{"id":124671,"date":"2020-01-18T04:00:45","date_gmt":"2020-01-18T12:00:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=124671"},"modified":"2020-01-19T09:25:38","modified_gmt":"2020-01-19T17:25:38","slug":"eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/","title":{"rendered":"Eldorado Pledges $500M Louisiana Spending, Boost for Belle of Baton Rouge, Venue so Bad Reeg Didn’t Stay There"},"content":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) CEO Tom Reeg told the Louisiana Gaming Control Board (LGCB) this week his company will spend $500 million over the next four years in the Pelican State. That includes enhancements to the Belle of Baton Rouge riverboat casino, a venue so decrepit the gaming boss wouldn’t even stay there during his recent visit.<\/p>\n

\"\"
Eldorado CEO Tom Reeg is promising to spruce up the ailing Belle of Baton Rouge riverboat casino. (Image: Booking.com)<\/figcaption><\/figure>\n

Reeg was in the state to meet with the LGCB regarding Eldorado’s planned $17.3 billion takeover of Caesars Entertainment Corp. (NASDAQ:CZR), which the agency approved on Thursday<\/a>. LGCB members took the opportunity to press the executive on plans for the riverboat casino, which is usually among the worst laggards in Louisiana.<\/p>\n

That asset in its current state is not acceptable to the state and it\u2019s not acceptable to us, either,\u201d said Reeg, according to a meeting transcript obtained by Casino.org.<\/i><\/p><\/blockquote>\n

The Belle of Baton Rouge joined ERI’s portfolio in 2018 via the company’s $1.85 billion acquisition of Tropicana Entertainment.<\/strong> ERI runs the gaming and hotel operations, while Gaming and Leisure Properties owns the real estate assets. Under those arrangements, the tenant, not the landlord, is responsible for property upkeep and investments.<\/p>\n

So Bad, He Stayed Elsewhere<\/h2>\n

The Belle of Baton Rouge is located in the state capital and LGCB Chairman Ronnie Jones said to Reeg he doesn’t want the city \u201cto get lost in the weeds\u201d as Eldorado completes its takeover of Caesars.<\/p>\n

That deal is expected to be finalized in the first half of this year, and when it’s completed, the combined company will control five Louisiana gaming properties \u2013 the Isle of Capri, the Belle of Baton Rouge, Harrah\u2019s New Orleans, Harrah\u2019s Louisiana Downs, and the Horseshoe Bossier City.<\/p>\n

Earlier this week, ERI said it’s selling the Eldorado Resort and Casino in Shreveport to Maverick Gaming for $230 million<\/a>.<\/p>\n

\n

\u201cThe fact that I stayed at L\u2019Auberge last night is a comment on our view of the state of the Belle as it sits today,\u201d said Reeg, according to the transcript.<\/p>\n<\/div>\n

The L\u2019Auberge Casino & Hotel is operated by ERI rival Penn National Gaming, and its real estate is also owned by Gaming and Leisure Properties.<\/p>\n

Breaking Down The Investments<\/h2>\n

Of the $500 million ERI is committing to Louisiana over the next four years, $113 million will be allocated to transforming the Isle of Capri<\/a> in Westlake into a land-based venue. State-mandated investments at Harrah’s New Orleans, which Reeg said will be the new company’s flagship property in the state, will command another slice of the $500 million pie.<\/p>\n

The ERI leader didn’t mention a specific dollar amount to be allocated to the Belle of Baton Rouge. But Jones was quick to point out the company has only spent $1.1 million sprucing up the property since acquiring it in 2018.<\/p>\n

Rehabbing some properties could be a prominent theme for the combined Eldorado\/Caesars. Earlier this year, Caesars Tony Rodio acknowledged that company hadn’t kept up with adequately maintaining Bally’s in Atlantic City, N.J. <\/strong><\/p>\n

Last month. Caesars said it will pour $24 million into fixing up Harrah’s on the Boardwalk. Both Bally’s and Harrah’s have been subject to poor reviews and unsavory comments on travel sites, such as Expedia and TripAdvisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) CEO Tom Reeg told the Louisiana Gaming Control Board (LGCB) this week his company will spend $500 million over the next four years in the Pelican State. That includes enhancements to the Belle of Baton Rouge riverboat casino, a venue so decrepit the gaming boss wouldn’t even stay there during his […]<\/p>\n","protected":false},"author":46,"featured_media":124673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\nEldorado Resorts Will Spend $500 Million in Louisiana Over Four Years<\/title>\n<meta name=\"description\" content=\"Eldorado Resorts is promising to spend $500 milion over the next four years to spruce up Louisiana venues, including the Belle of Baton Rouge.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eldorado Resorts Will Spend $500 Million in Louisiana Over Four Years\" \/>\n<meta property=\"og:description\" content=\"Eldorado Resorts is promising to spend $500 milion over the next four years to spruce up Louisiana venues, including the Belle of Baton Rouge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-18T12:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-19T17:25:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/01\/bbr.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"848\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/\",\"url\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/\",\"name\":\"Eldorado Resorts Will Spend $500 Million in Louisiana Over Four Years\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/01\/bbr.jpg\",\"datePublished\":\"2020-01-18T12:00:45+00:00\",\"dateModified\":\"2020-01-19T17:25:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Eldorado Resorts is promising to spend $500 milion over the next four years to spruce up Louisiana venues, including the Belle of Baton Rouge.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-will-spend-500-million-in-louisiana-over-four-years\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/01\/bbr.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/01\/bbr.jpg\",\"width\":1280,\"height\":848,\"caption\":\"Eldorado CEO Tom Reeg is promising to spruce up the ailing Belle of Baton Rouge riverboat casino. 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