Louisiana has one of the largest casino industries in the Southern United States. Unfortunately, this industry has been heavily affected by regulations set in place over the past six months. News is now coming out that more of Louisiana’s casinos are being sold.
It’s a very unusual time for major US casino companies. Many are now looking at new ways to save money and generate revenue. Today, we’re going to look at which casino has just been sold in Louisiana.
Let’s get into it!
Casino Revenue Continues to Fluctuate Around the US
It’s been almost six months since casinos around the United States were forced to shut down. Back in March, many casino analysts predicted that things would be back to normal by now. That has not turned out to be the case.
Most states have begun allowing their casinos to open. That includes Nevada and New Jersey, two of the largest gaming destinations in the country. Even New York, which has been extremely slow getting its casino industry back on track, is allowing commercial casinos to open this week.
Revenue is still fluctuating around the country. In Las Vegas, land-based casino revenue is still significantly lower than it was last year. That’s unlikely to change anytime soon, as tourism rates remain low.
Atlantic City has seen a major drop in casino earnings, as well. Casinos in this city have been able to make up for some of these losses from their online casino gaming operations. Many now feel it’s time for Nevada to legalize internet casino gambling.
Online gambling has been growing more popular every single month. A report from the American Gaming Association surfaced last month that shows revenue from this industry has already increased by 300% this year. That will likely increase as the year drags on.
Casino companies are now taking new measures to increase their revenue flow.
Expect More of Louisiana’s Casinos to be Sold Over the Next Few Months
We’ve seen a large number of casino sales over the past couple of years. Many came from Caesars Entertainment, which recently merged with Eldorado Resorts. In order for this merger to come together, Caesars was forced to relinquish many of its properties around the country.
It appears Caesars is not finished with its casino sales. This week, news broke that the major casino operator plans to sell Harrah’s Louisiana Downs Casino this year. It comes less than four months after the property reopened.
Caesars owns the property with VICI Properties, which has also greenlit the sale. Under the current terms, Caesars will receive $16.5 million of the proceeds. VICI will claim the remaining $5.5 million.
Several analysts believe that more of Louisiana’s casinos will be sold in the coming months. The state’s gaming industry has been hit hard this year and it’s unclear when or if things will recover. Some of the casinos in this state suffered damage from Hurricane Laura late last month, as well.
Thousands of jobs are also at risk. A huge number of casinos have been forced to lay off employees this year. More than 15,000 individuals are employed in Louisiana’s casino industry and it’s unclear how many of these jobs will remain in place over the next six months.
We’ll offer more updates on Caesars’ most recent casino sale over the next few weeks.
Sports Betting Could Help Bring Louisiana Much-Needed Revenue
Since mid-2018, every state around the country has been able to set its own laws and regulations on sports betting. 24 states have approved bills to legalize this form of gambling. Many more have bills pending to do the same.
Louisiana seems on the brink of legalizing and regulating its sports betting industry. Lawmakers approved a new sports gambling bill earlier this year. It’s now set to appear on November’s ballot.
If state residents give the green light, sports betting will become fully legal in Louisiana. Most feel this will be hugely beneficial. The state needs money and sports betting has proven to be a huge revenue generator for states around the country.
This could help to save many of Louisiana’s casinos. It’s still unclear if both land-based and online sports gambling options will become available. State leaders will come up with specific regulations in the industry after the ballot results in November.
Some predict that more casino sales in Louisiana will take place this year. Perhaps companies will hold off making this move if sports betting finally becomes legal here.
Are you surprised to hear that Harrah’s Louisiana Downs Casino is being sold? Will sports betting help to prevent more casino sales here? Let us know in the comments section below!