Rotate Black Gets Approval to Proceed From MS Gaming Commission
17 Agosto 2012 - 1:33PM
Marketwired
Rotate Black, Inc. (PINKSHEETS: ROBK) On August 16, 2012, Rotate
Black MS, LLC an affiliate of Rotate Black, Inc. received unanimous
Approval to Proceed from the Mississippi Gaming Commission for its
four-star Casino/Resort in Gulfport, MS. The Project will feature
over 100,000 sq. ft. of gaming and entertainment space as well as a
205 room hotel. The gaming and entertainment space will boast 1,188
slots, 26 table games, steakhouse, water view bar, extensive
exterior decking, center bar, buffet and café. The Hotel features
four-star amenities including a library, spa services and a
waterfront pool with swim-up bar. "We're thrilled with the outcome
of today's meeting and with thorough process of the Commission.
This resort will be one of the finest on the Gulf Coast and a huge
draw for the City of Gulfport," Dual Cooper, Rotate Black, Inc,
President.
The Project will be located on a 9 1/2 acre property directly on
the recently renovated Bert Jones Yacht Basin and adjacent to the
new waterfront Harbor Square Park with its pavilions, green space
and art and entertainment facilities. This is one of the last
gaming-eligible sites in Gulfport, MS and will offer unparalleled
vehicle and pedestrian access. The site is at the intersection of
Highway 49 and US 90 and will offer direct access to I-10 via the
Central Harrison County Connector Highway.
As a requisite of this approval, RBMS secured $112m in debt and
equity to finance the completion of this Project. "We have
fantastic financing partners that will add a ton of value to this
project both during development and the operations of the resort,"
Jeff Bacigalupi, Rotate Black, Inc. CFO. In addition to Rotate
Black's minority interest in the project, they have entered into a
management agreement to manage the Project that, once the Project
is operational, will generate up to $300,000 per month in ongoing
management fees for the Company.
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