As reported, the Peninsula Pacific Entertainment company is taking full ownership of the Hard Rock Hotel and Casino Sioux City venue. The company was founded back in 1999 by Brent Stevens. At the time of its inception, Peninsula Pacific Entertainment was created as the holding firm of the Peninsula Gaming firm.
However, things changed when the company was sold to Boyd Gaming Corporation back in November of 2012 for around $1.4 billion. After almost twelve years of executing on a rather strictly disciplined business strategy, the sale of the company yielded the best results in the entire gaming industry for both the company’s owners and for its shareholders.
The company’s chief asserts have a rather broad managerial experience in investment banking as well as in capital markets. Since the company’s sale back in 2012, Peninsula Pacific Entertainment has continued to pursue new business opportunities to leverage combined strengths in the consumer and industrial sectors. The company’s latest business move regards its deal with Warner Gaming which will see the company buy their 50% stake in the Hard Rock Hotel and Casino Sioux City property. Since Peninsula Pacific Entertainment already owns a 50% stake of the property, it becomes the sole owner.
Partnership Deal with Warner Gaming
The business deal with Warner Gaming will be probably completed in the second quarter of the following year. Warner Gaming is a firm based in Las Vegas which focuses on the management and development of fully integrated gaming facilities, recreational facilities, restaurants, and luxury hotels. The company employs both seasoned hospitality and gaming executives with great expertise which spans across many different fields from business management to hospitality and others.
When it comes to the company’s deal with Peninsula Pacific Entertainment, it is currently subject to mandatory regulatory approval. Moreover, according to the deal’s details, no changes will occur regarding the property’s employees which means that all employees will continue with their responsibilities and daily operations as normal.
Hard Rock Hotel and Casino Sioux City
The Hard Rock Hotel and Casino Sioux City opened its doors on the 1st of August 2014. The initial proposal for the property was announced in October two years after the opening date. The project was valued at around $100 million and it was carried out by Warner Gaming which is also the operator behind the Hard Rock Hotel and Casino Las Vegas. The initial plan was modified later on to feature a boutique hotel as well.
The Hard Rock brand was one of four interested parties competing with two applications submitted by Penn National Gaming and one application submitted by Ho-Chunk Inc. Back in April of 2013, the final decision was made by the Iowa Racing and Gaming Commission which decided that the proposal by the Hard Rock branding was the most beneficial to the area.
Today, the property features a 45,000 square feet gaming floor packed with almost nine hundred slot machines and twenty-five table games. The hotel area of the Battery Building includes fifty-four rooms. In August of 2019 sports betting was legalized in the state of Iowa, so Hard Rock Hotel and Casino Sioux City started accepting sports wagers on the 20th of September.