The New Mexico-based Laguna Pueblo has entered an agreement to purchase a commercial, riverboat casino in Louisiana.
Kicks Entertainment, LLC, newly formed by Laguna Development Corporation (LDC), the tribe’s economic development arm, plans to purchase the Isle of Capri Casino Hotel Lake Charles, including its 50,000-square-foot riverboat casino, a 493-room hotel, various food and beverage outlets, covered parking and other amenities, reported Albuquerque Business First.
Reuters reported that upon signing the agreement, Kicks Entertainment paid Isle of Capri a deposit of $20 million. When the transaction is completed, Kicks Entertainment will pay an aggregate purchase price of about $134.5 million for the casino hotel in Westlake, Louisiana, overlooking Lake Charles.
The 8,000-member tribe wanted to seek more economic opportunities, so it turned its sights outsie of the state’s borders.
“This reflects an aggressive strategy for growth,” said Skip Sayre, chief of sales and marketing for LDC, in a phone interview with Albuquerque Business First.
The deal remains subject to regulatory approval by the Louisiana Gaming Control Board. If the proposed purchase goes through, it will mark the tribe’s first foray into commercial gaming, reported Indianz.com.
“Our acquisition of the Isle of Capri Casino in Lake Charles is the culmination of a two-year business development effort to expand LDC both within and outside of New Mexico,” LDC President and CEO Jerry Smith said in a press release yesterday. “Lake Charles is Louisiana’s largest casino market. With our operating principals of quality, service and value we expect to continue to generate solid financial results for our owners and investors.”