Nugget making plans for Biloxi site - Sunday 27th of November 2005
Golden Nugget hotel-casinos has proposed a $400 million waterfront development in Biloxi.
It would employ about 3,000 people, 1,800 of them in the casino and accompanying hotel.
Now, its up to the Isle of Capri to put forth a better plan if it wants to exercise first option rights for the city-owned property on Point Cadet.
"Well be negotiating with them at the same time well be negotiating with Golden Nugget," Biloxi Mayor A.J. Holloway said Tuesday.
Before Hurricane Katrina, the city land on the north side of U.S. 90 was used as a farmers market, parking lot and seafood museum. The Isle of Capri, which is on the south side of the highway, negotiated a right of first refusal when it signed its lease with the city years ago.
Isle officials had no comment Tuesday when they appeared before the City Council to discuss reopening plans. Bill Kilduff, the casinos general manager, said his companys board of directors would first have to discuss investment options.
Landrys Restaurants Inc., the restaurant chain that owns the Golden Nugget casinos in Nevada, wants to put the development on both city and private property.
Landrys has assets comparable to the Isle of Capri and less long-term debt. Jeff Cantwell, senior vice president of development for the company, said it has a $400 million line of credit to move forward with the Biloxi project.
"We really like this location," Cantwell said. "Its a beacon out on the Point. We like its proximity to the other casinos. We think we can have a lot of synergy with the other casinos."
He said he envisioned a boardwalk linking all the casinos.
Landrys has developed similar attractions for Houston, Kemah and Galveston in Texas, as well as other areas of the country, he said.
The Biloxi project would have a 150-foot-tall Ferris wheel, thrill rides, dancing fountains and an aquarium restaurant with an undersea experience. The Golden Nugget would have 60,000 square feet of gambling space, 600 hotel rooms, a marina with more than 100 slips and a parking garage with 750 spots.
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