Hard Rock Casino in Biloxi Signs Rebuilding Deal

Premier Entertainment has signed a contract with Roy Anderson Corp. for the company to rebuild its Hard Rock Biloxi Casino at a cost of no more than $78.3 million, according to a recent filing with the Securities and Exchange Commission. The rebuilding should be complete by July 4, 2007, under terms of the contract between the new casino and construction companies.

Roy Anderson III owns the construction company and is a part-owner of the casino company. More than 300 concrete pilings will be driven into the water to secure the new casino. The original casino was destroyed by Hurricane Katrina the week it was scheduled to open as the Coast's 13th gambling property. Premier Entertainment is also retaining three of its top executives to supervise the Hard Rock's rebuilding and reopening plans.

Joe Billhimer, formerly the company's chief operating officer, has been promoted to chief executive officer. He will be paid $350,000. Todd Raziano, senior vice president and chief financial officer, will be paid $175,000, and Robert Callaway, the company's corporate lawyer, will be paid $170,000. Hard Rock was delayed in its rebuilding plans because of disputes with some of its owners, bondholders and insurers.

The stalemate came to an end in April when Leucadia National Corp. bought ownership into Premier Entertainment and agreed to help put the Hard Rock back in business. Roy Anderson III, Gregg Giuffria and David S. Ross partnered with Leucadia to buy out AA Capital's stake in the casino company.

June 30, 2006
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!