Penn National Gaming, one of the biggest owners and operators of casinos in the country, has agreed to purchase Margaritaville Resort in Bossier City. According to a release sent out Tuesday morning, the company has agreed to buy the casino and property for $376 million in cash. the deal is expected to be finalized by the end of the year.

Management for Margaritaville says its a great day for both local employees and players. They say employees will have more opportunity to advance working for such a large company. According to those 'in the know', Penn plans to expand and improve the facility once the deal officially goes through.

Reports suggest the deal should be closed by the end of the year. This is Penn Gaming's second trip to the Shreveport-Bossier market. For a short time in the early 2000s they owned the old Hollywood Casino.

You can read the full statement released by Margaritaville below:

Bossier Casino Venture, Inc., the owner and operator of Margaritaville Resort Casino Bossier City ("Margaritaville Resort Casino"), announced today that it has entered into a definitive agreement under which Penn National Gaming, Inc. will acquire the operations and VICI Properties, Inc. will acquire the real estate of Margaritaville Resort Casino in an all-cash transaction valued, in total, at $376 Million.

Paul R. Alanis, Chief Executive Officer of Bossier Casino Venture, commented, "I am pleased to have entered into this agreement with Penn National Gaming and VICI Properties. I am confident that Penn National Gaming will continue the quality operations that have characterized Margaritaville Resort Casino these past five years and will provide new opportunities for our crew members as well as an exciting gaming and entertainment experience for our valued customers.”

Barry Regula, Senior Vice President and General Manager of Margaritaville Resort Casino further commented: "This is a tremendously positive outcome for our crew members, our guests and our community. Penn National Gaming offers outstanding opportunities for employees, a geographically diverse network of destination casinos for our guests, and a solid platform for potential future development to enhance the economic benefits to the community. I'd like to thank our over 1,050 amazing crew members for their daily dedication to providing memorable experiences for our guests. It is because of their efforts that we have achieved the success that has attracted a quality gaming company, such as Penn National Gaming, as an acquirer.”

Margaritaville Resort Casino has achieved significant market share growth in recent months. Recent upgrades and amenities to the property include the Riverview Restaurant and Brew House, the Bamboo Asian Café, the Busted Coconut pool bar and lounge, high limit slots and table games areas, and a dedicated Baccarat room.Margaritaville Resort Casino is Northwest Louisiana’s most awarded casino, receiving over 100 awards from various publications such as Southern Gaming Magazine, Casino Player Magazine and numerous other periodicals. These accolades include Best Customer Service, Best Place to Work for the last 3 years and Best Overall Property in the Mid-South for the past 4 years.

Macquarie Capital is acting as financial advisor and Milbank, Tweed, Hadley & McCloy LLP is acting as legal advisor to the parent of Bossier Casino Venture, Inc.

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