The $200 million expansion at Margaritaville Resort in Biloxi, Mississippi will move forward as the city council recently revealed results of a market study showing it will attract 1 million visitors annually. The project by developers Biloxi Lodging LLC will include a new amusement park with a giant Ferris wheel, a water park and a 160-room hotel and a 360-room hotel with 60,000 square feet of convention space and dining options. “It’s likely, very likely to generate a lot more visits to this part of the state,” said Mayor FoFo Gilich.
The project includes establishing a tax increment financing district to help pay for infrastructure once the project is built. Also a Sales Tax Tourism Rebate will be issued through the Mississippi Development Authority. The TIF district could provide improvements to the marina, public boardwalks, a parking deck and more.
Gilich noted, “Although the city council approved this step of the project, remember this is a non-binding memorandum of understanding. There’s still work to be done before the city council has their final approval. We have given them 150 days to wrap things up, but that can be extended by mutual consent of both parties. The parameters are defined and we will actually sign when all the applications and permits are approved.”
Work on the project is expect to begin next year, and create about 700 new jobs when completed.
