PETOSKEY, MI--(Marketwire - August 17, 2012) - Rotate Black, Inc. (
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.