The project is the first ground-up casino, hotel and retail development in the Biloxi area since Hurricane Katrina, Toth notes, adding that it will serve as a centerpiece to the revitalization effort in the Old Town Section of D’Iberville.

The development company is in final negotiations with the financial community to nail down the debt financing and expects to have the capital stack in place by mid-March. “The financial community has responded favorably to the project,” he says. “They like the project – they realize it’s located in a stable market. The D’Iberville-Biloxi area is the fourth largest gaming market in the nation.”

Hurricane Katrina caused massive damage to the D’Iberville-Biloxi metropolitan area, destroying 90% of buildings along the coast, including many casinos. In the five years since Hurricane Katrina hit, the hospitality industry is still rebuilding, reaching only 72% of its employment level from 2005.

“There’s room in this market for a project like this,” Toth says. “If you look at pre and post- Katrina numbers, you can see there is room for additional hotel rooms. We’re down 5 million visitations per year, yet we’re not pressured by other casino markets.”

Architecture firm Leo A Daly designed the CanCan Casino Resort & Spa and the French Village. Francis Xavier Dumont is the lead architect.