Diamondhead Casino Corporation Issues Status Report
Monday December 22, 8:00 am ET
LARGO, Fla., Dec. 22 /PRNewswire/ -- Diamondhead Casino Corporation (OTC Bulletin Board: DHCC - News; the "Company") which owns approximately 404 acres of land, which is debt-free and lien- free, on the Bay of St. Louis in Diamondhead, Mississippi, issued a status report today for its shareholders.
On June 23, 2008, the Company signed a non-binding Letter of Intent with Casinos Austria International Holding, GMBH ("CAI") to form a joint venture partnership to develop, build and operate a destination casino resort at the Company's Diamondhead, Mississippi property. On September 22, 2008, the Company, at the request of CAI, extended the terms of the Letter of Intent through December 21, 2008. On November 4, 2008, CAI informed the Company that, although it still believed in the project and hoped to continue as soon as the economic situation improved and allowed for acceptable financing for the project, it was ceasing its activities with respect to the project until such time as the market recovered and successful financing for the project was available. On December 19, 2008, CAI requested that the Company extend the terms of the Letter of Intent through February 21, 2009. Based on the current economic situation, the Company agreed to the request.
In the interim, the Company is moving forward with actual casino site selection and, to the extent possible, to obtain those permits and authorizations required to move forward when acceptable financing does become available.
Mississippi Commission on Marine Resources
The Company reported that on November 19, 2008, its request for an extension of its existing Department of Marine Resources Permit was presented to the Mississippi Commission on Marine Resources which voted to grant a two year extension of the Permit through August 10, 2010.
Hancock County Zoning
The Company reported that on December 1, 2008, the Hancock County Board of Supervisors approved the Company's request for an extension of the Special Use District-Waterfront Gaming District Zoning that applies to the Company's Diamondhead, Mississippi property, through December 31, 2009. This zoning is required to construct a casino at the Diamondhead location. Additional permits, approvals, authorizations and licenses from other agencies are also required to construct and operate a casino at the Company's Diamondhead property. These are more fully discussed in the Company's SEC filings.
About Diamondhead Casino Corporation
Diamondhead Casino Corporation, through its wholly-owned subsidiary, Mississippi Gaming Corporation, owns and intends to develop, in cooperation with a joint venture partner or partners, approximately 404 acres of land in Diamondhead, Mississippi. The Company intends to develop the property as a destination casino resort and hotel with condominiums and other amenities. The Diamondhead tract fronts Interstate 10 for approximately two miles and the Bay of St. Louis for approximately two miles and is located in Hancock County, Mississippi. The property is debt-free and lien-free. The property is zoned as a Special Use District-Waterfront Gaming District by Hancock County. On October 17, 2005, following Hurricane Katrina, Mississippi passed legislation allowing casinos to be built up to 800 hundred feet from the mean high water line of certain bodies of water. The new law applies to the Diamondhead property. |
