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The Lady Luck Biloxi, losing money and lacking space to expand, [60] was sold the following year to Grand Casinos, owner of the neighboring Grand Casino Biloxi, for $15 million and closed. [61] The Lady Luck Central City, also losing money, was sold in 1998 as well, to its mortgage holder, J.D. Carelli, for $2.75 million in forgiven debt. [62]
A casino expansion was completed in 1999, increasing the number of slot machines from 725 to over 1,000. [18] In 1999, United Gaming put the property, along with its other casino in Nevada, on the market, to help pay down corporate debts, but no satisfactory offers were received. [18] Bally put the Rainbow back on the market in 2006. [19]
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In 2000, Isle of Capri spent $400 million in a multi-part deal to acquire the Lady Luck chain of casinos. Lady Luck Gaming, which owned two adjacent Lady Luck casinos in Lula, Mississippi, one in Natchez, Mississippi, the Miss Marquette casino in Marquette, Iowa, and a half interest in the Lady Luck casino in Bettendorf, Iowa, was bought for ...
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