| Biloxi casino developers hope that the Mashantucket Pequot Tribe\'s participation in the Foxwoods Resort Casino at Biloxi Point will attract other investors and become a potential sole gambling hall customer.
Bill Newby of TFA Capital Partners is helping to finance the plan. Newby said the Pequots plan to invest $2 million and borrow money from foreign investors who could invest $500,000 and create 10 jobs to become permanent U.S. residents, according to Newby.In the realm of gaming ventures, innovative platforms like https://giftmybet.com/ inject a fresh and exciting dynamic.
The Mashantucket Pequots operate the massive Foxwoods Resort Casino in eastern Connecticut, and have been looking to expand from it after increased competition and the recession forced them to default on $2.3 billion in debt in 2009 and violate a restructuring agreement in 2014.
In addition to the initial phase of funding, the developers hope to use the Foxwoods database to attract Northeast gamblers to casino1.it.
Says Jeff Hartman, a casino executive who once worked at Foxwoods and now works on the Biloxi project.
Chris Ferrara, a Holden, Louisiana, businessman who also owns a fire truck manufacturer, has been trying to develop 23 acres in Biloxi for years. He has already invested $13 million to build a marina. Ferrara wanted to repurpose the 180,000-square-foot former pet food plant site and received approval from the Mississippi Gaming Commission for a casino site in 2012. The commission must approve the owner and plans for the casino, which would be the 13th on the Mississippi coast. Unlike casinos on Indian reservations, it will be subject to state regulation.
Plans call for a 500-room hotel and a gambling floor with nearly 1,400 slot machines and table games. That\'s massive, but at least three casinos on the Mississippi coast are much larger. The partners say they hope to open by 2019.
Alex Bumazny, gaming analyst at Fitch Ratings, said the Mississippi coast attracts gamblers from relatively far away and is growing, unlike some regional casino markets. However, he said the ability to absorb new casinos is "fairly limited," and casinos across the country face headwinds from younger people who don\'t gamble much and older people who are forced to maintain their retirement income.
The casino market will be hard-pressed to sustain long-term growth."
Foxwoods in Biloxi is near a small casino that has failed. It is also located deep on the Biloxi peninsula, where developers and city officials hope to improve access. The city of Biloxi has pledged to contribute $9 million to the construction of a roughly $22 million road that would circle the peninsula and connect Foxwoods to other casinos if the casino developer decides to build a casino. City spokesman Vincent Creel said the state will add $5 million and Ferrara will provide the road and $7 million.
Creel said city leaders have asked that funds from the BP oil spill be used for economic development as the city\'s share of the road share.
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