Penn Gaming to reopen Boomtown, Bay Magic this year
BILOXI — Boomtown Casino in Biloxi and Casino Magic in Bay St. Louis should reopen late this year, says Peter M. Carlino, the CEO of Penn National Gaming.
“We are working aggressively on planning the rebirth of both Casino Magic Bay St. Louis and Boomtown Biloxi,” Carlino said today.
Hurricane Katrina damaged or destroyed nearly all the Mississippi Gulf Coast casinos on Aug. 29. Three casinos have since reopened.
Carlino said his company was in contact with insurance adjusters to determine the full amount of insurance proceeds due to Penn National, “and we believe the insurance proceeds will be sufficient to fund returning the properties to operation.”
The company will first operate out of a 30,000 square foot temporary casino inside its Bay St. Louis hotel, which Carlino said will be replaced by a permanent land-based casino in the future.
“We will also rebuild the damaged areas of the existing hotel tower that in aggregate includes 290 hotel rooms.”
Penn National moved its hurricane-damaged Boomtown gambling barge to a dry dock in Pascagoula this week for repairs.
“We are anxious to move forward with these redevelopment projects and inviting our displaced workers to return to work at these properties upon completion,” Carlino said.
Carlino’s comments came with the company’s earnings report.
Penn National more than doubled its earnings per share during its fourth quarter, which ended Dec. 31, from 20 cents a share in 2004 to 44 cents a share in 2005. This represented the first full quarter since the company acquired Argosy Casino properties in a corporate merger.
Source: AP