The gaming regulator for the southern American state of Louisiana has reportedly approved the sale of the 280-acre Harrah’s Louisiana Downs facility to Rubico Acquisition Corporation for $22 million.
According to a report from the Shreveport Times newspaper, the authorization from the Louisiana Gaming Control Board has been a year in the making although the deal for the Bossier City casino and horseracing venue is still awaiting final consent from the Louisiana Racing Commission. The source detailed that this required okay could come as soon as Tuesday as part of this watchdog’s next public meeting in the small community of Opelousas.
The arrangement for the Bossier Parish enterprise was reportedly first agreed in September of last year and is to see current owner Vici Properties Incorporated receive $16.5 million in compensation. The agreement will moreover purportedly involve the operator of the development’s 12,000 sq ft casino, Caesars Entertainment Incorporated, getting $5.5 million in cash with its existing rental agreement remaining unchanged.
Ronnie Johns serves as the Chairman for the Louisiana Gaming Control Board and he reportedly told the newspaper that the sale of Harrah’s Louisiana Downs is critical in helping the enterprise to secure its future despite a recent downturn in action at its track. He purportedly also disclosed that Rubico Acquisition Corporation will now be compelled to keep the Louisiana facility’s casino and horseracing service open so as to maintain many full-time jobs and a valuable source of local tax revenues.
Johns reportedly declared…
“I really believe if this sale didn’t go through Caesars Entertainment Incorporated would ultimately close the facility as the company just isn’t interested in operating a horse racetrack. Rubico Acquisition Corporation is committed to upgrades and investments and marketing that I believe can elevate the property including by building an RV park.”
The Shreveport Times reported that Harrah’s Louisiana Downs opened in 1974 and currently features a mile-long turf horseracing track alongside a casino offering a selection of approximately 1,300 slots. Johns purportedly went on to divulge that Rubico Acquisition Corporation could close the sale within two weeks of receiving the approval of the Louisiana Racing Commission.
In related news and the newspaper reported that American sportsbook operator FanDuel Group has received the unanimous consent of the Louisiana Gaming Control Board to become the state’s second licensed sports wagering and daily fantasy sports provider. This move purportedly comes after voters in ‘The Pelican State’ approved a local constitutional referendum in November that legalized the activities.
The Shreveport Times finished by reporting that DraftKings Incorporated has been operational in Louisiana for many months with Johns asserting that the decision to license FanDuel Group ‘is important moving forward’ because it will expand the option for the many fans of daily fantasy sports in Louisiana.