IP Casino sold to Boyd Gaming (Updated 8:39 a.m.)

meperez@sunherald.comJune 16, 2011 

— IP Casino Resort in Biloxi has a new owner.

Boyd Gaming Corporation announced today it has entered into a definitive agreement to buy the IP from Imperial Palace of Mississippi LLC, and Key Largo Holdings LL, for $278 million in cash.

The company said it its news release it also will contribute $10 million at closing to the Engelstad Family Foundation. The money will be distributed to local and regional charitable organizations in the Biloxi area over the next five years.

Boyd Gaming said it plans to invest about $44 million in capital improvement projects at the IP.

"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," said Keith Smith, president of Boyd Gaming.

The Sun Herald will update this story.

The Sun Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service