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.
“We wish them the best under Casino Queen’s ownership.”
Caesars has sold a number of its casino properties this year, some of which were a requirement in order for Eldorado Resorts to complete its $17.3bn acquisition of the legacy Caesars business.
Among the more recent sales was Twin River Worldwide Holdings in October agreeing to acquire the Tropicana Evansville Casino in Indiana from Caesars.
Twin River in October also revealed it was to rename a number of its properties after acquiring the Bally’s brand from Caesars, having in July agreed to acquire Eldorado’s Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi.
In October, Caesars also completed the sale of its Harrah’s Reno Hotel and Casino property in Nevada to an affiliate of real estate development business CAI Investments.