BREAKING: Coronavirus Economic Shutdown Strikes Again - Shreveport Casino to Close!
In a breaking turn of events, Shreveport Casino Diamond Jacks has announced that it will be shutting its doors. Jeff Sadow at The Hayride just reported on this latest story of economic loss in Louisiana.
Here's an excerpt
The Wuhan coronavirus pandemic took out its first Louisiana casino, in a region of the state which can ill-afford the closing of a major employer.
Last week, DiamondJacks Casino in Bossier City announced it would close its doors for good. The state’s longest-existing licensed riverboat casino gave up the ghost just shy of its 26thbirthday, citing the pandemic as the coup de grace.
It had been on the critical list for some time. Over the years it had drifted to the bottom of the state’s revenue tables, in the most recent full month of operation (February) having the third-lowest total revenue behind two smaller boats and the lowest revenue per admission – although, interestingly it and Margaritaville were the only two of the six in the Shreveport-Bossier market to post year-over-year revenue gains.
Years ago, its plight brought a new ownership which lobbied to move it to the trickling Tangipahoa River.
However, state law prohibiting the move and enough local opposition that discouraged any legislative move to change statute scuttled that idea. Last year, the state sponsored a study that suggested DiamondJacks decamp to Ouachita Parish, which would require the same kind of legislative accommodation to achieve. As well, it argued for the second-worst area revenue performer, next-door Boomtown with the third-lowest revenue per admission in the state in fiscal year 2019, to head to the north shore of Lake Pontchartrain regardless of the previous year’s political outcome.
More than perhaps any other license holder, a law passed last year that made boats amphibian and lets them crawl onto land could have helped DiamondJacks. That intended to allow operators more gaming space and amenity provision, with DiamondJacks already blessed with a large hotel and plenty of available land. No operator has availed itself of this option yet, and the pandemic probably set back any such plans for some time.
It's sad to see all businesses close. This is the first of many to come in our estimation. The hospitality industry will be the first to show signs of trouble as seen by Diamond Jacks. They were the most effected by the immediate travel bans and lockdowns but others will begin to shutter as well. Be on the lookout for more news like this and pray for our leader sand business owners.
MAGA