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:Iowa Gambling News Brief
Peninsula Gaming Agrees to Acquire Amelia Belle Casino
Press Release, Monday, June 22, 2009 at 6:19:51 PM
Peninsula Gaming, LLC today announced that its wholly owned subsidiary, AB Casino Acquisition LLC, has entered into a definitive purchase agreement, dated June 18, 2009, with Columbia Properties New Orleans, L.L.C. to purchase 100% of the outstanding limited liability company interests of Belle of Orleans, L.L.C. for $106.5 million dollars, subject to certain adjustments.
Belle of Orleans, L.L.C. owns the riverboat casino commonly known as the Amelia Belle Casino, located in Amelia, Louisiana. The Amelia Belle Casino has 823 slot machines and 25 table games, including a poker room. The Company looks forward to working with current management to maintain the level of service and overall experience that define Peninsula Gaming's existing and future operations and continue to ensure its ongoing competitiveness and growth in the industry.
The Amelia Belle is located 90 miles from Peninsula Gaming's Evangeline Downs Racetrack and Casino near Morgan City, Louisiana and is a natural growth opportunity for the company. "We've been operating in South Central Louisiana for five years at Evangeline and this facility fits perfectly in our portfolio" said Brent Stevens, CEO 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."
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