Tunica developers fire CEO, get ready to borrow
Changes for Myriad Botanical Resort's Phase One
By David Flaum (Contact)
Thursday, March 13, 2008
Developers of the Myriad Botanical Resort in Tunica have fired the company's chief executive officer and two board members have quit, according to a regulatory filing Wednesday.
They also said they signed an agreement to get loans for as much as $675 million for the first phase of the project within two months, and to borrow as much as $2.5 billion for the entire development.
John Meeske, CEO since May 2006, was "terminated," according to documents filed with the Securities and Exchange Commission.
He was also taken off the board of directors.
No reason was given for his departure, and Meeske could not be reached Wednesday, nor could Kelly Lynch, a spokeswoman for the company.
Until Meeske's replacement is found, chairman Nicholas A. Lopardo will be interim CEO.
Myriad also announced the resignations of board members Jack Vaughn and Jerry Wayne.
The first phase in Tunica is to include a 100,000-square-foot casino, a 750-room casino hotel, a health and wellness luxury spa, and attractions that include a water park and an 18-hole golf course.
Originally it included another casino, 250 more hotel casino rooms, a convention and exposition center with a 600-room hotel and 5,000-seat entertainment arena.
"While the scope of our Phase One plans has been appropriately scaled to accommodate the current capital market conditions and not get ahead of the growth in the Tunica market, our fundamental vision for Myriad Resort remains unchanged," Lopardo said.
The company delayed plans to buy land from the Jack Day Perry family for the project four times, citing financing difficulties.
The filing made no to reference to a new purchase date, but said, "Myriad continues to discuss its land options with several land owners in the Tunica area."
Contact David Flaum at 529-2330.
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