Vegas developer splits from locals
BILOXI - Peter Simon, a former Las Vegas gambling executive, is developing a casino in D’Iberville without the two local businessmen who were his partners.
“For lots of reasons, it seemed better to proceed independently,” Simon said.
Simon no longer needs the waterfront property owned by Mark Seymour, Terry Moran and others to build a casino because the Mississippi Gaming Commission in July allowed the 800-foot measurement from the mean high tide to begin from an inlet instead of the shore. Simon now plans to build on land he owns on the northern edge of the inlet on the western side of Interstate 110 near the intersection of Santa Cruz Avenue and Talley Street.
The Mississippi Gaming Commission on Thursday approved site-development plans for the project, the second part of the three-step process before construction can begin on a casino. Simon said his goal is to have the casino with 1,800 slots, 50 table games, 400 hotel rooms and five restaurants open by Dec. 31, 2008 - what had been the deadline to have new structures in place to qualify for federal tax incentives related to hurricane recovery.
Simon hopes to keep the old schedule despite the deadline being extended two years.
Bankers are likely to consider the time factor when deciding which development to finance.
Seymour attended the meeting, but sat apart from Simon. Ron Peresich, Seymour’s lawyer, told the commission that Moran and Seymour own potential casino sites on each side of Simon’s property where they are now pursuing other developments.
“He decided to go on his own,” Seymour said. “We would still do the deal if he was willing.”
Moran and Seymour chose not to pursue a legal fight after Simon decided against a partnership.
Source: Sun HeraldÂÂ