DIAMONDHEAD — Diamondhead Casino Corporation, which for years has been trying to build a gaming venue on approximately 404 acres of land in Diamondhead, has released an update on its activities.
In September, the company entered into an agreement with EDSA Inc. to design and prepare a master plan for the Diamondhead property. 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 Oct. 15, the Hancock County Planning Commission voted to approve the Special Use Exception through Dec. 31, 2010, with the instruction that a master plan be submitted for review before an additional extension is requested. Since it is in the process of finalizing its master plan, Diamondhead Casino said submission of a master plan prior to requesting any additional zoning extension should not present any problems. The company believes that the 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 entities and individual parties with respect to the development of a casino resort and hotel and accompanying restaurants, entertainment and retail facilities. These discussions have been ongoing with parties who have the expertise and experience to design, develop and operate a casino resort, the company reports. In addition, Casinos Austria International Holding, GMBH, with whom the company had a prior letter of intent, remains interested in the project.
The company is exploring its options with respect to its immediate and future financing needs. In recent years, Diamondhead Casino 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 10 million shares of the total voting common stock in the company.
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