Diamondhead Casino Corporation Announces Completion of Due Diligence By Trump Entertainment Resorts
Tuesday October 17, 8:30 am ET
LARGO, Fla., Oct. 17 /PRNewswire/ -- Diamondhead Casino Corporation (OTC Bulletin Board: DHCC - News; the "Company") announced that Trump Entertainment Resorts, Inc. (Nasdaq: TRMP - News; "Trump") notified the Company that it had completed its necessary due diligence activities relating to the letter of intent signed regarding the Company's Diamondhead, Mississippi property. Trump also notified the Company that it expects to move forward with negotiations relating to a joint venture agreement to develop, build and operate a destination casino resort on the Diamondhead property.
On June 8, 2006, the Company and Trump signed a Letter of Intent with respect to a minimum of forty acres of land at the Company's Diamondhead, Mississippi property. On or about September 8, 2006, the parties agreed to extend the Letter of Intent through October 23, 2006, so as to permit Trump to complete its due diligence.
The joint venture, if consummated, would cover a minimum of forty acres within a 404-acre tract of land owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company. 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 zoned as a Special Use District-Waterfront Gaming District by Hancock County.
There can be no assurance the parties will be able to reach agreement with respect to a joint venture partnership. The formation of a joint venture and the development of this project are subject to risks and uncertainties which include, but are not limited to, those relating to permitting, financing, and the actions of federal, state, or local governments and agencies. The Company may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond the Company's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that involve risks and uncertainties. |
