Mississippi Casino Sold
Boyd Gaming Corp. says it will buy IP Casino Resort Spa in Biloxi from Imperial Palace of Mississippi, LLC, and Key Largo Holdings, LLC, for $278 million in cash.
Boyd Gaming president and CEO Keith Smith says in a statement Thursday the company will also contribute $10 million at closing to the Engelstad Family Foundation. The money will be distributed over the next five years to local and regional charitable organizations in the Biloxi area.
Ralph Engelstad amassed a fortune through the Las Vega Strip’s Imperial Palace hotel-casino, which he built on the old Flamingo Capri Motel site in 1979. He also developed the Imperial Palace in Biloxi, which became the IP Casino in 2005. Engelstad died in 2002 in Las Vegas.
