BILOXI — A company from Rhode Island is buying the Hard Rock Hotel & Casino Biloxi for about $250 million.
Twin River Worldwide Holdings of Lincoln, R.I., made the announcement yesterday.
The sale is expected to be complete in June.
The casino is currently owned by Premier Entertainment Biloxi LLC, a subsidiary of Leucadia National Corporation. The casino property boasts over 1,300 slot machines and over 50 table game. The 12-story hotel has 325 rooms with a spa, fitness center and pool. Under construction is a new 154-room tower which should be complete by February of next year.
“This is a premier property within the Biloxi casino market with incredibly strong name recognition thanks to the iconic status of the Hard Rock brand,” said John E. Taylor Jr., chairman of Twin River. “Moreover, the property has a wonderful staff with deep roots in the community.
The Hard Rock in Biloxi was days from opening in 2005 when Hurricane Katrina hit. The property was restored and opened in June 2007.
The estimated completion date for the acquisition is June of 2014, subject to regulatory approvals. The closing is also subject to approvals by Hard Rock International. Twin River said it has secured committed financing for the transaction.
This latest sale of a South Mississippi casino follows the sale of the Silver Slipper Casino to Full House Resorts, the Isle Casino Biloxi to Landry’s Golden Nugget and the IP Casino to Boyd Gaming in the past few years.