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Myriad Sells Resort Casino Parcels for $120M
 Message was posted: 10:06 Jun 3rd, 2006     
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Casino Property News Source: http://www.cpnonline.com


June 02, 2006
By Hortense Leon, Southeast Correspondent

Myriad Entertainment & Resorts Inc. is selling three casino parcels in Tunica, Miss., that are all part of a single casino-resort. The parcels, which will be sold for $40 million each, are part of a $1.9 billion project Myriad is developing on 540 acres in Tunica County. The buyers are High Plains Equity L.L.C., Turtle Mountain Band of Chippewa and Fort Berthold Indian Reservation. Closing is expected on June 1, 2007.

In all there will be six casinos at Myriad-Tunica, according to Fred Hayne, marketing director for Myriad Golf..Of the six, four pads, including the three already announced, will be sold, while two will continue to be owned by Myriad-Tunica. “We don’t know who the fourth pad will be sold to,” Hayne said.

While there are no tax advantages to the three sales to Indian tribes, Myriad-Tunica will receive a royalty of 4 percenjt of gross gaming revenues from the casinos they will build on the parcels, according to Hayne.

Myriad-Tunica will be partially funded by sales tax rebates of as much as $291 million in the first 10 years of operation, thanks to the resort’s participation in the Mississippi Tourism Incentive Program.

The casino-resort is being designed as a family resort, according to Hayne. A Disney-like development, it will feature an 80,000-square-foot casino, a 1,200-room four-star hotel, a 375,000-square-foot convention center, an 18-hole indoor golf course, 250,000 square feet of retail and a water park, among other attractions (Myriad Botanical Resort pictured).

Tunica is on the Old River Lake--a tributary to the Mississippi River--which is about 25 miles south of Memphis. The Tunica area already has nine casinos, including Resorts, Bally’s and Grand, Hayne said. Fifteen million people go through the casinos annually, according to Tunica County, he said.

Myriad Entertainment & Resorts was created to build the Tunica resort. The company was started about six years ago by Scott Hawrelechko, a contractor who is a native of Alberta, Canada. John Meeske, who is currently director of a college dedicated to teaching resort and club management, will take over as CEO on July 1st.





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