Hard Rock deal details $250 million sale

BILOXI, MS (WLOX) - In the world of casinos, you have to spend money to make money. That is why a Rhode Island company wants to buy the Hard Rock Hotel and Casino in Biloxi for $250 million.

Chairman of Twin River Worldwide Holdings, Inc. John E. Taylor Jr. said the company is making the purchase in an attempt to expand its gaming operations and better withstand industry and marketplace challenges.

"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," said Taylor.

"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 casino is currently owned by Premier Entertainment Biloxi LLC, a subsidiary of Leucadia National Corporation. The casino property boasts over 1,300 slot machines and over 50 table game. The 12-story hotel has 325 rooms with numerous amenities such as a spa, fitness center and pool. The hotel is currently under construction of a new 154-room tower which should be complete by February of next year.

"This is a premier property within the Biloxi casino market with incredibly strong name recognition thanks to the iconic status of the Hard Rock brand. Moreover, the property has a wonderful staff with deep roots in the community. We value the community involvement and corporate citizenship role we enjoy in Rhode Island, and look forward to replicating that level of commitment in the Mississippi community."

The casino is expected to change hands by June 2014.

Copyright 2013 WLOX. All rights reserved.