Casino Queen said it has reached a deal to buy Hollywood Casino Baton Rouge for $28.2 million, a move that comes about two weeks after the Midwest riverboat operator announced a deal to buy the Belle of Baton Rouge.
Gaming and Leisure Properties Inc. which owns Hollywood, said it will still go ahead with plans to move the downtown casino onto land. GLPI will continue to own the Hollywood Casino real estate and will lease it to Casino Queen.
The sale is expected to close in the second half of 2021.
Las Vegas casino giant Caesars Entertainment said it has reached an agreement to sell the Belle of Baton Rouge riverboat casino to CQ Holding …
In a statement, Terry Downey, president and chief executive officer of Casino Queen, said the transaction gives the company an opportunity to expand its regional footprint into Baton Rouge.
“We feel that with sports betting coming on, along with traditional gaming, we have a lot to offer to our valued customers,” Downey said.
Casino Queen, based in East St. Louis, Illinois, has two Midwest riverboat casinos: DraftKings at Casino Queen in East St. Louis, Illinois, and Casino Queen Marquette in Marquette, Iowa.
The deal that would put the Belle of Baton Rouge in the hands of Casino Queen opens the door for the downtown riverboat's potential rebranding…
The company announced on Dec. 1 it had reached a deal to buy the Belle of Baton Rouge from Caesars Entertainment for an undisclosed price. That transaction is set to close in mid-2021, pending regulatory approval.
GLPI said it has reached a long-term deal to have a master lease for Hollywood and DraftKings at Casino Queen. Casino Queen will pay an initial rent of $21.4 million on the two riverboats. The rent at Hollywood will be bumped up once the land-based casino opens in early 2022 to reflect a yield of 8.25% on GLPI’s costs.
GLPI also announced it was selling Hollywood Casino in Perryville, Maryland, to Penn National Gaming.
Hollywood Casino Baton Rouge plans to move gambling operations off its downtown riverboat into an expanded land-based facility in February 2022.
Peter Carlino, chairman and chief executive officer of GLPI, called the moves “bittersweet."
“We are confident that they are in good hands with the new operators of these properties and will continue to shine under Penn National and Casino Queen,” he said in a statement. “By retaining the real estate of both Perryville and Baton Rouge, and continuing the development on the expansion in Baton Rouge, we retain a vested interested in their future.”
GLPI owns the Belle of Baton Rouge’s real estate as well as the property that L’Auberge Baton Rouge sits on.
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