Boyd Gaming Corporation announced that the Mississippi Gaming Commission has approved the Company's proposed acquisition of the IP Casino Resort Spa in Biloxi, Mississippi, giving the company all required regulatory approvals to proceed with the $278 million acquisition. The transaction is expected to close October 4.
"We look forward to joining the Mississippi Gulf Coast with this market-leading property," said Keith Smith, President and Chief Executive Officer of Boyd Gaming, in a statement. "The IP's employees enjoy a strong reputation for delivering first-rate customer service, and we are excited to welcome them to the Boyd Gaming team."
Headquartered in Las Vegas, Boyd Gaming Corporation operates 16 properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana.
In a conference call following the acquisition last June, management gave the existing property high marks, calling it a strong number two in Biloxi after Beau Rivage, and saying that it competes on the same level as that market leading resort.
In that same call, Boyd also stressed the potential to cross-market IP with its four other properties in the region including three in Louisiana; Sam’s Town Shreveport, Delta Downs outside Lake Charles and Treasure Chest in suburban New Orleans, and Sam’s Town Tunica in northern Mississippi. By bringing IP Biloxi into its B Connected player loyalty network, Boyd anticipates it will be able to grow its market share and drive substantial gains in customer traffic to the property, producing healthy growth in both the top and bottom lines. Biloxi is seen as a true regional destination; Boyd’s customers in the region already travel north to south with one property designated as their home property, but, until now, the company hasn’t been able to offer them anything in the Gulf.
Boyd Gaming Receives Regulatory Approval to Acquire IP Biloxi
September 23, 2011