New Isle Casino Hotel Biloxi coming to Mississippi

Under the terms of the agreement, Golden Nugget Biloxi has agreed to pay Isle of Capri Casinos approximately us$ 45 million. The transaction is subject to regulatory approval and other customary closing conditions.

Tilman J. Fertitta, Chairman, CEO, and Owner of Landry's, announced the expansion of his Golden Nugget Casinos to include The Golden Nugget Biloxi. Fertitta's gaming companies which include Golden Nugget Casinos in Las Vegas, Laughlin and Atlantic City now will expand to the South with the acquisition of the Isle Casino Hotel in Biloxi, Mississippi. 

Fertitta said, "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. All upgrades and improvements are expected to be completed by 2013." After closing, 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.

Pending regulatory approvals necessary to complete the purchase, exciting and dramatic changes to the property are planned to transform the hotel-casino into a Golden Nugget resort destination. The transaction is expected to be completed within four to six months.

Fertitta's plans for the Golden Nugget Biloxi will enhance the look and reputation of the 720 room Biloxi property, with the third largest casino hotel in the Biloxi/Gulfport marketplace being transformed into one of the premier resort destinations in the South. Fertitta's team is incorporating Landry's award winning concepts to include the Chart House restaurant, Lillie's Asian Cuisine, nationally recognized Grotto Italian Ristorante, and a Morton's Steakhouse. In addition, Fertitta stated, "The entire property will be updated with a modern look to include new bars and lounges with live entertainment, stylish retail offerings and updated rooms.

There will be a high energy Rush Lounge and a unique Live Bar to complement a new spa, poker room, and a state of the art showroom. Also, there will be an innovative H2O Resort Pool and Lounge which will introduce all season hot tubs and fire pits. Together these will deliver an exhilarating experience unlike anything available in Biloxi.

Virginia McDowell, president and chief executive officer of Isle of Capri, commented, "This transaction allows us to monetize an asset at a deleveraging price. We have enjoyed 20 years of owning and operating Isle Casino Hotel Biloxi and we appreciate the hard work and dedication of our team. Moving forward we plan to continue implementation of several initiatives to improve the product offering at our properties including the continued roll out of our exciting Farmers' Pick Buffet, and the rebranding of several of our casinos to the Lady Luck Brand including the recently announced rebrand of our casino in Vicksburg, Mississippi."

The Golden Nugget has strong brand recognition worldwide. Since Landry's purchased the Golden Nugget Las Vegas, they have invested more than us$ 300 million to renovate and expand the property, continuing it as one of the top hotel-casinos in Las Vegas.

The centerpiece of the Golden Nugget Las Vegas is The Tank, a unique pool and shark aquarium which has been recognized as one of the top ten hotel pools in the world by Forbes Traveler and top ten most extreme pools by The Travel Channel. This stunning pool is open year-round for guests to enjoy. The most recent addition to the Las Vegas property is the Rush Tower which opened in late 2009 offering additional rooms and includes a Chart House restaurant featuring a 100,000-gallon tropical aquarium, and high-end retail shopping.