New on Myriad's Web Site
Shareholder Update– August 2008
8/1/2008
Myriad is committed to providing its shareholders with updated information. As such, the Company would like to share the following information relating to the status of the Myriad Resort project:
On August 18, 2008, the Company disclosed that, pursuant to its land contract with Picture Window, LLC, a Mississippi Limited Liability Company, the Company has made the second option payment of $100,000. As previously disclosed, Myriad entered into an agreement to purchase approximately 250 acres of land in Tunica, Mississippi for cash and an ongoing rent amount and made the initial option payment of $100,000 per the land contract. The closing is scheduled on or before December 2, 2008; however, the Company can give no assurance that the closing will occur on schedule or at all.
This property is anticipated to serve as the location of the Company’s planned world-class destination resort featuring gaming, hotel, spa, golf and other attractions. The parcel is located on the former site of the Treasure Bay Casino; next to the MGM Gold Strike Hotel and Casino in Casino Strip Center. Myriad has also arranged an option on additional property contiguous to this site with acreage similar to Treasure Bay. It is intended that the first phase of development will consist of building out the site infrastructure and constructing the initial 100,000 square foot casino, a 750 room hotel; a 25,000 square foot health and wellness luxury spa, a 35,000 square foot conference and meeting space; and attractions including a water park and an 18-hole championship golf facility.
The Company continues to negotiate with the principal of the collateral and loan term sheet approved by the Company’s Board of Directors earlier this year. As previously disclosed, the Company anticipates this deal, if consummated, providing up to $675 million in financing for Phase One of the Company’s planned Myriad Resort in Tunica, Mississippi. This term sheet also provides for the funding of all phases of Myriad’s planned development in Tunica, up to $2.5 billion. In the meantime, negotiations continue with several other potential funding sources.
Myriad will continue to post updates on this website and, if necessary, will make all appropriate filings with the Securities and Exchange Commission.
AI
