BILOXI – A company from Rhode Island is buying Hard Rock Hotel & Casino Biloxi for about $250 million.
The announcement by Twin River Worldwide Holdings was made Sunday. The company also owns Twin River Casino in Lincoln, R.I.
The sale is expected to be complete in June, subject to regulatory approvals and the approval of Hard Rock International.
Twin River said in a press release it has secured financing for the sale.
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.
John E. Taylor Jr., chairman of Twin River, said the company wants to diversify and strengthen “as we brace for the eventual impact of Massachusetts casinos and racinos.”
Hard Rock Biloxi is owned and operated by Premier Entertainment Biloxi LLC, a wholly owned subsidiary of Leucadia National Corporation. It was days from opening in 2005 when Hurricane Katrina hit. The property was restored and opened in June 2007.
“We now have the opportunity to broaden our focus to other markets which offer the opportunity for growth,” Taylor said, “and we see Mississippi in general and this property in particular as having exceptional value.”
A new 154-room hotel tower is expected to be complete by February.
“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,” Taylor said. “Moreover, the property has a wonderful staff with deep roots in the community. We value the community involvement and corporate citizenship role we enjoy in Rhode Island, and look forward to replicating that level of commitment in the Mississippi community.”
Read more here: http://www.sunherald.com/2013/12/15/5196352/biloxi-hard-rock-sold-for-ab...