Caesars to offload Louisiana property to Casino Queen parent
| By Robert Fletcher
Caesars Entertainment has signed a definitive agreement to sell its Belle of Baton Rouge riverboat casino in Louisiana to CQ Holding Company, the parent company of Illinois’ Casino Queen.
Financial terms of the deal were not disclosed, but Caesars noted that if the sale went ahead, the Baton Rouge will be removed from the Gaming and Leisure Properties (GLPI) Master Lease.
Rent payments to real estate investment trust GLPI would remain unchanged, while GLPI would also retain ownership of the real estate of Belle of Baton Rouge.
Subject to regulatory approvals and other customary closing conditions, the deal is expected to close in mid-2021.
“I want to thank all of our Baton Rouge team members for their hard work and dedication, especially during the novel coronavirus (Covid-19) pandemic,” Caesars chief executive Tom Reeg said.