Louisiana Casino Operator Newcomer Has Major Options for Baton Rouge
Posted on: May perhaps 12, 2022, 08:53h.
Previous current on: May perhaps 12, 2022, 08:53h.
A relative newcomer to the Louisiana on line casino industry — CQ Holding Corporation — concluded its acquisition of the Belle of Baton Rouge previously this thirty day period. The order provides the Illinois-dependent gaming operator command of each of the state capital’s two downtown riverboats.
CQ Holding previous yr finished its acquisition of Hollywood Casino Baton Rouge via a $28.2 million transaction. Money phrases of CQ’s takeover of the Belle from Caesars Entertainment and actual estate financial investment have confidence in Gaming and Leisure Houses had been not disclosed.
CQ, which in addition owns and operates DraftKings at Casino Queen in East St. Louis, Il., and On line casino Queen Marquette in Ia., is transferring the two of its Baton Rouge casinos ashore. Louisiana lawmakers in 2018 passed legislation enabling riverboats to move inland, so extended as their land-dependent gaming floors keep on being 1,200 ft — or about a quarter of a mile — from their designated barges.
Not the Belle of the Ball
In phrases of gross gaming revenue (GGR), the Belle of Baton Rouge certainly has not lived up to its identify in recent yrs. In the Baton Rouge gaming market, which is made up of 3 riverboats — L’Auberge being the other participant — CQ’s newest gaming assets has constantly commanded the smallest share of the a few venues.
In March, for instance, the Belle of Baton Rouge’s GGR totaled just $1.45 million. Hollywood’s earn was $5.33 million, and L’Auberge continued its industry dominance with $18.89 million.
CQ Keeping Company President and CEO Terry Downey believes he has a alternative to convert close to Belle’s standing. Downey explained to The Advocate this week that the firm plans to transfer the Belle inland, pending acceptance from the Louisiana Gaming Command Board.
The job would be envisioned to price north of $25 million, but would include things like important facility enhancements to enable the Belle to superior compete. The proposal consists of constructing a boutique gaming room inside of the property’s Atrium that includes 350 slot machines and a dozen table game titles, a new espresso store, oyster bar, and café, as well as a retail sportsbook lounge.
The enlargement, Downey explained, would acquire about 11 to 15 months to complete following point out acceptance.
Almost everything aged will come to be new,” Downey claimed.
Every little thing shut will also develop into open, the CEO added. The Belle of Baton Rouge’s 288-home hotel has sat closed given that early 2020 simply because of the pandemic. Downey discussed that the relocating of the Belle inland will also include things like a renovation of the hotel’s guestrooms.
Hollywood Land Ahoy
CQ furnished an update on its Hollywood Casino Baton Rouge overhaul. The $70 million financial investment will consequence in an totally new on line casino space.
Downey claimed that the Hollywood endeavor will be done in late spring 2023. The opening of the brick-and-mortar facility will coincide with CQ rebranding the casino from Hollywood, which continues to be from Penn National Gaming and Gaming and Leisure Properties’ ownership.
When the new Hollywood Baton Rouge opens next 12 months, it will develop into recognised as On line casino Rouge. Along with a new, 100,000-sq.-foot on line casino, On line casino Rouge will element a 250-seat “Big Chicken” cafe from NBA Basketball Corridor of Fame member Shaquille O’Neal. The LSU grad’s hen chain has spots in Las Vegas, Glendale, Ca., and Rochester, NY.