The Mississippi River Gaming Commission (MGC) will moot a gaming evolution on Th called South Beach Casino & Resort. The throw is targeting well-nigh foursome acres of shore placed at 6081 S. Beach Blvd. inward Bay St. Louis.
The MGC must foremost find that a proposed cassino land site is suited for such a resort hotel development before an applier put up make a motion forward with the lengthy state-licensing process. The state gaming regulator has signed away on numerous Gulf sites for possible casino developments o'er the past times 15 years, but since Hurricane Katrina devastated the region inward 2005, only one new casino — the since-closed Margaritaville Casino overlooking the Biloxi Back Bay — has been capable to untroubled the financing needed to land the conception to reality.
South Beach Casino developers Kirk Ladner of Diamondhead and George William Russell Elliott of Bay St. Joseph Louis Barrow testament make believe their auction pitch to the MGC Th morning time on how they architectural plan to finance the project. Interest rates remain high, which is rendering lending to a lesser extent attractive than before the US government began its value hikes lastly May.
6081 S. Beach Blvd. is near a land mile north-east of the Silver Slipper.
Mandatory Minimums
Mississippi is rest home to 26 riverboat and land-based casinos, with 12 properties on the Gulf Coast.
The say requires that unexampled gaming projects on the shore come with a gaming base measuring at to the lowest degree 40,000 straight feet and an on-site hotel with at least 300 guestrooms. group A mulct dining eating place and an amenity or attracter that testament welfare the local community of interests is also required.
They’ve met all of the regulations required to get on the agenda,” Jay McDaniel, executive theatre director of the MGC, told the Biloxi Sun Herald.
South Beach Casino’s initial design filed with the say includes a 40,000-square-foot cassino weaponed with 1,100 slot machines, 25 tabular array games, and VI salamander tables. The developers’ observation of intent to go for for a gaming permit said nothing almost a sportsbook.
Ladner’s LinkedIn profile says he’s the prexy of Kirk Ladner Excavating, a Gulfport-based general contractor. Information regarding Elliott’s professing wasn’t now available.
South Beach Casino would be reinforced onshore but would remain within 800 feet of the 19-year high-water line of business as defined past the Mississippi Code. After Katrina, the province allowed its riverboats to displace inland so long as the young gaming structures remained within 800 feet of their original barges. New casinos must be within 800 feet of the high-water mark.
Construction Dead Zone
Mississippi’s gaming manufacture has to a greater extent than rebounded from the pandemic.
The state’s commercial message properties generated receipts gaming revenue (GGR) in 2021 of almost $2.7 billion — the state’s highest gaming win since 2008. The repressed exact cooled cobbler's last year, with the state’s 26 casinos collectively winning most $2.5 billion.
Gulf Coast casinos won virtually $1.6 one million million each year, significantly higher than the $1.3 one million million in GGR they reaped in 2019 and the $1.24 one million million that the same properties won in 2018.
Despite the rigorous gaming revenue, banks and investors remain hesitant to unfastened their wallets for unexampled gambling casino projects on the Gulf. Even the rock legends KISS couldn’t win o'er sufficiency investors to facilitate renovate the former Margaritaville Casino into a $200 million tilt ‘n’ roll-themed gaming and entertainment terminus called Rock & Brews Casino.
Another project — a much costlier $1.1 1000000000 connive targeting the grounds where the former President Casino Broadwater Resort stood until it was destroyed by Katrina — was pitched inwards 2020. The pandemic led to that throw existence mothballed indefinitely.
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