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Attorney: Financing 'in good shape' for proposed Miss. casino
Message was posted: 10:13 Dec 16th, 2006

User: libblesp Rank: Casino Gold: 58782CG Contributor rating: 128760 Status: Offline

Casino news source: Las Vegas Sun - http://www.lasvegassun.com/ Attorney: Financing 'in good shape' for proposed Miss. casino ASSOCIATED PRESS VICKSBURG, Miss. (AP) - Developers of the proposed Riverwalk Casino will wait until at least January to appear before the state Gaming Commission, an attorney for the group says. "Financing appears to be in good shape," said John Maxey, a Jackson attorney involved with the project. "It's just complex negotiations that have not crystallized yet." Because of delays in preparing paperwork, the developers missed a chance to get on the agenda for the Dec. 21 meeting of the Mississippi Gaming Commission. The three-member commission meets on the third Thursday each month. Originally proposed as Magnolia Hills Resort and Pot of Gold Casino, Riverwalk's plans for its site just north of Rainbow Casino include a hotel and a resort with views of the Mississippi River. The project is being developed by one-time Rainbow developer and refinery owner John A. Barrett Jr. of Shawnee, Okla., and investment banker Lee Seippel of New York. To meet city regulations, the parking layout had to be changed to allay concerns of people who live nearby. The casino also agreed to be responsible for any erosion that occurs to adjacent property. Site approval is the first of three phases for licensing casinos in Mississippi. The second is a more detailed site development plan. After a group is given two years to do so, it must present a financial package to the commission for approval. The $50 million Riverwalk project received site approval in July 2005 and its development plan was approved five months later. Its site approval expires next July 14. Riverwalk is one of three new casinos in proposed for Vicksburg. The city has four casinos, the last of which opened in 1994.