A relative neophyte to the Louisiana cassino market — CQ Holding Company — completed its acquisition of the Belle of Baton Rouge earliest this month. The purchase gives the Illinois-based gaming operator moderate of both of the res publica capital’s ii downtown riverboats.
CQ Holding utmost yr completed its acquisition of Hollywood Casino Baton Rouge through a $28.2 one thousand thousand transaction. Financial terms of CQ’s takeover of the Belle from Caesars Entertainment and tangible estate investiture trust Gaming and Leisure Properties were not disclosed.
CQ, which to boot owns and operates DraftKings at Casino Queen in eastern United States St. Louis, Il., and Casino Queen Jacques Marquette in Ia., is moving both of its Baton Rouge casinos ashore. Louisiana lawmakers inwards 2018 passed statute law allowing riverboats to move inland, so long as their land-based gaming floors remain 1,200 feet — or about a canton of a statute mile — from their designated barges.
Not the Belle of the Ball
In terms of gross gaming revenue (GGR), the Belle of Baton Rouge certainly hasn’t lived up to its gens in recent years. In the Baton Rouge gaming market, which consists of triad riverboats — L’Auberge existence the other participant — CQ’s newest gaming holding has consistently commanded the smallest share of the ternary venues.
In March, for example, the Belle of Baton Rouge’s GGR totaled just now $1.45 million. Hollywood’s win was $5.33 million, and L’Auberge continued its securities industry control with $18.89 million.
CQ Holding Company President and CEO Dame Alice Ellen Terry Downey believes he has a answer to turn over around Belle’s standing. Downey told The Advocate this week that the keep company plans to make a motion the Belle inland, pending approval from the Pelican State Gaming Control Board.
The externalise would follow expected to be due north of $25 million, but would include major installation improvements to earmark the Belle to meliorate compete. The proposal includes edifice a dress shop gaming blank within the property’s Atrium featuring 350 slot machines and a dozen tabularize games, a unexampled coffee tree shop, oyster bar, and café, plus a retail sportsbook lounge.
The expansion, Downey explained, would submit well-nigh 11 to 15 months to over(p) after tell approval.
Everything older testament suit new,” Downey said.
Everything closed in(p) testament also turn open, the CEO added. The Belle of Baton Rouge’s 288-room hotel has sat shut since ahead of time 2020 because of the pandemic. Downey explained that the moving of the Belle inland will also include a renovation of the hotel’s guestrooms.
Hollywood Din Land Ahoy
CQ provided an update on its Hollywood Casino Baton Rouge overhaul. The $70 zillion investment testament final result inward an only unexampled gambling casino space.
Downey said that the Hollywood undertaking testament follow completed inward tardily natural spring 2023. The opening of the brick-and-mortar facility will coincide with CQ rebranding the cassino from Hollywood, which remains from William Penn National Gaming and Gaming and Leisure Properties’ ownership.
When the young Hollywood Baton Rouge opens next year, it testament suit known as Casino Rouge. Along with a new, 100,000-square-foot casino, Casino Rouge will lineament a 250-seat “Big Chicken” restaurant from NBA Basketball Charles Francis Hall of Fame fellow member Shaquille O’Neal. The LSU grad’s volaille string has locations inwards Las Vegas, Glendale, Ca., and Rochester, NY.
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