Industry News

Bacaran Bay Condo Hotel Moving Forward With Plans

BILOXI, MS, November 9, 2005 - Torguson Gaming Group, Inc. announced today that while Hurricane Katrina may have presented the Biloxi area with a devastating storm surge, a recent survey shows the planned Bacaran Bay Casino Resort's main casino entrance and condominium hotel project on Caillavet Street in Biloxi would have been above the surge level.

"We are pleased to learn that the originally planned elevation of the first floor of the casino and retail area is above the highest level reached by the recent surge at our site. Additionally, the first floor of the condo hotel residences is planned to be 120 feet above sea level," said Torguson Gaming Group, Inc.'s Chairman and CEO, Marlin F. Torguson. "What this means is that we do not have to dramatically alter any plans already in progress due to Hurricane Katrina."

Torguson, one of the founders of the Coast's casino industry, believes that the Mississippi Gulf Coast has been presented with a tremendous opportunity and that financiers he has met with are more enthusiastic than ever, particularly since the state approved onshore casinos last month.

He said Hurricane Katrina has only slightly impacted construction timing for Bacaran Bay Casino Resort, and plans will proceed with an early 2006 groundbreaking.

"There is so much opportunity here. We have received favorable response from a number of potential investors, and our team is charging ahead. We are presenting our master development plan to the City of Biloxi and moving forward with the planning and zoning approval process," he said.

"We want to make sure Torguson Gaming Group, Inc. is a leader in the development of the Back Bay area and overall rebuilding of Biloxi."

Bacaran Bay Casino Resort Biloxi announced its plans earlier this year for a casino resort on Biloxi's Caillavet Street featuring 75,000 sq. ft. of gaming, seven restaurants, a spa, salon and fitness center, an entertainment venue, a championship golf course, retail shopping, convention space, an all-suite hotel, a condominium hotel, and more.

"The Villas" at Bacaran Bay consists of a 432-unit condominium hotel offering one and two bedroom condominiums ranging from 982 to 2,014 square feet with Gulf of Mexico and Back Bay Biloxi views.

The concept of a condominium hotel affiliated with a casino resort and championship golf course is new to the Mississippi Gulf Coast market. The resort offers a vast array of high-end amenities combined with recreational activities and a beautiful location as great selling points, in addition to the property's solid construction and elevation.

According to contractor, Roy Anderson Corp., construction plans and structural engineering for the project should protect the property from a major hurricane, with the casino structure being completely protected by reinforced concrete walls to prevent movement or damage from a storm surge.

Torguson stated, "With so much attention on this area due to Hurricane Katrina, we want to make sure that investors looking to help rebuild this market are aware that our resort and condominiums are built to withstand category 5 hurricane-force winds with solid concrete construction. It should be a reassurance for investors to know that we thoroughly considered a situation like the recent hurricane."

Bacaran Bay Casino Resort, a $500 million project, will be owned and operated by Torguson Gaming Group, Inc. and is expected to break ground in 2006. The resort will be situated on 12 acres on the west side of Caillavet Street in Biloxi.

Bacaran Bay will feature 75,000 sq. ft. of gaming with 1,800 slots and 50 table games, seven restaurants, a full-service 20,000 sq. ft. spa, salon and fitness center, four acres of pool decks, six movie theaters, a 40-lane bowling center, a 5,000-seat entertainment venue, a 15,000 sq. ft. Shopping Esplanade, two wedding chapels, kids activity center, and over 80,000 sq. ft. of meeting space.

It also will feature the first all-suite 638-room hotel on the Mississippi Gulf Coast in addition to 432 on site condominiums, The Villas. Guests of Bacaran Bay will also enjoy priority access to Palmer's Run, an off-site Arnold Palmer signature 18-hole championship golf course. Torguson Gaming Group, Inc. also owns a greyhound race track in Belmont, New Hampshire.

For more information on Bacaran Bay Casino Resort, contact Maria Lopez at Maria@CondoHotelCenter.com or call (305) 944-3090.