Isle Casino Biloxi has been sold to the Golden Nugget for $45 million.
Virginia McDowell, president of Isle of Capri made the announcement this morning.
Golden Nugget officials said in a press release that plans call for updating the entire property with a fresh, modern look, new bars, restaurants, rooms and suites.
The new restaurants include the Chart House, overlooking the marina, Lillie's, an Asian cuisine restaurant, Grotto, an Italian ristorante, and Morton's Steakhouse.
A new spa also will be included in the renovations, as well as a poker room and H2O resort pool and lounge that will feature hot tubs and fire pits. The renovations are expected to be finished by 2013.
"This transaction allows us to monetize an asset at a deleveraging price,” she said. “We have enjoyed 20 years of owning and operating Isle Casino Hotel Biloxi and we appreciate the hard work and dedication of our team.”
The Isle was the first casino to open in Biloxi, 20 years ago, on Aug. 1, 1992. The casino came in on two riverboats and set up shop on the Point. People stood in line for days to get inside for a peak and to try their luck at the new casino.
This is the second Biloxi casino to be sold within a year. In June, the IP announced it was being sold to Boyd Gaming Corporation.
Golden Nugget also has properties in Las Vegas and Laughlin, Nev., and Atlantic City.
The Sun Herald will update this story as more details become available.