March 19, 2008
Link to article: http://sev.prnewswire.com/gambling-casinos/20080319/CLW04819032008-1.html#
LARGO, Fla., March 19 /PRNewswire/ — Diamondhead Casino Corporation OTCBulletinBoard: DHCC (the “Company”) provides the following information to update the Company’s shareholders regarding the status of the Company as of this date.
The Company remains in active discussions with major investment banking firms and viable entities and/or other parties with respect to the development of a casino resort and hotel and accompanying restaurant, 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. While there can be no assurance that an agreement will be consummated, the Company wants to assure its shareholders that there is interest in our gaming site and that the Company continues to work on their behalf towards a joint venture. In addition, based on more recent discussions, the Company believes that the current capital problems facing many domestic and global businesses have not curtailed interest in our property. However, this is a major project which requires the expenditure of substantial resources and significant due diligence on the part of those interested. While the Company has done what it can to expedite this process, the Company cannot control the speed with which interested parties proceed.
The Company recently reported that it intends to file its Annual Report on Form 10-K on or before March 28, 2008.
ABOUT DIAMONDHEAD CASINO CORPORATION
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, condominiums, and other amenities on the property.
The development of the Diamondhead project is 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.
For further information, contact:
Gregory Harrison, Vice-President
Diamondhead Casino Corporation
(301) 948-7354
(301) 775-3602
