Casino news source: Delta Democrat Times - http://www.ddtonline.com
Delta Blues Casino back in business
Friday, July 6, 2007 2:01 PM CDT
TERRI FERGUSON terriferguson@ddtonline.com
GREENVILLE - Despite challenges over the last two years, things are back on track for development of Delta Blues Casino, officials said.
Developers of the casino have a commitment for funding from a bank and are waiting for cost estimates from contractors, according to Charles Preiser, spokesman, who said the numbers he had two years ago are no longer valid because construction costs rose after Hurricane Katrina hit the Gulf Coast.
“It's rough getting contractors back on the job,” Preiser said. “We still have contractors finalizing the numbers.”
He expects to get the numbers in by July 16 and get the information in to the bank and to the Mississippi Gaming Commission.
“We project our completion for late 2008. That can still be met,” Preiser said.
The bank has to have confirmation of construction costs and Delta Blues has to resubmit plans to gaming officials. The project budget is $45 million, he said, but that's not the amount of the loan.
“The loan only provides you a percentage of your total cost,” Preiser said.
In addition to rising construction costs, the project has also been delayed by a problem with the original investors.
“Previous investors said they had the money, but they didn't, so we had to go back and regroup,” Preiser said. “
The scope of the project has also changed significantly, he said.
“Now we're going to a different structure, over water,” Preiser said. “They (Gaming Commission) changed specifications in 2005.
Preiser is optimistic about the future of the project and said Delta Blues has the right investors. Delta Blues is also negotiating with a management team that operates about 80 casinos in hopes of joining that group.
The casino will be located on the south end of Walnut Street. In addition to the casino, its planned attractions include a hotel, restaurant, blues museum and water park. It was not clear how the changes would affect those projects or a proposed downtown convention center. |
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