The property officially opened for business on December 22, 1997 as the Imperial Palace Hotel and Casino Biloxi the sister of the Imperial Palace in Las Vegas. On August 22, 2005 the Ralph Engelstad and Betty Engelstad Trust announced it was selling the Imperial Palace Las Vegas to Harrah's Imperial Palace Corporation a subsidiary of gaming giant Harrah's Entertainment, The sale was completed on December 23, 2005.
Following the devastation created by Hurricane Katrina from August 23, 2005 to August 31, 2005 the Imperial Palace Biloxi had been severely damaged and as a result it was forced to temporarily close its doors so that the necessary repairs could be made. Prior to its official reopening on December 22, 2005 it was announced that the name of the property would be changed from the Imperial Palace to the IP Hotel and Casino to prevent any confusion with its former sister property.
The property has since undergone another slight name change, to become the IP Casino Resort Spa, along with a new and fresh logo. The property is currently adding an arcade, digital billboard, and upgrading it's state-of-the-art showroom due to open in 2009. IP opened it's land-based gaming expansion May 16, 2008. This expansion includes the Asian themed restaurant "tien".
The hotel received the AAA American Automobile Association Four-diamond Award for 2008 in August 2007, with "thirty-two" being the only restaurant in Biloxi to receive this award.
At a height of 335 ft (102 m), the IP's hotel tower is the second tallest building in Mississippi (only the Beau Rivage is taller).