Friday, May 6, 2005 | 9:33 a.m.
BILOXI, Miss. -- Mississippi continues to attract casino investments because of low and reliable tax rates, says Don H. Barden, who owns casinos in Mississippi, Nevada, Colorado and Indiana.
Barden, one of the nation's top black casino entrepreneurs, was keynote speaker Thursday on the final day of the Southern Gaming Summit. He said Mississippi's billion-dollar casino industry helps the entire state grow economically.
Citing 30,000 jobs brought the state by the industry, Barden said Mississippi is among the most casino-friendly states in the nation.
John E. Jagunich, president and general manager of Casino Magic in Bay St. Louis, agreed.
"The beauty of Mississippi is the Legislature, the local government and everybody involved understands the beauty of the public and private partnership," Jagunich said.
Barden said New Jersey is seeing a reemergence of Atlantic City as a destination resort because of a good partnership with the state.
"It is obvious that Atlantic City will continue to prosper. Atlantic City will continue to attract investment," he said.
He also said Las Vegas is thriving with the lowest casino tax rate in the country and a new flock of investors buying condominiums.
"They (businesses in these states) know that their taxes are not going to go up because the Legislature wants to fill a bunch of holes," Barden said.
Illinois and Indiana have not tapped into the potential of a partnership with the gaming industry, he said.
While not every state is working with casino investors, Barden said the overall climate of the industry looks bright, especially because of low interest rates.
"There is no limit to how far we can go," Barden said.
Citing his own struggles to become a successful businessman, Barden said formal education doesn't always indicate a person's true potential.
"You can even, in America, become president of the United States if you are a C student," Barden said.
After rebuilding starters and generators at a machine shop near his hometown of Detroit, Barden said he realized he wanted to be the boss.
"I decided I wanted to be the guy that was at the front counter," he said.
Now, Barden is the owner, chairman and CEO of Barden Companies Inc., the Majestic Star Casino, Waycor Development Co. and Barden International Inc., based in Africa.
Majestic Star Casino owns three Fitzgeralds casino and hotels in Tunica County, Miss.; Black Hawk, Colo.; and Las Vegas. It also owns a riverboat casino in Gary, Ind.
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