Isle of Capri selling Coast casino for $45M to Golden Nugget
Published: March 5,2012
BILOXI — Isle of Capri Casinos,Inc. has entered into a definitive purchase agreement with Golden Nugget Biloxi Inc., a wholly owned subsidiary of Landry’s Inc., to sell its Isle Casino Hotel in Biloxi.
Under the terms of the agreement, Golden Nugget Biloxi has agreed to pay Isle of Capri Casinos approximately $45 million. The transaction is subject to regulatory approval and other customary closing conditions.
Virginia McDowell, president and CEO of St. Louis, Mo.-based Isle of Capri, said, “This transaction allows us to monetize an asset at a deleveraging price. We have enjoyed 20 years of owning and operating Isle Casino Hotel Biloxi and we appreciate the hard work and dedication of our team. Moving forward we plan to continue implementation of several initiatives to improve the product offering at our properties including the continued roll out of our exciting Farmers’ Pick Buffet, and the rebranding of several of our casinos to the Lady Luck Brand including the recently announced rebrand of our casino in Vicksburg, Miss.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- ANITA MODAK-TRURAN — Mississippi’s motion picture renaissance
- Entergy gives solar a shot
- Challenging times ahead for Pearl’s manufactured home residents, apartment complex owners
- Critics say Pearl out to eliminate mobile homes and apartments – not safeguard them
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Irby commits suicide after wife's prison release
- State Sen. McDaniel traveling Mississippi to promote PAC
- Despite obstacles, craft beer industry growing