Twin River Worldwide Holdings to Acquire Hard Rock Hotel & Casino for $250M
Monday December 16th, 2013 - 9:55AM EG
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
BILOXI, MI—Twin River Worldwide Holdings, parent company of Twin River Casino based in Lincoln, RI, announced plans to acquire the Hard Rock Hotel & Casino located here for $250 million.
According to John E. Taylor, Jr., chairman of Twin River Worldwide Holdings, Inc, the company has been seeking to diversify its revenue base to 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,” Taylor stated.
The Hard Rock Hotel & Casino is owned and operated by Premier Entertainment Biloxi LLC, a wholly owned subsidiary of Leucadia National Corporation. The 12-story hotel has 325 guestrooms and suites with a spa, fitness center, pool and private cabanas. In addition, the Hard Rock is completing a new 154-room hotel tower, which is expected to be complete in February of 2014. The property offers five restaurants, including Ruth’s Chris Steak House and the Hard Rock Cafe.
The estimated completion date for the acquisition is June of 2014, subject to regulatory approvals. The closing is also subject to approvals by Hard Rock International. Twin River has secured committed financing for the transaction.
Tags: Twin River • • Hospitality • Acquisitions • Construction/Renovation •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.