Peninsula Pacific Entertainment has announced they now have full ownership of the Hard Rock Hotel & Casino Sioux City. The company revealed the news late last week after announcing a deal with Warner Gaming to buy their 50% stake of the property. Peninsula already owned 50% stake of the casino.
Details of the Deal:
The deal with Warner Gaming, a company based in Las Vegas, is expected to be completed by the second quarter of next year. The deal is subject to regulatory approval. There are no changes expected due to the deal, including all employees will remain and the daily operations will continue as normal.
Chairman and managing partner of Peninsula Pacific, M. Brent Stevens, commented on the deal by stating: “We have a long history with Hard Rock, and in Iowa communities, and we are excited to continue to grow our community engagement and investment in Sioux City.”
Stevens went on to state that the Hard Rock Hotel & Casino Sioux City is a successful property that offers the best in gaming, dining and entertainment in the region.
With the deal, Bill Warner will no longer be associated with the property in Sioux City. For years, he was the face of the property, as it was proposed to creation. In a statement, Mr. Warner said that Warner Gaming has enjoyed being part of the Hard Rock Sioux City for the past six years and moving forward, the casino is in good hands with Peninsula Pacific Entertainment.
Offering Sports Betting
The announcement of the new deal comes just a short time after the Sioux City casino began offering sports betting services. In September, it was announced that the Hard Rock casino would be working with Gaming Innovation Group (GiG) to bring sports betting to the region.
Iowa has around 3.2 million residents and it is expected that the new sports betting market could bring as much as $160 million as it matures. Players from nearby states such as Nebraska and Minnesota are expected to wager in the state as well.