Casino signs lease with port for hotel tower renovation
Published: October 18,2013
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Warden who lives hundreds of miles from jail resigns
- BankPlus recognized for alternative program to payday lending
- Jail kitchen supervisor pleads guilty to stealing food
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Analyst: KiOR Columbus plant may end up sold as scrap
- Top 10 finalists chosen for C Spire Conerly Trophy
- Prison-contract task force working in wake of Epps' indictment
- Stricklin: Deer parasites don't affect quality of venison
- Bryant wants free tuition for students with technical diploma