BILOXI -Sometimes, to quote the famous song about gambling, you have got to know when to hold 'em. The winners along Mississippi's post-Katrina casino coast are proving to be those who held tight to plans long after the storm. Despite downward national trends in real estate sales, numbers are looking remarkably bright in Biloxi. At Revelay, a beachfront resort by Sterling Development, condo sales average ten per month, and the development has secured more than $60 million in contracts. Down the street, eight of ten casino resorts are back in operation, revenue is breaking records and 55 percent of the coast's hotels are up and running. "The Mississippi Gulf Coast is re-emerging as a year-round destination," says Nicole Learson, marketing director for the Mississippi Gulf Coast Convention & Visitors Bureau.
Part of that re-emergence is the piece of prime coastline where Florida- based Sterling Development was planning a resort when Katrina came ashore. Despite the setback, Sterling held tight. Employees continued to receive salaries but were sent by the developer to work for the city of Biloxi. "It was an investment in the new Biloxi," says McNeil, "and the new Biloxi is, like our plans for Revelay, emerging as a more family-friendly, year-round attraction." McNeil points to the Mississippi Gulf Coast Coliseum, adjacent to his company's 14-floor project, as part of the draw. "Biloxi is becoming more like Las Vegas in its ability to attract first-class entertainment and conventions," he says, "in a coastal atmosphere that Las Vegas can't touch."
Biloxi mayor A.J. Holloway concurs. "There's a lot of energy in a coastal location like this," he says, noting that the same body of water that delivered Katrina generally delivers a more appealing side to the tropics. Holloway says the temperate climate and miles of coastline that garnered so much national press during the storm are now gaining popularity for the location's considerable upside.
Revelay's site is now perfectly positioned to provide first-class accommodations for convention visitors, and McNeil expects the resort to be an integral part of the emerging convention market. "Music to my ears," says Coliseum director Bill Holmes. Revelay's design includes an event lawn and walkways connecting the condominiums to the Coliseum. "East Biloxi has the gaming district; I'd like to see this end develop into a convention district. Having Revelay right next door will be terrific for us and for the entire Gulf Coast," says Holmes.
Leaders like Holmes, McNeil and Holloway say it's not just a matter of staying power, but a willingness to put money on a good thing that continues to brighten Biloxi's future. "We know the coastal resort market, and this is the best site we have ever developed," McNeil says, referring to Sterling's properties along the gulf coast
Source: PR Newswire