Mississippi Gaming regulators OK Boyd deal for IP Biloxi

The Mississippi Gaming Commission approved Boyd Gaming Corp.'s application to purchase the IP Biloxi, the last regulatory hurdle before the scheduled closing on Oct. 4.

Boyd agreed to buy the resort, with 1,100 rooms and a 70,000-squre-foot casino, in June for $278 million in cash. In addition, the company agreed to contribute $10 million to the Engelstad Family Foundation, the part owner of the IP, for charitable work in the area.

Boyd has also set up a $44 million budget to upgrade the resort once it takes over.