Rotate Black officials recently said the Hemingway Resort and Casino at Gulfport Harbor is moving forward. Chief Executive Officer John Paulsen said the company has been restructured and now meets the guidelines of the Mississippi Gaming Commission.
Last year, Rotate Black missed the April 1 deadline to prove to commissioners it had the financial backing to build the casino resort. Originally the project was approved at $112 million. Now the project is estimated at $170 million, according to Securities and Exchange Commission filings. Financing will include $115 million of senior secured notes, $25 million of new Rotate Black Inc. equity and $5 million of equity invested to date, the SEC report said. “We’ve got a good, strong financial partner,” Paulsen said.
Paulsen said the resort will meet state requirements, with 53,000 square feet of casino space and 1,388 slot machines and 33 table games. The project also will include a 300-room hotel with 40 suites, a 120-seat steak house, a 240-seat buffet, a casual dining cafe and a Hemingway Bar with outdoor seating and marina views. The parking garage and parking lot will accommodate 1,200 vehicles. The Hemingway development is expected to be completed in fall 2016.
