Wednesday, February 28, 2024

Rubico Acquisition Corporation officially takes over Louisiana Downs

by BIZ Magazine

Rubico Acquisition Corporation is the official new owner of Louisiana Downs. The transfer happened at midnight on November 1. The casino floor shut down at midnight and will remain closed until 1pm on Monday November 1, to complete the transfer.

Rubico paid $22 million for the facility, which includes the casino and horseracing track. In late October, the Louisiana Gaming Control Board and the Louisiana Racing Commission gave final approval to the sale.

“A new era for Louisiana Downs begins today,” said Kevin Preston, President of Rubico Acquisition Corporation. “Our team will begin restoring this iconic facility to its former glory. We know it has a lot of untapped potential and we are ready to make this a family-oriented destination once again.”

Under the agreement, Caesar Entertainment employees working at Louisiana Downs will transfer to the new ownership.

“We are excited to welcome new members to our team,” said Preston. “They are our brand ambassadors, greeting and serving our guests with exceptional service. Their experience at Louisiana Downs is immeasurable and will help elevate it to a new level of fun and service for our guests.”

In the coming days, guests will begin noticing changes, especially with new Louisiana Downs signage around the property. The casino will continue to honor the Caesar’s Rewards® program, until it implements its own rewards program in early 2022.

The transfer will not affect Louisiana Down’s horseracing schedule, which begins on January 10 with Quarter Horse racing. Louisiana Downs will be the only gaming facility in northwest Louisiana to offer 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 also plans to add additional food and beverage outlets for guests.

Rubico is currently in the process of applying for a sportsbook license for the Louisiana Downs. The state has a January 1, 2022 deadline for applications. A portion of the facility will house its new, state-of-the-art sportsbook.

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