It was announced a month ago that Jimmy Buffett planned to build a new Margaritavlle Casino in Biloxi, Mississippi. On Tuesday the City Council approved the plans. Here are more details that have been revealed:

The $48 million first phase will create about 700 jobs. The 20,000 square feet of casino will have 750 slot machines and 18 table games. The restaurant and bar will seat 290 indoors and on the outdoor dining deck overlooking the Back Bay, plus 60 more on a second level. The 17,000-square-foot events center will have seating for about 780.

The developers hope to break ground in April and open in early 2012.

Read the full article here.

After years of idling, it looks like a Margaritaville Casino is finally coming “down around Biloxi.” However, it will be at a new location: the old East Harrison County Industrial Park on 5th Street. There is no word yet on what will happen to the old site along the Biloxi coast that has become an eye sore to local residents.

The Sun-Herald says that the 68,000-square-foot, $48 million resort should be open by the end of the year. When completed, it will feature a casino, restaurant, shops, an events center, and a marina.

To get the project built and open by the end of the year, Cavanaugh said the city and Gaming Commission have agreed to expedite the approval process. It tentatively is heading to the Biloxi Planning Commission as soon as Feb. 2, to the City Council on Feb. 15 or 22 and the Gaming Commission on Feb. 24.

Below is an artist rendering from the Cunningham Group:

Here is the original artist rendering for the resort that was announced in 2007 and was subsequently scrapped:

There’s another fresh round of back-and-forth between Coastal Development (a partnership with Jimmy Buffett) and Trump Entertainment Resorts over the Trump Marina Hotel Casino in Atlantic City. This time it appears the deal is off for good.

“Coastal made a written offer to purchase the Marina on Aug. 23, 2010, and was prepared to place half of the purchase price in escrow,” Coastal Chairman Richard T. Fields said. “The company never responded. . . . Last week, we formally withdrew our offer.”

“We are now officially out of the picture,” Fields added, “and will not be used in the press as a stalking horse in a deceptive process.”

The original plan back in 2008 was to purchase the resort for approximately 315 million dollars and turn it into a Margaritaville-themed casino and resort. The deal was on and then off multiple times, eventually culminating in Coastal Development suing Trump in 2009 over the deal. The lawsuit is apparently still ongoing.

The August 23rd offer by Coastal that went unanswered was reportedly for less than $75 million… a freefall from the original $315 million offer and later offer of $270 million.

Trump Entertainment CEO Mark Juliano believes a deal can still be done with Coastal, noting that it “would make the fourth time that [Coastal has] been out.”

Read more in today’s Philly Inquirer and Press of Atlantic City.

The mayor of Biloxi aired out some frustration on Wednesday over the Margaritaville Casino project that’s sat idle for two years:

“I think Margaritaville is through — at that location,” Holloway said during Breakfast with the Mayor, sponsored by the Biloxi Chamber of Commerce at the Donal Snyder Community Center.

Last week, he talked with John Payne, the central division president of Harrah’s Entertainment, who told him the company is not in negotiations with any investors, Holloway said.

The mayor said he is frustrated when he reads that Harrah’s is buying properties when the project in Biloxi has remained idle since 2008.

Asked what’s going to happen to the metal skeleton on the site, Holloway said Harrah’s would “probably knock it down. I don’t know what else they can do with it.”

LuAnn Pappas, vice president of marketing and non-gaming operations at Harrah’s Grand Biloxi Casino, said that isn’t planned.

“Our position on that property remains the same,” she said. “We continue to maintain that site as we evaluate options.”

First announced in 2007, original plans called for a $700 million resort with 798 rooms, a full-service spa, a pool/deck area with cabanas, bar and tropical landscaping, all on 46 acres of land south of U. S. Highway 90 (view artists rendering).

After a deal fell apart in mid-2009, it appears Coastal Development and Trump Entertainment are back at the negotiating table over the sale of the Trump Marina Casino in Atlantic City. From CasinoGamingStock.net:

Previous negotiations fell apart in 2008 with both parties accusing the other of breach of contract, which resulted in a lawsuit over $17 million that Coastal paid as a deposit on the original sale.

Under terms of the new purchase agreement, both parties agreed to drop all pending litigation upon closing.

Coastal Marina will purchase the 27 story hotel, 80,000 square feet of gaming space and 60,000 square feet of convention space, nightclub, three players clubs, four retail outlets, six restaurants, cocktail lounge and health spa for $316 million.

Richard Fields, chairman of Coastal Marina said that the casino hotel will be re-branded and refurbished to fit within their “Margaritaville” brand.

“Together with Jimmy Buffet’s team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City,” Fields said.

“They are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team.” responded Trump.