GLPI Invests $111M in Queen Casino for Baton Rouge Hotel Renovation
The Bottom Line
Gaming and Leisure Properties (GLPI) has announced a significant investment of $111 million USD in Queen Casino and Entertainment. This financial boost is intended to support the relocation onshore and renovation of The Belle hotel in Baton Rouge, Louisiana. The total project, which is scheduled for completion in September 2025, exceeds the cost mark of $141 million USD. Despite the ongoing construction work, the casino remains operational, except for times when the gaming equipment is being moved.
A Look at the Investment
Peter Carlino, Chairman and CEO of GLPI, emphasizes the company’s commitment to the project and its positive impact on the gambling market. By providing the funds for the necessary construction costs, GLPI not only supports the physical relocation of the casino onshore, but also promotes the growth and expansion of the gaming offerings. GLPI retains ownership of the new facility, while Queen Casino & Entertainment pays an additional rent return of 9% on the development promotion, which begins one year after the initial fund disbursement on May 30, 2024.
Operational and Financial Benefits
Terry Downey, CEO of Queen Casino and Entertainment, highlights the successful partnership with GLPI, which has led to an overachievement of financial, operational, and customer-oriented goals since the Queen’s reopening in August 2023. The collaboration not only enables an increase in operational efficiency, but also promises significant benefits for the future through the relocation of The Belle onshore. Downey emphasizes the importance of this partnership for the company’s growth and the provision of a renewed casino destination for players.
Our Assessment
GLPI’s investment in Queen Casino and Entertainment demonstrates confidence in the gambling sector’s ability to continue to evolve and expand through innovative projects. The strategic partnership between GLPI and Queen Casino & Entertainment could represent a pioneering model for future developments in the industry. By focusing on operational efficiency, customer orientation, and the expansion of gaming offerings, a solid foundation for sustainable growth is created. This development underscores the importance of investments in infrastructure and operational excellence as key components for success in the dynamic world of gambling.
Sources:
– Ricky Grant
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