Peninsula Gaming's subsidiary AB Casino Acquisition has entered into an agreement to purchase casino operator Belle of Orleans.
The company has agreed to pay $106.5m for the outstanding limited liability company interests in Belle, which owns Amelia Belle Casino in Amelia, Louisiana. The casino has 823 slot machines and 25 table games, including a poker room. Amelia Belle is just 90 miles from Peninsula’s Evangeline Downs Racetrack and Casino near Morgan City, offering the company an opportunity for further growth.
“We’ve been operating in South Central Louisiana for five years at Evangeline and this facility fits perfectly into our portfolio,” said Brent Stevens, chief executive officer of Peninsula. “The opportunity to improve performance by creating synergies with our existing property attracted us to this acquisition. The purchase price multiple fits our criteria and we’re confident it will generate a compelling return.”
