Caesars Entertainment Inc announced on Tuesday that it has reached a definitive agreement to sell the Belle of Baton Rogue to CQ Holdings, Inc.
Caesars owns the operating rights to the Louisiana casino but the property is owned by Gaming & Leisure Properties Inc. Pursuant to the terms of the amended lease agreement with GLPI, Baton Rogue will be removed from GLPI Master Lease and the rent payments to GLPI will remain unchanged. GLIP will retain the ownership of the real estate of Belle of Baton Rogue.
Said Caesars Entertainment Inc. CEO Thomas Reeg in a statement:
“I want to thank all of our Baton Rouge Team Members for their hard work and dedication, especially during the COVID-19 pandemic. We wish them the best under Casino Queen’s ownership.”
Third Casino Sold in Louisiana
The Belle of Baton Rouge is one of the 15 riverboat casinos in the Pelican State. It was operated by Eldorado Resorts, the company which merged with Caesars Entertainment in a massive $17.3B transaction last July. It is currently selling several resorts across different markets to comply with anti-competitive rules brought up by state regulators and the Federal Trade Commission.
In Louisiana, Caesars Entertainment has sold Eldorado Shreveport along with the operations of MontBleu Resort Casino in Lake Tahoe, Nevada to Bally’s Corporation for a combined $155M. It also disposed Harrah’s Louisiana Downs Casino and Racetrack to Rubico Acquisition Corp for $22M. Those two deals are still pending although agreements have been reached.
Fifth Largest Gaming Market
Once the sale of Eldorado Shreveport, Harrah’s Louisiana Downs, and Belle of Baton Rogue are completed, Caesars Entertainment will still have three casinos in the state. Harrah’s New Orleans, which is the only land-based Louisiana casino for now, and two riverboat casinos, namely the Horseshoe Bossier City, and Isle of Capri Lake Charles.
Louisiana is the fifth biggest gaming market in the United States and an key area for several national casino operators at a time when Las Vegas is still sluggish due to the pandemic. Last month, voters in the Pelican state approved legal sports betting by an overwhelming vote. As one of the largest Louisiana casino operators, Caesars is expected to capitalize on that.