BILOXI, MS-Twin River Worldwide Holdings reports it intends to acquire the Hard Rock Hotel & Casino here for $250 million.

Twin River Worldwide, the parent company of Twin River Casino in Lincoln, RI, will acquire the Hard Rock from owner and operator Premier Entertainment Biloxi LLC, a wholly owned subsidiary of Leucadia National Corp.

John E. Taylor, Jr., chairman of Twin River Worldwide Holdings, Inc., says the company has been looking to diversify its revenue base to better withstand industry and marketplace challenges. “Growing the business both organically and through acquisition solidifies our presence in Rhode Island and strengthens the company at an important time in our history as we brace for the eventual impact of Massachusetts casinos and racinos.”

He adds, “We now have the opportunity to broaden our focus to other markets which offer the opportunity for growth, and we see Mississippi in general and this property in particular as having exceptional value.”

The Hard Rock Hotel & Casino at 777 Beach Blvd. features 1,342 slot machines, 51 tables and four poker tables. The 12-story hotel has 325 rooms and suites with a spa, fitness center, pool and private cabanas. In addition, the Hard Rock is completing a new 154-room hotel tower, which is expected to be completed in February 2014. The property offers five restaurants, including Ruth's Chris Steak House and the Hard Rock Cafe.

“This is a premier property within the Biloxi casino market with incredibly strong name recognition thanks to the iconic status of the Hard Rock brand,” Taylor says. “Moreover, the property has a wonderful staff with deep roots in the community. We value the community involvement and corporate citizenship role we enjoy in Rhode Island, and look forward to replicating that level of commitment in the Mississippi community.”

The estimated completion date for the acquisition is June 2014, subject to regulatory approvals. The closing is also subject to approvals by Hard Rock International. Twin River has secured committed financing for the transaction, company officials say.