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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- Oxford’s FNC getting new headquarters
- Officials set hunting dates for birds; expands dove season by 20 days
- MARTIN WILLOUGHBY — State roots key to Edge Theory's Joe Stradinger
- ALAN TURNER — The ‘Internet of things’ is focus of Camgian's Gary Butler
- TECH 21 — Mississippi's most wanted in technology
- Cochran's attorneys argue for dismissal of McDaniel's lawsuit
- Federal charges dropped against Shumate after guilty plea
- MEMA warns of hottest temperatures of the year