Hard Rock Casino sells to Rhode Island company for $250M
Published: December 16,2013
Tags: acquisition, casino, convention, gaming, Hard Rock Hotel and Casino, hospitality, John E. Taylor Jr., Leucadia National Corporation, lodging, meeting, Premier Entertainment Biloxi LLC, purchase, sale, sell, tourism, tourist, Twin River Worldwide Holdings, visitor
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- The Dan Jones-IHL saga: Is this the story that started it all?
- DAVID DALLAS — From Dan and Dixie with love
- Email from Nash to Delta Council’s Morgan included in DHA court file
- Dan Jones rejects IHL offer, won't publicly apologize
- Delta Health Alliance CEO Karen Fox under investigation for possible misuse of funds
- BREAKING NEWS: Trustees offer new deal to Ole Miss chancellor Dan Jones
- Suit against Kemper employee Brett Wingo is dismissed
- Ole Miss chancellor: Talks continue over job status
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur