January 21, 2008
LARGO, Fla., Dec. 28 /PRNewswire/ — Diamondhead Casino Corporation DHCC (the “Company”) issued a year-end status report for its shareholders. 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 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 Company reported that it is still engaged in negotiations with Trump Entertainment Resorts, Inc. TRMP (”Trump”) with respect to the development of a casino resort on the property. An agreement, if consummated, is now expected to cover approximately 50 acres of land within the 404-acre tract of land.
The Company also reported that the Hancock County Board of Supervisors extended the Special Use District-Waterfront Gaming District Zoning for the property through December 31, 2007. This zoning permits gaming at the location although other licenses, approvals and permits would still be required to construct and operate a casino on the property. The Company also reported that it believes it has sufficient cash at year end to meet its operating expenses for the year 2007.
Deborah A. Vitale, President and Chairman of the Board of the Company, commenting on the year-end status of the Company, stated: “I am truly pleased with the appreciation in our share value over the past year. The Company has transformed itself into a debt-free and lien-free entity with an extremely valuable tract of casino-zoned, waterfront property to develop. The Company is now poised to enter the next phase of its transformation. Management is working hard to ensure that the Diamondhead property is developed in a manner that will enhance not only short-term shareholder value, but long-term shareholder value as well. I would like to take this opportunity to wish all of our shareholders and our Diamondhead neighbors a very Happy New Year.”
There can be no assurance that Trump and the Company will be able to reach an agreement. The consummation of an agreement 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.
For further information, contact:
Gregory Harrison, Vice-President
Diamondhead Casino Corporation
(301) 948-7354
(301) 775-3602
Source: Diamondhead Casino Corporation
CONTACT: Gregory Harrison, Vice-President of Diamondhead Casino
Corporation, +1-301-948-7354, or +1-301-775-3602
