BOSSIER CITY, La. (KTAL/KMSS) — Louisiana Downs is one step closer to having a new owner.

The Louisiana Gaming Control Board has given Rubico Acquisition Corporation approval to proceed with the purchase of Louisiana Downs for $22 million. The purchase includes the horseracing track and casino facilities.

“This is a big win for everyone involved,” President of Rubico Acquisition Corporation Kevin Preston, said in a statement Friday morning. “Louisiana Downs is such an iconic institution of the Bossier City and Northwest Louisiana landscape. At one time it was one of the premier horseracing tracks in the state and our plan is to restore it as a place of entertainment for the entire family.”

The new ownership has big plans for the facility including adding new games to the casino floor, a new rewards program, and new food and beverage outlets. The sale will not affect horseracing.

“As the new name in the Shreveport-Bossier City gaming market, our commitment is to be a good neighbor,” added Preston. “We look forward to becoming a part of Northwest Louisiana and continuing the legacy of gaming and horseracing at Louisiana Downs.”

The new owner, Rubico Acquisition Corporation is expected to take over on November 1 pending approval from The Louisiana Racing Commission. The commission is expected to meet later this month.