The new Foxwoods resort will be on the site where the old Casino Magic once was located.
The Mashantucket Pequot Tribal Nation, owners of the largest casino in the United States, has signed a deal to build and operate a casino in Biloxi, Mississippi. When built, the casino will be the ninth land-based casino in the Biloxi area.
The Manshantucket Pequot Indians own Foxwoods Casino in Connecticut, a resort with 9 million square feet of space. The Biloxi casino is going to be tribe’s first gaming venue outside of Connecticut.
The casino, which is going to be named Foxwoods Resort Casino at Biloxi Pointe, is expected to cost $265 million. It is going to be located on 23 acres of territory on Biloxi’s Back Bay. The land is owned by Chris Ferrara, described once by the Mississippi Supreme Court as a real estate venture capitalist.
Foxwoods Biloxi Casino Gaming Area
The gaming space at the new Foxwoods Resort Casino at Biloxi Pointe is going to feature 1400 slot machines, along with a full assortment of table games. 71,000 square feet are going to go into a conference hall and exhibition space. Other establishments on the property will offer dining, entertainment, and retail.
Chris Ferrara said the theme of the new casino is going to be “Old Biloxi”, though it is uncertain if that is a pre-casino 20th century vision of the Gulf Region or some kind of antebellum theme. The developers expect the casino to open in the spring of 2019. When open, it will be the thirteenth casino found along Mississippi’s coastline.
Approval Forthcoming
The Mississippi Gaming Commission still must give the Foxwoods Biloxi casino approval. Also, financing for the new development needs to be fully nailed down. Neither proposition is expected to be a major hurdle. Chris Ferrara gained approval in 2012 for a casino on the same plot of land, so his relationship with the MGC appears to be solid. Also, Foxwoods is an internationally known casino brand, so the tribe should not have trouble with financing.
The Foxwoods Resort in Connecticut is said to be over a billion dollars in debt, but most view that debt as a result of the bad luck of doing a major renovation just prior to the 2008 real estate market collapse and resulting 2009 Global Recession. The Foxwoods brand is expected to retrieve the situation and an additional revenue stream should help.
Foxwoods Executives Express Confidence
Mashantucket Pequot Tribal Chairman Rodney Butler said he was pleased with the chance to expand the tribe’s operations outside of its native New England environs. Butler said the Biloxi deal allowed Foxwoods to “not only expand geographic diversification for the Foxwoods brand, but also leverage our management expertise well beyond New England.”
Felix Rappaport, the CEO of Foxwoods Casino in Connecticut, said the location in Biloxi offers a “near-perfect, year round climate, casual coastal vibe and excellent nightlife.”
Biloxi Mayor Gives Praise
Biloxi Mayor Andrew Gilich said he is pleased to hear the announcement of the Ferrara-Foxwoods partnership. Gilich said he has been aware of Ferrara’s desire to find a partner for a casino in Biloxi ever since the developer purchased the land in 2002. Gilich said he expected the Foxwoods tribe to “energize” the project.
Each year, millions of Americans visit the 62-mile stretch of the Mississippi Gulf Coast. Each month, around 20,000 less hotel rooms are filled than the pre-Katrina levels, so adding another Biloxi casino-resort is likely to help the local economy.
