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Peninsula Pacific Entertainment

From Wikipedia, the free encyclopedia

Peninsula Pacific Entertainment
Company typePrivate
IndustryGaming
Headquarters
Los Angeles
Key people
  • Brent Stevens (Chairman & co-founder)
  • Jonathan Swain (President)
Websitep2e.com

Peninsula Pacific Entertainment (P2E) is a casino gaming company based in Los Angeles. It began operations in 1999, doing business through a subsidiary, Peninsula Gaming. Its holdings grew to five properties, until 2012, when Peninsula Gaming was sold to Boyd Gaming for $1.45 billion. Afterward, P2E continued to acquire and develop gaming properties. In 2022, it sold the bulk of its assets to Churchill Downs, Inc. for $2.8 billion.

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Transcription

History

Peninsula Gaming (1999–2012)

Diamond Jo Casino in Dubuque, Iowa

In January 1999, Los Angeles-based AB Capital agreed to purchase the Diamond Jo Casino in Dubuque, Iowa for $77 million.[1] The company's major shareholders were Los Angeles investment banker Brent Stevens and Las Vegas gaming developer Michael Luzich.[2] The purchase was completed in July 1999,[3] by which time the company had changed its name to Peninsula Gaming.[4]

In February 2002, Peninsula bought a fifty percent interest in the Evangeline Downs racetrack in Lafayette Parish, Louisiana from B. I. Moody for $15 million.[5] They bought the remaining half several months later from William Trotter for another $15 million, plus 0.5% of slot revenues for the first ten years.[6] After Lafayette voters had rejected slot machines at the track, Evangeline Downs had planned a move to St. Landry Parish, which Peninsula carried out. The casino at the new site opened in late 2003,[7] with races following in 2005.[8]

In 2004, Peninsula announced a proposed sister casino to the Diamond Jo, to be built in Worth County, Iowa at a cost of $40 million.[9] The project was awarded a gaming license in May 2005,[10] and the Diamond Jo Worth opened in April 2006.[11]

In 2009, Peninsula proposed building a $150-million racetrack casino in Des Moines, Iowa that would be a sister property to the Prairie Meadows racino.[12] Prairie Meadows ultimately rejected the plan.[13]

In June 2009, Peninsula agreed to buy the Amelia Belle riverboat casino in Amelia, Louisiana from Columbia Sussex for $106.5 million.[14] The purchase closed in October 2009.[15]

In November 2009, the company partnered with a group of local investors in a proposal to build a casino in Fort Dodge, Iowa.[16] The application for Diamond Jo Fort Dodge[17] was ultimately rejected by the Iowa Racing and Gaming Commission, over concerns that the casino would draw too much business from the Wild Rose Casino in Emmetsburg.[18] Criminal charges were later filed against Peninsula and two of its executives (Brent Stevens and Jonathan Swain),[19] alleging that they improperly funneled $25,000 in campaign contributions to Governor Chet Culver through three of the Fort Dodge investors.[20] The case was ultimately settled, with the criminal charges being dismissed and Peninsula agreeing to pay the costs of the investigation plus a $4,000 civil penalty.[21] In the settlement agreement, the company and its executives denied that they intended to violate the law.[22]

In 2010, Peninsula held discussions with the city of Davenport, Iowa about redeveloping or replacing the Rhythm City Casino, but the company withdrew to focus on its proposed Kansas casino.[23]

In July 2010, Peninsula submitted a bid for the sole available casino license in south central Kansas, proposing to build the Kansas Star Casino in Mulvane.[24] The proposal was selected as the winner,[25] and Peninsula opened the casino in a temporary facility in December 2011,[26][27] moving to a permanent facility in December 2012.[28]

In May 2012, Boyd Gaming agreed to buy Peninsula Gaming for $1.45 billion.[29] Boyd executives particularly emphasized their interest in the high growth potential of the Kansas Star Casino.[30] The acquisition was completed on November 20, 2012.[31]

Peninsula Pacific Entertainment (2013–present)

Following the sale to Boyd, the holding company that had owned Peninsula Gaming continued to do business as Peninsula Pacific Entertainment.[32]

Hard Rock Hotel & Casino in Sioux City, Iowa

In January 2013, P2E partnered with Warner Gaming in developing the Hard Rock Hotel & Casino Sioux City, becoming 50% owners of the property when it opened the next year.[33][34] P2E bought out Warner's stake in the property in 2020.[34]

The company joined with local investors in July 2013 to propose a casino in Cedar Rapids, Iowa.[35] The plan for the Cedar Crossing Casino was rejected by state gaming regulators in 2014 and again in 2017.[36][37] P2E said in 2022 that it would submit a new proposal to regulators in 2024, after expiration of a two-year state moratorium on new casinos.[38]

In 2014, the company joined with Wilmorite in a proposal for a casino resort in Tyre, New York.[39] The Del Lago Resort and Casino opened in 2017.[40] P2E agreed in 2019 to buy out Wilmorite's stake, becoming the sole owner of the property.[41]

P2E bought the DiamondJacks Casino in Bossier City, Louisiana in 2016.[42] The casino closed in 2020 due to the impact of the COVID-19 pandemic.[43] P2E proposed to use the casino license for a new property, the Camellia Bay Resort and Casino, to be built in Slidell, Louisiana, but it was rejected by parish voters.[44][45] Faced with the threat of revocation of the casino license, P2E agreed in 2022 to sell DiamondJacks to Foundation Gaming.[46]

P2E partnered with other investors in 2018 to purchase Colonial Downs, a defunct horse racing track in Virginia.[47] P2E later bought out its partners' stake in the property.[48] The track reopened in 2019, and P2E opened several satellite facilities with historical racing machines and off-track betting around the state under the Rosie's brand.[49]

In February 2022, P2E agreed to sell the bulk of its assets to Churchill Downs, Inc. for $2.49 billion.[50][51] The sale would not include DiamondJacks or the Cedar Crossing project.[51] The transaction was completed in November 2022, for a final price of $2.75 billion.[52]

Properties

Former properties

Del Lago Resort and Casino in Tyre, New York

References

  1. ^ Mike Krapfl (January 17, 1999). "Diamond Jo owners OK sale". Telegraph-Herald. Dubuque, IA – via NewsBank.
  2. ^ Renee Berg (May 23, 1999). "New owners to run Diamond Jo from afar". Telegraph-Herald. Dubuque, IA – via NewsBank.
  3. ^ Renee Berg (July 16, 1999). "Local riverboat investors hit jackpot with sale". Telegraph-Herald. Dubuque, IA – via NewsBank.
  4. ^ Renee Berg (July 7, 1999). "Diamond Jo one step closer to completing sale". Telegraph-Herald. Dubuque, IA – via NewsBank.
  5. ^ "Peninsula Gaming eyeing full ownership of Evangeline Downs". The Blood-Horse. August 2, 2002. Retrieved 2012-05-17.
  6. ^ Hector San Miguel (September 6, 2002). "With sale, Evangeline Downs poised for big move". The Blood-Horse. Retrieved 2012-05-17.
  7. ^ Hector San Miguel (December 20, 2003). "Evangeline Downs gets early Christmas present". The Blood-Horse. Retrieved 2012-05-17.
  8. ^ Tom LaMarra (April 7, 2005). "New Evangeline Downs breaks from gate". The Blood-Horse. Retrieved 2012-05-17.
  9. ^ M.D. Kittle (November 17, 2004). "Diamond Jo parent eyes 2nd Iowa casino". Telegraph-Herald – via NewsBank.
  10. ^ M.D. Kittle (May 12, 2005). "Diamond Jo firm hits jackpot". Telegraph-Herald. Dubuque, IA – via NewsBank.
  11. ^ M.D. Kittle (April 6, 2006). "Diamond Jo's sister casino opens today". Telegraph-Herald. Dubuque, IA – via NewsBank.
  12. ^ "New pitches cloud Iowa's casino landscape". The Quad-City Times. Davenport, IA. August 25, 2009 – via NewsBank.
  13. ^ "Gaming officials: Second Des Moines casino dead". Telegraph-Herald. Dubuque, IA. August 28, 2009. Archived from the original on September 24, 2015. Retrieved 2012-05-16. (Partial story rendition from HighBeam.com archive.)
  14. ^ "Amelia Belle sale pending". The Daily Review. Morgan City, LA. June 23, 2009 – via NewsBank.
  15. ^ "Amelia floating casino has new owner". The Daily Review. Morgan City, LA. October 30, 2009 – via NewsBank.
  16. ^ "Key participants in the Fort Dodge casino bid". Des Moines Register. April 18, 2010. Retrieved 2015-04-15.
  17. ^ Bill Shea (March 24, 2010). "Diamond Jo leaders make their case". The Messenger. Fort Dodge, IA. Retrieved 2015-04-15.
  18. ^ Bill Shea (May 14, 2010). "IRGC says no casino". The Messenger. Fort Dodge, IA. Retrieved 2015-04-15.
  19. ^ "Lawyers explain dismissal of Culver case". Des Moines Register. Des Moines, IA: Newspapers.com archives. October 4, 2012. pp. B1, B3. Retrieved October 3, 2020.
  20. ^ Rod Boshart Lee (October 11, 2010). "Prosecutor files charges for illegal contributions to Culver". Sioux City Journal – via NewsBank.
  21. ^ "Prosecutors in Culver campaign contribution: Settlement was 'in the best interest of justice'". Des Moines Register. AP. October 3, 2012. Retrieved 2015-04-15.
  22. ^ "Lawyers explain dismissal of Culver case". Des Moines Register. Des Moines IA: Newspapers.com archives. October 4, 2012. p. B3. Retrieved October 3, 2020.
  23. ^ Kurt Allemeier (November 5, 2010). "Davenport to consider $75M casino plan". The Quad-City Times. Davenport, IA – via NewsBank.
  24. ^ Fred Mann (July 23, 2010). "3 groups competing for Sumner Co. casino". Wichita Eagle. Retrieved 2015-04-15.
  25. ^ "Board: Mulvane site has more revenue potential". Winfield Daily Courier. AP. December 16, 2010. Retrieved 2014-12-04.
  26. ^ "New casino may draw 2 million-plus visitors". Topeka Capital-Journal. AP. December 9, 2011. Retrieved 2014-11-21.
  27. ^ "Peninsula's new Kansas casino nets $3.25M". Telegraph-Herald. Dubuque, IA. December 31, 2011. Archived from the original on March 29, 2015. (Partial story rendition from HighBeam.com archive.)
  28. ^ John Stearns (December 21, 2012). "Kansas Star Casino opens rest of permanent casino". Wichita Business Journal. Retrieved 2014-11-21.
  29. ^ Chris Sieroty (May 16, 2012). "Boyd Gaming to buy Peninsula Gaming for $1.45 billion". Las Vegas Review-Journal. Retrieved 2015-04-15.
  30. ^ John Stearns (May 16, 2012). "Kansas Star Casino is Peninsula's 'jewel,' Boyd Gaming says". Wichita Business Journal. Retrieved 2015-04-15.
  31. ^ "Boyd completes $1.45 billion acquisition of Peninsula Gaming". Vegas Inc. November 20, 2012. Retrieved 2012-11-20.
  32. ^ Dave Dreeszen (February 22, 2022). "Hard Rock Sioux City casino to change hands as part of $2.5B deal". The Waterloo-Cedar Falls Courier. Retrieved 2022-06-19.
  33. ^ Dave Dreeszen (January 22, 2013). "Former Iowa casino executive invests in Hard Rock Sioux City project". Sioux City Journal. Retrieved 2022-06-19.
  34. ^ a b Nick Hytrek (October 15, 2020). "State regulators approve sole owner of Hard Rock". Sioux City Journal. Retrieved 2022-06-19.
  35. ^ "Experienced executives to join casino project". The Gazette. Cedar Rapids, IA. July 28, 2013. Retrieved 2022-06-20.
  36. ^ Margery A. Beck (April 17, 2014). "Cedar Rapids casino plan rejected". Des Moines Register. AP. Retrieved 2022-06-20.
  37. ^ "Iowa Racing and Gaming Commission rejects Cedar Rapids casino proposals". The Gazette. Cedar Rapids, IA. November 16, 2017. Retrieved 2022-06-20.
  38. ^ Marissa Payne (May 29, 2022). "Cedar Rapids' casino plans envision $250 million 'Cedar Crossing' entertainment complex at old Cooper's Mill site". The Gazette. Cedar Rapids, IA. Retrieved 2022-06-20.
  39. ^ Jon Harris (June 25, 2014). "$425M Tyre casino has new name, partner, casino operator". Press & Sun-Bulletin. Binghamton, NY. Retrieved 2022-06-19.
  40. ^ Hannagan, Charley (February 1, 2017). "CNY's newest casino - del Lago Resort & Casino - opens". The Post-Standard. Syracuse, NY. Retrieved 2018-01-12.
  41. ^ Jon Campbell (August 16, 2019). "Rochester developer Wilmorite selling its stake in del Lago casino". Democrat & Chronicle. Rochester, NY. Retrieved 2022-06-19.
  42. ^ Miles Jay Oliver (June 23, 2016). "DiamondJacks acquired by Los Angeles investment manager". The Shreveport Times. Retrieved 2022-06-20.
  43. ^ "DiamondJacks closes permanently". Bossier Press-Tribune. May 15, 2020. Retrieved 2022-06-20.
  44. ^ Chris Finch (August 19, 2021). "Controversial Slidell casino will be named Camellia Bay". WAFB-TV. Retrieved 2022-06-20.
  45. ^ Sara Pagones (December 11, 2021). "Controversial casino proposition shot down in St. Tammany. 63% of voters say 'no'". The Advocate. Retrieved 2022-06-20.
  46. ^ Ya'Lisha Gatewood (May 12, 2022). "DiamondJacks appears headed for new life as land-based casino". KTAL-TV. Retrieved 2022-06-20.
  47. ^ Graham Moomaw (April 25, 2018). "Racing group buys Colonial Downs for more than $20 million, promising to revitalize Virginia horse racing". Richmond Times-Dispatch. Retrieved 2022-06-20.
  48. ^ Kimberly Pierceall (January 16, 2019). "Chesapeake could get 700 slot-style gambling machines if Rosie's Gaming Emporium opens". The Virginian-Pilot. Retrieved 2022-06-20.
  49. ^ "Local betting on horse racing resumes as Rosie's Emporiums reopen this week". The Virginia Gazette. June 29, 2020. Retrieved 2022-06-20.
  50. ^ Michael Phillips (February 22, 2022). "Kentucky's Churchill Downs to acquire parent company of Colonial Downs, Rosie's". Richmond Times-Dispatch. Retrieved 2022-06-19.
  51. ^ a b "Churchill Downs Incorporated announces definitive agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment" (Press release). Churchill Downs, Inc. February 22, 2022. Retrieved 2022-06-19 – via GlobeNewswire.
  52. ^ "Churchill Downs Incorporated completes acquisition of substantially all of the assets of Peninsula Pacific Entertainment" (Press release). Churchill Downs, Inc. November 1, 2022. Retrieved 2022-12-17 – via GlobeNewswire.

External links

This page was last edited on 24 October 2023, at 02:22
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