The Isle Casino Hotel in Biloxi, Mississippi is about to become the Golden Nugget Biloxi. St. Louis, Missouri-based Isle of Capri Casinos, Inc. recently announced it will sell the property to Tilman J. Fertitta’s Golden Nugget Casinos, a subsidiary of Landry’s, Inc., for million. The sale will close in four to six months, pending regulatory approval. Fertitta also owns the Golden Nugget Casinos in Las Vegas, Laughlin and Atlantic City.
Fertitta, chairman, chief executive officer and owner of Landry’s, Inc., said, “We’ve been looking at Biloxi for years and want to be a major player in the South. I am not only excited to acquire this choice property, but to grow in an area which for me has personal, family ties. We are excited to bring the Golden Nugget to Biloxi, and have plans to transform the property to a luxurious and exciting hotel and casino with the highest level of service.”
Once the sale is closed, Fertitta said he will invest $150 million in the Isle Casino property, the third-largest in the Biloxi/Gulfport market, to upgrade rooms and add a Chart House restaurant, Lillie’s Asian Cuisine, Grotto and Morton’s Steakhouse, as well as an H20 Resort Pool and Lounge with hot tubs and fire pits. Fertitta said when the upgrades all are completed in 2013, the property will be worth $400 million.
Isle Casino Biloxi was the first casino to open in Biloxi 20 years ago in August 1992. It offers 1,219 slot machines, 36 table games and 709 hotel rooms. Fertitta said the 750 Isle employees will keep their jobs; another 600 jobs will be added when the renovations are done. He added the Golden Nugget Biloxi will honor all Isle Biloxi customer points and rewards not only in Biloxi, but also in Golden Nugget properties in Las Vegas, Laughlin and Atlantic City.
