Caesars Entertainment has completed its latest US property divestment, after announcing a definitive agreement to sell Louisiana’s Belle of Baton Rouge to CQ Holding Company.
Pursuant to the terms of the amended lease agreement with Gaming and Leisure Properties, Baton Rouge will be removed from the GLPI Master Lease, and the rent payments to the real estate investment trust will remain unchanged. GLPI will retain ownership of the real estate of Belle of Baton Rouge.
This becomes the latest in a string of sales documented by Caesars in recent weeks, following its multi-billion dollar business combination with Eldorado Resorts earlier in the year to create the ‘largest casino and entertainment firm in the US’.
The organisation’s latest transaction is expected to close in mid-2021, and is subject to regulatory approvals and other customary closing conditions.
“I want to thank all of our Baton Rouge team members for their hard work and dedication, especially during the COVID-19 pandemic,” stated Tom Reeg, CEO of Caesars Entertainment. “We wish them the best under Casino Queen’s ownership.”
Most recently Caesars announced the sale of its Bally’s brand to Twin River Worldwide Holdings, which has subsequently undertaken corporate rebranding to become known as Bally’s Corporation.
Twin River itself had been on an acquisition spree, with an agreement to buy the Isle of Capri Casino in Kansas City, Missouri, and the Lady Luck Casino in Vicksburg, Mississippi also secured with Eldorado Resorts in a $230m deal.
Those transactions closed months after Twin River announced its plans to also purchase Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155m from the same firm, which was shedding facilities ahead of completing its merger with Caesars.
Separately, the company entered into an agreement with Caesars and Vici Properties to acquire Bally’s Atlantic City Hotel & Casino for $25m in cash, a deal which has subsequently been finalised.
Recently, Caesars and Vici have also closed the sales of Harrah’s Reno Hotel and Casino to CAI Investments, and Harrah’s Louisiana Downs Casino, Racing and Entertainment to Rubico Acquisition Corp for $22m.