The Biloxi City Council will vote on Tuesday, October 6, on a plan for the completion of the East Biloxi loop. The said loop has almost been finished and Mayor Andrew Gilich is going to present officials with a project for its completion.
Once this happens, the city will be able to launch what would be its ninth casino. Louisiana developer Chriss Ferrara was granted site approval by the Mississippi Gaming Commission back in June 2012. The businessman has proposed to build Biloxi Pointe Resort Casino – a $260-million hotel and casino resort – on the site of a former pet-food plant.
The multi-million-dollar establishment would match the atmosphere of Old Biloxi. However, it would feature a number of fashionable, modern-day amenities. Apart from the casino, the resort would also include a fantasy sports lounge, a sports bar, a 497-room luxury hotel with spa, a number of dining facilities, an event center, and many more.
However, the venue would now need access, in order to be built and launched. This is why Mayor Gilich will be urging for the completion of the East Biloxi loop. It will need $22 million, in order to be finished. Under the plan that will be reviewed on Tuesday, Mr. Ferrara will contribute the amount of $7 million. In addition, the city is expected to pay around $9 million for the completion of the road.
The developer has promised that the casino resort would have numerous benefits for the city. About 2,000 jobs are expected to be created. Furthermore, it would generate annual tax revenue of $4 million. In return, the city would grant the gambling venue a 7-year property-tax abatement. Thus, the developer would have to only contribute money for school taxes over the said period.
In 2013, the Biloxi City Council approved the application for a $5.6-million grant for the road extension. Back then, Bill Kilduff, COO of the planned casino resort, noted that the gambling venue could not be completed without the road being finished first.
The Mississippi Development Authority agreed to grant the requested $5.6 million under one condition – once the road is completed, a development worth no less than $70 million should be established within the next five years. And the $260-million casino would meet the requirement.
