From ABC News: “Hopes Fade for Quick Restart on Harrah’s Casino”
A sign still welcomes passers-by to the future site of Margaritaville Casino & Resort in Biloxi, but most people agree the project doesn’t have a chance of getting built any time soon.
“Odds that this project gets built in the next five to 10 years are slim to none,” said Joel Simkins, senior vice president of Macquarie Capital USA.
When announced in 2007, Margaritaville — a joint venture of Harrah’s Entertainment and entertainer Jimmy Buffett — was expected to cost more than $700 million and open by spring 2010.
The Margaritaville brand, associated with Buffett, could attract a wider customer base than typical for existing casinos, Martin said.
“We’re hopeful the project will get back on track. We’ve been through a lot; and we’re still going through a lot,” Martin said of tourism on the coast, whose latest challenge is the BP oil spill in the Gulf of Mexico.
If Harrah’s does go ahead with the casino, it will not have start from scratch with the regulatory process, said Allen Godfrey, deputy director of the Mississippi Gaming Commission.
The commission views the project as temporarily suspended, he said.