Lady Luck Casino Vicksburg

Lady Luck Casino Vicksburg
Location Vicksburg, Mississippi
Opening date July 12, 1994
Number of rooms 89[1]
Total gaming space 25,000 sq ft (2,300 m2)[1]
Casino type Land-based
Owner Isle of Capri Casinos
Previous names Rainbow Casino
Website vicksburg.isleofcapricasinos.com

The Lady Luck Casino Vicksburg in Vicksburg, Mississippi is a 25,000-square-foot (2,300 m2) casino with an 89-room hotel.[1][2] The casino is owned and operated by Isle of Capri Casinos.[3]

History

The project was initiated by the Rainbow Casino Corporation (RCC), made up of John A. Barrett and Leigh Seippel. Hospitality Franchise Systems agreed to provide $7.5 million in financing, and to franchise a hotel at the property under its Days Inn brand.[4] Six Flags agreed to build a 10-acre theme park named Pennants.[5][6] United Gaming (later known as Alliance Gaming, and then Bally Technologies) signed on to manage the casino.[7]

The Rainbow Casino opened on July 12, 1994, with 574 slot machines and 28 table games.[8] United Gaming took a 45 percent ownership stake on the day it opened.[7] It took a controlling stake the following year, after RCC failed to finance elements of the casino that it was responsible for.[9]

The hotel, owned by AmeriHost, opened in May 1995, and the company called it "the most upscale Days Inn anywhere".[10] It was rebranded as an AmeriHost Inn by 2000,[11] and in 2002 it was sold to AmeriHost's former chairman, Michael P. Holtz.[12]

The theme park, renamed as Funtricity Entertainment Park, also opened in May 1995.[13] Six Flags designed it as the flagship in a new chain of entertainment centers, targeted at markets too small to support a full-size park;[14] within two years, though, the concept was reportedly put on hold.[15] The park closed in 1998,[16] and Alliance bought the site for $500,000[17] and adapted its main building for use as a concert venue.[18]

A casino expansion was completed in 1999, increasing the number of slot machines from 725 to over 1,000.[19]

In 1999, United Gaming put the property, along with its other casino in Nevada, on the market, to help pay down corporate debts, but no satisfactory offers were received.[19]

Bally put the Rainbow back on the market in 2006.[20] In 2010, a sale was finally made to Isle of Capri for $80 million.[21] Isle of Capri rebranded the property under its Lady Luck name in November 2012.[22]

See also

References

  1. 1 2 3 Wally Northway (2010-04-06). "Isle of Capri buys Rainbow Casino". Mississippi Business Journal.
  2. ↑ Howard Stutz (2010-04-06). "Isle of Capri acquires casino in Mississippi". Las Vegas Review-Journal.
  3. ↑ "Isle of Capri buys Mississippi casino". BusinessWeek. 2010-04-06.
  4. ↑ "N.J. firm signs pact for Vicksburg casino". The Advocate (Baton Rouge: via NewsBank). AP. September 28, 1993. Retrieved 2012-06-14. (subscription required)
  5. ↑ Taylor, Louise (February 18, 1994). "Lady Luck gets approval at Coahoma". The Sun Herald (Biloxi: via NewsBank). Retrieved 2012-06-14. (subscription required)
  6. ↑ "Six Flags plans Vicksburg park". The Commercial Appeal (Memphis: via NewsBank). AP. February 23, 1995. Retrieved 2012-06-14. (subscription required)
  7. 1 2 "Utd Gaming to acquire 45% stake in partnership". Dow Jones News Service (via Factiva). July 13, 1994. Retrieved 2012-06-14. (subscription required)
  8. ↑ "Vicksburg welcomes 4th casino". The Sun Hearld (Biloxi: via NewsBank). AP. July 13, 1994. Retrieved 2012-06-14. (subscription required)
  9. ↑ Form 10-K (Report). Alliance Gaming. September 28, 1995. p. F-18. Retrieved 2012-06-14.
  10. ↑ Faust, Fred (May 15, 1995). "4 operators share Vicksburg". St. Louis Post-Dispatch (via NewsBank). Retrieved 2012-06-14. (subscription required)
  11. ↑ Form 10-K (Report). AmeriHost Properties. March 24, 2000. p. 6. Retrieved 2012-06-15.
  12. ↑ Form 10-K (Report). Arlington Hospitality. March 31, 2003. p. 39. Retrieved 2012-06-15.
  13. ↑ Form 10-K (Report). Alliance Gaming. September 28, 1995. Casino Operations. Retrieved 2012-06-14.
  14. ↑ McCann, Nita Chilton (May 29, 1995). "Flagship location of Six Flags' newest attraction comes to Vicksburg". Mississippi Business Journal (via Factiva). Retrieved 2012-06-15. (subscription required)
  15. ↑ Johnson, Greg (March 23, 1997). "The Players". Los Angeles Times. Retrieved 2012-06-15.
  16. ↑ "Funtricity Family Entertainment Park to close" (Press release). Premier Parks (via Factiva). September 11, 1998. Retrieved 2012-06-14. (subscription required)
  17. ↑ Form 10-K (Report). Alliance Gaming. September 28, 1999. Casino Operations. Retrieved 2012-06-15.
  18. ↑ Purpura, Paul (June 20, 1999). "Rainbow approaches 5th anniversary". Associated Press Newswires (via Factiva). Retrieved 2012-06-14. (subscription required)
  19. 1 2 "Few serious offers may pull Rainbow Casino off market". The Commercial Appeal (Memphis: via NewsBank). AP. February 23, 2000. Retrieved 2012-06-15. (subscription required)
  20. ↑ Hamerman, Joshua (December 4, 2006). "More gaming M&A deals: A safe bet". Mergers & Acquisitions Report (via HighBeam). Retrieved 2012-06-15. (subscription required)
  21. ↑ Stutz, Howard (June 9, 2010). "Isle of Capri completes $80 million casino purchase". Las Vegas Review-Journal. Retrieved 2012-06-13.
  22. ↑ "Lady Luck returns to Mississippi with re-branding of Vicksburg casino" (PDF) (Press release). Isle of Capri Casinos. November 30, 2012. Retrieved 2012-12-03.

External links


Coordinates: 32°17′40″N 90°54′53″W / 32.294313°N 90.914736°W / 32.294313; -90.914736

This article is issued from Wikipedia - version of the Friday, November 15, 2013. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.