Biloxi Bump
Biloxi Bump
Biloxi council rejects Landry's Back Bay casino bid
The Biloxi City Council said "no thanks" to an offer by Houston-based Landry's Restaurants to lease land from the city to build a Golden Nugget-themed casino on Biloxi's Back Bay. The council said the offer was too low, and that both sides ultimately couldn't come to agreement on a reasonable lease price.
Landry's, which recently purchased the Golden Nugget properties in Las Vegas and Laughlin in a $345 million deal, had proposed building a $400 million, 2,500-room hotel-casino in Biloxi. It would have been the first new property to be announced since new legislation went into effect allowing casinos to rebuild on shore in the wake of Hurricane Katrina.
Landry's offer included paying the city a minimum base rent of $2.5 million and 4 percent of annual gross revenue above $62.5 million. Isle of Capri Casinos-currently headquartered in Biloxi, though is exploring relocating to St. Louis-has first options on the property. But Isle officials have said rebuilding their existing Biloxi casino property was that company's first priority.
"(The Landry's proposal) was a great project and I would have loved to have seen it happen," Councilman George Lawrence told the Biloxi Sun-Herald. "Anybody who looked at the project loved it. You still have to do the best things for the citizens. I don't think the offer was enough."
Jeff Cantrell, Landry's senior vice president of development, said his company remains heavily interested in the Biloxi site, and reports are that Landry's could come back to the table with another offer.
If ultimately allowed to build in Biloxi, Landry's has said it would build the "Biloxi Boardwalk," which would feature a 60,000-square-foot Golden Nugget casino, a 600-room hotel, a marina for 100 boats, a 150-foot-tall Ferris wheel, thrill rides, an aquarium and restaurants.
-Andy Holtmann
Biloxi council rejects Landry's Back Bay casino bid
The Biloxi City Council said "no thanks" to an offer by Houston-based Landry's Restaurants to lease land from the city to build a Golden Nugget-themed casino on Biloxi's Back Bay. The council said the offer was too low, and that both sides ultimately couldn't come to agreement on a reasonable lease price.
Landry's, which recently purchased the Golden Nugget properties in Las Vegas and Laughlin in a $345 million deal, had proposed building a $400 million, 2,500-room hotel-casino in Biloxi. It would have been the first new property to be announced since new legislation went into effect allowing casinos to rebuild on shore in the wake of Hurricane Katrina.
Landry's offer included paying the city a minimum base rent of $2.5 million and 4 percent of annual gross revenue above $62.5 million. Isle of Capri Casinos-currently headquartered in Biloxi, though is exploring relocating to St. Louis-has first options on the property. But Isle officials have said rebuilding their existing Biloxi casino property was that company's first priority.
"(The Landry's proposal) was a great project and I would have loved to have seen it happen," Councilman George Lawrence told the Biloxi Sun-Herald. "Anybody who looked at the project loved it. You still have to do the best things for the citizens. I don't think the offer was enough."
Jeff Cantrell, Landry's senior vice president of development, said his company remains heavily interested in the Biloxi site, and reports are that Landry's could come back to the table with another offer.
If ultimately allowed to build in Biloxi, Landry's has said it would build the "Biloxi Boardwalk," which would feature a 60,000-square-foot Golden Nugget casino, a 600-room hotel, a marina for 100 boats, a 150-foot-tall Ferris wheel, thrill rides, an aquarium and restaurants.
-Andy Holtmann
