Margaritaville Casino Biloxi Closing

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Margaritaville Casino Biloxi Closing Average ratng: 3,5/5 9258 reviews
Margaritaville Casino and Restaurant Biloxi
Location Biloxi, Mississippi
Address 160 5th Street
Opening dateMay 22, 2012
Closing dateSeptember 15, 2014
ThemeMargaritaville
Total gaming space21,000 sq ft (2,000 m2)
Notable restaurantsMargaritaville
Casino typeLand-based
OwnerMVB Holdings

BILOXI, Mississippi - Jimmy Buffett's Margaritaville Biloxi Casino will close by mid-September, Gulf Life.com reported. The casino's demise has been attributed to the failure to secure financing to create a hotel and other facilities, the report said. The casino open in 2012 and this closure will be permanent, the Gulf Life report made clear. The Board of Directors of Margaritaville Casino said they have been unable to put together a deal to build a hotel, and that means Margaritaville can't compete in the Biloxi market. A Gulf Coast casino has shut its doors - four days ahead of schedule.Jimmy Buffett's Margaritaville Casino and Restaurant was slated to shut down Sept. 19, but closed at 10 p.m. On Monday, to the. Escape to Margaritaville Resort Biloxi with 23 stories and 373 spacious rooms in this family-friendly resort. Enough space for family time, mom time & dad time. 228-271-6377 ' 228-271-6377.

The Margaritaville Casino and Restaurant is a closed casino and restaurant in Biloxi, Mississippi in the United States. The 68,000-square-foot (6,300 m 2) property is in the 'Back Bay' area of Biloxi. It opened on May 22, 2012 and closed on September 15, 2014. Its brand was licensed from Jimmy Buffett's Margaritaville.

The Margaritaville Casino and Restaurant is a closed casino and restaurant in Biloxi, Mississippi in the United States. The 68,000-square-foot (6,300 m2) property is in the 'Back Bay' area of Biloxi.[1] It opened on May 22, 2012 and closed on September 15, 2014. Its brand was licensed from Jimmy Buffett's Margaritaville.

History[edit]

Jimmy Buffett, a native of nearby Pascagoula, tried to bring the Margaritaville brand to Biloxi as early as 2000, when discussions were held on building a hotel and amphitheater on 12 acres of beachfront land between the Casino Magic and Grand Casino.[2]

Margaritaville Casino Biloxi Closing Stores

Following Hurricane Katrina, Grand Casinos founder Tom Brosig came out of retirement and began looking for land to develop a casino, citing a desire to help rebuild the community. He settled on the Back Bay site where the Margaritaville Casino would ultimately open. According to Brosig, he nearly reached an agreement to use the Margaritaville brand in 2006.[3]

Buffett instead joined with Harrah's Entertainment in 2007 to begin construction on the $700-million Margaritaville Casino Resort on the site of the Casino Magic and Grand Casino,[4] which had both been destroyed by Katrina.[5] Buffett was partly motivated by a desire to help the region's economic recovery from Katrina.[4] Construction was suspended, however, in 2008, due to the global financial crisis and Harrah's near-bankruptcy after being taken private.[6]

Meanwhile, Brosig continued his efforts on the Back Bay site, but had difficulty raising financing due to the financial crisis and the Deepwater Horizon oil spill. He was eventually able to assemble a total investment of $63 million, with '20 or 22' equity investors. A 20-year agreement was reached for the Margaritaville brand.[3]

Buffett and Brosig unveiled their plans in 2011, describing a 68,000 sq ft (6,300 m2), $48-million Margaritaville Casino at the former East Harrison County Industrial Park, without the involvement of Harrah's (now Caesars Entertainment).[7] Groundbreaking was expected in April 2011 with a construction time of 9 months.[8]

In March 2011, plans for the location won fast track approval from the city of Biloxi. On April 7, Buffett appeared before the Mississippi Gaming Commission and explained why the casino should be approved. Commissioners listened and then approved the project.[9]

On May 22, 2012, the Margaritaville Casino & Restaurant opened to the public, featuring 820 slot machines, 18 table games, two levels of dining decks, and a marina with waterside entertainment, food, and drinks.[10]

In June 2013, Margaritaville Biloxi became the first casino in Mississippi gaming history to offer outdoor gaming which includes three blackjack tables at LandShark Landing and Marina.

In December 2013, Doug Shipley, President & CEO, announced that Margaritaville Biloxi would break ground on a new hotel facility in the spring with anticipated completion a year later. The new hotel would feature 250 rooms, including 170 deluxe guest rooms and 80 two- and three-bedroom suites. In addition, they would offer timeshare units through a major international partner.

In July 2014, the casino announced that it would likely close by September, because of an unresolved dispute with the landlord that was blocking the financing needed to build the hotel.[11] On September 15, 2014, Margaritaville Biloxi officially closed.[12]

The property was listed for sale in 2015 with an asking price of $18 million.[13]

In 2019, a new group of developers filed plans to reopen the casino as the Biloxi House at Point Cadet. Their $200-million project would add a 300-room hotel and various other amenities to the site.[14]

References[edit]

Margaritaville Casino Biloxi Closing

  1. ^'Mississippi regulators certify Jimmy Buffet's casino'. Las Vegas Sun. AP. May 17, 2012. Retrieved 2012-05-17.
  2. ^Palermo, Dave (July 30, 2000). 'Glut quiets casino boom: Plans begin to gather dust'. The Sun Herald. Gulfport, MS: via NewsBank.(subscription required)
  3. ^ ab'Q&A with Tom Brosig'. Global Gaming Business. July 27, 2012. Archived from the original on January 24, 2013. Retrieved July 27, 2012.
  4. ^ abPerez, Mary (August 14, 2007). 'Margaritaville breaks ground'. The Sun Herald. Gulfport, MS: via NewsBank. Retrieved 2012-05-23.(subscription required)
  5. ^Mohr, Holbrook (December 8, 2005). 'Gulf casinos end worker aid'. San Diego Union-Tribune. AP. Retrieved 2012-05-23.
  6. ^Burnham, Maria (June 26, 2010). 'Hopes fade for quick restart on Harrah's casino'. The Tribune. Greeley, CO. AP. Retrieved 2012-05-23.[permanent dead link]
  7. ^Perez, Mary (January 13, 2011). 'New Margaritaville in the works'. The Sun Herald. Gulfport, MS: via NewsBank. Retrieved 2012-05-23.(subscription required)
  8. ^'Casino on hold at least a month'Archived 2011-03-22 at the Wayback Machine, Sun Herald, March 22, 2011
  9. ^Buffett gets okay to open Margaritaville in Biloxi, retrieved 2011-04-07
  10. ^Perez, Mary (May 22, 2012). 'Margaritaville Biloxi opens with a concert heard 'round the country'. The Sun Herald. Gulfport, MS. Archived from the original on May 25, 2012. Retrieved 2012-05-23.
  11. ^Mary Perez (July 21, 2014). 'Margaritaville Casino to close'. The Sun Herald. Biloxi, MS. Archived from the original on July 23, 2014. Retrieved 2014-07-21.
  12. ^Mary Perez (September 16, 2014). 'Margaritaville Casino Biloxi closes Monday, files for bankruptcy Tuesday'. The Sun Herald. Biloxi, MS. Archived from the original on September 18, 2014. Retrieved 2014-09-18.
  13. ^Mary Perez (October 7, 2015). 'Piece of paradise: Former Margaritaville Casino for sale'. The Sun Herald. Biloxi, MS. Retrieved 2019-03-27.
  14. ^Mary Perez (March 22, 2019). ''Nothing's going to be the same.' A $200M plan for former Margaritaville site in East Biloxi'. The Sun Herald. Biloxi, MS. Retrieved 2019-03-27.

Coordinates: 30°24′06″N88°51′35″W / 30.40167°N 88.85972°W

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Margaritaville_Casino_and_Restaurant&oldid=953179628'
Margaritaville

BILOXI, Mississippi -- Margaritaville Biloxi will close its doors 'on or before' Sept. 19, the casino told employees this morning.

Margaritaville Casino Biloxi Closing

A call to the casino Monday morning seeking confirmation was answered by a security guard who said no one with the casino would be available until noon. Casino officials are apparently meeting with employees this morning.

Margaritaville Casino Biloxi Closing Today

11:27: Here's announcement city of Biloxi just sent out:

Margaritaville Casino & Restaurant has announced that it will be closing on or before Sept. 19, but will pay its employees until that time. The casino attributed the closing to its inability to resolve a dispute with its landlords necessary to secure financing for a new hotel and other amenities.

Margaritaville made the announcement to its employees this morning.

'Our hearts certainly go out to Margaritaville employees and their families,' said Biloxi Chief Administrative Officer David Nichols, 'and we're hopeful that the state's rapid response dislocated worker unit will be able to help these workers find new employment.

'Developments like this are not uncommon in the Mississippi gaming industry. We operate in a free-market system, and a number of factors come into play, including location, amenities, marketing, management and so forth. In the 20-plus years since gaming opened in Biloxi, we've seen a number of casinos come and go - Lady Luck, Gold Coast, Casino Magic, the President and the Biloxi Belle, to name a few - but the Biloxi casino market remains strong.'

Click here to read the company's announcement.

Margaritaville Casino Biloxi Closing Schedule

(This story will be updated.)