GULFPORT, MS (WLOX) - Gulfport will give casino developer Robert Lubin a two-month reprieve. The city council approved a request Tuesday to cut Lubin's rental payments in half.
Instead of paying the city $80,000 a month, Lubin's team will pay Gulfport $40,000 each for the next two months. Lubin said he needs the short-term financial break to help him secure funding for his casino project.
Lubin leases city land adjacent to Jones Park. His plan is to build a casino resort on that land and private property next to the harbor.
Much of the funding for Lubin's $140 million casino will come from overseas investors. The program that links Lubin to those backers is set to expire at the end of the month.
Lubin is hoping it will be extended. If it is, he's confident he'll secure the financing he needs to move forward with his Gulfport casino.
The Mississippi Gaming Commission gave Lubin's group site approval last month. That was step one in a lengthy process to build and open a casino.