates: 34°50′44″N90°19′21″W / 34.845441°N 90.322486°W

1st Jackpot Casino Tunica Ms