Developers of a 2nd Coast casino skip financing deadline
by Associated Press
Published: Apr 2,2014
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
MISSISSIPPI GULF COAST — Developers of dual due casinos for a Mississippi Gulf Coast have missed deadlines to secure financing to build their projects.
Tuesday, Rotate Black, that has a site capitulation during a Gulfport Harbor to build a $112 million Hemingway Casino unsuccessful to accommodate a 5 p.m. deadline.
Monday, developers for a Scarlet Pearl casino in D’Iberville missed their deadline to secure financing for a $250 million project.
“It’s a organisation deadline,” pronounced Allen Godfrey, executive executive of a Mississippi Gaming Commission. “At this time, no extensions are being entertained.”
Both casinos 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.
To be recover approval, Rotate Black contingency now reside by new regulations that went into outcome Jan. 1. The casino will have to boost a gaming area by 5,000 block feet to 40,000 block feet and supplement 95 hotel bedrooms to approve with a 300-room smallest requirement.
The Gulfport casino would have been formed on a life of author Ernest Hemingway.
“A Hemingway or identical thesis during a Gulfport Harbor is a viable project,” John Hairston, authority of a Mississippi Gaming Commission, told The Sun Herald.
“I wish someone will step brazen with a financial wherewithal to build a casino examination during this glorious site. The bulk of a work is already finished and could simply be protracted to put onward a plan agreeable with a new regulations,” he said.”
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.
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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