Margaritaville Resort Casino Completes Financing
February 14, 2012 - Bossier Casino Venture, LLC (dba Margaritaville Resort Casino) announced the successful closing of its project financing for the Margaritaville Resort Casino to be built in Bossier City, Louisiana. Construction on the $197 million casino and hotel resort is expected to commence immediately and extend for approximately 16 months, with a targeted opening date in June 2013.
The resort will feature a 30,000 square foot, single-level gaming floor, unlike the other existing riverboat gaming facilities in the Shreveport-Bossier City market. The casino will include over 1,300 slot machines and 46 table games as well as the famous "It's 5 O'Clock Somewhere" bar. The project will also feature a 396-room, 18 story hotel, a 900-seat state of the art entertainment venue, spa and fitness center, outdoor pool deck and dining area, dramatic landscaping and four food & beverage outlets, including the trademark Margaritaville Restaurant.
"We are excited to begin construction on our Margaritaville Resort Casino, which will combine the care-free, island lifestyle theme of Margaritaville with a 'Las Vegas' style gaming experience and enable the Shreveport-Bossier City gaming market to experience major growth," said Paul Alanis, President and Chief Executive Officer, and former Chief Executive Officer of Pinnacle Entertainment, Inc. Concurrently with the closing of the project financing, Bossier Casino Venture, LLC exercised its option with Isle of Capri Casinos, Inc. and acquired Grand Palais Riverboat, Inc., including the gaming license held by that entity. The movement of the license to Bossier Parish has previously been approved by the Louisiana Gaming Control Board and the voters in Bossier Parish. Margaritaville will be the sixth casino in the Shreveport-Bossier City gaming market and the first new facility in more than a decade.
The Margaritaville Resort Casino in Bossier City will be the third and largest Margaritaville-themed casino, with one location open in Las Vegas, Nevada and another expected to open within the next few months in Biloxi, Mississippi. The Margaritaville Resort Casino project will be located on the Red River, adjacent to the Louisiana Boardwalk — the largest outdoor shopping, dining and entertainment development in Louisiana.
Houlihan Lokey and Macquarie Capital served as joint-bookrunners on the project financing.
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