Lady Luck Gaming

Lady Luck Gaming Corp. was a gaming company based in Las Vegas, Nevada, that developed and operated casinos in the Midwestern and Southern United States. It was acquired by Isle of Capri Casinos in 2000.

In 1991, Andrew Tompkins, founder of the Lady Luck Hotel & Casino in downtown Las Vegas, wanted to expand locally, but found property in Las Vegas and Laughlin too expensive. Instead, he joined many other gaming industry figures in looking to Midwestern and Southern states that were beginning to legalize riverboat casinos. He revealed plans for a casino in Natchez, Mississippi, in August 1991, and went on to open the Lady Luck Natchez in February 1993 at a cost of $8 million.

After Colorado legalized gambling in three cities in 1991, Tompkins negotiated to buy land for a casino in Central City from the school district, but withdrew from the deal after the city council imposed a 9-month moratorium on new casino development. Instead, Tompkins and the Lady Luck signed on to consult for the financially troubled Gold Coin Saloon and Casino in Central City, which turned into an agreement in March 1993 for Tompkins to buy the property.

Under the terms of Tompkins's deal with the Gold Coin's owners, American Casino Group Inc. was formed in February 1993 to hold the Lady Luck gaming ventures, except for the Las Vegas property. The company's name was changed to Lady Luck Gaming in July.

Lady Luck embarked on a strategy of moving into new gaming jurisdictions quickly with modest investments, planning to open riverboat casinos with no hotels or other extensive land-based facilities.

In May 1993, the company entered into an agreement with developer Charles Lambert, taking a 68 percent stake in a joint venture to build the Lady Luck of Baton Rouge. The proposal faced a tough licensing battle, as the Louisiana Riverboat Gaming Commission had allotted only two casino licenses for the Baton Rouge area, and had already given preliminary approval to two applicants. Lambert and Tompkins planned to renovate the historic Capitol House Hotel, which they bought in November for $2 million, for use as a terminal for a casino boat. After failing in legal maneuvers to dislodge one of the two licenses, though, Lady Luck sold out its share of the project to Lambert in September 1994.

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