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Myriad Entertainment Buys 500 Acres Adjacent to Tunica Casino Row

By Chuckmonster on Thursday, 7th June 2007 4:32am
  » filed under Mergers & Acquisitions  comments: 1

   

This is a little follow up on the Myriad Entertainment plans for a $1.9 Billion Dollar Mega Resort in Tunica, Mississippi we reported on who knows how long ago.

According to an SEC Filing from May 18th, 2007, Myriad Entertainment has entered into an agreement to purchase 500 acres of farmland from the Perry Family (hence the name Perry Road) for $25 Million cash, plus 6.5 million shares of Myriad Stock. The closing of the sale is expected for August 1st, 2007.

The planned "Myriad Botanical Resort" - when complete - will include 6 casinos, 6 hotels, a convention center w/ its own dedicated hotel, golf course, water park, a gigantic ferris wheel called "The Mississippi Eye", a luxury spa, botanical gardens, 2500 seat performance space, retail mega mall, private label restaurants. The year round indoor skiing seems to have been eliminated.

The first phase of the Tunica Myriad Resort will be 2 casinos, 1 hotel, the first chunk of the convention center/hotel, the water park, spa and other entertainment/retail doohickeys. The other casinos/hotels will be built out afterwards.

With Tunica's casinos all waffling around 10-15 years of age, building a brand new monstrous resort with lots of non-gaming amenities is sure to shake things up. If/when Myriad starts to make actual progress building this thing, we expect there to be a ton of consolidation and development in the Tunica Resorts casinos. Tunica, MS is the third largest gaming destination in the US after Vegas and Atlantic City. With the price of entry into the Vegas gaming biz astronimical, and the cost / real estate issues of Atlantic City, the red tape of Reno, it makes perfect sense for a new gaming company to put its stakes up in Tunica.

In our original post, we gave this a 25-1 shot. Vespajet called it... and his check is in the mail. New odds : 5-1.

We got any Tunica Trippers out there?



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Comments & Discussion:

 mgkendra posted on Thursday, 7th June 2007 - 6:42 pm

I am really interested in seeing how the Tunica market will 'accept' this new mega resort. I frequently go to Tunica and adding a mega casino may too much. The casinos are busy during the weekends, but during the week are average. While the Mississippi coast casinos were out of commission, the TUnica market flourished. But now the coast casinos are operational with new casinos opening on the coast. Revenue has decreased in Tunica over the past year. Some people enjoy the coast casinos better, but also some of the casino policies (for example more tight on comps) are turning away people in Tunica.



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