Boyd Gaming to buy IP Casino for $278M in cash
by For the MBJ
Published: June 16,2011
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
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Boyd Gaming to buy IP Casino for $278M in cash”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- UMMC reaching out after death of high school football player
- Thousands of acres of Delta farmland to go on auction block
- Former Godwin CEO Danny Mitchell dies at 66
- Tragedy for Jackson Prep: Football player Walker Wilbanks dies
- Board files suit against VA over release of patients' names
- Gov. Bryant sets special election date for Senate District 17
- Northrop Grumman lands $354M Air Force contract for Global Hawks
- Mississippi sounds coming to Americana Music Festival & Conference
- City trying to determine who has authority to spend gaming money