The Belle of Baton Rouge, a 10-story, 288-room riverboat hotel-casino in Baton Rouge, Louisiana, has been sold by Caesars Entertainment Inc. to Illinois-based CQ Holding Company Inc.
The sales price was not disclosed.
The transaction is expected to close in mid-2021 and is subject to regulatory approvals and other customary closing conditions. Macquarie Capital and Milbank LLP represented Reno-based Caesars Entertainment on the transaction.
Gaming and Leisure Properties will retain ownership of the real estate for The Belle of Baton Rouge and the rent payments to GLPI will remain unchanged.
The Belle, which opened in 1994 and once was known as the Catfish Queen, reportedly has nearly 800 slot machines and 14 table games.
The property was sold as part of Caesars’ ongoing divestment of properties following its $17.3 billion merger with Eldorado Resorts Inc. in July.
Caesars shares, traded on the Nasdaq exchange, closed down 28 cents, 0.4 percent, to $67.84 in light trading Tuesday.