Two Gulf Coast Casinos Miss Major Financial Deadlines

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Updated: 4/01/2014 9:11 pm
Two Gulf Coast casino projects have both missed major financial deadlines set by the Mississippi Gaming Commission, stalling each project's future. Rotate Black's Hemingway Casino project in Gulfport was unable to get off the ground Tuesday. The developers missed a 5 p.m. deadline to show proof of funding to the Mississippi Gaming Commission. Dr. John R. Kelly, the Chief Administrative Officer for Gulfport, says, "The funding was in place. They went back to another person to finance the project. That person has agreed to finance the project. We're hearing they were not able to execute the paper work in a timely manner."

Kelly says Rotate Black has asked the Gaming Commission for an additional 20 days to get their affairs in order. The commission has yet to comment on whether or not they will grant the extension. Kelly also says, "We'll stand behind Rotate Black until they tell us they are not coming back. If that ever were to happen, we will market the site to other people who are interested in the gaming industry." The City of D'Iberville was faced with this same dilemma Monday. The city's Scarlet Pearl Casino’s project developers also failed to provide proof of funding to the Gaming Commission.

Bobby Eleuterius, the City Manager of D’Iberville, says, "The city has taken position with no comment as far as the Gaming Commission, because we haven’t talked with them yet, but we all know the deadline passed yesterday." Eleuterius says that even though he has not spoken directly to the Fine Point Group, the developers for the project, he still believes the casino project will happen. Eleuterius also says, "I truly believe that this casino in D'Iberville will happen. I really do." Now it is up to the Gaming Commission to decide if extensions for the funding will be granted. If not, the projects will be back at square one of the approval process. Both Eleuterius and Kelly believe that it is the economy and the commission's strict funding regulations that played key roles in the delays.

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