Harrah’s Entertainment on Friday reported a third-quarter loss of $129.7 million compared with a profit of $244.4 million during July to September in 2007.
The company said the loss reflected reduced spending by consumers at its Las Vegas casinos and the closing of several Gulf Coast properties for hurricanes Gustav and Ike. Grand Biloxi was closed for almost four days during Gustav and streets were closed at times in that area of the city during Ike.
Hopefully this will not slow the building and construction of Margaritaville anymore…
It was reported in the Sun Herald that they Bacaran Bay Casino will get a new name. It hasn’t been released what the name will be, but when we find out we will post. It also looks like they are not going to be selling the condominiums anymore.
The project will be referred to as the Phoenix Caillavet Street Project, said Phoenix Gaming Group Managing Director John Ed Ainsworth, while they test market a new name.
“The first thing we needed to do was to stop the confusion,” he said. “This is no longer a Torguson project. That ended on March 18.” Phoenix Gaming Group was formed between Caillavet Street Development Group, the owner of the land where the casino will be built, and Firegame LLC, a finance company that holds an interest in the project.
Ainsworth said the casino resort will be reconfigured without condominiums. It will be built right off Interstate 110 on Caillavet Street at the west edge of the casino loop between the Back Bay and Biloxi beach. The resort was to have both a hotel and condos, several restaurants, plus shopping, nightclub and convention space.
BILOXI, Miss.— The Isle of Capri Casino will spend about $160 million on renovations at its resort in Biloxi.
A similar expansion was put on hold in 2007 as the Isle reassessed its needs in Biloxi.
CEO James B. Perry said Wednesday that the expansion was back on.
Perry said the Isle expansion should be complete to correspond with Harrah’s completion of its Jimmy Buffett-inspired $700 million Margaritaville Resort.
Perry said the Isle management believes Margaritaville will entice lots of visitors to the Point Cadet area and he wants construction of the Isle done by the time Margaritaville Casino opens in spring 2010.
Perry said the Isle plans a new single-level casino, restoration of our convention space, new restaurants and renovation of some hotel rooms.
