Vicksburg casino planners to ask for extension

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Message was posted: 09:27 Feb 16th, 2007

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Casino news source: Clarion Ledger - http://www.clarionledger.com

Vicksburg casino planners to ask for extension

The Associated Press

VICKSBURG — Developers of the proposed Lakes Entertainment casino resort off U.S. 61 South in Vicksburg will ask Mississippi regulators for more time to get financing in place.

Specifically, the developers will ask the Mississippi Gaming Commission to approve a two-year extension of site approval, which was first granted in 2005.

Allen Godfrey, the commission's deputy director, said Wednesday that an extension would give the Minneapolis, Minn.-based company more time to get a financing plan in place, the third step in licensing casino operations in Mississippi.

Godfrey said such extensions have been given other developers. He said the commission usually requires an explanation for delays.

When proposed, the $200 million development included a hotel and restaurant about five miles south of two other proposed casinos also going through the regulatory process.

One, the $42 million Riverwalk Casino, has until July 14 to show its financing plans to regulators. Its site was also approved in 2005.

Another, the Mississippi Bluffs casino and golf complex, was allowed to change its site to be built on pilings instead of floating on the Mississippi River.

Vicksburg would be home to seven casinos if all three casinos move off the drawing board and construction is completed.

Of the four operating, two have changed ownership this decade - Harrahs to Horizon in 2003 and Isle of Capri to DiamondJacks in 2006.

Rainbow Casino remains up for sale by its parent company, Bally Technologies. The fourth casino is the Ameristar.

Revenue from casino taxes fund about a third of Vicksburg's budget and help pay for Warren County's road paving and resurfacing efforts.

Under legislation in 1990 that legalized gaming in Mississippi, casinos may only be in counties that border the Mississippi River or the Gulf of Mexico.

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