Home » NEWS » Economic Development » Rotate Black rotates back with 'perfect size casino' plan

Rotate Black rotates back with 'perfect size casino' plan

Casino_rouletter_wheel RGBGULFPORT — The rocky start for the proposed Hemingway Resort and Casino at the Gulfport Harbor is all in the past, said company CEO John Paulsen.

Paulsen said the project is alive and progressing.

Since missing the April 1 deadline to show it had the financial backing to build the casino resort, Paulsen tells The Sun Herald that Rotate Black has restructured the company and met the Mississippi Gaming Commission’s guidelines.

The project that originally was approved at $112 million now is $170 million, according to the annual 10-K report Rotate Black filed Wednesday with the Securities and Exchange Commission.

The report says the company expects the completion and grand opening of the project in the fall of 2016.

On Nov. 12, Rotate Black signed an agreement with an unnamed financial adviser to seek funding for the casino.

“We’ve got a good, strong financial partner,” Paulsen said Wednesday.

Financing of the resort is contemplated to include $115 million of senior secured notes, $25 million of new Rotate Black Inc. equity and $5 million of equity invested to date, the SEC report said.

Rotate Black paid fees to amend and extend the leases at the port after missing the development deadline, the company said, and recently secured financing through promissory notes and loans to continue to work toward getting the casino built.

To meet state requirements, Paulsen said the resort will be built with 53,000 square feet of casino space and have 1,388 slot machines and 33 table games. It also will have a 300-room hotel with 40 suites and 260 traditional rooms, a 120-seat steak house, a 240-seat buffet, a casual-dining cafe and a Hemingway Bar with outdoor seating and views of the marina. A parking garage and parking lot will accommodate 1,200 vehicles.

Paulsen said filing the annual report, which was due in June, is one of the first pieces to getting the casino project ready to send back to the Gaming Commission. The next step is getting the financial commitments ready and Paulsen said he never felt better that all the pieces are falling into place.



… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Ross Reily

Ross Reily is editor of the Mississippi Business Journal. He is a husband to an amazing wife, dad to 3 crazy kids and 2 dogs. He is also a fan of the Delta State Fighting Okra and the Boston Red Sox.

Leave a Reply