Gaming and Leisure Properties (GLPI) has announced the distribution of $111m in funding for its tenant, the Queen Casino and Entertainment. GLPI will now fund and oversee the landside move and hotel renovation of The Belle in Baton Rouge, Louisiana, with the project expected to be completed by September 2025.
Total project costs are expected to exceed $141m and the casino will continue to operate during the construction period except while gaming equipment is being moved to the new facility.
“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‘s landside move at The Belle,” GLPI Chairman and CEO Peter Carlino said.
“Queen Casino & Entertainment has proven its ability to leverage a fresh, new product to grow the overall gaming market and we expect this project to follow a similar path. We remain active in our efforts to expand our portfolio in the current environment and believe that transactions such as this further our reputation as the gaming landlord of choice.”
GLPI will own the new facility while Queen Casino & Entertainment will pay an incremental rental yield of 9% on the development funding. These payments are set to begin a year after the initial disbursement of funds, which occurred on May 30, 2024.
“We are extremely pleased with the Queen’s performance since its grand reopening in August 2023, thanks in large part to GLPI’s partnership. Their depth of expertise and project management through the entire process have enabled us to exceed our financial, operational and customer focused goals at the Queen,” Queen Casino and Entertainment CEO Terry Downey said.
“As we now turn our attention to The Belle, we look forward to realizing similar operational upside from this latest move landside. We appreciate GLPI’s continued partnership in the growth of our business and look forward to providing our players with another fully refreshed casino destination.”
