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PRESS RELEASE
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For Release: August 5, 2008 For More Information Contact: |
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Phoenix Gaming Plans to Rename
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Phoenix Gaming Group, LLC, the developer of Bacaran Bay Casino Resort, located on Caillavet Street in Biloxi, announced the casino resort project will be renamed. Managing Director of Phoenix Gaming Group, LLC, John Ed Ainsworth said, “Because it is one of the first master-planned, Las Vegas style, land-based casino resorts being developed on the Mississippi Gulf Coast, potential investors have decided to project a new image for the project by renaming the casino and eliminating proposed condominiums from the project.” The new name will also help remove any confusion associated with the former developer of the project. Bacaran Bay was originally developed by Torguson Gaming Group, Inc., but Torguson’s management of the Bacaran Bay Casino Resort Project ended by mutual agreement on March 18, 2008. The project is now being developed by Phoenix Gaming Group, LLC, which was formed by Caillavet Street Development Group, LLC, owner of the land where the proposed casino resort would be constructed, and Firegame, LLC, a finance company holding security interests in the project. The location of the casino resort site on Caillavet Street, near the Interstate 110 entrance to Biloxi, will be the one of the first land-based casino projects on the Mississippi Gulf Coast. Visitors entering Biloxi on Interstate 110 will have a dramatic view of the casino project due to its proximity to the interstate between Back Bay and the Biloxi beachfront. The project also offers the unique opportunity to build Biloxi’s first land-based, mega-resort property on the Caillavet Street side of the Biloxi Casino Loop. Phoenix Gaming has made no decision on a new name for the casino resort. The development group has begun working on selecting a name, as well as a new design. The development will be referred to as Phoenix’s Caillavet Street Project until a formal name for the proposed casino resort is selected. While gaming industry revenues are down overall, the Biloxi gaming market is thriving and setting new records. Biloxi smashed its June record with $91.6 million in gross gaming revenue. This was almost $11 million above June 2007, a 13.6 percent increase. By comparison, other casino areas around the country are showing significant decreases in gaming revenue. Ainsworth stated, “The record gaming revenues in Biloxi indicate the market is expanding despite a national downturn. Biloxi is the most attractive gaming investment opportunity in the United States today. This is why Phoenix Gaming Group believes the time is right for development of this master-planned, Las Vega style, land-based casino resort on the Mississippi Gulf Coast.” |
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