USD 260,000,000
Spent so far: USD 29,880,000
Can spend more: Yes
Mississippi
Assured repayment by: Independent and credible feasibility study
Submission Ready Indicators:
LTV Expectation: 90%
Land/Site: Owned
EPC Contracts: Signed
PPA/OMA or other off-take agreements: Completed awaiting signature
Financial Projections: Completed and available
The Casino Resort will be the newest gaming and family destination resort in Tunica, Mississippi and will be constructed on the 123 acres of property of the original Harrah’s Casino. The Resort is a hybrid concept providing family as well as adult entertainment engaging all age groups with targeted venues within the resort similar to that of a high end cruise ship. The sponsor and its professional associates, EPC, architects and gaming management, represent a vast wealth of experience in the gaming industry and are requesting $256M in funding and have over $20M in the project to date. The existing hotel will be completely refurbished offering 227 rooms with 1,733 parking spaces. The neighboring Welcome Inn will also be acquired, adding an additional 100 rooms and 2 acres to the project. Currently the market is comprised of a multi-level floating barges, but the Mississippi state law was modified in 2005 (after Hurricane Katrina) to allow for construction of casino gaming floors on permanent pilings (non-riverboat or barge) As the “Shiny NEW Penny” of the Tunica market, and first-of-its-kind as a ground-based gaming operation. The project will have Vegas-style gaming design where all internal traffic pathways lead to the new 59,000 sq. ft. gaming floor with 1,000 slot machines, 26 table games and the largest integrated state-of-the-art sports book in Tunica.
| USD | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Turnover | 93,929,000 | 135,589,000 | 143,378,000 | 151,383,000 | 153,959,000 |
EBITDA | 31,151,000 | 45,775,000 | 48,949,000 | 52,157,000 | 53,157,000 |
% | 33.16% | 33.76% | 34.14% | 34.45% | 34.53% |