Twin River buys Hard Rock in Biloxi for $250M

By VCPOST Staff Reporter

Dec 16, 2013 01:36 AM EST

Rhode Island firm Twin River Worldwide Holdings Inc has acquired the Hard Rock Hotel and Casino in the city of Biloxi, Mississippi. The purchase is valued at $250 million, wrote WLOX.

Twin River chairman John E. Taylor Jr. said the company purchased the casino from Premier Entertainment Biloxi LLC in order to expand its gaming business. The firm also wants to gain more traction in the challenging gaming industry, said the report.

Taylor said, "Growing the business both organically and through acquisition solidifies our presence in Rhode Island and strengthens the company at an important time in our history as we brace for the eventual impact of Massachusetts casinos and racinos. We now have the opportunity to broaden our focus to other markets which offer the opportunity for growth, and we see Mississippi in general and this property in particular as having exceptional value."

The acquired property has more than 1,300 slot machines and over 50 table games. The 12-storey structure has 325 rooms with various amenities such as pool, spa, and fitness center. A new 154-room tower within the property is currently under construction and is expected to be completed by February 2014, the report detailed.

In relation to the acquisition deal, Hard Rock Hotel and Casino in Biloxi is expected to change its management by June 2014, WLOX reported.

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