Belle of Baton Rouge sold for $18M as part of merger

    The Belle of Baton Rouge was sold for $18 million, according to sales documents, as part of a $1.85 billion acquisition that closed Monday of Tropicana Entertainment by Eldorado Resorts.

    The Belle of Baton Rouge properties were sold in two transactions by New Jazz Enterprises LLC and Centroplex Centre Convention Hotel LLC to GLP Capital LP, a subsidiary of Gaming and Leisure Properties Inc. GLPI will rent the properties to Eldorado, which will operate the assets.

    Eldorado, which also operates casinos in Shreveport and Lake Charles, entered into a 15-year master lease with GLPI in which Eldorado will lease the Tropicana real estate acquired by GLPI.

    Charmaine Moore, assistant attorney general, said at last month’s Louisiana State Gaming Control Board meeting that Eldorado would lease the Belle of Baton Rouge property for $87.6 million the first year and subsequent years rent would be based on a base rate plus a percentage of revenues.

    At the meeting, Eldorado officials told Ronnie Jones, chairman of the state’s Gaming Control Board, that the company’s plans for the property were still being determined, but preliminary plans were in place to improve the property. Jones was unable to be reached before this afternoon’s deadline.

    In the deal, Eldorado Resorts acquired the operating assets of seven casinos in six states, including two in Nevada—the Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort & Spa—as well as casinos in Indiana (Tropicana Evansville); Louisiana (Belle of Baton Rouge); Mississippi (Trop Casino Greenville); Missouri (Lumière Place); and New Jersey (Tropicana Casino and Resort, Atlantic City).

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