Caesars Entertainment has completed the sale of Louisiana‘s Belle of Baton Rouge Casino Hotel to CQ Holding Company. 

With the sale, CQ Holding adds another casino to the company’s land-based portfolio of properties. The sale of the riverboat gambling business and hotel has been in the works for a long time, having initially been agreed upon in December 2020 and delayed several times.

Caesars Entertainment – CQ Holding Deal

This was the latest in a line of sales disclosed by Caesars following its multi-billion dollar corporate merger with Eldorado Resorts, which occurred at the time of the transaction. 

When the Belle of Baton Rouge opened its doors in 1994 as Louisiana’s first casino, it had a total area of 28,500 square feet. The riverboat included three gambling decks, conference areas, two parking levels, and other amenities. CQ Holding’s property portfolio also includes DraftKings at Casino Queen in East St Louis, Casino Queen Marquette in Marquette, Iowa, and the Hollywood Casino, which is located on the same riverboat as Casino Queen in East St Louis. According to the press, no price was announced for the Belle of Baton Rouge.

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Exciting opportunity to enhance product

In a press release, Terry Downey, President and CEO of CQ Holding Company, stated that the acquisition of Belle of Baton Rouge provides us with an exciting opportunity to enhance the gaming and other amenities in the Baton Rouge community. He also stated that with the launch of sports betting and exciting renovations planned for Belle of Baton Rouge and our other newly acquired property, Hollywood Casino, we look forward to elevating the city’s allure as a gaming destination.

Louisiana Gaming had increased profit dramatically past months

Louisiana became the first state in the United States to legalize mobile sports betting earlier this year, when the state’s Gaming Control Board certified that qualifying operators will be able to begin accepting bets as early as 8 a.m. local time on Friday, January 28. 

Despite a minor decrease in handle, statistics from the Louisiana Gaming Control Board indicated that income at the state’s online sportsbooks increased dramatically in March, according to a report released last month. The state’s online sportsbooks took in $205.7 million in wagers during the month, which is a decrease from the previous month’s total of $211 million. Revenue increased from $16.7 million in February to a new high of $28.4 million in March, setting a new record.