Is Myriad for real? Latest transaction a positive move
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Myriad Entertainment Resorts, Inc., announced last week that it had entered into a new land purchase agreement for about 250 acres of land in Tunica.
The company made an initial payment of $100,000 on the land, located on the former site of the Treasure Bay Casino.
Is this a step to seeing this grandiose casino become a reality?
No one can be sure.
The company says it plans to provide $700 million in financing for phase one of the project and could invest up to $2.5 billion. Phase one will include a 100,000-square-foot casino; a 750-room casino hotel; a health and wellness luxury spa; conference and meeting space; and attractions including a water park and an 18-hole championship golf facility.
But these plans, as big as they may seem, are still scaled back from the company's original intentions. Myriad has always been associated with exceptionally ambitious plans. At one time or another, the company has planned a snow and ice park, a 6,000-seat arena and the sale of five parcels of land to Native American tribes for development of at least five other casinos. But perhaps the wildest of all was a 7,205-yard, 18-hole covered golf course, which has since been scrapped in favor of an outdoor version.
Construction starts are another sticking point. Announced construction dates have been pushed back annually since the project was first announced in 2004.
The fact that Myriad ponied up some real money for this land contract is somewhat encouraging. But it's not the first contract the company has made on Tunica land.
It was previously negotiating to purchase about 500 acres from the Jack Day Perry family. That sale was originally set to close in August 2007 but was repeatedly pushed back until the agreement fizzled.
The new land contract covers about half the acreage, which may be a more reasonable size for the casino. A Myriad official says that the new site will require the company to spend "substantially less" on infrastructure development.
The company has set a closing date of Dec. 2 for the land purchase.
In spite of its stalling, Myriad is at least reputable enough to be publicly traded, although the Myriad stock was worth a whopping $.30 at press time. You never know -- it might not be a bad investment if the Tunica project ever gets off the ground.
This new land purchase agreement may be a sign that they're actually going to do something.
But that's a big if. And we'll believe it when we see it.
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