A casino in Gulfport Harbor has a long way to go before it becomes a reality. Virginia attorney Robert Lubin and Kentucky casino-company owner Kevin Preston envision a 0 million casino on a 10-acre site, with a four-star hotel, a 50,000 square foot casino, an entertainment venue and another non-gaming amenity. “We are very early in the process and are considering various options,” Lubin said. He and Preston, chief executive officer at Premier Gaming Group, together developed Magnolia Bluffs Casino in Natchez.
The Gulfport casino size, hotel rating and non-gaming amenity meet the Mississippi Gaming Commission’s minimum requirements, which also demand a 300-room hotel and a fine-dining restaurant. Attorney Dan McDaniel, chairman of law firm Baker Donelson’s casino department, said, “The gaming commission will be very strict in their requirements for development.” McDaniel represented $290 million Scarlet Pearl in D’Iberville as it sought a state gaming license; he noted Scarlet Pearl developers added a golf course with an exploding volcano because of the commission’s insistence on a non-gaming amenity. “The Gaming Commission has a lot of latitude, but the burden is on the developer to come up with the amenity,” McDaniel said.
In order to receive a state license, Lubin and Preston must secure a site approval transfer from Rotate Black to their company. Rotate Black was not able to secure financing for its Gulf Harbor casino resort.
In addition, the developers need the commission’s approval to proceed with construction after proving their plans meet the commission’s minimum standards. They also must plus provide financial documents showing they have the money to build the proposed facility.
Lubin, a specialist in immigration law, raises capital for developments from foreign investors who then may acquire EB-5 visas and permanent residency in the U.S. For the Gulfport project, Lubin said he and Preston must raise $500,000 each, the minimum investment for an EB-5 visa, from 120-140 investors for the equity investment. He expects to raise the money by September 30. City leaders and two other property owners whose land is part of the proposed casino development have agreed the deadline is reasonable, said Steve Hendrix, an attorney at Butler Snow in Jackson who advises the, the city’s urban development agency.
Attorney Steve Hendrix, an advisor to the Gulfport Redevelopment Commission, said it has a written agreement with the developers to provide a casino lease within 45 days. “We are very optimistic that this is going to be a good development and spur other development,” Hendrix said.
Lubin noted, “We plan to consider the architecture of the surrounding area in our design. “We want to complement the area. Gulfport has an absolutely beautiful small craft harbor and very inviting downtown area.”
