Diamondhead and Trump Extend Due Diligence and Preliminary Design Period
Diamondhead, MS Project
NEW YORK, NY, September 11, 2006. Diamondhead Casino Corporation (BULLETIN BOARD: DHCC) and Trump Entertainment Resorts announced today that they have extended to October 23, 2006, the terms of a letter of intent signed on June 8, 2006, pursuant to which the parties intend to form a joint venture partnership to develop, build and operate a destination casino resort in Diamondhead, Mississippi. The parties are pleased with the progress, accomplishments, and results obtained thus far and are currently in the process of preparing a master plan and preliminary project design concepts. While the parties have completed substantial due diligence, including a new mean high water line survey and other engineering surveys and studies, additional time is required to complete the required legal and remaining due diligence.
The joint venture would cover a minimum of forty acres within a 404-acre tract of land owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of Diamondhead. 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 zoned as a Special Use District-Waterfront Gaming District by Hancock County. On October 17, 2005, following Hurricane Katrina, Mississippi Governor Haley Barbour signed a bill into law that permits casinos to be built on land up to 800-feet from the mean high water line of certain bodies of water. The new law applies to the Diamondhead property.
The formation of a joint venture and development of this project are subject to certain conditions including, but not limited to, further due diligence and receipt of regulatory and other approvals and permits.
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