Developers have announced plans for a $1.2 billion redevelopment of a once-popular tourist spot on the Mississippi Gulf Coast.

Mississippi news outlets report that Dakia Entertainment Hospitality and Broadwater Development, LLP have signed a formal letter of intent to redevelop the historic, former Broadwater Beach hotel, marina, and golf course. The original resort has a history dating back to the 1930s.

The music-themed casino resort will include a 12,000 seat indoor concert atrium and a 125,000-square-foot casino with about 2,460 gaming positions.

The Biloxi City Council voted voted Tuesday to allow the developers to apply to the Mississippi Development Authority for tourism tax incentives. The 266-acre complex is projected to open by the summer of 2023.

“Everyone’s ecstatic there’s actually going to be something done out there,” Biloxi council member Dixie Newman told The Sun-Herald.

She represents the area where the resor will be built. She said she has received numerous phone calls about the proposed casino on property that has been vacant since Hurricane Katrina.

“It is a big deal. The Broadwater has the reputation of being the gem of the gulf coast,” said councilman Kenny Glavan, according to WLOX-TV. “In it’s hey day it was something, and to see another developer seize the opportunity. You not only have the redevlopment but an incredible enhancement.”

Development plans also include a 1,150-room, full-service hotel with spa and a restored Broadwater Marina for recreational vessels and offshore fishing tournaments.