WESTLAKE— Isle of Capri Casinos, Inc. announced Monday that it has agreed to sell its Westlake property for about $134.5 million. The buyer – Kicks Entertainment – is an entity of New Mexico-based Laguna Development Corp., a wholly owned subsidiary of the Pueblo of Laguna.
Visible changes to the property are planned, including new slot machines, new decor and more food and beverage options, according to company spokesperson Skip Sayre.
He said that the agreement with Isle of Capri was made over a period of several months and that the sale should take an additional six to eight months as the two companies conduct the necessary closing conditions.
Sayre said Laguna Development Corp. has “tremendous respect” for the Isle of Capri and its legacy in the community.
“Certainly one of the attractive things about this business was that it’s a business that’s built on a solid foundation,” Sayre said. “It’s been reliable and consistent in terms of its earnings, and we will look for opportunities to grow that.”
Sayre said Isle of Capri remains a relevant gaming destination in the Lake Charles area, even among newer casinos like L’Auberge Casino Resort and the Golden Nugget, because of its stable target audience.
“It has a certain part of the market share, a certain kind of customer that this brand appeals to,” Sayre said.
He said Laguna wants to solidify that customer base and build upon it in the near future.
“We plan to be a vibrant engaged member of this very competitive market, and we think we can continue to be successful here,” Sayre said.
He added that Laguna plans to retain all employees in good standing at the property. On Monday, his team met with many employees who have worked at the property for 10 years or more. He said his company values that kind of commitment and loyalty and plans to utilize it once they acquire the property.
Sayre called it a “watershed moment” for the company as it enters into a business venture of this scope and size.
“We’re very proud of the fact that we were able to get this deal done to the place that it is now,” he said. “We still have to get to the finish line, and we’re going to be doing everything we can to make sure that goes as smoothly as possible.”
Eric Hausler, chief executive officer of Isle of Capri Casinos, stated in a news release that his company intends “to use the cash proceeds we receive from this transaction to reduce debt and for other corporate purposes” following the completion of the sale.
Hausler also assured customers that, in the meantime, the company’s “focus remains on providing our customers with the great experiences they have come to expect from Isle of Capri Casino Hotel Lake Charles.”
The purchase is subject to approval by the Louisiana Gaming Control Board.
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