Business Briefs

State lease sale attracts $3 million

Louisiana’s monthly mineral lease sale generated more than $3 million in bonuses for February, bringing the total for the fiscal year to more than $21.7 million.

The state’s Mineral and Energy Board awarded 34 leases covering more than 6,603 acres, out of 43 nominated tracts covering more than 69,704 acres.

The board sold leases in DeSoto, Jefferson, Lafayette, Lafourche, LaSalle, Natchitoches, St. Charles, St. Mary, Tangipahoa and Terrebonne parishes. Of the 34 tracts awarded, five were in north Louisiana and 29 were in the southern parishes.

The state’s fiscal year ends June 30.

Margaritaville casino announces financing

Bossier Casino Venture LLC said Monday that it has obtained financing for the Margaritaville Resort Casino to be built in Bossier City.

Construction on the $197 million casino and hotel resort is expected to begin immediately and last about 16 months.

The targeted opening date is June 2013.

The resort will feature a 30,000-square-foot, single-level gaming floor, with 1,300 slot machines and 46 table games as well as the “It’s 5 O’Clock Somewhere” bar.

The project will also feature a 396-room, 18-story hotel, a 900-seat art entertainment venue, spa and fitness center, outdoor pool deck and dining area. It also will have four food and beverage outlets, including the trademark Margaritaville Restaurant.

Margaritaville will be the sixth casino in the Shreveport-Bossier City market.

The Margaritaville Resort Casino will be on the Red River, adjacent to the Louisiana Boardwalk, an outdoor shopping, dining and entertainment development.

Compiled from Advocate staff reports

Hicks acquires stake in Lafayette firm

Hicks Equity Partners, a Dallas-based private equity firm, has acquired a majority interest in Directional Rentals, Inc., a privately held oilfield services company with headquarters in Lafayette.

Terms of the deal were not disclosed.

Directional Rentals also has offices in Houston, Casper, Wyo., and Bakersfield, Calif. Directional rents tools primarily to directional drilling companies. The company’s rental equipment portfolio consists of nearly 5,000 drill collars, stabilizers and sub-assemblies in a wide range of sizes made from nonmagnetic, nickel-based specialty metal and basic carbon steel.

Directional’s previous owners, Mike Domino Jr. and Ronnie Russo, retained minority equity stakes in the company. Domino, who joined Directional in 2009 and has been instrumental in the company’s recent growth and success, has been named Directional’s chief executive officer.

Russo, who founded the company in 1984, will remain involved in the business. In addition, Wesley DeHaven has joined Directional as chief operating officer and chief financial officer.

Insurance agency helps get $5.3 million

The Louisiana Department of Insurance reviews of consumer complaints helped state residents get more than $5.3 million in insurance payments in 2011.

The department handled 13,208 consumer inquiries and 3,453 official consumer complaints.

The payments resulted from insurance claims disputes in which the department worked with insurance companies and consumers to recover money above what the insurance companies originally offered to settle claims. Funds recovered are from formal complaints regarding property and casualty, health insurance, life and annuities, and consumer advocacy claims.

The department’s life and annuities division drew the most questions, with 8,257 inquiries, and nearly half of the recoveries, $2.5 million. However, consumers filed only 471 formal complaints.

The office of property and casualty drew the most formal complaints, 1,731, and was second in inquiries, 4,257, and recoveries, $1.7 million.

The office of health had 672 inquiries, 1,248 formal complaints and $1.1 million in recoveries.

Compiled from Advocate staff reports