MADEIRA BEACH, Fla., Sept. 2 Diamondhead Casino Corporation (BULLETIN BOARD: DHCC) reported that it had recently had its Diamondhead, Mississippi property appraised. The appraised value of the property, subject to material assumptions, is $108,900,000.
The Company, through its wholly-owned subsidiary, Casino World, Inc., intends to develop a destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. There is no outstanding debt and there are no liens on the property.
The appraisal was conducted by J. Daniel Schroeder, a Mississippi State Certified General Appraiser. The appraisal is contingent on certain material assumptions, including but not limited to, the validity, issuance, renewal, continuation, modification, and/or extension of all approvals, permits, licenses and leases required and certain mitigation. There can be no assurance that a potential joint venture partner or other interested party will value the property at the recently appraised value for purposes of negotiating any potential deal.
Deborah A. Vitale, President and Chairman of the Board, commenting on the appraisal, stated: "It is obvious to anyone familiar with the casino development taking place in Mississippi that the Company's Diamondhead, Mississippi location has substantially appreciated in value in the last few years. The Company's property fronts Interstate 10 for approximately two miles. Interstate 10 is one of the major, east-west traffic arteries of the south. The site is accessible from three nearby major airports: Stennis International Airport -- approximately six miles from the site; Gulfport-Biloxi Regional Airport -- approximately eighteen miles from the site; and New Orleans International Airport -- approximately seventy miles from the site. The Company believes that its strategically located position on Interstate 10 and its proximity to three major airports and New Orleans will attract a substantial number of local patrons as well as out-of-state patrons and interstate travelers and tourists."
The Company also reported that there have been certain recent decisions and developments in Mississippi relating to another casino project that may have an impact on the anticipated placement, design and development of the Company's Diamondhead project. The Company intends to monitor these developments closely and, if deemed beneficial to the Company's project, to modify its strategy to take advantage of any favorable developments.
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