DIAMONDHEAD — Diamondhead Casino Corporation (DHCC), which has been trying to build a casino resort on its 404-acre property in Diamondhead for more than a decade, has appointed Ted Arneault, formerly chairman, president and CEO of MTR Gaming Group Inc., as chairman of the board of the company and president and CEO of Casino World Inc., a wholly owned subsidiary of DHCC and proposed developer of the Diamondhead casino site.
The company also announced today that it accepted subscriptions in escrow in the amount of $3 million for the purchase of collateralized debentures, convertible to common stock, subject to certain events, and $1 million of that amount had been released from escrow to the company at the first of three intended closings. The two remaining closings are contingent upon certain events.
Henley & Company, LLC acted as sole placement agent in connection with the offering.
Arneault said, “I believe the Diamondhead site remains one of the last, great gaming opportunities in the country. The site is recognized in the casino industry as one that is expected to grow the entire Gulf Coast market because of its sheer size and the numerous amenities it could support. I am looking forward to working with the state of Mississippi and the city of Diamondhead to create a destination resort that will bring economic benefits to the entire state as well as the city. This is a unique opportunity to be associated with a project that has the potential to become a major tourist attraction on the Gulf Coast and one of the premier resort locations in the casino industry.”