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Reverse Merger Taking Ultimate Sports Public

LAS VEGAS-American Southwest Music Distribution plans to acquire and assume the name of the would-be developer of a multibillion-dollar sports entertainment complex in North Las Vegas.

By Brian K. Miller | Updated on March 11, 2008

LAS VEGAS-American Southwest Music Distribution Inc., a lightly traded public company from Hollywood, says it has agreed to acquire Ultimate Sports Entertainment Inc. of Las Vegas NV, which has been planning a $5-billion, 116-acre sports entertainment complex in North Las Vegas. Post merger, American Southwest Music Distribution will change its name to Ultimate Sports Resorts Inc. and focus on bringing the would-be 17-million-sf sports entertainment complex to fruition.

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.

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