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Coast Casino developers skip financing deadline

April 2, 2014 Pearl No Comments

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

Casino_rouletter_wheel-RGBD’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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One Response to “Coast Casino developers skip financing deadline”

  1. Two new casinos like a contingency on Mississippi Gulf Coast – Mississippi Business Journal Says:

    […] UPDATE APRIL 1: Scarlet Pearl Casino misses financing deadline […]


Article source: http://msbusiness.com/blog/2014/04/01/coast-casino-developers-miss-financing-deadline/

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