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Casino Proposed for Tunica, Mississippi

MISSISSIPPI – As reported by the Memphis Business Journal: "A new casino is headed to Tunica. When it gets there is another matter.

"Solid Gold Casino Hotel and Resort has been proposed by Memphis businessman Robert Carpenter and his wife, Patricia Shaw. They have invested $6.5 million initially in the venture, which eventually will include the casino, dining barge, a hotel and an entertainment facility. The $6.5 million includes $2.5 million of their personal funds.

"Carpenter, who was previously senior vice president of Guaranteed Mortgage Bank, and Shaw, who has been with FedEx for 25 years, are in the final turn of a 10-year journey to make the casino a reality. The two are the sole owners of the proposed casino, but Carpenter says they are meeting with two additional investors for the planned hotel.

"…Nolan Canon, a member of the three-person Mississippi Gaming Commission, says the commission is currently in an investigation process on the potential investors, who cannot be identified publicly until the commission makes its decision. Canon says the application is on the commission's agenda for next month.

"…Carpenter says that once the license is approved, a group of private investors has $23 million ready to invest in the project, but those funds will have to wait on the approval itself. Those investors would own 49% of the casino, while Shaw and Carpenter maintain ownership of 51%.

"…Carpenter says the casino barge is currently on its way to Tunica from Orange, Texas, while the dining barge is docked in Memphis. To this point, Carpenter and Shaw have spent their own money on the business plan and acquired the barges on their own earlier this year…"

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