PETOSKEY, MI--(Marketwire - September 24, 2012) - Rotate Black, Inc. (
Over the past few months, the company has secured $112M in financing commitments for its Affiliate Rotate Black MS, LLC; began the process of updating its SEC filings with the release of its 2011 10K; created a new division of its business, SlotOne, LLC ("SlotOne") for the purpose of owning and operating slot machines in certain existing casinos on a revenue sharing basis; and continues to finalize the necessary approvals needed to begin construction of the Bear Hills Casino to be located 20 miles south of Edmonton.
The company's primary focus is the Gulfport, MS casino resort. With the funding commitments in place and its approval to proceed from the Mississippi Gaming Commission, the company is working with RBMS, Eley Guild Architects and Yates Anderson to finalize the necessary contract documents to close on the financing and begin construction. The four star, waterfront development will include a 30,000 sq. ft. casino housing 1,188 slots and 26 table games; 200 room attached hotel; buffet; steakhouse; café, library; signature bar; feature bar; waterfront pool and significant water view outdoor seating and entertaining space.
To access a picture accompanying this release: https://www.issuerdirect.com/corporate/mediaroom/69157
The Company expects to break ground on the project in the fall of 2012 with an opening slated for December of next year.
SlotOne, the Company's gaming equipment subsidiary has secured its first contract for the placement of slot machines in two existing casinos. Once deployment begins this year, the Company looks to build this division of its business to provide a consistent revenue stream with predictable cash flows to offset its longer-term development projects.
About Rotate Black
Rotate Black, Inc. is a premier gaming and resort manager and developer based in Petoskey, MI. The Company's team boasts over 100 years of gaming experience managing and developing casino resorts around the world. For further information, contact Jeff Bacigalupi, CFO at 231-347-0777.