Louisiana casino sold for $22m

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The Harrah’s Louisiana Downs Casino, which incorporates racing and other entertainment, is being sold to Rubico Acquisition Corp for US$22m, it was announced overnight.

The location is owned by Caesars Entertainment and VICI Properties and is sited in Bossier City. The proceeds of the sale will be split with $5.5m going to VICI and the remainder to Caesars. The deal is expected to close at the end of this year or early in 2021, depending upon obtaining the necessary regulatory approvals.

Caesars operates 51 properties in 16 US states. It is one of a number of locations of which Caesars is widely expected to divest itself in the coming months. At least one Las Vegas Strip asset is also expected to be sold off.

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Harrah’s Louisiana Downs is a racino, meaning that it is a casino and racetrack combined. It has around 12,000sq.ft of casino floor space. The transactions are expected to close at the end of 2020 or early 2021 and are subject to regulatory approvals and other closing conditions.

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