Caesars pulls plug on construction of unfinished casino
Published: May 4,2012
BILOXI — Casino operator Caesars Entertainment Corp. says it won’t continue construction of the unfinished casino on the beach in Biloxi, Miss.
The company took a $167.5 million non-cash impairment charge on the project, writing off the money spent on the casino before stopping work in 2008.
Caesars spokesman Gary Thompson tells the Sun Herald the project was halted at the start of the recession and will not be resumed.
Caesars announced the decision in its earnings report yesterday.
Thompson says one proposal is to demolish property and use the left over materials to repopulate offshore oyster beds. He says a decision is pending.
Caesars says more people visited its casinos in Mississippi and Louisiana in the first quarter of 2012 compared to 2011 but spending per trip declined slightly.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Report ranks state schools' performance 51st in the nation
- Two new casinos like the odds on Mississippi Gulf Coast
- CFPB wants repay ability at center of new payday loan rules
- Hosemann to launch crowd funding program