Golden Nugget Deadline Draws Near
By Tom Wilemon, The Sun Herald, Biloxi, Miss.
Knight Ridder/Tribune Business News
Dec. 07--BILOXI - Some Point Cadet property owners are worried that drawn-out negotiations between the city of Biloxi and a casino developer may kill the deal for the Golden Nugget.
Landry's Restaurants Inc., which owns the Golden Nugget casinos in Nevada and the brand name, has an option to buy several privately owned parcels on Point Cadet, but the company also needs waterfront property owned by the city. George Sekul, one of the private property owners, told the Biloxi City Council on Tuesday that Landry's needs to know by Dec. 15 if the city wants to do business with the company.
"This morning I got word from them that they needed to know from the city by Dec. 15 one way or the other whether they were going to have a deal," Sekul said.
Sekul and others organized Gulf Star Inc. so several small parcels of property could be assembled and marketed to a potential casino developer. Landry's has agreed to purchase the 5.4 acres of private property for $11.25 million, Sekul said, and the money would be distributed by a square-foot assessment. Landry's option with Gulf Star expires Dec. 23.
Landry's has already extended its option twice, Sekul said. Landry's first approached Mayor A.J. Holloway about the proposed Golden Nugget and Biloxi Boardwalk in August. Landry's officials presented the plans to the City Council last month.
Mayor Holloway did not respond to Sekul's comments and did not return a telephone call from the Sun Herald. Jeff Cantwell, senior vice president of development for Landry's, also did not return a call from the newspaper.
Another casino company, Isle of Capri Casinos Inc., has a right of first refusal to the city land Landry's wants for its boardwalk development. Holloway has said the city will do business with whichever company presents the better deal.
The Isle of Capri has made no public presentation on what it would do with the property. Landry's presented plans for a $400 million waterfront attraction that would employ 3,000 people, 1,800 of them in the casino and accompanying hotel. The development would be similar to the Kemah Boardwalk near Houston.
The Biloxi project would have a 150-foot-tall Ferris wheel, thrill rides, dancing fountains and restaurants.
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Copyright (c) 2005, The Sun Herald, Biloxi, Miss.
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