Casino Gambling

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

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.