Europa split over vision for Bay property
By JOEY BUNCH
THE SUN HERALD
DIAMONDHEAD - James Rafferty, a contender to become Europa Cruise Corp.'s new chief executive, sees the company's proposed casino on the Bay of St. Louis as a smaller development more focused on gambling by locals rather than a destination resort to attract tourists.
In the next few months, Europa's stockholders could decide which vision they like best for the company's 404.5 acres near Interstate 10 in Hancock County.
The company's four-member board is in a standoff on the future of the property.
Two members support keeping company head Deborah Vitale and ousting board member John R. Duber to bring in stockholder Frank E. Williams Jr.
Duber and board member James Illius favor ousting Vitale to bring in Rafferty.
If a survey of stockholders is allowed by the Securities and Exchange Commission in the next few weeks, the first side to acquire votes from holders of 17 million of the company's 31 million shares will get its way.
Vitale wants a themed resort in which the casino is only part of the offerings.
"The casino is a small part of this," Vitale said last week. "This is a destination resort."
Rafferty said the Coast gambling market could support a smaller regional casino, but not another resort development comparable to market leaders Beau Rivage and Grand Casinos in Gulfport and Biloxi.
Europa's property has been tied up in court the past few years - litigation that has been resolved over the past few months - and has not yet attracted willing investors to finance the development, estimated at $400 million.
"I see a number that's a bit less than that," said Rafferty.
The design Rafferty has in mind would not have a golf course and would be more convenient for parking and other amenities that gamblers value most.
He said several of the casinos in Biloxi and Gulfport made the mistake of locating their parking too far away from their casino floors. Gamblers want a short "handle-to-handle" time - that is, the time it takes to get from the handle of their car door to the handle of a slot machine, he said.
Rafferty has 24 years' experience in the casino industry, most recently as senior vice president of Harveys Casino Resorts.
Vitale, a trial lawyer, became Europa's chief in 1998, cleaning up years of lingering litigation and back taxes. She plans to use a board of casino industry veterans to guide the development plan and offerings at the resort, she said. |
