Track owner to buy casino
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MORGAN CITY — The owner of the Evangeline Downs race track has agreed to buy the Amelia Belle riverboat casino near Morgan City for $106.5 million.
Peninsula Gaming LLC, based in Dubuque, Iowa, said it expects to complete the deal with Tropicana Casino and Resorts Inc. in September. The sale will require approval from the Louisiana Gaming Control Board.
An indirect subsidiary of Tropicana Casino and Resorts — Tropicana Entertainment LLC — owns the Belle of Baton Rouge riverboat casino in Baton Rouge. Tropicana Entertainment recently emerged from federal bankruptcy court with a reorganization plan that didn’t affect the Amelia Belle.
“We’ve been operating in south central Louisiana for five years at Evangeline and this facility fits perfectly in our portfolio,” said Peninsula Gaming chief executive Brent Stevens, who said the company is confident of “a compelling return” on its investment.
In May, the Amelia Belle generated $4.7 million in revenue, up 7 percent from April but down 6 percent from a year ago. That’s roughly in line with riverboat casino trends statewide, with all boats combining for a 9 percent monthly gain in May and a 6 percent decline from the same month one year earlier.
Peninsula Gaming also has a slot machine casino at Evangeline Downs, which it developed as an all-new track at Opelousas from its previous site at Carencro. Peninsula owns two Diamond Jo riverboat casinos in Dubuque and Worth County, Iowa, in addition to four off-track betting parlors in Port Allen, New Iberia, Henderson and Eunice in Louisiana.
The Amelia Belle operated first as Bally’s Casino when it opened in Louisiana in 1994 and later became the Belle of Orleans. The casino has 823 slot machines and 25 table games.
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