Diamondhead Casino Corporation Issues Status Report
LARGO, Fla., Nov. 11 /PRNewswire/ -- Diamondhead Casino Corporation (OTC Bulletin Board: DHCC) (the "Company") owns, through Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company, approximately 404 acres of land in Diamondhead, Mississippi. The property is debt-free and lien-free. The property fronts Interstate 10 for approximately two miles and the Bay of St. Louis, which empties into the Gulf of Mexico, for approximately two miles. The Company intends, in conjunction with one or more partners, to develop a land-based casino resort and other amenities on the property.
In September of 2009, the Company entered into an agreement with EDSA, Inc. to design and prepare a master plan for the Company's Diamondhead property. EDSA is one of the leading land use planning, landscape architectural, and urban design firms in the world. EDSA specializes in hotels and resorts and was chosen for its expertise in planning complex, waterfront projects throughout the world. EDSA has offices in the United States and Beijing and has worked in approximately ninety countries and forty-eight states and has worked on at least forty casino projects in the United States and throughout the world. These include projects in Las Vegas, California, and Mississippi, Turning Stone Casino Resort, Mohegan Sun, San Juan Marriott Resort and Stellaris Casino, Ritz-Carlton San Juan Hotel and Casino, Radisson Aruba Resort and Casino, Marriott Curacao, Hyatt Regency Aruba resort and Casino, and El San Juan Hotel and Casino. EDSA was the design leader primarily responsible for the highly regarded exterior site design and water features of Atlantis on Paradise Island in the Bahamas and Atlantis in Dubai. EDSA is also well known for other projects, including River Walk in Ft. Lauderdale, Florida and Downtown Disney in Orlando, Florida. The master plan, which is water-themed, is expected to be finished prior to the end of the year.
The Diamondhead property, which is located entirely within Hancock County, is zoned as a Special Use District-Waterfront Gaming District, which permits the development of a casino resort. On October 15, 2009, the Hancock County Planning Commission voted to approve the Special Use Exception through December 31, 2010 with the instruction that a master plan be submitted for review before an additional extension is requested. Inasmuch as the Company is in the process of finalizing its master plan, the submission of a master plan prior to requesting any additional zoning extension, should not present any problems. The Company believes that the Planning Commission and other interested parties will find that its master plan provides for a casino development that should enhance the value of the Diamondhead community while providing Hancock County with an increased revenue base.
The Company remains in active discussions with viable entities and individual parties with respect to the development of a casino resort and hotel and accompanying restaurants, entertainment and retail facilities at its Diamondhead, Mississippi property. These discussions have been ongoing with parties who have the expertise and experience to design, develop, and operate a casino resort. In addition, Casinos Austria International Holding, GMBH, with whom the Company had a prior letter of intent, remains interested in the project. While there can be no assurance that any agreement will be consummated, the Company wants to assure its shareholders that there is significant interest in our gaming site, both domestically and internationally, and that the Company continues to work on their behalf towards a joint venture, lease, buyout, or sale of all or part of the property.
The Company is exploring its options with respect to its immediate and future financing needs. In recent years, the Company has managed to meet its financial needs through the sale of stock, the exercise of options, and by obtaining an unsecured line of credit from an unrelated third party. The current Board of Directors owns or controls over ten million shares of the total voting common stock in the Company. Therefore, the interests and future hopes of the shareholders are well represented. Regardless of any financial hurdles this Company may face in the future, the Board has every intention of completing the Company's mission with respect to the development or sale of the Company's Diamondhead, Mississippi property.
The Company intends to keep its shareholders informed of any material developments with respect to the development of its Diamondhead property.
Cautionary Statement Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
All statements, trend analysis and other information contained in this release relative to performance, trends in operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future, there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, permitting, significant business, economic, financial, competitive, environmental, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. The forward-looking statements in this release reflect the opinion of the management as of the date of this release. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company. The Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of the Company are subject to substantial risks, including but not limited to risks relating to liquidity and cash flows, which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.
Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
For further information, contact: Deborah Vitale, President Diamondhead Casino Corporation Office: (703) 683-6800 Cell: (727) 510-1412 or Gregory Harrison, Vice-President Diamondhead Casino Corporation Office: (301) 948-7354 Cell: (301) 775-3602
SOURCE Diamondhead Casino Corporation