Diamondhead Casino Corporation Status Report
Press Release Source: Diamondhead Casino Corporation On Thursday March 31, 2011, 8:39 pm
LARGO, Fla., March 31, 2011 /PRNewswire/ -- Diamondhead Casino Corporation (OTCBB:DHCC.ob - News) (the "Company") entered into a Letter of Intent on December 10, 2010, to sell twenty-five acres of its Diamondhead, Mississippi property to Phoenix Gaming and Entertainment, LLC ("Phoenix"), to be used, in part, for the construction of a casino. The Agreement was scheduled to expire on April 1, 2011 if no Definitive Agreement was in place by that date. Inasmuch as Phoenix has been unable to arrange financing for its proposed project, the Letter of Intent has expired and the time frame to reach a Definitive Agreement will not be extended further. However, Phoenix remains interested in reaching a Definitive Agreement with DHCC and the parties will remain in discussion. Under the Letter of Intent, DHCC was allowed to and did enter into discussions with other interested parties and is currently in discussions with these parties as well.
James Ahearn, who serves as Chairman and Chief Executive Officer of Phoenix, stated: "Phoenix remains extremely interested in this project and is actively pursuing financing. DHCC and Phoenix plan to meet in the immediate future to explore additional options in order to accomplish this casino development."
The Company also reported that it had no plans to modify options to purchase a total of 650,000 shares of Common Stock held by current or former Officers, Directors and/or employees of the Company, exercisable at a strike price of $2.70 per share, which are due to expire on April 13, 2011.
DHCC owns, through its wholly-owned subsidiary, Mississippi Gaming Corporation, approximately 404 acres of land in Diamondhead, Mississippi. The property is lien-free and debt-free and is zoned for a casino and other commercial uses. The property fronts Interstate 10 for approximately two miles and the Bay of St. Louis for approximately two miles. |
