Company seeks more funds for bigger hotel at Lakeshore casino

"We are continuing to procure additional financing in order to enhance the project," said Peter LaFemina, chief financial officer for the Las Vegas company. "We'd like to develop something on a grander scale than what was originally approved - 72 rooms. We think the hotel rooms are extremely important to the market and would like to improve on that."

It's been two years since Phoenix Leisure obtained a lease with an option to buy 30 acres of land west of Waveland that was the site for first the Jubilee Casino and then the Jubilation.

The Jubilation closed in 1996.

Initial plans, with an anticipated opening by June of this year, called for a casino, a 205-room hotel, restaurants, a pool, a party patio and a sand beach.

That development, which would have created about 900 jobs, was later scaled back.

On Dec. 11, Phoenix Leisure announced that it has funded a $1.25 million deposit to Cleopatra Gaming Management following Cleopatra's purchase of a mini-casino in the state of Washington.

The purpose of the advance was to create profitable new revenue streams for the company to procure acceptable financing terms for the Bayou Caddy casino and other projects.

The deal, LaFemina said, "is designed to provide us with accelerating operating income during 2001. Lenders and investors today are increasing their focus on stable levels of cash flow and proven management track records."

County officials are eager to see the casino open.

The riverboat for which Phoenix Leisure paid $2.5 million remains at Port Bienville Industrial Park.

"We're still plugging along," LaFemina said. "We hope to have more news shortly."

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