Dakia Entertainment Hospitality and Broadwater Development, LLP announced today the signing of a formal letter of intent, subject to finalizing financial commitments, to redevelop the historic, former Broadwater Beach hotel, marina and golf course site into a $1.2 billion, 266-acre, world-class entertainment complex on U.S. 90 in Biloxi, Miss.
The project has a projected opening in the second quarter of 2023.
Under the terms of the agreement, Dakia Entertainment Hospitality will manage a high-profile destination hotel, music, and entertainment environments on the site, subject to completion of due diligence.
In 2019, Dakia Entertainment Hospitality entered into a joint venture with Universal Music Group (UMG) to develop a new music-focused experiential hospitality category and create immersive music experiences (including premiere hospitality, lifestyle club, live entertainment and next-generation retail), furthering UMG’s commitment to deepening the relationship between fans and the music and artists they love. Projects under consideration for the joint venture would feature components such as music education, community engagement and environmental sustainability.
The scope of the Biloxi project will include:
- A one-of-a-kind cutting-edge indoor concert event atrium with about 12,000 capacity, featuring headliner entertainment observable from multiple areas of the property
- A customized music curriculum including classes for local and regional students with artist interactions
- An 1,150-room, full-service hotel with spa and destination amenities
- Restored Broadwater Marina for recreational vessels, offshore fishing tournaments, signature marina restaurant with food service and catering for boat slip guests and entertainment venues
- Signature-designed championship 18-hole golf course and teaching academy
- 18,000 square feet of retail
- 125,000-square-foot casino with about 2,460 gaming positions
The development would produce about 1,000 construction jobs and employ about 2,500 upon full operation. It would generate more than $100 million in annual non-gaming, retail spending. During its due diligence period, Dakia Entertainment Hospitality will be in conversations with the Mississippi Development Authority and local governments to determine what state and local incentives may be secured to induce the non-gaming parts of this major economic development project.
The Innovation Group has performed a market analysis and been retained to prepare and initiate an RFP to Gaming Operators for management and broader participation at the resort. The Innovation Group is a leading firm in the gaming, entertainment, hospitality, tourism, and leisure sections with 30 years of global projects totaling over $100 billion in investment decisions across six continents and over 80 countries.
Said Biloxi Mayor Andrew “FoFo” Gilich, “The Broadwater Beach, as it was known in the ’50s, was ‘the attraction’ that brought attention and many people to our Coast. In my opinion, it would certainly be an “understatement” to say that this project will be transformational for Biloxi, our Coast and the State of Mississippi.
“Dakia is an innovative company that creates economic, environmental and social value in the way they do business, dramatically impacting the well-being of individuals and communities. Biloxi has a rich, diverse culture and multi-genre music history, and Dakia will find a warm welcome here.”
“Dakia’s star-studded entertainment package will dramatically grow the Coast’s tourism market. In my discussions with Dakia and understanding their vision, this project will be ‘a world-class destination unlike anything else.”