Rotate Black MS, LLC, the company which is in charge of the construction of a $170-million casino resort in Gulfport, Mississippi, announced that the venue is currently being under construction and will be completed in the fall of 2016.
In fact, the company missed its deadline, which was set for April 1, 2014, so as to restructure its plan in a manner that would meet the requirements of the state Gaming Commission. Members of the gambling regulator are meeting today in Biloxi.
Initially, the project was estimated at $112 million, as it was mentioned in the 10-K report Rotate Black issues annually. And, as already mentioned, it has been decided that the sum of $170 million is to be spent on the establishment of the luxurious resort at the Gulfport Harbor.
It was pointed out in the report, which was submitted on Wednesday to the Securities and Exchange Commission, that the property will most likely be completed and launched in the fall of 2016.
The casino floor is expected to spread over 53,000 square feet. It will feature as many as 1,388 slot machines and 33 gaming tables. A four-star, 300-room hotel will also be built. Guests will be given the opportunity to stay at 40 suites and 260 regular rooms. The resort will also feature a number of dining options, cafés, and the so-called Hemingway Bar with outdoor seats. Last but not least, there will be a parking lot with enough room for 1,200 vehicles.
John Paulsen, CEO of Rotate Black, explained that the annual report is the first step towards getting the project ready to be reviewed by the state Gaming Commission. Afterwards, matters concerning its funding should be paid special attention. Mr. Paulsen shared that he felt optimistic about the future of the hotel and casino resort.
Speaking of finances, back in November 2014, Rotate Black inked a deal with an unnamed partner that would sponsor the project. Mr. Paulsen said that the financing will include senior secured notes totaling $115 million, Rotate Black equity amounting to $25 million, and $5 million of the equity invested up to this date.
The company did not manage to complete its project within the initially set deadline, but it paid the necessary fees in order to extend the port leases and to settle other issues.
Mr. Paulsen stated that according to him, the project’s scale is the right one, and he and his colleagues are particularly excited about it.
