New property owners expect to take over in April

Friday, Feb. 4, 2005 | 9:34 a.m.

BILOXI, Miss. -- The new owners of the President Casino and its nearby by Broadwater properties expect to take over April 15 after winning a $82 million bid in bankruptcy court in Missouri.

One of the new owners, Roy Anderson III, said Wednesday that a larger casino, a new hotel, shops, restaurants and condominiums are planned for the landmark Broadwater property in Biloxi.

The present casino will continue to operate, Anderson said, but will eventually be replaced with a larger casino.

A bankruptcy court judge in Missouri recently approved the sale of 240 acres to Broadwater Development LLP, whose partners are Anderson, fellow Gulfport businessman W.C. "Cotton" Fore, and the Dezer Development Group of Miami.

Their winning bid was $82 million for the bankrupt President Casino Broadwater Resort, which includes the casino, the Broadwater Hotel and marina and a golf course owned by President Casinos of St. Louis.

Anderson expects the deal to close by April 15.

He said the group is interviewing planning firms that have completed major waterfront projects in this country and internationally. A firm should be selected within the next two weeks to draft a master plan for the property.

"It's a landmark property," Anderson said, "and a great opportunity for economic development on the coast."