Atlantis Gaming Corp (ATIG)

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http://www.nola.com/politics/index.ssf/2018/05/treasure_chest_land_kenner.html

Kenner lakefront eyed for luxury condos, boardwalk
Updated May 29, 7:23 PM; Posted May 29, 7:05 PM

By Drew Broach [e-mail],
NOLA.com | The Times-Picayune

With Louisiana's floating casinos eyeing moves onto land, the Kenner lakefront is attracting new attention. Mayor Ben Zahn says he's been talking with owners of the Treasure Chest boat about moving ashore, and another gambling company says it wants to lease 16 Laketown acres for a "luxury condominium, boardwalk and possible future ... sports book" on the site.

Harold Joseph said Tuesday (May 29) he's representing Las Vegas-based Atlantis Gaming Corp. in a meeting with Zahn next week to begin lease negotiations. The company's promotional materials tout one-, two- and three-bedroom condos, a health spa, restaurants, a "jazz supper club," a marina, tennis and swimming pools.

Also this teaser: "Plans for the development of a truly amphibious casino designed to fulfill your every gaming, gourmet and entertainment needs, 24 hours a day."

Louisiana riverboat casino changes head to governor's desk

The riverboats would be allowed to expand the amount of gambling in their casinos and move them ashore.

That presumably would compete with the Treasure Chest. It's been docked on Lake Pontchartrain since it opened in 1994 at the north end of Williams Boulevard, but the Louisiana Legislature decided this year to let all 15 of the state's floating casinos move ashore within 1,200 feet of their current sites.

They might expand, too. The Treasure Chest now has about 1,240 "gambling positions," a state official said, and could increase to 2,365 under the new legislation.

The changes are part of Senate Bill 316 by Sen. Ronnie Johns, R-Lake Charles. The Senate approved it 22-14, the House 53-42. Gov. John Bel Edwards has yet to sign it, however.

The Treasure Chest casino, photographed in 2010, has been docked since it opened in 1994 in Lake Pontchartrain at Kenner. Now the Legislature has passed a law letting Louisiana's floating casinos move onto land. (Photo by Rusty Costanza, The Times-Picayune archive)
In Kenner, one idea is to rebuild the Treasure Chest on its existing parking lot immediately east of Williams, on dry side of the Lake Pontchartrain levee, WWL television reported Tuesday. Then the dock area could become "kind of like a boardwalk-style restaurants, upscale condos, different things that you haven't seen before in the city of Kenner," Zahn told the station.

Kenner officials generally like the idea of a larger, land-based casino because it could provide more revenue for public services and spur nearby development. In the fiscal year that ended June 30, the Treasure Chest paid City Hall $4 million and the Police Department $744,563, all for capital projects and paying off municipal debt.

As La. weighs more land casinos, Kenner climbs aboard

Mindful of Treasure Chest's $4.7 million payment, City Council votes 5-2 for change

The City Council voted 5-2 in February to endorse the idea of letting Louisiana riverboat casinos move onto land. Zahn told WWL he's talking with the Treasure Chest's owner, Boyd Gaming Corp. of Las Vegas, about the move.

As for sports betting, the U.S. Supreme Court ruled May 14 in a New Jersey case that it may be legalized in all states, not just Nevada. Mississippi had already passed a law allowing it, in anticipation of the Supreme Court ruling, and Edwards said Louisiana, too, should consider it.

Sen. Danny Martiny, R-Kenner, sponsored a bill to legalize sports betting in the 2018 regular legislative session, but it failed in committee. Martiny has said he will bring back the proposal.

Louisiana 'should look' at sports betting: governor

The issue should come next year, Edwards said.

Martiny's bill would have allowed sports betting in any parish where voters approve it. Some lawmakers oppose any expansion of gambling in Louisiana, but Martiny said without it Louisiana casinos will lose business to Mississippi.


Drew Broach covers Jefferson Parish politics and Louisiana interests in Congress, plus other odds and ends, for NOLA.com | The Times-Picayune. Email: [e-mail]. Facebook: Drew Broach TP. Twitter: drewbroach1. Google+: Drew Broach.