Rotate Black Gets Approval to Proceed From MS Gaming Commission

FOR: ROTATE BLACK INC.

 

AUG 17, 2012 - 14:34 ET

PETOSKEY, MI--(Marketwire - August 17, 2012) - 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.