In 1994, Lady Luck Gaming opened its Olympia Hotel in Robinsonville, an area 10 miles north of Mhoon Landing which had emerged as a prime casino site because of its closer proximity to Memphis.[4] Lady Luck began construction of a casino to accompany the hotel, but suspended it later that year because of financial difficulties.[5]
In February 1995, Bally and Lady Luck entered into a joint venture agreement, under which Bally would close its casino and move the barge upriver to dock at Lady Luck's hotel.[4] Bally would own 58 percent of the combined venture and manage it, with Lady Luck and a local partner owning the rest.[4][6] Bally's at Mhoon Landing closed on February 9.[4] The casino reopened at its new location in Robinsonville (now Tunica Resorts) on December 18, 1995.[7]
Hilton Hotels acquired Bally in 1996 and then purchased Lady Luck's share of Bally's Tunica in 1997 for $15 million.[8] Hilton's gaming division, including Bally's, was spun off in 1998 as Park Place Entertainment, later renamed as Caesars Entertainment.
In 2004, Harrah's Entertainment agreed to purchase Caesars.[9] The deal provoked antitrust concerns in some markets, including Tunica, where the combined company would own 5 out of the 9 casinos in the area.[10] To ensure approval of the merger, Harrah's and Caesars agreed to sell four casinos, including Bally's Tunica and Harrah's Mardi Gras, to Colony Capital.[11] The sale was completed in April 2005.[12] The casino continued using the Bally's name under a licensing agreement. The two properties became part of Resorts International Holdings, a newly formed affiliate of Colony Capital.[13]
In 2011, facing a threat of foreclosure, Resorts International Holdings agreed to hand over ownership of Bally's Tunica and Resorts Tunica (formerly Harrah's) to lenders.[14] Foundation Gaming Group, a company based in Gulfport, was retained to manage the two properties.[15]
In January 2014, RIH Acquisitions MS II assumed the management of Bally's Tunica and Resorts Tunica.
In May 2017, Bally's and Resorts Tunica were sold in a joint deal, with Gaming & Leisure Properties acquiring their real estate assets for a total of $83 million, and Penn National Gaming (now Penn Entertainment) purchasing the operating assets for a total of $44 million.[16][17] The casino was renamed in September 2017 to 1st Jackpot Casino Tunica.[18] The hotel was later demolished.[19]