BOSSIER CITY, LA (KSLA) - Penn National Gaming is rolling the dice and banking on the value of Margaritaville Resort Casino in Bossier City.
According to a news release issued Tuesday morning, Penn National has entered a definitive agreement to purchase the casino for $115 million in a cash transaction.
Penn National said it is partnering with VICI Properties Inc. to purchase the Bossier City facility.
The move is hoped to set the company up to diversify its revenue and operating base.
Penn National will also enter into a triple-net lease agreement with VICI. The lease will be at a cost of $23 million for 15 years.
Before anything is finalized, the purchase agreement must be approved by the Louisiana Gaming Control Board.
The deal is expected to close sometime this year.
For the full news release, click here.