(The Center Square) — The Louisiana Gaming Control Board has approved petitions from multiple casino operators seeking approval for new institutional investors and a proposed merger agreement involving Bally’s Corporation.
Premier Entertainment Shreveport, LLC, which operates Bally’s Shreveport Casino & Hotel, along with Louisiana Casino Cruises, LLC (The Queen Baton Rouge) and Catfish Queen, LLC (Belle of Baton Rouge), have submitted petitions requesting approval for three entities to qualify as institutional investors.
The board also approved a merger between Bally’s Corporation and The Queen Casino & Entertainment.
The merger will bring Bally’s Shreveport Casino & Hotel, The Queen Baton Rouge and the Belle of Baton Rouge under one entity.
The entities approved include the University of Chicago, Entrust Special Opportunities Master Fund III, L.P., and Entrust Global Partners, LLC.
The University of Chicago will hold a 5.84% stake, Entrust Special Opportunities Master Fund Three LP would hold 7.06%, and Entrust Global Partners LLC would own 12.90%.
Louisiana State Police gaming enforcement officer Brian Jefferson stated that after reviewing the petition and supporting documents, investigators determined the entities are passive investors with no management responsibilities, decisionmaking authority, voting rights or operational control over Bally’s or its Louisiana licensees post-merger.
Additionally, the board is evaluating a joint petition for the approval of a merger agreement between Bally’s Corporation and The Queen Casino & Entertainment, Inc.
The merger, if approved, would mark a significant restructuring within Louisiana’s gaming landscape, potentially affecting ownership and operations of some of the state’s major casino properties.
