Gaming and Leisure Properties to Fund Major Renovation of Belle of Baton Rouge

Gaming and Leisure Properties

WYOMISSING, PAGaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced plans to fund and oversee the relocation and renovation of the Belle of Baton Rouge casino in Baton Rouge, LA. The project, aimed at enhancing the casino’s facilities and offerings, will cost over $141 million, with GLPI committing up to $111 million for the development.

The project involves moving the casino landside and upgrading its hotel. The goal is to complete the renovation by September 2025. During this period, the casino will remain operational except when gaming equipment is transferred to the new facility. GLPI will own the new property, while Queen Casino & Entertainment Inc., the tenant, will pay an incremental rental yield of 9% on the development funding starting a year from the initial disbursement of funds made on May 30, 2024.

Peter Carlino, Chairman and CEO of GLPI, highlighted the strategic importance of this move. “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 Inc.’s landside move at The Belle,” he said. Carlino expressed confidence in Queen Casino & Entertainment’s ability to grow the gaming market through innovative product offerings. “We remain active in our efforts to expand our portfolio and believe that transactions such as this further our reputation as the gaming landlord of choice.”

Terry Downey, CEO of Queen Casino & Entertainment Inc., echoed this optimism. He noted the positive impacts of GLPI’s partnership on the performance of The Queen, which reopened in August 2023. “Their depth of expertise and project management through the entire process have enabled us to exceed our financial, operational, and customer-focused goals,” Downey said. He expects similar benefits from the Belle’s renovation, citing operational synergies between The Queen and The Belle as key factors for success.

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This initiative marks a significant step in transforming the Belle of Baton Rouge into a modernized casino destination. The renovation will not only improve the physical infrastructure but also enhance the overall customer experience.

Elevating the Gaming Experience: The Revamped Belle of Baton Rouge

The implications of this project extend beyond just one casino. For GLPI, this investment exemplifies its strategy to solidify its position as a leading gaming landlord. By investing in properties and working closely with tenants like Queen Casino & Entertainment, GLPI can drive growth in the gaming sector and ensure stable, long-term returns.

The project also highlights the broader trend of modernization within the gaming industry. As casinos face increasing competition and changing consumer preferences, investments in state-of-the-art facilities and amenities become crucial. A refreshed Belle of Baton Rouge could attract more visitors, boost local tourism, and contribute to the economic vitality of Baton Rouge.

For Queen Casino & Entertainment, the successful execution of this project could reinforce its market position and operational capabilities. It demonstrates the company’s commitment to creating top-tier gaming experiences and leveraging partnerships to achieve business objectives.

In summary, the renovation of the Belle of Baton Rouge is more than just a facelift; it represents a strategic investment in the future of gaming. As stakeholders look forward to the project’s completion, the collaboration between GLPI and Queen Casino & Entertainment sets a promising precedent for future developments in the industry.

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