Boyd will donate $10 million to the Engelstad Family Foundation

Jun 20, 2011 7:54 PM

Boyd Gaming Corp. (BYD) expects to close before year end on the $278 million purchase of the IP Casino Resort in Biloxi, Miss.

The property was built in the days when riverboat casinos were flourishing on the Gulf Coast by the late Las Vegas gaming operator Ralph Englestad. As part of the purchase agreement, Boyd will donate $10 million to the Engelstad Family Foundation, an organization that has been prominent with its Las Vegas philanthropies.

Keith Smith, Boyd president and CEO, said the acquisition fit the company’s growth strategy. The company already owns and operates Sam’s Town riverboat casino in Tunica, Miss.