Gaming and Leisure Properties to Provide Casino Queen Holdings with $111 Million Funding for Landside Move of Belle of Baton Rouge
WYOMISSING, Pa., June 03, 2024 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (“GLPI”) announced today that it has agreed to fund and oversee a landside move and hotel renovation of Belle of Baton Rouge (“The Belle”) in Baton Rouge, LA for its tenant The Queen Casino and Entertainment Inc. (“Queen Casino & Entertainment Inc.”). GLPI has committed to provide up to approximately $111 million of funding for the project, which is expected to be completed by September 2025. Total project costs are expected to exceed $141 million. The casino will continue to operate for the construction period except while gaming equipment is being moved to the new facility. GLPI will own the new facility and Queen Casino & Entertainment Inc. will pay an incremental rental yield of 9% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024. The Belle is part of the Queen Casino & Entertainment Inc. master lease along with Draft Kings at Casino Queen in East St. Louis, IL, Casino Queen Marquette in Marquette, IA, and The Queen Baton Rouge in Baton Rouge, LA.