The parent company of the Saratoga Casino Hotel in upstate New York has purchased the Magnolia Bluffs Casino Hotel in Natchez, Mississippi for an undisclosed amount.
This was confirmed by lawyer and Natchez Casino LLC official Tony Heidelberg in a statement last week. As usual, the sale is subject to regulatory approvals and the customary closing. According to Heidelberg, the transaction is expected to be consummated in August or September before final approval from the regulatory bodies.
Heidelberg added that Saratoga Casino Holdings also purchased the casino’s name and will continue the with the lease and revenue sharing agreement with the city. He also said that the change in ownership will have little to no impact on the job security of the 158 employees currently employed by Magnolia Bluffs.
Leaving the Business in Good Hands
Premier Gaming Group, a local company co-founder by KevinPreston, opened the riverboat casino in 2012. The casino sits along the Mississippi River in the town of Natchez and features more than 450 slot machines, 14 table games, a restaurant, and an offsite 141-room hotel. Recently, it opened a sportsbook called Playmakers Sportsbook.
Preston said that while it was tough for their organization to let go of the Magnolia Bluffs Casino, they are confident that they left it in the best hands possible. The Saratoga Casino Holdings has experience in the industry, with a portfolio that includes the Saratoga Casino Hotel in Saratoga Springs, New York and the Saratoga Casino in Blackhawk, Colorado.
Smallest Casino in Mississippi
The Magnolia Bluffs is the smallest among the 25 casinos in Mississippi. The riverboat casino only has a gaming space of 16,032 square feet which pales in comparison to the Island View casino which has a casino floor that spans 117,500 square feet, the largest in the state.
As such, it is one of Mississippi’s smallest Gross Gaming Revenue generators. The Mississippi Gaming Commission classifies the state’s casinos as either Central, Coastal, or Northern. The Magnolia Bluffs is
part of the Central gaming segment as classified by the commission. The Central category accounted for only $364.5 million of the state’s $2.7 billion gross gaming revenue in 2021, the smallest among the three casino classification groups.