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A new $1.1 billion casino is being proposed in Biloxi

Discussion in 'Casino Industry & Development' started by zoobrew, Jun 13, 2020.

  1. zoobrew

    zoobrew High-Roller

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  2. tringlomane

    tringlomane STP Addicted Beer Snob

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    Nice thought, but...
     
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  3. LB9

    LB9 PH Blackjack Degen

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    I guess they're banking on people having enough disposable income to fill the existing casinos, and then some. Seems awfully reminiscent of how the Revel initially turned out in AC (after a handful of re-sales, it was doing better to be fair prior to Covid).
     
    Ballys Nov 13 - 16
  4. zoobrew

    zoobrew High-Roller

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    It really is a bet on ocean front gaming in the years after 2023, as I don't see this project being completed before 2023. As the Beau has shown the growing South and an aggressive junket program can make a compelling case for a nice casino property.
     
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  5. nostresshere

    nostresshere Mr. Anti Debit Card

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    Talk about a betting big.. a real gamble in my book.
     
  6. pressitagain

    pressitagain VIP Whale

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    Big construction projects means plenty of jobs....
     
  7. NewOrleansSlimm

    NewOrleansSlimm VIP Whale

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    pretty sure a few years back they talked about doing this, nothing ever came about it
     
  8. zoobrew

    zoobrew High-Roller

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    One thing that could help this project is that interest rates are very low, thanks to the various Central Banks there is a lot of liquidity looking for a place to be used, and I am not sure how much new retail/office space is going to be built in the near term so getting the fiance for this project might be the easiest it has been in a long time. Look at how many of the physical casino buildings in LV were bought by private equity/REITs in the last couple years.
     
  9. hammie

    hammie VIP Whale

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    Sounds similar, the only difference, Revel was financed by Morgan Stanley who decided to halt the project before it was finished. It was revived when the state of NJ granted tax incentives and additional financing was secured as a result.

    This development company appears as if it’s getting the tax incentives first to lure in partners with big pockets.

    For what it’s worth, Morgan Stanley wrote off 90% of its $900+ million investment in Revel before the first hand was dealt.
     
  10. zoobrew

    zoobrew High-Roller

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    Updated info
    The $1.2 billion, 266-acre entertainment complex is projected to open by the summer of 2023.

    The scope of the Biloxi project will include:

    • An indoor concert event atrium with about 12,000 capacity, featuring headliner entertainment observable from multiple areas of the property
    • A customized music curriculum, including classes for local and regional students with artist interactions
    • A 1,150-room, full-service hotel with spa and destination amenities
    • Restored Broadwater Marina for recreational vessels, offshore fishing tournaments, signature marina restaurant with food service and catering for boat slip guests and entertainment venues
    • Signature-designed championship 18-hole golf course and teaching academy
    • 18,000 square feet of retail
    • 125,000-square-foot casino with about 2,460 gaming positions

    https://www.wlox.com/2020/06/16/developer-reveals-plans-billion-resort-biloxi/