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Rotate Black, Inc. (fka ROBKE)

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Rotate Black, Inc. (fka ROBKE)

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RotateBlack, Inc.
932 Spring Street
Suite 201
Petoskey, MI 49770
Phone: 231-347-0777

 

 

Rotate Black Announces Execution of Management Agreement for Gulfport Casino & Hotel Project

PETOSKEY, Mich., Oct 28, 2010 (GlobeNewswire via COMTEX) -- Rotate Black, Inc. (OTCBB:), or Rotate Black, announced today that it executed a long-term management agreement with Rotate Black MS, LLC, or RB MS, effective April 1, 2010 to manage the casino and hotel operations in the Bert Jones Yacht Basin in Gulfport, Mississippi.
The Management Agreement is for ninety-nine (99) years. Pursuant to the terms of the Management Agreement, RB MS, in consideration of the management services being provided by Rotate Black, is obligated to pay Rotate Black a management fee equal to Two Hundred Thousand Dollars ($200,000) per month payable on the first (1st) day of each month in advance until commencement of the gaming operations in Gulfport, Mississippi. Upon commencement of the gaming operations in Gulfport, RB MS shall pay Rotate Black Two Hundred Fifty Thousand Dollars ($250,000) per month payable on the first (1st) day of each month in advance. RB MS shall pay Rotate Black a fee equal to Three Hundred Thousand Dollars ($300,000) per month payable on the first (1st) day of each month in advance beginning in the month that Rotate Black achieves earnings before interest taxes depreciation and amortization (EBITDA) of Seventeen Million Dollars ($17,000,000) in the aggregate over the preceding twelve (12) months. Pursuant to the Management Agreement, Rotate Black also received 35% of the ownership interest in RB MS, which ownership percentage may increase up to 45% based on reaching certain financial performance targets after the initial phase of the Gulfport project is opened.
The initial phase of the Gulfport project calls for over 50,000 square feet of gaming and related amenities on a luxury cruise vessel, or Gaming Vessel, docked adjacent to the 9.5 acres recently leased by RB MS for the gaming site. The Gaming Vessel was previously used by Harrah's as its gaming vessel in Joliet, Illinois until 2004. Rotate Black acquired the Gaming Vessel from International Thoroughbred Breeders, Inc. in June 2010 for approximately 15% of replacement value. The Gaming Vessel is anticipated to host 825 slot machines and 24 table games including blackjack, craps, roulette and other table games. In addition, the Gaming Vessel is anticipated to have three (3) restaurants, four (4) bars, an entertainment venue for concerts and other acts, as well as adjacent on-site surface parking. In addition, attached to the Gaming Vessel will be a two and a half (2.5) to three (3) diamond, 120 room hotel property with a restaurant and bar.

"With the recently executed ground leases and the continued rounding out of our management team, I believe we are on a strong path to commence gaming operations in Gulfport, Mississippi. We still have to obtain site approval and authority to proceed from the Mississippi Gaming Commission in order to commence construction. I look forward to meeting with the Commission to obtain these approvals. Opening of the casino & hotel will not only provide significant additional revenue for the State of Mississippi and the City of Gulfport, but will create approximately 550 direct employment opportunities at the casino & hotel, as well as additional ancillary employment. I believe the Gulfport project is not only good for Rotate Black and our shareholders, but for the residents of the Gulfport region, as well," said Dual Cooper, President and COO of Rotate Black.

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