Coast Casino developers skip financing deadline
by Associated Press
Published: Apr 1,2014
Tags: Allen Godfrey, Bobby Eleuterius, casino, City of D’Iberville, finance, financing, gambling, gaming, Hemingway Casino, Hemingway Hotel and Resorts, Mississippi Gaming Commission, Scarlet Pearl Casino
D’IBERVILLE — Developers of a due casino for D’Iberville have missed a deadline to secure financing to build a project.
Backers of a due Scarlet Pearl Casino had until 5 p.m. yesterday to secure financing for a $250 million project. They didn’t.
“It’s a organisation deadline,” pronounced Allen Godfrey, executive executive of a Mississippi Gaming Commission. “At this time, no extensions are being entertained.”
Godfrey pronounced a ability to get financing to build casinos apparently is still challenging, “based on a fact that these projects have not come to fruition.”
Godfrey pronounced while site capitulation still stands, developers will have to go behind by a examination routine to infer they can financial a new casino to a Gaming Commission.
D’Iberville has worked for some-more than 20 years to get a casino and City Manager Bobby Eleuterius pronounced yesterday, “I’m very, really disappointed.”
He pronounced a city stays prepared to support a developer in any way.
“The plan brings a lot to a city,” Eleuterius said. Along with a hundreds of jobs a casino would create, he pronounced a developers intend to franchise land from a propagandize district.
This isn’t a usually casino plan on a financing deadline.
The Hemingway Casino plan in Gulfport has until currently to secure financing, or a developers of that skill could face a same fate.
Scarlet Pearl — and Hemingway Resort if it misses today’s deadline — contingency go behind by a whole examination routine with a Gaming Commission and accommodate a new, some-more difficult growth requirements.
Scarlet Pearl might validate underneath a new manners since it has a compulsory 300 hotel rooms, along with an elaborate 36-hole tiny golf course, an eventuality core and other amenities.
The Hemingway Casino in Gulfport doesn’t have adequate bedrooms underneath a new regulations. It is due as a 205-room oppulance hotel bedrooms operated by Hemingway Hotel and Resorts and formed on a life of author Ernest Hemingway. It also is 5,000 block feet brief of a smallest of a 40,000-square-foot or incomparable casino.
When a Gaming Commission gave a developers accede to ensue in December, it was with a Apr 1 deadline to finalize financing and compensate superb balances.
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