Gaming and Leisure Properties, Inc. (GLPI) has recently announced its financial support and managerial oversight for the Belle of Baton Rouge riverboat casino's transition to a land-based facility. This move follows the successful reopening of Queen Casino in August 2023 and represents a significant development in Louisiana's gaming landscape.
As stated in the agreement, GLPI is set to contribute an estimated $111 million towards covering the costs associated with relocating and refurbishing the Belle of Baton Rouge. Peter Carlino, the chairman and CEO of GLPI, expressed confidence in the project's success, citing the positive outcomes observed from similar ventures, such as the landside move of The Queen Baton Rouge.
The decision to shift riverboat casinos to land-based venues reflects a broader trend within the gaming industry. This strategic move is in line with Senate Bill 316, signed into law by Governor Bel Edwards in 2018, which allows riverboat casinos in Louisiana to transition ashore. This legislative framework aims to stimulate revenue growth and enhance the overall gaming experience for patrons.
The relocation of the Belle of Baton Rouge to land signifies a substantial investment in the region's gaming infrastructure, with the total project cost estimated to exceed $141 million. GLPI's financial backing of $111 million highlights its allegiance to driving growth and innovation within the sector. By leveraging its expertise and resources, GLPI aims to maximize the Belle's potential as a premier gaming destination.
GLPI's partnership with Queen Casino & Entertainment, Inc. has yielded significant operational and financial benefits, as evidenced by the success of The Queen Baton Rouge following its move to land. Terry Downey, CEO of Queen Casino & Entertainment, Inc., expressed optimism about Belle's prospects, highlighting the synergies between the two properties and the potential for enhanced player experiences.
GLPI's involvement in financing and overseeing Belle's landside move aligns with its strategic vision of becoming a leading player in the gaming real estate sector. The company's role as a landlord for gaming operators positions it as a key enabler of industry growth and development. GLPI's continued investment in gaming infrastructure emphasizes its loyalty to long-term value creation for stakeholders.
GLPI's decision to support the Belle of Baton Rouge casino's transition to landmarks a significant milestone in the evolution of Louisiana's gaming landscape. With a strong focus on financial backing, operational oversight, and strategic partnerships, GLPI is poised to drive innovation and growth within the gaming sector. The Belle's relocation represents a transformative opportunity to enhance player experiences, boost revenue, and solidify GLPI's position as a leading industry player.
Peter Carlino, Chairman and CEO of GLPI, commented, "Building on the success of our landside move funding at The Queen Baton Rouge, we have agreed to provide funding for the hard costs related to Queen Casino & Entertainment Inc.'s landside move at The Belle. Queen Casino & Entertainment has proven its ability to leverage a fresh, new product to grow the overall gaming market and we expect this project to follow a similar path. We remain active in our efforts to expand our portfolio in the current environment and believe that transactions such as this further our reputation as the gaming landlord of choice."
Source:
''Gaming and Leisure Properties to Provide Casino Queen Holdings with $111 Million Funding for Landside Move of Belle of Baton Rouge''. Globe News Wire. June 03, 2024.