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 and Leisure Properties
Operating license holderPenn Entertainment
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 and Leisure Properties and operated by Penn Entertainment. 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 Gaming (now Penn Entertainment) 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". The 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". Facebook. September 11, 2017. Retrieved 2017-10-29.
  19. ^ "Bally's Hotel in Tunica demolished". 31 October 2017.

External links

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

Tunica, Mississippi area
City of Memphis and Memphis metropolitan area (counties in TN, MS and AR)
Categories