Body Gaming Corp. says it has enterted a purchase agreement to acquire the IP Casino Resort Spa in Biloxi, Mississippi, from Imperial Palace of Mississippi, LLC, and Key Largo Holdings, LLC, for $278 million in cash.
Boyd Gaming stated that the transaction will be financed with proceeds from its existing revolving credit facility, and is expected to be accretive to earnings. Following closing, Boyd Gaming plans to invest around $44 million in certain capital improvement projects at the property.
Upon satisfactory completion of a 45-day due diligence period and subject to the terms of the definitive agreement and satisfaction of various closing conditions, including the receipt of federal and Mississippi regulatory approvals, the transaction is expected to close before the end of the year.
It is too early to tell what changes will be made, and how comps and players will be treated. Of course you can assume in the future it will be moved over to the Boyd players system.
We will post more details when we get them.