By
Jane Shaw
Senior Editor Updated: 04/08/2023
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
South Beach Casino & Resort
It has been reported that a new casino resort on the Mississippi coast has been given the go-ahead by the state’s gaming commission. According to officials, the Mississippi Gaming Commission has given the green light for the development of South Beach Casino & Resort, which will be constructed on four acres of land in Bay St. Louis.
The license has been awarded to Kirk D. Ladner of Diamondhead and Russell Elliott of Bay St. Louis. A notice of intent to apply for a gaming license was submitted to a local paper, which is a legal requirement, and this outlined some details about what the new casino resort will offer.
The casino resort will be constructed on land but will need to be within 800 feet of the waterline under the Mississippi Code.
Now that approval for the casino resort has been given, residents and visitors can look forward to an exciting new addition to the area. According to reports, the new facility will offer a huge gaming floor with well over 1,000 slots, more than two dozen gaming tables, and half a dozen poker tables.
Few additional details have been released yet with regard to what to expect, but it was confirmed that funding has yet to be obtained for the project to go ahead. It is claimed that Ladner advised commissioners that getting funding would be much easier if approval for the venture had already been given by the commission.
According to Warren Kulo at AL.com:
Developers have yet to secure financing for the project. Kirk Ladnier, project manager, told the gaming commission Thursday they needed site approval to help secure investors.
This is not the first time that Ladner and Elliott have applied for a casino license. It is reported that they made an application for a casino resort of the same name and in the same location back in 2004. However, the application was withdrawn when proof of funding was requested as part of the application process.
Getting financing for casino projects in the area has become increasingly difficult since the devastation caused by Hurricane Katrina in 2005. While many casino projects have received approval in recent years, a lot have been unable to go ahead because developers were unable to get financing for them.
More recent issues such as instability in the banking sector and interest rate hikes could also play a part in whether applicants for such projects can secure the funding they need from lenders. Under the terms of the license, Ladner and Elliot have until 2026 to get the resort completed. However, whether or not they will be able to secure the financing they need remains to be seen.
Following the chaos caused by Hurricane Katrina, which caused devastation for riverboat casinos, riverboats were given permission to move inland. However, the condition is that they must still be within 800 feet of their original water-based locations, and new developments have to be within 800 feet of the high-water mark.
While this could help to make it a little easier to get funding based on risk factors, many still appear to be struggling to get finance for new casino developments in the area.
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