Isle of Capri sold its Louisiana casino for US$134.5 million
Isle of Capri Casinos Inc. has sold one of its casino properties to Laguna Development Corp.
US.- Isle of Capri Casinos Inc. has sold one of its casino properties in Lake Charles, Louisiana, to Laguna Development Corp., a New Mexico gaming company.
Laguna Development Corp. (LDC), is a Pueblo of Laguna-owned business based in Albuquerque, New Mexico. The company bought the casino for US$134.5 million. The deal is expected to close in late fiscal 2017 or early fiscal 2018 and is subject to the approval of the Louisiana Gaming Control Board.
Eric Hausler, chief executive officer of Isle of Capri Casinos explained that the firm unloaded the casino as it continues to deleverage its balance sheet.“Following the completion of the sale, we intend to use the cash proceeds we receive from this transaction to reduce debt and for other corporate purposes,” Hausler said in a statement.
Louisiana-based Isle of Capri Casinos Inc, owns or operates more than a dozen casino properties in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and Pennsylvania. It reported US$5.2 million in 2015 earnings on US$1.23 billion in revenue. The company posted a fourth-quarter profit of US$25 million, up from US$3.1 million in the prior-year quarter, on revenue of US$264.9 million, down from US$269.3 million in the same quarter last year. Back in June, the company opened a new US$60 million, land-based casino in Iowa.
