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Gambling News by Gambling Headquarters

Sunday, April 23, 2006

Hard Rock Biloxi Moves Closer to Rebuilding

 

As reported by the Clarion Ledger: "Hard Rock Casino & Hotel in Biloxi moved a step closer toward rebuilding Thursday when the Mississippi Gaming Commission approved a deal by a New York holding company to buy into the casino. "The $235 million Hard Rock Casino & Hotel was three days away from opening when Hurricane Katrina severely damaged the casino barge and hotel on Aug. 29.

"'The casino was a total loss,' said Lawrence S. Hershfield, chief executive officer of Ranch Capital LLC, that in association with Leucadia National Corp. is acquiring an interest in the casino. ".Leucadia, which is involved in manufacturing, health-care services, telecommunications, real estate, a winery and residual banking and lending activities, is buying ownership in the Hard Rock for $89 million and also will offer to buy $160 million in bond debt owed on the resort.

"The deal should close sometime within the next two weeks, said Scott Andress, a Jackson gaming lawyer for Hard Rock."

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