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. The company's major shareholders were Los Angeles investment banker Brent Stevens and Las Vegas gaming developer Michael Luzich. The purchase was completed in July 1999, by which time the company had changed its name to Peninsula Gaming.
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. 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. 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, with races following in 2005.
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. The project was awarded a gaming license in May 2005, and the Diamond Jo Worth opened in April 2006.
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. Prairie Meadows ultimately rejected the plan.
In June 2009, Peninsula agreed to buy the Amelia Belle riverboat casino in Amelia, Louisiana from Columbia Sussex for $106.5 million. The purchase closed in October 2009.
In November 2009, the company partnered with a group of local investors in a proposal to build a casino in Fort Dodge, Iowa. The application for Diamond Jo Fort Dodge 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. Criminal charges were later filed against Peninsula and two of its executives, alleging that they improperly funneled $25,000 in campaign contributions to Governor Chet Culver through three of the Fort Dodge investors. 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.
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.
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. The proposal was selected as the winner, and Peninsula opened the casino in a temporary facility in December 2011, moving to a permanent facility in December 2012.
In May 2012, Boyd Gaming agreed to buy Peninsula Gaming for $1.45 billion. Boyd executives particularly emphasized the high growth potential of the Kansas Star Casino. The acquisition was completed on November 20, 2012.

Properties