L'Auberge, Hollywood parent companies agree on merger
BATON ROUGE - Gaming regulators signed off on the merger of two casino companies Monday, paving the way for the parent companies of L'Auberge and Hollywood to join forces.
Previously, shareholders for the L'Auberge parent company, Pinnacle, and the company that runs Hollywood, Gaming and Leisure Properties, Inc., met simultaneously in March in Baton Rouge to discuss the $4.75 billion merger. According to reports about the meeting, Gaming and Leisure Properties, Inc., would acquire the other company's real estate assets - fourteen properties in seven states - and lease the locations back to Pinnacle in a ten-year deal. Pinnacle is also reportedly going to sell its operating company and property it owns but is not using in Baton Rouge and other areas. Tax records show Pinnacle owns a large amount of land around L'Auberge off Nicholson in East Baton Rouge along the river near the Iberville Parish line.
Previously, company executives said the merger would have no impact on gamers, guests and employees.
"We believe the healthy liquidity and leverage profile that our Company will have following the completion of our transaction with Gaming and Leisure Properties provides a solid foundation for future growth," Pinnacle said in a statement.
Follow the publisher of this post on Twitter: @treyschmaltz
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Lee High School will get football program next year
Locals pack the streets for White Light Night
Saying goodbye: Beauregard Gallery and Bistro closing its doors
'You have our attention': Police hold press conference amid crime wave in...
Mayor pushing new tax proposal for traffic improvement