Biloxi Yacht Club sold to Las Vegas strip club tycoon who buys Margaritaville Casino
The Biloxi Yacht Club has had a new owner since last fall, the Biloxi Sun-Herald reported.
Last August, Las Vegas businessman Harry Mohney, known for his strip clubs, purchased the shuttered Margaritaville Casino in Biloxi's Back Bay for an undisclosed amount. Casino). Money, whose Déjà Vu, Inc. operates nearly 200 strip clubs in the United States, United Kingdom, Australia, France, Canada and Mexico, has not completed the acquisition of the Biloxi Real Estate and Margaritaville properties.
Money also struck a deal around Thanksgiving to buy the Biloxi Yacht Club, the Sun-Herald reported. The Yacht Club, a mid-19th century Biloxi institution and one of the oldest sailing clubs in the country, was looking for more protected waterfront property.
The organization faces expensive repairs due to damage from storms along the Gulf Coast. The Yacht Club built the current facility on Beach Boulevard. Coon Street after Hurricane Katrina leveled his previous home.
Biloxi strip club?
Biloxi is the heart of Mississippi’s gaming industry. The city's eight casinos join four others in the state's coastal real estate landscape, including the Silver Slipper and Hollywood in Bay St. Louis, Island View in Gulfport and the Scarlet Pearl in D'Iberville.
Mississippi casinos nationwide won $2.48 billion last year, with coastal casinos accounting for nearly $1.59 billion. Biloxi is a major gambling destination for Southerners and Midwesterners, but the city lacks the upscale gentlemen's clubs that many gamblers value.
Money's Margaritaville Building may be suitable for adult entertainment. Mississippi law bans "public nudity" strip clubs within a quarter mile of a church, school, day care center or courthouse.
The closest church, school, nursery or courthouse to Margaritaville is the Vietnamese Buddhist Congregation on Oak St. The church is located 1,600 feet, or just over 0.3 miles, from the Margaritaville hotel.
Yacht Club Rental Property
Biloxi Yacht Club officials said Money agreed to lease the property to the group for $1 a month until he decided what to do with his newfound property. The association is responsible for maintaining the facilities and paying insurance premiums.
Money's attorney, Britt Singletary, said the current focus is on redeveloping the Margaritaville property.
Margaritaville opened in 2012 but closed more than two years later, in September 2014, due to a dispute between the casino operator and its landlord. The dispute has hampered construction on the site of a planned 250-room hotel.
An Arizona-based gaming and hospitality company called RAM Group acquired the Back Bay property in 2019 and plans to invest $200 million to open a casino and resort on the approximately 10 acres of land. RAM hired rock legend KISS to name the destination Rock & Brews Casino.
The COVID-19 pandemic derailed those plans. The property was once again put up for sale, with Money serving as the buyer.
Following the closing of the real estate deal, reports surfaced that Money would seek to transform the Margaritaville Casino into a mixed-use retail and dining destination.
In addition to his numerous strip clubs, Money's business empire also includes karaoke venue The World Famous Cat's Meow. Money previously owned the Dick's Last Resort restaurant chain but recently sold that position.
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Source: www.casino.org
