Casino developments in Biloxi
Published: May 4, 2006
The Mashantucket Pequot Tribal Nation intends to invest $400 million in a casino resort at the site of the Broadwater Hotel in Biloxi, and is awaiting approval from state regulators before beginning development of the Foxwoods Resort Casino at Broadwater Beach.
The company plans to schedule construction to qualify for tax breaks under the Gulf Opportunity Zone Act of 2005, which offers incentives to companies building new properties in Louisiana, Mississippi and Alabama. Unlike its properties on reservation land, the Mississippi property will require the tribal organization to pay taxes and be subject to the same set of rules as other casino owners.
Other Biloxi developments include Harrah’s Entertainment’s plans to purchase 18 acres of Casino Magic property and reopen the Grand Casino Biloxi this summer. New York-based Leucadia National Corp. is scheduled to take over ownership of the Hard Rock Biloxi this month, pending approval from the Mississippi Gaming Commission.
Three of Biloxi’s 12 casinos have reopened, with three more planning to reopen before the end of the year. Plans for a new Bacaran Bay Casino on Caillavet Street also are underway.
Source: AP
Soapbox
Have an opinion, experience, knowledge or question about this story? Sound off below.
Note: This space is for comments about the story above. General questions to PYM should be sent via our contact page.
