Peninsula Gaming

Peninsula Gaming, LLC was a casino operator based in Dubuque, Iowa, with five properties in Iowa, Louisiana, and Kansas. It was acquired by Boyd Gaming in 2012.

History

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 (Martin 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 specifically den[ied] 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 the high growth potential of the Kansas Star Casino.[30] The acquisition was completed on November 20, 2012.[31]

Properties

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.   via HighBeam (subscription required)
  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.   via HighBeam (subscription required)
  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.
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