Posted on: May possibly 12, 2022, 08:53h.
Last up-to-date on: Could 12, 2022, 09:19h.
A relative newcomer to the Louisiana casino industry — CQ Holding Organization — concluded its acquisition of the Belle of Baton Rouge earlier this thirty day period. The invest in provides the Illinois-based mostly gaming operator command of both of those of the state capital’s two downtown riverboats.
CQ Keeping previous 12 months concluded its acquisition of Hollywood Casino Baton Rouge by means of a $28.2 million transaction. Financial conditions of CQ’s takeover of the Belle from Caesars Entertainment and true estate investment decision have confidence in Gaming and Leisure Properties ended up not disclosed.
CQ, which on top of that owns and operates DraftKings at Casino Queen in East St. Louis, Il., and Casino Queen Marquette in Ia., is transferring equally of its Baton Rouge casinos ashore. Louisiana lawmakers in 2018 handed laws letting riverboats to go inland, so extensive as their land-based mostly gaming flooring remain 1,200 feet — or about a quarter of a mile — from their selected barges.
Not the Belle of the Ball
In phrases of gross gaming profits (GGR), the Belle of Baton Rouge unquestionably hasn’t lived up to its name in current years. In the Baton Rouge gaming market, which is composed of 3 riverboats — L’Auberge getting the other participant — CQ’s most recent gaming house has persistently commanded the smallest share of the three venues.
For example, the Belle of Baton Rouge’s GGR totaled just $1.45 million in March. Hollywood’s win was $5.33 million, and L’Auberge ongoing its industry dominance with $18.89 million.
CQ Keeping Enterprise President and CEO Terry Downey thinks he has a answer to flip close to Belle’s standing. Downey explained to The Advocate this 7 days that the corporation programs to go the Belle inland, pending approval from the Louisiana Gaming Regulate Board.
The challenge would be expected to charge north of $25 million, but would consist of significant facility improvements to enable the Belle to superior compete. The proposal consists of constructing a boutique gaming place inside of the property’s Atrium featuring 350 slot devices and a dozen table video games, a new espresso store, oyster bar and café, as well as a retail sportsbook lounge.
The enlargement, Downey stated, would acquire about 11 to 15 months to total soon after state approval.
Every little thing previous will turn out to be new,” Downey said.
Anything closed will also turn into open up, the CEO added. The Belle of Baton Rouge’s 288-home lodge has sat closed due to the fact early 2020 simply because of the pandemic. Downey defined that the relocating of the Belle inland will also involve a renovation of the hotel’s guestrooms.
Hollywood Land Ahoy
CQ provided an update on its Hollywood Casino Baton Rouge overhaul. The $70 million investment decision will final result in an totally new casino room.
Downey explained that the Hollywood endeavor will be finished in late spring 2023. The opening of the brick-and-mortar facility will coincide with CQ rebranding the on line casino from Hollywood, which stays under Penn Nationwide Gaming and Gaming and Leisure Properties’ possession.
When the new Hollywood Baton Rouge opens subsequent year, it will come to be regarded as Casino Rouge. Along with a new, 100,000-sq.-foot casino, On line casino Rouge will element a 250-seat “Big Chicken” restaurant from NBA Basketball Corridor of Fame member Shaquille O’Neal. The LSU grad’s rooster chain has spots in Las Vegas, Glendale, Ca., and Rochester, NY.