Home » NEWS » Gaming » Diamondhead Casino names new chairman/president

Diamondhead Casino names new chairman/president

Royal-Flush_GambleDIAMONDHEAD — 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.”

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*