BILOXI — Boyd Gaming Corporation has entered into a definitive agreement to acquire the IP Casino Resort Spa in Biloxi from Imperial Palace of Mississippi, LLC, and Key Largo Holdings, LLC, for $278 million in cash. The company will also contribute $10 million at closing to the Engelstad Family Foundation, which will be distributed over the next five years to local and regional charitable organizations in the Biloxi area.
The transaction will be financed with proceeds from the company’s existing revolving credit facility, and is expected to be accretive to earnings. Following closing, Boyd Gaming plans to invest approximately $44 million in certain capital improvement projects at the property.
Upon satisfactory completion of a 45-day due diligence period, and subject to the terms of the definitive agreement and satisfaction of various closing conditions, including the receipt of federal and Mississippi regulatory approvals, the transaction is expected to close before the end of the year.
Source: Boyd Gaming
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info