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World’s First Enclosed 18-Hole Course Moves Forward
Myriad Entertainment & Resorts, Inc., a Delaware Corporation, owns, through its wholly-owned subsidiary, MER Resorts, Inc., a 33 percent interest in Myriad World Resorts of Tunica, LLC, a Mississippi limited liability company ("Myriad-Tunica").
Myriad-Tunica is in the process of developing and building a $1.9 billion resort in Tunica, Miss. The resort is intended to include the world's first climate-controlled, fully-enclosed 18-hole golf course.
Myriad has announced it’s entered into three agreements for the sale of separate casino parcels near the company's planned 540-acre resort, casino and enclosed golf complex. One parcel is to be sold to High Plains Equity, LLC; another is to be sold to Turtle Mountain Band of Chippewa; and the third to Fort Berthold Indian Reservation. Each of the agreements provide for a purchase price equal to $40 million per parcel.
The closing date of the sale is projected for June 1, 2007, with provision for the closing on an earlier date in the event that all appropriate infrastructure is in place. Per each of the three agreements, Myriad Tunica will be entitled to receive a royalty of 4 percent of the gross gaming revenues reported to the commission pursuant to the Mississippi Gaming Control Act. The royalty payment is to be paid to Myriad Tunica on a monthly basis, with certain penalty payments in the event the royalty is not paid in a timely manner. Further, each purchaser of a casino parcel is required to pay certain other fees including a common area maintenance fee and transportation fee.
"We're delighted to be working with these casino operators who see our vision of a botanical resort as a great place to develop their business model," said Myriad Tunica’s founder, Scott Hawrelechko.
"The Myriad Resort project is one of the most innovative and compact master plan concepts we have seen anywhere in the world. The combination of the Botanical Resort theme with indoor championship golf, family entertainment, caves of music, Mississippi Eye, snow & water parks, ice palace, international spa, convention center, sports arena and casinos all in 540-acres is unique. We believe this model has great potential globally," said Roddy Carr, Vice President of Tourism for IMG.
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