State Port at Gulfport, Island View Casino sign 10-year lease

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Published: October 25,2013

Tags: Business, casinos, gambling, Gulf Coast, las vegas, Mississippi

Port of Gulfport Board of Commissioners president Jim Simpson signs the 50-year lease agreement, as other Port and Island View executives and local dignitaries gather in background.

Port of Gulfport Board of Commissioners president Jim Simpson signs the 50-year lease agreement, as other Port and Island View executives and local dignitaries gather in background.

Rick Carter and Terry Green, co-owners of Island View Casino Resort in Gulfport, have extended their lease with the Mississippi State Port Authority to expand Island View’s hotel operations and add amenities.

Carter and Green already announced a multimillion-dollar renovation of their hotel property on the south side of U.S. 90. They plan to spend $50 million to turn the property, vacated since Katrina, into a hotel with 400 rooms and a convention center.

The 10-year lease with multiple options was signed last week. Carter said in a statement that the agreement “extends the life of the original lease for up to 50 years” and that is shows how confident he and Green are about the Coast “as a dynamic and viable tourism destination.

Jonathan Daniels, the port’s executive director and CEO, said, “The commission has secured an agreement that not only benefits the port, but the tourism industry and the Gulfport community, as well. We’re pleased that our partnership with the Island View will continue for many years.”

Also last week, Island View announced that financing for the resort’s expansion to the waterfront corridor of its 40-acre property is set to close this week. Wells Fargo Bank’s gaming division in Reno is the lead arranger.

The expansion will add 400 hotel rooms, meeting space, restaurants and a sports bar, retail space, a spa and a beachfront pool to the resort.

The casino hotel on the north side of U.S. 90 has 565 rooms along with the 80,000-square-foot gaming floor, restaurants, an entertainment venue and swimming pool.

Construction is expected to begin in late this year and be completed by summer of 2015.

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