The company intends to refurbish the property and re-open it following its closure in March 2020, and will replace the casino riverboat with a land-based casino.

The new casino will be titled under Cordish’s 'Live!' branding and represents the latest move by the company in its expansion over the South Central and South Eastern regions of the US.

Currently, Cordish has ongoing construction in Texas, as well as new developments in Florida, Alabama, Georgia, North Carolina and Tennessee.

Joe Weinberg, Managing Partner of The Cordish Companies, said of the Louisiana purchase: "It is incredibly exciting for The Cordish Companies to make this announcement today and to be working with Foundation Gaming & Entertainment on this new opportunity in Bossier City to bring our Live! brand to Louisiana for the very first time.

“We are committed to creating a world-class resort destination that brings first-class gaming, dining, entertainment and hospitality amenities to the region, creates significant new jobs, and generates millions of dollars in economic benefits for the wider community."

Meanwhile, Greg Guida, Co-CEO of Foundation Gaming & Entertainment, added: "We are thrilled to announce our agreement with The Cordish Companies and believe that the introduction of their Live! Brand in the market will have a tremendous impact on the entire northwest Louisiana Region.

“We are confident they will deliver a great product for the market, and we look forward to working with them to bring the project to fruition."