City approves plans, financing for proposed CanCan Casino
by Associated Press
Published: March 7,2012
Tags: casinos, Conventions, entertainment, financing, gambling, gaming, hospitality, hotels, lodging, meetings, municipal government, retaurants, tourism, tourists, visitors
D’IBERVILLE — The D’Iberville City Council has approved development plans for the CanCan Casino and up to $24 million in tax-increment financing bonds to help cover costs of the infrastructure.
The Sun Herald reports Chris Gouras, the city’s public finance consultant, outlined the plan and explained how the TIF work yesterday.
Gouras said phase one of the project on the Back Bay east of Interstate 110 would be an investment of more than $250 million for a hotel, casino and parking structure.
Phase two would be a French Village development north of the casino with retail and additional hotel rooms.
He said the city also has a grant pending with Mississippi Development Authority to contribute to the project.
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March 8th, 2012 at 10:59 am
Nationally casinos are being over built and are chasing the same market share (largely senior citizens). At some many will casinos will fold leaving unpaid notes, loans and bonds.