Penn National Gaming Inc. of Wyomissing has finalized the acquisition of another casino resort.
The company has acquired the operating assets of the Margaritaville Resort Casino in Bossier City, Louisiana for $115 million.
It was part of a deal that also saw VICI Properties Inc. of New York purchase the land and real estate assets of the casino resort. VICI owns 20 other gaming facilities.
The two companies had announced their intent to purchase the casino resort back in June.
The total purchase price for the combined operations and real estate was approximately $376 million according to a press release from VICI.
As part of the transaction Penn National has entered into a triple-net lease agreement with VICI for an annual rent of about $23.2 million with a term of 15 years and four 5-year renewal options.
The Margaritaville Casino Resort was built in 2013 and has 26,500 square feet of casino space featuring 1,215 slots and 50 tables.
There are also 395 hotel rooms with an island-style escape theme, six restaurants and food and beverage outlets and a 15,000-square-foot 1,000-seat theater.
Penn National operates more than 40 casinos in the U.S and Canada.