US-listed Cala Corporation said it has signed a construction agreement with Cosco Dalian Shipyard in China for huge offshore casinos.

It is in early talks with casino companies to explore the possibility of co-developing a 120,000-square-feet gaming space which is set to include 2,000 slots and 100 tables.

The first unit is planned to be permanently moored in international waters off Miami, within 25 minutes of the city centre.

The location means zero taxes and operations outside federal and state gambling laws.

Huge scale

The structure will cover 500,000 square feet - the size of 14 football fields.

It is designed to accommodate up to 10,000 guests per day.

"The company will now endeavour to raise the necessary funds to start construction," it said.

"We are aware that funding will be the hardest part as the market place is tight and there are no guarantees of victory in a free market. The company will first attempt to raise the funds by pre-selling the Miami offshore development asset to large casino magnates or by exploring underwriters or the issuance of high yield bonds," it added.

Guest transportation will be either by fast ferries or several large helicopters.

Cala said: "From this moment on the company will focus exclusively on building offshore casino resorts as the ROI is much higher in respect to land based casino resorts. On an ongoing basis, the company will seek to pre-sell each new property asset to gaming hospitality owners."

Thinking big

Cala has a history of grand schemes. It first emerged in 2006 with a plan to build an Undersea Resort cruiseship.

It claimed that it was buying Marsa Shipyard in Malta to build its vessels, which was angrily denied by the Maltese government.

In 2008, it said it was trying to firm up an order for three vessels in Poland.

The over-the-counter traded company, led by Joseph Cala, said it had struck a deal with Odys Shipyard for the “first three” resort ships worth $1bn combined. They had been designed to offer underwater views from the hull.

Cala described itself at the time as a "leading development company in off-shore leisure, habitat, natural aquariums, convention and shopping centres, parking garages, casinos, concert and exhibit halls, spas, accommodations and undersea cruises.”