Mississippi Gaming Regulators Approve Plans for Biloxi's Hard Rock Casino
23 April 2006
The Mississippi Gaming Commission recently approved newly-introduced plans by Leucadia National Corp., a New York-based holding firm, to acquire an interest in Premier Entertainment Inc. and reconstruct the gaming company's Hard Rock Casino & Hotel in Biloxi. The $235 million floating casino barge was initially scheduled for opening the same week Hurricane Katrina brutally damaged it on August 29, 2005.
Lawrence S. Hershfield, CEO of Ranch Capital LLC, the company that in association with Leucadia National is buying into the casino, was reported as saying that after the hurricane, the on-water gaming facility was totally destroyed. Hershfield also said that the casino would be rebuilt on land after all legal and insurance issues were settled.
The deal is reportedly expected to close in the next few weeks. Tom Vaughn, the attorney for the Hard Rock project, said the future venue would feature 1,500 slot machines and 50 table games. Also, according to Premier Entertainment officials, the company could open a temporary casino inside its hotel. Premier estimated that opening an interim casino would cost approximately $67 million and take as long as eight months.
Source: Authorized Online Casinos News Staff
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