Capitalizing on the expected increase of traffic through Dayton via the proposed extension of USA Parkway, Rotate Black Inc., a gaming development company from Petoskey, Mich., says it will build a casino in Dayton.
Rotate Black reached an agreement with Schaller Development Group, headed by Richard Schaller of Reno, to break ground on The Traditions Casino in the fourth quarter. Construction is expected to be completed in mid-year of 2010. SMC Construction, the construction arm of Schaller Development, will build the 15,000-square-foot first phase, which will include 1,000 slot machines, 20 gaming tables, a sports book and a steak house.
"High growth trends in the area should impact our business favorably," Rotate Black Chairman and Chief Executive Officer John Paulsen says.
According to documents filed with the SEC, publicly held Rotate Black will contribute $5 million of working capital into a newly formed subsidiary, Rotate Black Dayton Inc., and will sell 20 percent interest in the project. Schaller will contribute $6.5 million worth of land and take responsibility for all approvals and entitlements for gaming.
Past projects for Schaller's SMC Construction include the Tuscany Tower at the Peppermill Resort Casino and the Atlantis Casino Resort skyway to the Reno-Sparks Convention Center.
NNBW staff
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