GULFPORT, Miss., March 26, 2010 (GLOBE NEWSWIRE) -- Rotate Black, Inc. (OTCBB:ROBK), a Michigan-based gaming resort development and management group, has signed a letter of intent to lease and develop six acres at the former location of Marine Life Aquarium and Misco Marine in Gulfport, Miss.
The company plans to initially dock a 240 foot by 65 foot gaming vessel at the site. Formerly owned by Harrah's Entertainment, the ship has 30,000 square feet of gaming space and two restaurants. The spacious ship with high ceilings recently underwent a $40 million renovation, including updating of the exterior, interior decor, mechanical and gaming systems.
When it opens, the casino will create more than 450 new jobs. Dual Cooper, president and COO of Rotate Black who has more than 40 years of casino experience, says, "We look forward to working with the people of the city of Gulfport. Our project will bring needed jobs and tax revenue for the city, county and state."
Rotate Black's future plans for the property include the development of a land-based resort and casino. Cooper says, "While the ship is an attractive, first-class facility, we hope to expand what we have to offer through future development."
Libby Roland, councilwoman for Ward 2, where the vessel will be located, says, "I am excited to see something happening on that property. With the renovations and new businesses downtown and the development of Jones Park and the harbor, Gulfport is receiving a much-needed makeover. This is just one more component to enhance what we have to offer our residents and visitors."
Subject to regulatory approvals and licensing by the Mississippi Gaming Commission, the estimated time of completion for the project is fall 2010.
About Rotate Black, Inc.
Rotate Black (OTCBB:ROBK) is a U.S. based resort and gaming company that develops and manages resort and casino properties worldwide. The company is focused on acquiring distressed properties and management agreements and leveraging its gaming and turnaround experience to accelerate revenue growth and return the properties to long-term profitability. The company's key executives have helped develop over 60 casinos and hotels/resorts.