GULFPORT, Miss. (AP) — When Island View Casino Resort opens a new casino, it is expected to save millions under a new agreement with the state port for waterfront acreage south of U.S. Highway 90.
Island View currently pays the port 5 percent on gross gambling revenue of more than $25 million a year. Under an amendment to the lease, the gross would be reduced to 2 percent on revenue of more than $170 million. It would be 1 percent on revenue that exceeds $200 million.
The savings would apply to the combined gross revenue of the current and the new casino. The Sun Herald reports (http://bit.ly/2ac0iik) the Port Commission approved the amended lease Tuesday, but it must still be signed. The Gaming Commission also would have to approve the project, including financing, before the casino could be built.
