The sale was canceled, however, as a result of inquiries from antitrust regulators. In March 2018, Eldorado Resorts (which had acquired Isle of Capri Casinos in 2017) agreed to sell the property to Churchill Downs Inc., owner of the neighboring Riverwalk Casino, for $51 million. Isle of Capri rebranded the property under its Lady Luck name in November 2012. In 2010, a sale was finally made to Isle of Capri Casinos for $80 million. īally put the Rainbow back on the market in 2006. 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. Ī casino expansion was completed in 1999, increasing the number of slot machines from 725 to over 1,000. The park closed in 1998, and Alliance bought the site for $500,000 and adapted its main building for use as a concert venue. Six Flags designed it as the flagship in a new chain of entertainment centers, targeted at markets too small to support a full-size park within two years, though, the concept was reportedly put on hold. The theme park, renamed as Funtricity Entertainment Park, also opened in May 1995. It was rebranded as an AmeriHost Inn by 2000, and in 2002 it was sold to AmeriHost's former chairman, Michael P. The hotel, owned by AmeriHost, opened in May 1995, and the company called it 'the most upscale Days Inn anywhere'. It took a controlling stake the following year, after RCC failed to finance elements of the casino that it was responsible for. United Gaming took a 45 percent ownership stake on the day it opened. The Rainbow Casino opened on July 12, 1994, with 574 slot machines and 28 table games.

United Gaming (later known as Alliance Gaming, and then Bally Technologies) signed on to manage the casino. Six Flags agreed to build a 10-acre theme park named Pennants. Hospitality Franchise Systems agreed to provide $7.5 million in financing, and to franchise a hotel at the property under its Days Inn brand.

The project was initiated by the Rainbow Casino Corporation (RCC), made up of John A. It has 25,000 square feet (2,300 m 2) of gaming space and 89 hotel rooms.

It is owned and operated by Bally's Corporation. Bally's Vicksburg is a riverboat casino and hotel in Vicksburg, Mississippi.

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