1st Jackpot Casino Tunica

History

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

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. Lady Luck began construction of a casino to accompany the hotel, but suspended it later that year because of financial difficulties.

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. Bally's at Mhoon Landing closed on February 9.

Hilton Hotels acquired Bally in 1996 and then purchased Lady Luck's share of Bally's Tunica in 1997 for $15 million. 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. 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. 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. The sale was completed in April 2005. 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.

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. Foundation Gaming Group, a company based in Gulfport, was retained to manage the two properties.

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. The casino was renamed in September 2017 to 1st Jackpot Casino Tunica. The hotel was later demolished.

References

References

1. (September 2017). "Monthly Survey Information (Property Data)". Mississippi Gaming Commission.
2. Laurel Campbell. (December 7, 1993). "Adjacent casinos open in Tunica". The Commercial Appeal.
3. (December 4, 1993). "Bally's licensed to open in Tunica". The Commercial Appeal.
4. Michelle Hillier. (February 10, 1995). "Bally's Casino to try luck closer to Memphis". Arkansas Democrat-Gazette.
5. Mike Hughlett. (August 26, 1994). "Casino company halts projects in Mississippi". The Times-Picayune.
6. (February 10, 1995). "The Ticker - Lady Luck". Chicago Sun-Times.
7. (November 7, 1997). "Lady Luck sells interest in Bally's". The Advocate.
8. Suzette Parmley. (July 16, 2004). "Harrah's plans to acquire Caesars". The Philadelphia Inquirer.
9. Oliver Staley. (September 1, 2004). "Casinos to be sold in merger". The Commercial Appeal.
10. Oliver Staley. (September 28, 2004). "2 Tunica casinos are sold". The Commercial Appeal.
11. Michelle L. Quinn. (April 27, 2005). "Few changes as Resorts takes over at E.C. casino". Post-Tribune.
12. (July 11, 2005). "Company creates casino division, names COO". Las Vegas Sun.
13. Wayne Parry. (November 4, 2011). "Deal keeps struggling casino out of foreclosure". The Star-Ledger.
14. (November 19, 2011). "Firms chosen to run 2 casinos". Huntsville Times.
15. (May 3, 2017). "Form 10-Q: Quarterly Report". Gaming & Leisure Properties.
16. (May 3, 2017). "Form 10-Q: Quarterly Report". Penn National Gaming.
17. (September 11, 2017). "Facebook - 1st Jackpot Casino Tunica".
18. (31 October 2017). "Bally's Hotel in Tunica demolished".