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United States : CASINO in Louisiana to be acquired by Laguna Development.

An agreement is signed by newly formed Kicks Entertainment unit to acquire the Isle of Capri Casino Hotel Lake Charles in Westlake, Calcasieu Parish, Louisiana as declared by Laguna Development Corporation (LDC), a wholly owned subsidiary of the Pueblo of Laguna.

The purchase is dependent on customary closing conditions together with authorization by the Louisiana Gaming Control Board and expiration or termination of the waiting period under the Hart-Scott-Rodino Act.

The stock purchase of the facility from Isle of Capri Casinos, Inc. of St. Louis, Missouri is in agreement with LDCs plan to boost revenue within the companys core competencies of gaming, hospitality and entertainment.

Skip Sayre, an LDC marketing representative, said, LDC has an aggressive growth strategy. Despite New Mexico being our first target for growth, the shareholders gave us the approval to proceed with the Louisiana property.

Sayre mentioned that LDC is also interested in building a casino/race track property near Clovis. However, negotiations with the State of New Mexico are pending.

Sayre said, Weve been working on this deal for several months and it just came together. The Louisiana property fits our profile. It is similar to Route 66 in size.

He added, We, the shareholders are excited for this opportunity in another jurisdiction.

The acquisition comprises a 50,000 square foot riverboat casino, 493 hotel rooms, various food and beverage outlets, covered parking and other amenities.

LDC President and CEO Jerry Smith said, Our acquisition of the Isle of Capri Casino in Lake Charles is the culmination of a two-year business development effort to expand LDC both within and outside of New Mexico. Lake Charles is Louisianas largest casino market. With our operating principals of quality, service and value we expect to continue to generate solid financial results for our owners and investors.

Sayre further added, This is a big step for tribal gaming. We are stepping outside the state, our comfort zone. We believe we can compete with the best.

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Publication:Mena Report
Geographic Code:1U7LA
Date:Sep 1, 2016
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