BILOXI (WLOX) -- The Bacaran Bay casino project on Caillavet Street will be built, without condominiums, and without its creator Marlin Torguson. On Tuesday, members of a newly formed company called the Phoenix Gaming Group confirmed that they now control the Caillavet Street site.
Their plan is to reconfigure Bacaran Bay, refinance it, and move it forward. Whatever the new design looks like, it won't include condos. Phoenix Gaming Group spokesman John Ed Ainsworth says the market isn't right for condos to be part of a casino resort.
Torguson has agreed to be a minority equity holder and a consultant on the new design. A news release from the Torguson Gaming Group, Inc. says it has entered into an agreement with Caillavet Street Development Group, LLC (CSDG), owners of the land under the proposed Bacaran Bay Casino Resort and Firegame, LLC, a finance company holding security interests in some of the land, to convey the majority of its land and interests in the project to Phoenix Gaming Group, LLC, a new company formed by all three parties to direct development of Bacaran Bay Casino Resort.
According to Torguson said, "We are pleased to remain a partner in the Bacaran Bay project and are committed to working with CSDG to support the success of the resort. It is important the project will go forward with local ownership. Our agreement will also allow us to pursue other gaming developments."
Ainsworth says no timelines have been established yet to develop Bacaran Bay.