This is not good news for the coast, because expansion equals more construction jobs and more jobs once completed. It looks like with Margaritaville halted or slowed down there is not much of a rush to get the Isle expansion completed as well.
The on-again, off-again plans to expand the Isle of Capri Casino in Biloxi are off again, at least until the economy improves.
On Tuesday, Isle Executive Vice Chairman James Perry said the company will not take on any new capital projects or continue work in Biloxi in the current economic conditions.
The company recently reached an agreement with its insurance carriers to settle Hurricane Katrina claims from 2005 and expects to receive approximately $95 million by the end of December.
In July, Isle of Capri Casino officials said they would spend about $160 million on renovations at the Biloxi property, but would take their time because work had slowed at the neighboring Margaritaville Casino site. The Isle had initially planned expansion work in 2007, but put it on hold as it reassessed the resort’s needs. The expansion had been targeted for a 2010 completion.
Read the full article over at Sun Herald:
Isle halts plans