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New Mexico tribe fails on bid to buy Louisiana casino

3 years 11 months 3 weeks ago Monday, February 05 2018 Feb 5, 2018 February 05, 2018 1:00 PM February 05, 2018 in News
Source: Associated Press
By: Associated Press
Photo: Isle of Capri Casino
LAGUNA PUEBLO, N.M.- A New Mexico tribe's bid to buy a Louisiana casino has failed.
The Gallup Independent reports Laguna Pueblo didn't obtain approval from Louisiana Gaming Control Board by a deadline. That prompted the owner of the Isle of Capri Casino Hotel Lake Charles in Westlake, Louisiana, to cancel plans to sell to the Laguna Development Corp.'s Kicks Entertainment unit.
In August 2016, the Laguna Development Corp. announced it has signed a purchase agreement to acquire the Isle of Capri Casino Hotel Lake Charles for $134.5 million. But the purchase had to be completed within 12 months.
Laguna Development pulled its application from the Gaming Control Board in November 2017.
Laguna Development President and CEO Jerry Smith said in a statement he was disappointed a deal couldn't be reached.

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