Hurricane Katrina has done what is impossible with three other storms, including sinking the Buccaneer-themed Treasure Bay Casino.
But Bernie Burkholder, who opened a pirate ship-style gambling barge in 1994, is not ready to walk on the board yet.
He vowed to open a smaller, but land-based version of Treasure Bay by June once funding is available.
"Some of the money will be used to sell not only insurance proceeds, but also savings and what can be recovered," Burkholder said, watching the construction team demolish the dock facility in Treasure Bay. "But the biggest part will come from borrowing."
Fellow casino operators on the Gulf Coast have publicly expressed respect for Burkholder. Personally, many people question whether Burkholder will be able to get financing to take back Treasure Bay.
Running for years, Treasure Bay was a photo opportunity for tourists rather than a game leader in the Gulf.
The site is now located in parts of the Mississippi coastline devastated by 135 mph winds and 30 ft storm surge in Katrina. Motels, restaurants, bars and souvenir shops adjacent to the casino were in ruins. The Treasure Bay parking lot was littered with casino debris. Abandoned 'Silver Crew' slot club cards were scattered in the sand.
Before Katrina hit, Treasure Bay had 978 slot machines and 47 table games installed on a 41,000-square-foot barge built to resemble Jolie Roger. In addition to the restaurant, Treasure Bay operated a small hotel across Highway 90.
All of them were damaged beyond repair by the August 29 hurricane. The barge fell off the mooring and pulled two of four 60-inch concrete and metal case columns about 100 yards from the pier.
Since it was not a publicly traded company, it is unclear how Treasure Bay contributed to $1.2 billion in annual gaming revenue along the Gulf Coast.
"We had more loss records than other properties," said Burkholder, president and CEO of unlisted Treasure Bay LLC, which operates three Caribbean Island casinos.
He said the hurricane shut down Treasure Bay for 13 days in 1998 and 17 days in 2002.
"We were in a situation where it was not economical to buy ship insurance because of the loss record," Burkholder said. "We had insurance for hotels and castles (restaurant areas) and all the land structures."
Burkholder said he would rebuild the casino 800 feet away from the water in line with Mississippi Games regulations after the hurricane. Unaware of the immediate cost, he said construction would begin in February and open the casino in June. The hotel will be completed in five months.
"It's the right thing to do as a business decision," Burkholder said. "Communities are going to be bigger and better rebuilt than ever."
Because Treasure Bay is a small business and had no insurance for game barges, Burkholder, like other casino operators, was unable to pay 1,000 casino employees for 90 days. He said the company was trying to find worker jobs in the area. His entire finance department, for example, was employed by local construction companies, he said.
Although small in size, Treasure Bay had a loyal local follower.
"I miss you," said Thomas Catron, a Biloxi resident. "We were there on Friday night before the storm."
Burkholder's rebuilding plan refuted the announcement by some gaming analysts that all 13 destroyed Gulf Coast casinos could not or could not be rebuilt.
Treasure Bay will not return, it said in an industry report in September.
"Casinos will open in June and half of our employees will be back at work by the end of the year," Burkholder predicted.
The fate of other Gulf casinos, which are not run by major gaming companies, remains in question.
Gulfport's Copa Casino was demolished earlier this month.
One casino boat, President, was scheduled to move west of Biloxi in Lake Shore, Mississippi, this month. The 38,000-square-foot casino operated 860 slot machines, 33 game tables, eight table poker rooms, and a small hotel.
But the hurricane loosened the barge from its moorings, causing the casino to float about a mile from the pier, relaxing on Highway 90 next to a small motel and near the Mississippi Coastal Coliseum Event Center.
The loss of small boats has saddened some Mississippi residents.
"Treasure Bay was a nice place and I liked the president," says James Skoros, a veteran and resident of Biloxi. "It's a shame that all these casinos have been destroyed."
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