IP Casino Resort will be the second Mississippi casino operated by Boyd Gaming, which also owns Sam’s Town Tunica. The $278 million deal is expected to close by the end of the year. Upon completion of a 45-day due diligence period, Boyd Gaming will make a $10 million deposit applied to the purchase price. Following closing, Boyd Gaming plans to invest approximately $44 million in certain capital improvement projects at the property. As part of the deal, Boyd Gaming will also contribute with $10 million to the Engelstad Family Foundation, which will benefit local charities over the next five years.
“This acquisition is an excellent fit to our existing business and provides further geographic diversification by giving us a presence in a leading regional destination market. In conjunction with our divestiture of Dania Jai-Alai, this is another important step toward achieving our strategic goal of significantly strengthening our balance sheet. We will continue to look for additional acquisitions that are complementary to our current operations, deliver a solid return for our shareholders, and are priced appropriately.” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.
Formerly called the Imperial Palace, the AAA Four Diamond Award winning IP Casino Resort and Spa is one of the premier resorts on the Mississippi Gulf Coast. Overlooking the scenic Back Bay of Biloxi, the property offers visitors 1,100 hotel rooms and suites; a 70,000-square-foot casino with 1,900 slot machines and 62 table games; 73,000 square feet of convention and meeting space; a spa and salon; a 1,400-seat theater; six lounges and bars; and eight dinning options, including two AAA Four Diamond restaurants.