The company that has been running DiamondJacks casino since it came out bankruptcy in 2013 will buy it.

Gulfport-based Foundation Gaming Group said Monday that it would buy what was Vicksburg’s first casino, having opened in 1993 as Isle of Capri.

Legends Gaming bought it in 2006, subsequently declaring bankruptcy twice. Mississippi’s Gaming Commission is scheduled to vote on approving the sale Thursday.

Foundation chief of operations and marketing officer Les McMackin says the company will borrow to finance the purchase. No price was disclosed.

“We saw this as an opportunity to get into the Vicksburg market,” McMackin said. “We have a long history with the property and the staff has been there a long time. We’re looking forward to making DiamondJacks competitive again in the Vicksburg Market.”

He declined to release information on the Foundation’s plans for the casino pending approval by the gaming commission, but said the casino, with more than 300 employees, will keep operating as DiamondJacks.

He said Foundation is considering long-term plans.

Foundation said it will continue to run DiamondJacks in Bossier City, Louisiana, under contract with the current owners, who were creditors of Legends.

Mayor George Flaggs Jr. said he met last week with Foundation Group representatives about the purchase.

“This is awesome news,” he said. “It’s great for gaming along the Mississippi River and Vicksburg in particular. It shows people believe Vicksburg is still a viable gaming market and people are looking at Vicksburg and see it as vibrant. There will be some renovations to the property, which I think is outstanding.”

“All of our casinos have been bought and sold several times, and each time there have been improvements and that is to the benefit of the community,” said Wayne Mansfield, Warren County economic development director.

DiamondJacks filed for reorganization under Chapter 11 of the U.S. bankruptcy laws in 2012, citing more than $1 million liabilities with debts to a contract housecleaning service and gaming equipment-makers and other creditors.

The casino is one of four in Vicksburg. The city’s other casinos are Lady Luck, River Walk, and Ameristar.

The Associated Press contributed to this story.