Thursday, June 20, 2024

Louisiana Downs sale approved by Racing Commission

by BIZ Magazine

OPELOUSAS, La. — The Louisiana Racing Commission has given Rubico Acquisition Corporation the final approval it needed to purchase Louisiana Downs in Bossier City. Rubico will pay $22 million for the facility that sits at the intersection of I-20 and I-220. The transition from Caesars Entertainment to Rubico will begin on November 1. 

Approval by the Louisiana Racing Commission was the last step before finalizing the sale. The Louisiana Downs 2022 horseracing season will begin on January 10 with Quarter Horse racing, which runs through April 7. Thoroughbred racing will be from May 7 through September 27. 

“We have been planning this purchase for over a year,” said Kevin Preston, President of Rubico Acquisition Corporation. “Now, we can begin implementing those changes we have planned for this facility.” 

Louisiana Downs will be the only location in Northwest Louisiana to offer the newly approved historical horse racing machines. The machines are similar to slot machines, but they use results from past horse races instead of a random number generator to choose the outcome of the spin. The state legislature approved the use of the machines at Off-Track Betting Parlors (OTB) earlier this year. 

Rubico can now apply to the state for a sportsbook license for the Bossier City property. The state has imposed a January 1, 2022, deadline for the applications. Once approved, Louisiana Downs will offer a state-of-the-art sportsbook area, as well as new restaurants. 

“Over the next several months, guests will begin noticing changes at Louisiana Downs,” said Preston. “It will take some time to implement all of our changes, but we are confident that, once they are finished, it will restore the pride this area once felt for this property.” 

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