Having announced a definitive agreement to sell Louisiana’s Belle of Baton Rouge to CQ Holding Company, Caesars Entertainment has completed its new US property divestment.
Baton Rouge will be excluded from the GLPI Master Lease pursuant to the terms of the revised lease agreement with Gaming and Leisure Properties, and the rental payments to the real estate investment trust will remain unchanged. GLPI will maintain control of the Belle of Baton Rouge real estate.
Following its multi-billion dollar business merger with Eldorado Resorts earlier in the year to create the largest casino and entertainment company in the US, this is the latest in a series of sales announced by Caesars in recent weeks.
The new transaction of the company is scheduled to close in mid-2021, and is subject to regulatory approvals and other customary terms of closure.
Tom Reeg, CEO of Caesars Entertainment 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.”
Caesars most recently announced the sale to Twin River Worldwide Holdings of its Bally’s brand, which has subsequently undertaken corporate rebranding to become known as Bally’s Company.
In an agreement to purchase the Isle of Capri Casino in Kansas City, Missouri, and the Lady Luck Casino in Vicksburg, Mississippi, Eldorado Resorts also secured a $230 m contract with Twin River itself in an acquisition spree.
Those transactions closed months after Twin River announced plans to also purchase Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada from the same company, which was shedding facilities before completing its merger with Caesars, for an aggregate purchase price of $155m.
The company separately entered into an arrangement with Caesars and Vici Properties to purchase $25m in cash from Bally’s Atlantic City Hotel & Casino, a transaction that was eventually finalised.
Caesars and Vici have also recently closed the sales to CAI Investments of Harrah’s Reno Hotel and Casino, and Harrah’s Louisiana Downs Casino, Racing and Entertainment to Rubico Acquisition Corp for $22 million.