Resorts Casino Tunica Review - CLOSED. UPDATE: Owner and operator Penn National Gaming, Inc. Closed Resorts Casino Tunica effective June 30, 2019. Resorts Tunica originally opened in 1994 as the Southern Belle Casino and has been a favorite destination for years in Mississippi.There is over 40,000 square feet of gaming space here with 1,042 slots and other electronic games and 12 gaming tables. Horseshoe Tunica Hotel and Casino Horseshoe Tunica is reopening at 8 a.m. On its website, the hotel and casino advises patrons to keep in mind parent company Caesars Entertainment’s.

From WREG Memphis
MEMPHIS, Tenn. — Another Tunica Casino will stop gambling operations this summer.
Penn National Gaming announced that it would close the Resorts Casino Tunica on June 30, leaving a six casinos in a county that boomed on gambling revenue in the 1990s.
The company, based in Wyomissing, Pennsylvania, said that it has nearly 200 employees at Resorts and will try to place them at one of Penn National’s other two casinos in Tunica County. The company bought Resorts and what is now 1st Jackpot in March 2017, paying $44 million for two distressed casinos that had been taken over by their lenders. The company also operates Hollywood Casino Tunica, which is next door to Resorts.
Penn National leases the properties from Gaming and Leisure Properties Inc.
Tunica County boomed when gambling was legalized in 1992, becoming the only gambling destination for hundreds of miles. But employment at casinos peaked at 13,000 jobs in 2001, falling to less than 5,000 now, and revenues have been falling since 2006. Revenues in Tunica have shown an uptick in recent months since Mississippi legalized sports betting, but it’s unclear if that will be a long-term improvement.
Resorts was the smallest casino remaining in terms of slot machines and table games after Caesars Entertainment closed Tunica Roadhouse closed in January. Caesars closed the massive Harrah’s Tunica Hotel & Casino in 2014 when it was in bankruptcy.
Tunica has suffered in part because of increased gambling competition in Arkansas and other states. Arkansas voters earlier this month approved a referendum allowing four full-fledged casinos, including one at Southland Gaming & Racing in nearby West Memphis. Arkansas tax figures show Southland won $222 million from gamblers in the 12 months ended June 30, up more than 50 percent since 2014. Operator Delaware North announced a $250 million expansion of Southland in January.

Resorts Casino Tunica Ms Closing Date

“With our acquisition of Resorts Casino as part of the two property deal, we knew we were acquiring an aging barge in need of significant capital improvements,” Al Britton, Penn National’s senior vice president of regional operations, said in a statement. “While we did everything in our control to keep the property profitable over the last two years, increased competition from recent gaming expansion in Arkansas continues to drive the property’s business volumes lower.”

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The closure means less tax revenue for state and local governments. Tunica County has struggled with declining tax revenue, with county supervisors having to step in and subsidize a full-time fire department that protects the unincorporated area of the county that includes the casinos because property tax collections fell after Harrah’s closed. A private utility district also defaulted on its bonds after Harrah’s closed.

Resorts Casino Tunica Ms Closing Today

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TUNICA, Miss.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: NASDAQ) (“Penn National” or the “Company”), today announced plans to close the Resorts Casino in Tunica, Mississippi effective June 30, 2019, subject to regulatory approvals.

Penn National acquired the operations of Resorts Casino Tunica, along with Bally’s Casino Tunica (subsequently renamed “1st Jackpot”), in March 2017. Penn National leases the underlying real property associated with the two casinos from Gaming and Leisure Properties, Inc. (GLPI: NASDAQ) (“GLPI”) pursuant to the terms of the Company’s existing Master Lease with GLPI. In addition, Penn National operates Hollywood Casino Tunica, located adjacent to Resorts Casino.

“With our acquisition of Resorts Casino as part of the two property deal, we knew we were acquiring an aging barge in need of significant capital improvements,” said Al Britton, Penn National Sr. Vice President of Regional Operations. “While we did everything in our control to keep the property profitable over the last two years, increased competition from recent gaming expansion in Arkansas continues to drive the property’s business volumes lower. After exploring all viable alternatives, we are left with the difficult decision to close the business.

“I want to thank the property’s nearly 200 team members for all their hard work, loyalty and commitment to this property during what has been an extended period of very difficult operating conditions. We’ll be seeking opportunities for these team members at our two other properties in Tunica, other area resorts, or at one of our other 39 properties across the country. I want to emphasize that despite this decision, Penn National remains committed to the Tunica market and continues to focus on the ongoing successful operations at our two remaining Tunica properties.”

About Penn National Gaming

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Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Reflecting the recent acquisitions of Pinnacle and Margaritaville, the Company operates 41 facilities in 18 jurisdictions. In total, Penn National Gaming’s facilities feature approximately 50,000 gaming machines, 1,200 table games and 8,400 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.