Caesars Entertainment has announced plans to offload its Belle of Baton Rouge casino to Casino Queen’s parent company.
Casino operator Caesars Entertainment has announced plans to sell its Belle of Baton Rouge casino to CQ Holding Company, Casino Queen’s parent company.
The financial terms of the deals were not disclosed, but Caesars stated that if the sale goes ahead, the Baton Rouge venue will be removed from the Gaming and Leisure Properties (GLPI) Master Lease.
The rent payments to real estate investments trust GLPI will remain unchanged and GLPI would also retain full ownership of the real estate of the property.
Caesars expects the deal to close in mid-2021 and is subject to regulatory approvals and customary closing conditions.
Macquarie Capital and Milbank LLP represented Caesars Entertainment on the transaction.
Caesars chief executive Tom Reeg said: “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.”
Another casino sale for Caesars
Caesars has sold several of its casino properties this year and it’s worth noting that some of these were also a requirement for Eldorado Resorts to complete its $17.3bn acquisition of Caesars Entertainment.
One of the most recent casino sales saw Twin River Worldwide Holdings agree to purchase the Tropicana Evansville Casino in Indiana from Caesars in October.
In October, Twin River also acquired the Bally’s brand from Caesars and revealed plans to rename several of its properties. This came after Twin River agreed to purchase Eldorado’s Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi in July.
In October, Caesars also completed the sale of its Harrah’s Reno Hotel and Casino venue in the state of Nevada to an affiliate of CAI Investments.