The Ultimate Sports Resort is slated to include multiple sports venues and sports activities, 5,152 hotel rooms, 500 luxury condos, one million sf of convention space, 150,000 sf of gaming area, and high-end sports memorabilia. The hotel would have 3,956 affordable rooms (priced no higher than $89 per night), 980 luxury suites and 216 super-luxury suites. The sport venues would include a 26,000-seat main arena; a 10,000-seat sports arena; a 5,000-seat swim and dive center; three multipurpose, 3,000-seat arenas; a climate-controlled driving range; a shooting gallery; a bowling alley; and an ice rink. Other sports facilities include a bodybuilding gym; in-door batting cages; rock climbing walls; racquetball courts, race car and golf simulators; in-door skydiving; bungee jumping; tennis courts; and billiards.

Ultimate Sports chief executive Matt Rose tells GlobeSt.com that his firm and its in-house architects have been honing the design for the past three years and that he is close to putting the property under contract at approximately $850,000 per acre, or $98.6 million, not including closing costs. Add in approximately $5 billion in additional development costs, and the equity necessary to get the construction loan quickly rises to at least $1 billion.

After raising the project's construction costs via the private sector had "proven itself unrealistic," Rose says the reverse merger with American Southwest "made perfect sense." Once the merger is complete and Ultimate Sports Resorts Inc. is a public company, Rose says the next step will be some kind of share offering to help raise the necessary capital. "Our build-out of [the project] requires a capital structure which includes the participation of Wall Street and the first tier banking community," he says.