“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.” “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.
Operator Delaware North announced a $250 million expansion of Southland in January. Arkansas tax figures show Southland won $222 million from gamblers in the 12 months ended June 30, up more than 50 percent since 2014. Arkansas voters earlier this month approved a referendum allowing four full-fledged casinos, including one at Southland Gaming & Racing in nearby West Memphis. Tunica has suffered in part because of increased gambling competition in Arkansas and other states.
Caesars closed the massive Harrah’s Tunica Hotel & Casino in 2014 when it was in bankruptcy. Resorts was the smallest casino remaining in terms of slot machines and table games after Caesars Entertainment closed Tunica Roadhouse closed in January.
