Lady Luck Casino purchased by owners of Hard Rock in Biloxi
Published 8:52 am Thursday, July 11, 2019
A Vicksburg casino has been sold to a Rhode Island holding company that owns several other casino properties, including the Hard Rock Hotel & Casino in Biloxi.
Twin River Worldwide Holdings, Inc. announced Thursday it entered into an agreement to acquire the operations and real estate of Lady Luck Casino and Isle of Capri Casino Kansas City in Kansas City from Eldorado Resorts, Inc. in a cash transaction for $230 million, subject to certain customary post-closing adjustments.
TRWH owns and manages four casinos, including the Hard Rock & Casino in Biloxi. The company also own two casinos in Rhode Island and another in Delaware, as well as a Colorado horse race track that has 13 authorized OTB licenses.
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The company expects to finance the purchase price with available cash.
“This transaction continues our focus on creating long-term shareholder value as we strive to develop or acquire assets which we believe will prove accretive to our earnings,” George Papanier, President and CEO of TRWH commented. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets.
“We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.”
Lady Luck Casino features approximately 25 thousand square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel.
According to the release, the transaction, which is expected to close in early 2020, is subject to receipt of required regulatory approvals and other customary closing conditions.