June 24, 2008 at 4:07 am #2549
June 23 – Casinos Austria International Holding Signs Letter of Intent With Diamondhead Casino Corporation
Diamondhead Casino Corporation (OTCBB: DHCC | Quote | Chart | News | PowerRating) (the “Company”) announced that it had signed a non-binding Letter of Intent with Casinos Austria International Holding, GMBH, to form a joint venture partnership to develop, build and operate a destination casino resort in Diamondhead, Mississippi.
The joint venture would cover fifty acres within a 404-acre tract of land owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company. The Diamondhead tract fronts Interstate 10 for approximately two miles and the Bay of St. Louis for approximately two miles and is located in Hancock County, Mississippi. The property is debt-free and lien-free. The property is zoned as a Special Use District-Waterfront Gaming District by Hancock County. On October 17, 2005, following Hurricane Katrina, Mississippi passed legislation allowing casinos to be built up to 800 hundred feet from the mean high water line of certain bodies of water. The new law applies to the Diamondhead property.
Deborah Vitale, President, stated: “Speaking for the Board of Directors and myself, we are extremely pleased to have signed a Letter of Intent and to be working towards a partnership with Casinos Austria to develop a casino and destination resort on the Company’s Diamondhead property. The Company has enjoyed a long-term relationship with Casinos Austria in prior years and knows the Company to be a quality organization with extensive gaming experience and expertise in the international gaming industry. Assuming a successful due diligence period and a subsequent definitive agreement between our two companies, this will mark the culmination of our best efforts to find the right partner with which to develop the casino project. The shareholders can also look forward to additional shareholder value from the development of the remaining acreage in years to come.”June 24, 2008 at 6:46 am #2548
If this casino is built, what effect do you think it would have on the present Diamondhead?June 24, 2008 at 9:36 am #2551
Wont have to drive as far to eat crabs hopefullyJune 24, 2008 at 3:33 pm #2552
If the casino is built Higher Property Value is a given. Area will get more traffic but that will be limited to the front of DH. I even believe we may finally get that traffic light we’ve been needing for the last 7 years or so.
The local vendors will see an upswing in business and it is a win-win for everyone. The Casino will even do VIP trips to our Golf Course and maybe then it will turn a profit. (It could happen) Our area of Hancock county will benefit from the investment of infrastructure that is sorely needed. I only see the Positive. Others will point out the negitives which comes with “Change”. I say Bring it.June 25, 2008 at 5:26 am #2554
If you live on the south side you may start thinking about who you may want for a city councilman.June 25, 2008 at 6:20 am #2555
For a City councilperson we need a city. Will it happen now/next year/ or never in our lifetime?June 25, 2008 at 6:43 am #2556
Bay St. Louis may try to fill that vacuum, plus the business district on the north side of I-10.June 29, 2008 at 6:20 am #2558
That is precisely the reason we need to convince those who have not signed the petition for incorporation to do so. Also, many who have signed and then removed their names should reconsider. In today’s Sun Herald (June 29th, 2008) there was an article about the $200 million Federal Government Grant for Hancock County. Please note that Diamondhead will get nothing! Wonder why? The Board of Supervisors do not have to give Diamondhead one cent, because we are not a City. Let’s get off our Butts and make Diamondhead a City before it is too late. We will not be able to handle the traffic, crime, and stress on our infrastructures under the POA rules when the casino is built.June 29, 2008 at 8:49 am #2559
Under the present petition to incorporate’s plan 95% of Diamondhead would not recieve federal funding unless the city funnels those funds to a private corporation, the POA. If they did it would not be the Mississippi Attorney General that would investigate, it would be the FBI.June 29, 2008 at 12:10 pm #2560
What happened to Donald Trump’s “Letter of Intent” signed with Diamondhead a couple of years ago?June 29, 2008 at 1:11 pm #2561
Then we should work together to sue the POA and dissolve it before 2020 or whenever it was supposed to be turned over. I know there are many things including nonenforced covenants and money being spent to defend lawsuits filed because a builder (Smith Builders, LLC) wanted to build homes with less square footage than the covenants allowed and then the POA dropped the suit (probably because they had already built at least one home with the smaller than required square footage.June 29, 2008 at 1:32 pm #2562
Rick and Rick,
With all due respect I must correct you. The Smith Builder case shows just how inadequate the covenants are. The covenants do allow a builder to construct homes as small as Smith Builder did. The POA spent tens of thousands of dollars trying to get the right to change the covenants without membership approval and failed. In other words they used membership dues to attempt to deprive the membership of their rights.
The losers in this battle (POA board of directors) have put their deceptive spin on the entire matter but I invite you to read the entire case and the final ruling below and come to your own conclusions.June 29, 2008 at 4:57 pm #2563
This is maybe the fourth or fifth time an announcement has been made regarding a casino in Diamondhead. You will note that the current letter of intent is “non-binding” just as the others have been. As I understand it the problem has and still is convincing investors that the Diamondhead location has the potential income to justify the cost. So far no one has been able to sell the deal to the money investors. I support a casino in Diamondhead but as I see it the Diamondhead location is less viable now than in the past. The New Orleans population is down, New Orleans East is almost a ghost town. Louisiana economically is coming back but very slowly. If it was my dollar I would want to be closer to Fl, Ala and Georgia. The population and market on the east side of Mississippi (Biloxi)is greater in numbers and expendable income. I hope I am wrong but I think we are chasing windmills again.June 30, 2008 at 2:41 pm #2564
Interesting comment in todays SunHerald Letters To The Editors section. “Hey, developers, take a look toward the west. How come D’Iberville is growing and we in west Harrison County and Hancock don’t have any department stores, Denny’s, auto parts stores, supermarkets, shoe stores, Logan’s, Chili’s, or any othe places to shop? We drive to Slidell twice a month to shop and eat out. Exit 20 is beautiful and no flood zone. Somebody look at this site”………Lou Brown Pass Christian
The east side of the Gulf Coast is booming and we seem to be standing still. Are the casino investors seeing the same thing? I truly hope I am wrong and a casino deal becomes a reality, but……..I wonder.July 1, 2008 at 5:38 pm #2565
To the left of the old Texaco station on the soutside of I-10, trucks are removing timber from what APPEARS to be the start of a road paralleling I-10. Does anyone know anything about this road? Is this connected with the proposed Diamondhead casino?
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