Archive for the ‘Go Zone General Info’ Category

By Michael C. Zari

As promised, the Margaritaville Casino and Restaurant is taking shape on Biloxi’s Back Bay.  Construction is progressing on the new Buffett venture and the casino is still scheduled to open by Memorial Day 2012.

The company owns 26 acres in east Biloxi. The total footprint of the casino is around 82,000 s.f. with ~ 26,000 s.f. dedicated to gaming space.  In addition to the casino and Margaritaville-themed restaurant, the plans call for retail, an events center and also a marina.

The Margaritaville Casino and Restaurant is being built on the Back Bay of Biloxi (off of 5th Street at old East Harrison County Industrial Park); right next to St. Michael’s Fuel and Ice House. Total project is nearly $60 M.

By Michael C. Zari

Chevron Corp was set to begin construction of a $1.4B base oil plant at its 330,000 barrel per day (bpd) Pascagoula, MS, refinery last week, according to a local media report.

The long-planned project will provide 1,000 jobs during the planned two years of construction that will boost motor oil output from the refinery, according to a report posted on the website of the Mississippi Press.  The plant, once finished, will produce base oil, which is the main ingredient in just about all lubricants.  

Chevron’s Sean Comey said it just goes to show this project is not just helping build the company; it’s also bringing badly needed jobs to the community. “There is going to be about 1,000 construction jobs generated from the beginning through the estimated completion in 2013, and 20 permanent jobs to run the facility once it’s done,” Comey said. Chevron hopes by stimulating job growth, more money could be pumped into the local economy during these tough financial times.

Construction is expected to be completed by the end of 2013.

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By Michael C. Zari

Boyd Gaming Corporation (NYSE: BYD) recently announced that it has completed its acquisition of the IP Casino Resort Spa in Biloxi, Mississippi.

Boyd Gaming now owns and operates 17 properties in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana.

“With the purchase of the IP, Boyd Gaming is expanding into one of the most important gaming markets in the country, further diversifying our operations,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.  “We believe the acquisition of this market-leading property is a substantial growth opportunity, and we are confident it will deliver attractive returns for our shareholders.”

Boyd Gaming welcomed the IP Biloxi to their family the following details about the facility:

“Located in Biloxi, Mississippi, the AAA Four Diamond-recognized IP Casino Resort Spa is the Mississippi Gulf Coast’s premier casino resort.

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By Michael C. Zari

Huntington Ingalls Industries Inc. (NYSE:HII), the parent company of the 10,500-employee Ingalls Shipbuilding yard in Pascagoula, Mississippi, announced that the US Navy awarded a $697.6 million fixed-price incentive construction contract to Ingalls for a new Arleigh Burke-class (DDG 51) destroyer, DDG 114. According to Huntinton, it will be the 30th Aegis guided missile destroyer Ingalls has built for the U.S. Navy.

“This is an exciting opportunity for us to continue our outstanding quality of work in building DDG 51s,” said Bob Merchent, Ingalls’ vice president, surface combatants and U.S. Coast Guard program. “Every day our shipbuilders set out to build quality ships safely, and we’ve accomplished this for more than 20 years in this surface combatant program. We are proud of this legacy and will continue to build and deliver the best surface combatants in the world to the U.S. Navy.”

Ingalls has delivered 28 DDG 51 ships to the U.S. Navy. The company’s 28th ship, William P. Lawrence (DDG 110), was commissioned on June 4 in Mobile, Ala. The ship was the most complete at time of sea trials in the history of the DDG 51 program at Ingalls. Also, lessons learned from previous DDGs allowed Ingalls to deliver William P. Lawrence with a reduction in schedule and man-hours compared to previous ships in the class.

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By Michael C. Zari

Boyd Gaming Corporation (NYSE: BYD) recently announced that the Mississippi Gaming Commission has approved the Company’s proposed acquisition of the IP Casino Resort Spa in Biloxi, Mississippi.

With this latest approval, Boyd Gaming has received all of the required regulatory approvals to proceed with the planned acquisition.  The final transaction is expected to close within 2 weeks with the deal scheduled to close on October 4th..

“We look forward to joining the Mississippi Gulf Coast with this market-leading property,” said Keith Smith, President and CEO of Boyd Gaming.  “The IP’s employees enjoy a strong reputation for delivering first-rate customer service, and we are excited to welcome them to the Boyd Gaming team.”

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By Michael C. Zari

Huntington Ingalls Industries Inc. (NYSE:HII), the parent company of the 10,500-employee Ingalls Shipbuilding yard in Pascagoula, Mississippi, announced recently that its Ingalls Shipbuilding division has received a $482.8 million contract from the U.S. Coast Guard for the construction of a fifth National Security Cutter (NSC). Construction and delivery of the yet-to-be-named WMSL 754 will be performed at the company’s Pascagoula, MS facility.

According to Ingalls Shipbuilding President Irwin. F. Edenzon, “Ingalls has continued ship-to-ship performance improvements on the National Security Cutter program, and this contract affirms the Coast Guard’s confidence in our shipbuilders.”  Edenzon went on to say, “We focus every day on meeting our safety, quality, cost and schedule goals. We’re doing it right and doing it better, and we intend to keep meeting our commitments to our U.S. Coast Guard customer.”

Ingalls has delivered the first three NSCs, which are the flagship of the Coast Guard’s cutter fleet.  Stratton (WMSL 752), , was delivered to the Coast Guard on Sept. 2 2011. Bertholf (WMSL 750) and Waesche (WMSL 751) have been commissioned and are successfully executing Coast Guard missions.  The start-of-fabrication milestone, signifying 100 tons of steel have been cut, took place for the fourth cutter, Hamilton (WMSL 753), on Aug. 29. This same milestone for WMSL 754 is scheduled for second quarter 2012, with delivery expected in mid-2015.

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By Michael C. Zari

Recently, we reported that the GO Zone’s Margaritaville Casino and Restaurant filled and named key positions in the new casino. Specifically, Thomas Brosig is the President and Chief Executive Officer (CEO) and Karen Sock was announced as General Manager (GM) and Chief Operating Officer (COO).

Other key positions for Biloxi’s Margaritaville Casino and Restaurant are being marketed both on line and in print (i.e. local newspapers such as the Sun Herald),

According to the Herald, some of the positions that are being reviewed and filled include directors of food and beverage, marketing, human relations, gaming operations and surveillance, along with manager of information systems

Key positions already filled include:

• Huntley Biggs Jr., (Director of Special Projects);
• Leon Walker (Logistics Manager);
• Heather Nowell (Project Administrator);
• Barbara Donald (Director of Finance); and
• Kelli Bell (Director of Regulatory Compliance).

Thomas Brosig and Karen Sock plan to hire as many as 1000 people to run the new GO Zone Margaritaville.

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By Michael C. Zari

According to the Associated Press, gaming veteran Thomas Brosig has been named President and Chief Executive Officer (CEO) of Jimmy Buffett’s Margaritaville Casino in Biloxi Mississippi.  In addition, Karen Sock was announced as General Manager and Chief Operating Officer (COO).

The Margaritaville Casino Resort is currently under construction in east Biloxi and is scheduled to open next summer.

Brosig was co-founded Grand Casinos Inc. with Lyle Berman. Sock is the former General Manager at Grand Casino in Biloxi. Brosig’s lengthy experience includes co-founding Grand Casinos, Inc. During Brosig’s tenure at Grand, he oversaw the development of seven casinos.

The $48 million resort on Biloxi’s Back Bay will have a 68,000-square-foot casino and restaurant, along with retail stores, an events center and a 27-slip marina.

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By Michael C. Zari

Huntington Ingalls Industries Inc. (NYSE:HII), the parent company of the 10,500-employee Ingalls Shipbuilding yard in Pascagoula, Mississippi was recently awarded a contract modification worth ~ $11 million, according to multiple sources.

The contract modification is for research, development, test, & technical services for the DDG 1000 Zumwalt-class destroyer. Technical services include technology development, analytical modeling, qualification of materials, potential design/process improvements, and design excursions.

Work will be performed at the shipbuilder’s facilities in both Pascagoula and Gulfport Mississippi (Pascagoula  getting about 80% of the work and Gulfport about 20% of the work) and is expected to be completed by September 2012. The Naval Sea Systems Command (NAVSEA), Washington, D.C., is the contracting activity.

The Gulfport facility builds composite deckhouses and hangars for DDG 1000 ships, which are ultimately assembled in Maine by Bath Iron Works. The Pascagoula yard builds steel units that support the composite deliveries and the aft peripheral vertical launch system ship sections.

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By Michael C. Zari

During a conference call on July 27th, Boyd Gaming announced their 2nd quarter results and discussed the status of their acquisition of the IP Casino in Biloxi, Mississippi. 

Boyd Gaming is in the final stages of due diligence related to its acquisition of the IP Casino Resort Spa in Biloxi.  They are on track to wrap up their due diligence by August 4th with a closing of the transaction still expected to close early in the 4th quarter of this year.  At the end of the due diligence process, if all pans out from the process, Boyd Gaming will be paying a $10 Million non-refundable deposit to the sellers on August 4th.

During the July 27th conference call, Keith Smith, President and CEO of Boyd Gaming, stated that given the success of the team at the IP Casino Resort Spa in Biloxi, they plan on keeping the IP name and brand and also expect the IP to be a “significant contributor to future results” for Boyd, according to Mr. Smith.