GULFPORT — Island View Casino owners are ready to refurbish the hotel tower south of U.S. 90 after signing a 50-year lease with the Mississippi state Port Authority.
Casino owner Rick Carter tells The Sun Herald the agreement begins with a 10-year lease and has multiple extensions.
Carter said 35 years remained on the lease assumed when he and his partner bought the former Grand Casino from Harrah’s Entertainment after Hurricane Katrina. That lease was for a casino barge rather than an onshore casino, which legislation permitted after Katrina.
Carter says the new lease removes the confusion and helps with financing and future development of the resort.
Carter announced in August that Island View would spend $50 million to restore the tower on the beach.