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Board approves Margaritaville Bossier City reduction of leased acreage to aid local development
Summary
The Louisiana Gaming Control Board approved a joint petition allowing Margaritaville Bossier City to remove 7.3 acres from its leased property description, conditioned on updating the licensee statement of conditions; the AG's office said the change is not precluded by law.
The Louisiana Gaming Control Board on Dec. 19 approved a joint petition to modify the legal description of the Margaritaville Bossier City property, permitting the licensee to remove 7.3 undeveloped acres from its lease to facilitate an adjacent golf and entertainment development proposed by Bossier City.
Dan Ives, senior vice president and general manager for Margaritaville, told the board the company does not plan to develop the tract itself and is releasing the land to support local economic development and visitation to the property.
"We are here today to request the board's approval to modify our legal description of Margaritaville property description, releasing a portion of undeveloped land back to the city of Bossier," Ives said.
Assistant Attorney General Catherine Gitz told the board the AG's office reviewed the petition and found that removing 7.3 acres from the 29.3 acres the licensee currently leases is not precluded by law. She said the approval is conditioned on execution of an updated acknowledgment and acceptance of the licensee statement of conditions reflecting the amendment (removing tracts 1, 2a, 2b and 3 from the description).
A resolution authorizing the modification was read into the record and adopted after a motion by Mr. Langley and a second by Mr. Jackson. A roll call recorded affirmative votes from the members present and the chair; the board announced the motion carries and the resolution is adopted.
The resolution notes that VICI holds the licensee's real estate assets in a real estate investment trust and that Penn Entertainment, the licensee's parent company, and VICI must report certain amendments to master leases and related documents to the board within required timelines. The board conditioned approval on updating the licensee statement of conditions and executing required acknowledgements.
The board's action modifies the legal property description but does not, by itself, authorize any development on the released acreage; any further approvals required for the proposed economic-development project would be subject to applicable city, parish or state processes.
The board moved on to subsequent items after adopting the resolution.
