Diamondhead Casino

DIAMONDHEAD - CB Richard Ellis Inc., Diamondhead Casino Corporation's (OTCBB: DHCC) exclusive provider of financial services, has recommended that Diamondhead Casino proceed unilaterally and without a joint venture partner on its casino development plans. The company, through its wholly-owned subsidiary, Casino World Inc., intends to develop a them... ed, destination casino resort and hotel at its 404-acre site on the Bay of St. Louis. CB Richard Ellis' Global Gaming Group has performed a feasibility study for the Diamondhead Casino resort. CB Richard Ellis concluded that the Diamondhead Casino site would generate approximately $134 million in gaming revenue per annum. CB Richard Ellis has recommended, based on its evaluation of the site and study of the market, that the company proceed without a joint venture partner. CB Richard Ellis believes that it is in the best interest of the company's shareholders that Diamondhead Casino proceed unilaterally in order to realize maximum shareholder value. John Knott, senior vice president of CB Richard Ellis' Global Gaming Group, said: "In our opinion, it is one of the best sites in Mississippi. Its visibility and access to I-10 offer a competitive advantage to other properties in the market. Our feasibility study supports the fact that this is a strong, economically viable site. Therefore, we have advised the company to proceed unilaterally. CB Richard Ellis has recommended that the company mortgage the Diamondhead property so as to obtain the funds necessary to sustain Diamondhead Casino during the permitting and approval process. This would replenish the company's working capital and avoid the perception that the company has no funds with which to continue and proceed through the permitting and approval process. The encumbrance of the property represents a departure from the prior approach of the company which had been to find a joint venture partner to provide the funding required to proceed through the permitting and approval process. According to Diamondhead Casino, ...Read More