Future of Margaritaville Property
Hundreds of employees lost their jobs when Margaritaville closed its doors for good over a year ago but the colorful building still stands in Biloxi’s Back Bay. News 25’s Katarina Luketich explains what the future may hold for the property it sits on.
It may just be an empty room of the old Margaritaville Casino but some developers are seeing visions of a revamped gaming option or even an entertainment venue. Margaritaville closed in September of 2014 after filing for bankruptcy. The building was put on the market back in August. While not yet sold, realtors say there is definitely interest. Ray Stronsky with NAI Sawyer said, “Both for another casino resort type of property and other interests we have in it is similar to a Branson type theatre with family oriented entertainment as well.”
So far there has been no commitment on the 10 acre property listed at $18 million, far below the actual property value. Stronsky tells News 25 potential buyers are waiting for the city to make a move on a proposed four lane loop that he says would make the property more accessible. The loop would connect Caillavet Street, Back Bay Boulevard, and Highway 90 and expand Pine Street. “No one is going to make a move without the Pine Street extension. I think the completion of the casino loop, which the city is really behind right now, is going to make all the difference in the world,” said Stronsky.
However, city officials say moving forward with the casino loop is contingent on seeing a multi-million dollar investment into building a new casino on the Biloxi Boardwalk property adjacent to Margaritaville. City of Biloxi Public Affairs Manager Vincent Creel said, “Unless that project moves forward, that is the mechanism for seeing the new Pine Street extension.”
With no set plans, the casino loop roadwork could be years in the making. So while Margaritaville property owners are hopeful the infrastructure project will happen quickly, they maintain this is a property with a lot of potential to expand Back Bay and is worth investing in.
It may just be an empty room of the old Margaritaville Casino but some developers are seeing visions of a revamped gaming option or even an entertainment venue. Margaritaville closed in September of 2014 after filing for bankruptcy. The building was put on the market back in August. While not yet sold, realtors say there is definitely interest. Ray Stronsky with NAI Sawyer said, “Both for another casino resort type of property and other interests we have in it is similar to a Branson type theatre with family oriented entertainment as well.”
So far there has been no commitment on the 10 acre property listed at $18 million, far below the actual property value. Stronsky tells News 25 potential buyers are waiting for the city to make a move on a proposed four lane loop that he says would make the property more accessible. The loop would connect Caillavet Street, Back Bay Boulevard, and Highway 90 and expand Pine Street. “No one is going to make a move without the Pine Street extension. I think the completion of the casino loop, which the city is really behind right now, is going to make all the difference in the world,” said Stronsky.
However, city officials say moving forward with the casino loop is contingent on seeing a multi-million dollar investment into building a new casino on the Biloxi Boardwalk property adjacent to Margaritaville. City of Biloxi Public Affairs Manager Vincent Creel said, “Unless that project moves forward, that is the mechanism for seeing the new Pine Street extension.”
With no set plans, the casino loop roadwork could be years in the making. So while Margaritaville property owners are hopeful the infrastructure project will happen quickly, they maintain this is a property with a lot of potential to expand Back Bay and is worth investing in.
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