Louisiana gives go ahead for $22m horse racing track sale
Caesars Entertainment will receive $16.5m from the sale.
The Gaming Control Board of Louisiana has today approved the $22m sale of a northwest Louisiana horse racing track and casino. The agreement will see Rubico Acquisition Corp take over the property.
“This is a big win for everyone involved,” said Kevin Preston, Rubico’s president.
He went on to highlight that the track is “an iconic institution” for the area. “Our plan is to restore it as a place of entertainment for the entire family,” he continued.
Concurrently, Rubico is attempting to purchase Harrah’s Louisiana Downs, this deal is pending approval from the Louisiana Racing Commission, who will meet on Tuesday.
Per the sale of the racetrack, Caesars Entertainment will get $16.5m and VICI Properties a further $5.5m.
“I really believe if this sale didn’t go through Caesars would ultimately close the facility; the company just isn’t interested in operating a horse racetrack,” Gaming Control Board chairman Ronnie Johns said on Thursday.
This week saw Caesars announce that its sportsbook app is available for download and sign-up in Louisiana in advance of the state’s launch of mobile sports betting.
“Louisiana and the entire Gulf Coast region are a special part of the Caesars family. We couldn’t be more excited to build on our longstanding commitments in the state with the launch of legal sports betting,” said Eric Hession, co-president of Caesars Digital.
“We know how passionate Bayou State sports fans are about their teams and we’re confident our brand-new Caesars Sportsbook app and the exciting offers we have for launch can offer them a sports experience that can’t be matched.”
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