Gaming and Leisure Properties (GLPI) has announced a significant investment in its tenant, Queen Casino and Entertainment. GLPI will allocate $111 million to support the landside relocation and hotel renovation of The Belle in Baton Rouge, Louisiana. This ambitious project is slated for completion by September 2025.
The total cost of the project will exceed $141 million. Despite ongoing construction, the casino will remain operational, except during the relocation of gaming equipment.
Peter Carlino, GLPI Chairman and CEO, commented on the investment: “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‘s landside move at The Belle.” He added, “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.”
Operational and Financial Benefits
GLPI will retain ownership of the new facility, while Queen Casino & Entertainment will pay a 9% incremental rental yield on the development funding. These rental payments will commence one year after the initial fund disbursement on May 30, 2024.
Terry Downey, CEO of Queen Casino and Entertainment, expressed satisfaction with the partnership: “We are extremely pleased with the Queen’s performance since its grand reopening in August 2023, thanks in large part to GLPI’s partnership. Their depth of expertise and project management through the entire process have enabled us to exceed our financial, operational and customer-focused goals at the Queen.” Downey also highlighted the future benefits, stating, “As we now turn our attention to The Belle, we look forward to realizing similar operational upside from this latest move landside. We appreciate GLPI’s continued partnership in the growth of our business and look forward to providing our players with another fully refreshed casino destination.”
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