GLPI to fund landside move of Belle of Baton Rouge in Louisiana
04 June 2024 - 23:15GLPI has pledged to fund Queen Casino & Entertainment's upcoming project, with completion targeted for September 2025.
The new on-land casino is projected to cost over $141 million. The existing riverboat casino will remain operational during the construction phase, with interruptions only for relocating gaming equipment to the new venue.
GLPI will own the new facility, and Queen Casino & Entertainment will pay an additional rental yield of 9% on the development funds, starting a year after the initial disbursement on May 30.
"Following the successful funding of our landside move at The Queen Baton Rouge, we are committed to financing Queen Casino & Entertainment Inc.'s transition at The Belle," said GLPI chairman and CEO Peter Carlino. "Queen Casino & Entertainment has demonstrated its capability to innovate and expand the gaming market, and we anticipate this project will mirror that success.
"Our ongoing efforts to grow our portfolio and transactions like this enhance our standing as the preferred gaming landlord."
Queen Casino & Entertainment CEO Terry Downey commented, "We are delighted with The Queen's performance since its grand reopening in August 2023, largely due to GLPI’s support. Their expertise and project management have helped us surpass our financial, operational, and customer-focused goals at The Queen.
"Turning our focus to The Belle, we expect similar operational benefits from this latest landside move. The proven success at The Queen and the operational synergies between The Queen and The Belle set the stage for continued success. We value GLPI’s ongoing partnership and look forward to offering our players a rejuvenated casino experience."
Owned by Standard General, Queen Casino & Entertainment acquired Belle of Baton Rouge from Caesars Entertainment in 2022.
Shares in Gaming and Leisure Properties Inc. (NASDAQ:GLPI) rose 0.22% to close at $45.00 per share in New York on Monday.