Casino news source: The Memphis Commercial Appeal - http://www.commercialappeal.com/
N.D. Indians hoping for casino in Tunica
By Associated Press
July 7, 2006
TUNICA, Miss. -- Two North Dakota Indian tribes are among groups hoping to operate casinos as part of the proposed $1.9 billion Myriad World Resorts in Tunica.
Myriad World Entertainment & Resorts' development calls for a casino resort featuring a climate-controlled, fully enclosed, 18-hole, covered golf course and botanical gardens.
High Plains Equity LLC, the Turtle Mountain Band of Chippewa Indians based in Rolette County, N.D., and the Fort Berthold Indian Reservation in North Dakota have each published a notice in The Tunica Times weekly newspaper that they plan to seek a gaming license.
"That's the first step to formally notify the community they plan to go into," Larry Gregory, executive director of the Mississippi Gaming Commission. "The next hurdle is to come to the Gaming Commission to get site approval."
Myriad has an agreement to sell three separate casino parcels within its 540-acre development and plans to close on the sales on June 1, 2007, according to information on its Web site. Myriad would receive 4 percent of gross gaming revenues each casino reports to the Gaming Commission, according to information on the Web site.
Gregory said he will visit the three sites this month. He expects the groups to seek site approval at the commission's July or August meeting.
The developers told the Mississippi Gaming Commission in March that they would like the resort to eventually include six casinos in addition to the one they hold a license to operate.
While some in the gaming industry doubt a project the magnitude of Myriad's plans may ever be built, Gregory said he's encouraged because he hears from developers of the project monthly.
"Any time you have developers wanting to push a project in a particular community and coming in each month, that's encouraging to regulators," he said. "With this particular group, it appears they're moving forward."
Fred Hayne, marketing director of Myriad, said groundbreaking on the resort is scheduled this fall. Construction for the first phase would take about two years to complete, he said.
Hayne said he couldn't discuss financing because of Securities and Exchange Commission regulations.
Myriad Entertainment has an agreement with Dutchess Private Equities Fund to provide up to $20 million for corporate and working capital, according to its Web site.
Myriad recently received approval from the Tunica County Board of Supervisors to implement tax increment financing that could be used to finance about $70 million of infrastructure costs for the resort.
Gary Copeland, director of planning and development for Tunica County, said the tax increment financing would not cost the county anything.
Gregory said the Tunica gaming market has seen little growth the last few years. Nine casinos are located there.
"For that market to grow, another casino the same size of what is there will not change it," he said. "Something very dynamic has to be placed there to grow the market and get more people to come to Tunica. They'll have to continue with the concept of the eighth wonder of the world with indoor golf facility and botanical garden."
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