Louisiana riverboat casinos can move on land and expand, as Governor John Bel Edwards has signed SB 316 into law, according to Fantini Gaming Report.
The new law allows casinos to move on land within 1,200ft of current berths and operate up to 2,365 gaming positions, which replaces the current 30,000sq.ft floor space camp and represents a potential expansion of gaming positions for each casino.
It will be at least six months before casinos can apply to move on land, and not all will move at once, Louisiana Casino Association executive director Way Duty told the Baton Rouge Advocate.
Bill sponsor Senator Ronnie Johns said the casinos will have to build $500m to $600m first-class facilities and not slots in warehouses. Chad Beynon of Macquarie forecasts at least five casinos will move on land. Boyd CEO Keith Smith has already indicated that Treasure Chest Casino outside New Orleans will make the move.
Taking advantage of the new law should raise Eldorado’s EBITDA by $14m, Penn National and Pinnacle a combined $12m, and Boyd $20m, or one, two and three per cent, respectively, Beynon estimates.
