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12 Spring 2015 The Mississippi Lawyer Legalized Gaming in Mississippi A Young Industry with an Eventful History national waters. One year later in 1990 the state enacted much broader legislation known as the Gaming Control Act. The Gaming Control Act created the frame- work to establish the Mississippi Gaming Commission and legalizing dockside gam- ing along the Mississippi River and coastal counties. See Miss. Code Ann. 75-76-1 et seq. Prior to the passage of the Act many found it inconceivable that such legislation could get passed in the Bible Belt and found it even more implausible that such an industry could thrive. The doubters were wrong. The Mississippi Miracle When gaming was first legalized in this state many believed that the casinos that would follow would resemble the old riverboats that once patrolled the Mississippi River and its waterways. After all the legislation to pass dockside gam- bling used words like cruise vessel and navigable waters. Few expected the large resorts and entertainment options that are here today. While the early oper- ators did use large barges that were quick- ly moved and moored into gaming sites it quickly became apparent that gaming was going to be hugely popular in the area and plans were made by developers to do any- thing they could to make their operations more permanent. Fortunately for the oper- ators the Gaming Control Act was not so restrictive that these large-scale develop- ments could not be achieved. Other than the qualifications about locations and structures the rest of the Mississippi Gaming Control Act was modeled after Nevadas gaming statutes and regulations. Nevada has always been regarded as the domestic expert on the subject and it was a good idea to emulate its regulations which had cleaned up the industry in the state. However Mississippi did not have near the number of gaming experts and was ill-prepared for what would follow shortly. In 1992 four legal casinos appeared in Mississippi within a span of three months. The first dockside casino appeared in the state on August 1 1992 when the Isle of Capri Biloxi opened. Two other casinos the President Casino in Biloxi and the Biloxi Belle opened that same August. In October 1992 the Splash Casino became the first casino in Tunica County. Upon opening the casino charged an entry fee just to get into the casino and there were still lines to get inside. The Splash Casino had so many visitors that it had to be temporarily closed at one point just so all of the money in the count room could be counted and moved to the bank to make room for more. This was an early sign that Tunica had serious potential. In October 1993 the Mississippi Gaming Commission was formed and took over the primary role of regulating the casino industry prior oversight was by the tax commission. By early 1994 19 casinos had opened in Mississippi. By the end of that year over 30 had been opened. Also in 1994 the Silver Star casino opened in Neshoba County thanks to a compact entered into by the State and the Mississippi Band of Choctaw Indians. Many coined the statewide gaming expan- sion as the Mississippi Miracle. Expectations were tempered early but by 1994 a state budget surplus was recog- nized and some credit for the surplus was given to the introduction of gaming into the State. Regulators and state officials MEDLEY BROWN LLC F I N A N C I A L A D V I S O R S Medley Brown POINTS OF DISTINCTION Focused A singular long-term value-driven investment philosophy Rational Thoughtful investment selection Responsive Exceptional client service Committed Our money invested alongside yours Proven History of investment performance Call us at 601-982-4123 www.medleybrown.com