Jimmy Buffett and Harrah’s Entertainment announced on Tuesday plans for Margaritaville Casino & Resort on the shores of Biloxi, Mississippi.

The Margaritaville project is expected to cost more than $700 million, representing the single largest investment in Mississippi since Hurricane Katrina, Harrah’s announced in a statement.

“I have always considered myself a “Gulf Coast kid,” Buffet said in a statement released by Harrah’s. “I was born there, grew up there and jumped on a stage for the first time there, before hitting the road. I have seen the world, traveled to distant shores, written a few songs and lived a few tall tales along the way, and now it is good to be coming back home.“

Margaritaville Casino & Resort will be developed on 46 acres of land south of U.S. 90 in Biloxi on the site formerly occupied by Grand Casino and Casino Magic. With a projected development start date of summer 2007, the Margaritaville Casino & Resort should be completed by spring 2010.

Read more in these news articles:

SunHerald - “Margaritaville Casino coming to Biloxi” (photo)
BusinessWire - “Harrah’s Entertainment and Jimmy…”
RGJ.com - “Harrah’s, Jimmy Buffett to open casino”