Rotate Black Inc., a developer and manager of resort and casino properties, today announced the completion of a 99-year management agreement with Rotate Black MS LLC (RB MS), which took effect April 1, 2010. Per the agreement, Rotate Black will manage the casino and hotel operations in the Bert Jones Yacht Basin in Gulfport, Mississippi.
RB MS will compensate Rotate Black for its management services at $200,000 per month until the launch of gaming operations in Gulfport, at which time RB MS will pay Rotate Black $250,000 per month.
As soon as Rotate Black achieves full-year EBITDA of $17 million, RB MS will pay Rotate Black $300,000 per month.
Per the agreement, Rotate Black now also holds a 35% of the ownership interest in RB MS, which may increase up to 45% if certain financial performance targets are met after the initial phase of the Gulfport project is opened.
The first phase of the Gulfport project calls for more than 50,000 square feet of gaming and related amenities on a luxury cruise vessel near 9.5 acres of land recently leased by RB MS.
The ship is anticipated to host 825 slot machines and 24 table games including blackjack, craps, roulette and other table games; three restaurants; four bars, an entertainment venue for concerts and other acts; and adjacent on-site surface parking.
RB MS also plans on constructing at 2.5-to-3 diamond, 120-room hotel property with a restaurant and bar.
Dual Cooper, president and COO of Rotate Black, said the company is on a “strong path” to initiate the gaming operations, though the company still has to obtain sit approval to begin construction.
For more information visit www.rotateblack.com
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