If you are looking take a shot and bet on a penny stock in hopes of a gain, take a look at the gaming and resort developer, Rotate Black Inc. (ROBK). Not that there is anything going on with ROBK stock at the moment, but today’s PR updating shareholders of the Gulfport construction contract and definitive agreement for the full financing of its newly created subsidiary, SlotOne, LLC, is a pretty clear sign that it’s going to be a PR bingo player and maybe even the spotlight pick of some newsletter in the near future.
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ROBK Stock Chart
Market Cap: 5.57M
Last: 0.15, no change
Volume: 85,000
Dollar Volume: $12,650
High: 0.15
Low: 0.14
Trades: 9
Average Trade Size: 9,444
Authorized: 75,000,000
Issued and Outstanding: 38,598,004
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The Company is aggressively trying to update their SEC filings having recently completed their 10-Q for the period ended March 31, 2012. While revenues were reported, $90,000 and $120,000 for the three and nine months ended March 31, 2012, the loss attributable to shareholders for the nine month period is almost digestible; $-2,740,349. However, what’s most notable on the balance sheets is the $8,470,674 land purchase deposit, indicative that the recent report of additional ground leases and a title insurance commitment could mean the final closing process is set to happen soon.
Back in 2010, Rotate Black detailed their plans to secure an existing gaming vessel, move the vessel to the Gulfport site, and build land assets on that site to support the gaming vessel. The Company then changed their strategy to an entirely land-based casino which, in August of this year, became more of a reality after they entered into an Indicative Summary of Terms and Conditions with debt and equity investors related to a proposed financing for the Gulfport Casino Hotel Project to be developed.
The proposed financing is for up to $101,800,000 for the development, design, construction, financing, ownership, operation and maintenance of an approximately 191,000 square foot land based, four star casino, including gaming, restaurant, bar and support space and an adjacent 205-room hotel in Gulfport, Mississippi. With the deal looking to be closing within the month, ROBK stock, as long as no increases to authorized shares occurs, could be a real winner come 2013.
About ROBK Stock
Rotate Black, Inc., with a management team boasting over 100 years of combined gaming experience in managing and developing casino resorts around the world, is a premier gaming and resort manager and developer based in Petoskey, MI. Click here to view the SEC filings for ROBK, here to view their website.
Bottom Line: ROBK is worth an addition to the list of pre-promotion penny stocks to watch. Expect to see some PR come out sometime near the Christmas break. Should the PR alone boost the activity on ROBK stock, a chance to get in a day trade set up will be perfect for those who have their due diligence already completed.
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