News Summary
Bally’s Corporation has completed the sale of its Shreveport and Kansas City casinos for $395 million, part of a lease-back deal with Gaming and Leisure Properties. This strategic move reflects the company’s effort to adapt to changing conditions in the gaming industry. Despite some casinos in Louisiana experiencing revenue growth, challenges persist in the overall gaming landscape, with some establishments reporting significant revenue declines.
Shreveport
Bally’s Corporation has finalized a deal to sell its Shreveport and Kansas City casinos for a total of $395 million, marking a significant move in the gaming industry. This transaction is part of a lease-back arrangement with Gaming and Leisure Properties, as Bally’s continues to adapt to the evolving landscape of the gaming sector.
Revenue Increases in the Louisiana Gaming Market
In a positive turn for the Louisiana gaming market, several casinos reported revenue increases in August 2024 compared to the previous year. Notably, the Horseshoe Casino generated $15.6 million in revenue, an increase of 50% from August 2023, outpacing Margaritaville Casino, which reported around $14.5 million.
Furthermore, the Treasure Chest Casino in New Orleans recorded an impressive 83% year-over-year increase, moving from $6.7 million to $12.3 million in revenue. The Queen Baton Rouge Casino also experienced a remarkable 77.8% increase in revenue. However, not all casinos thrived; the Belle of Baton Rouge faced a 53.5% decline, seeing its revenue drop to $571,801 from $1.2 million in August 2023.
Future Plans for Belle of Baton Rouge
The Belle of Baton Rouge is pursuing a relocation plan with a proposed investment of $111 million for renovations aimed to conclude by September 2025.
Current Standing of Bally’s Shreveport Casino
The Bally’s Shreveport Casino ranked third among local riverboat casinos, reporting revenue of $8.1 million, which is down 1.5% from the previous month but up 4.1% compared to the same month in the previous year. The casino’s restaurant facilities, including The Vintage steakhouse and Sportsmans’ Paradise Café, are now open daily except on Mondays and Tuesdays.
Market Trends and Challenges
Despite the growth at certain casinos, the gaming landscape in Louisiana is facing challenges. In September 2024, the overall gaming revenue reported a decline of 8.3% compared to the prior year, totaling $169.9 million. The Shreveport/Bossier City casinos generated $39.1 million, reflecting an 11.4% decrease from September 2023.
A noteworthy trend is the surge in sports betting, which nearly doubled in September compared to August, reaching $49.9 million. This growth, however, does not mitigate the revenue drops faced by established casinos.
The Belle of Baton Rouge notably reported a drastic 88.8% drop in revenue for September 2024 compared to the previous year, highlighting ongoing struggles in the competitive market.
Annual Revenue Overview
As entities navigate a rapidly changing environment, the adjusted gross revenues in the Shreveport-Bossier City region have decreased significantly. The fiscal year showed a total decline of $42.9 million, culminating in a total of $540.77 million. This decline signals a challenging period for many in the local gaming market, coinciding with the entrance of new competitors such as Live! Casino, which had generated $7.42 million in its first 16 days after opening in February 2025.
The gaming market in Louisiana is thus at a crossroads, dealing with increased competition while also registering some impressive victories, offering both challenges and opportunities as many casinos look to adapt and thrive amidst these fluctuations.
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Additional Resources
- Shreveport Bossier Advocate: Casino Revenues Show Big Win
- KTAL News: Live Casino Opening Draws 97K Visitors
- Shreveport Bossier Advocate: Casinos Keep Money Flowing
- KSLA News: Live Casino Opening Could Boost Markets
- Encyclopedia Britannica: Gambling
