Plans are back on for the expansion of the Isle of Capri Casino Biloxi.

"We expect that approximately $160 million will go toward the rebuilding and refurbishment of the Biloxi property," CEO James B. Perry announced Wednesday. Last year the expansion was put on hold while the Isle's new management reassessed the casino resort's master plans.

Now Perry said timing is key. The company hopes to have its insurance claim, which will pay for much of the construction, settled within the next 90 days and the project completed about the same time as the neighboring Margaritaville Casino.

Isle management believes Margaritaville will entice lots of visitors to the Point Cadet area and Perry wants construction of the Isle done by the time Margaritaville Casino opens in spring 2010.

"The Biloxi project is expected to include a new single-level casino, restoration of our convention space, new food venues and renovation of the hotel rooms in the south hotel tower," said Perry. Although the Isle isn't ready to release specifics, Perry did say work would be done in phases.

After Hurricane Katrina demolished the Isle casino barge in 2005, the resort's convention area became the new onshore casino. Once the new casino is built, the space it currently occupies can be remodeled for new restaurants and meeting space.

"Biloxi was severely hurt by Hurricane Katrina," Perry said, and because it was one of the first casinos to reopen on the Coast, the Isle "does not have a lot of the amenities you need to compete in that market."

The resort does have room to grow. Perry said the company owns 25 acres north of U.S. 90 in addition to land it leases from the city of Biloxi on Point Cadet. He said the Isle of Capri and Harrah's collectively control all the land in that area of East Biloxi. How the Isle will develop that property on Point Cadet depends on how the Biloxi market responds over the next two years to the gasoline and economic issues, he said.

"We believe our plans for Biloxi will create a product that is much more competitive in one of the nation's largest gaming markets," said Isle President Virginia McDowell.

"We understand this is not the perfect time to be in the development business," said Perry. Isle of Capri is also remodeling about 40 percent of the guest rooms at its properties and Perry said the company is receiving many bids to do the work but fuel and material are adding to the cost.

Isle of Capri reported Wednesday net revenue increased by 17.7 percent compared with the fourth quarter of fiscal 2007. The company saw a loss from continuing operations of $51.3 millionfor the first quarter ended April 27 and a net loss for the fiscal year of $96.9 million.

For the quarter ended April 27, net revenues at Isle of Capri Biloxi fell from $28.9 million in 2007 to $22.7 million this year, and for the fiscal year dropped from $147.8 million to $90.6 million.