Frank Gambella, president of one of the largest proposed gambling and theme-park developments in southern Nevada history, says financing is in place for the 700-acre, $1.2 billion resort complex named Pharaoh's Kingdom.

"Everything is pretty well in place," said Gambella, a 17-year-veteran of Nevada gaming and former casino marketing executive at the Golden Nugget and Dunes Hotel-casinos in Las Vegas.Gambella predicted the new Egyptian-theme resort could open by Labor Day 1990. Groundbreaking is planned in March or April of next year.

The complex will be dotted with pyramid-shaped buildings, man-made beaches, sphinxes, waterways reminiscent of oasis along the banks of the Nile River and numerous gourmet dining facilities including an underwater seafood restaurant.

The complex will employ about 8,000 people.

The casino at Pharaoh's Kingdom will include 100 live games and 3,000 slot machines, said Gambella. A Recreational Vehicle park, mini-golf, a bowling alley and arcade are positioned alongside the adult gaming area.

Pharaoh's Kingdom, with one mile of frontage of the Strip about five miles south of the Tropicana Hotel, will include five pyramid structures, an enclosed 50-acre amusement park in three pyramid structures, an 18-hole PGA championship golf course, 5,000 hotel rooms built in the shape of two pyramid towers, a 230,000 square-foot casino, 24-hour licensed child care, a shopping promenade for 100 businesses, and a repertory-style theater under the direction of actor Jack Klugman.