Myriad Resort in Financial Jeopardy

TUNICA, MS - In a regulatory filing with the U.S. Securities and Exchange Commission, Myriad Entertainment & Resorts Inc. needs $70 million from its 2008 corporate revenues to pay debt obligations for development of its new Tunica resort. That means it may be make-or-break time for the 540-acre project with six new casinos, restaurants, a spa, a water park, convention center, and a signature golf course.

In the SEC filing, Myriad states "Our independent auditor has indicated that in its report on our 2007 financial statements, our recurring losses from operations and our difficulties in generating sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern."

Webster Franklin, president and CEO of the Tunica Convention & Visitors Bureau, said "As of now, I have not heard anything officially from Myriad. I understand that several of their principals were in town last week for meetings, but I do not know the outcome."

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