Laguna Development Corp., Eagle Holdings to Acquire Isle of Capri Casino Hotel Lake Charles in Louisiana for $134.5M
WESTLAKE, LA. — Kicks Entertainment LLC, a newly formed entity owned by Albuquerque, N.M.-based Laguna Development Corp. and Eagle Holdings LLLP, has agreed to acquire Isle of Capri Casino Hotel Lake Charles in Westlake for $134.5 million. The casino is located in Southwest Louisiana, approximately midway between New Orleans and Houston, Texas.
The property — to be acquired from Isle of Capri Casinos Inc. (NASDAQ: ISLE) — includes a 50,000-square-foot riverboat casino, a 493-room hotel, a variety of dining and beverage outlets and covered parking, according to reports by Albuquerque Business First. Isle of Capri Casinos has owned and operated the Lake Charles location for over 20 years. The sale is expected to close in late 2017 or early 2018.
Isle of Capri Casino Hotel Lake Charles features 1,150 slot machines, 35 table games, 13 poker tables, two hotels totaling 490 rooms, three restaurants, 14,000 square feet of meeting/banquet space, an RV park and a concert venue.
Laguna Development Corp. is a wholly owned subsidiary of Pueblo of Laguna. The Native American Pueblo also owns Dancing Eagle Casino, Route 66 Casino and Casino Xpress in New Mexico.
Isle of Capri Casinos Inc. owns or operates a portfolio of 14 casinos located in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and Pennsylvania. The company’s stock price closed at $18.32 per share on Monday, Aug. 22, up from $16.59 one year ago.
— Katie Sloan