DIAMONDHEAD, Miss.,
April 2, 2014 /PRNewswire/ --
Diamondhead Casino Corporation ("DHCC"), which intends to build a
casino resort on its 404-acre property in Diamondhead, Mississippi, announced today that
it has appointed Ted Arneault,
formerly Chairman, President & CEO of MTR Gaming Group, Inc.,
as Chairman of the Board of the Company and President & CEO of
Casino World, Inc., a wholly-owned subsidiary of the Company 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.
The Company owns, through a wholly-owned subsidiary,
approximately 404 acres of land in Diamondhead, Mississippi. The property
fronts Interstate 10 for approximately two miles and fronts the
Bay of St. Louis for approximately two miles.
Approximately 18 million vehicles pass the site yearly. The
property, which is located entirely within the
recently-incorporated City of Diamondhead, is already zoned
for a casino.
In commenting on his appointment, Mr. Arneault stated: "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."
Ms. Vitale, who is stepping down as Chairman of the Board of the
Company, stated: "Mr. Arneault's addition to the Board and
his extensive background, experience and expertise in the gaming
industry will allow us to move this project forward. Mr. Arneault
knows the casino industry, knows the Gulf Coast market, recognizes
the potential of this project and, of utmost importance, has
successfully taken casinos from the ground up before. I have every
confidence in Mr. Arneault, who has a proven track record in the
industry, to spearhead the development of this particular project.
In addition, Mr. Arneault brings extensive, unrelated business
experience, as well as his background as a CPA, to the Board. I am
honored to have Mr. Arneault on our team and the Board and I look
forward to working with him in the future."
Cautionary Statement Regarding Forward-Looking
Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements so long as those
statements are identified as forward-looking and are accompanied by
meaningful cautionary statements identifying important factors that
could cause actual results to differ materially from those
projected in such statements.
All statements, trend analysis and other information contained
in this release relative to performance, trends in operations
or financial results, plans, expectations, estimates and beliefs,
as well as other statements including words such as "anticipate,"
"believe," "plan," "estimate," "expect," "intend," "will," "could"
and other similar expressions, constitute forward-looking
statements under the Private Securities Litigation Reform Act of
1995. In connection with certain forward-looking statements
contained in this release and those that may be made in the future,
there are various factors that could cause actual results to differ
materially from those set forth in any such forward-looking
statements. The forward-looking statements contained in this
release were prepared by management and are qualified by, and
subject to, permitting, significant business, economic, financial,
competitive, environmental, regulatory and other uncertainties and
contingencies, all of which are difficult or impossible to predict
and many of which are beyond the control of the Company.
Accordingly, there can be no assurance that the forward-looking
statements contained in this release will be realized. The
forward-looking statements in this release reflect the opinion of
the management as of the date of this release. Readers are hereby
advised that developments subsequent to this release are likely to
cause these statements to become outdated with the passage of time
or other factors beyond the control of the Company. The
Company does not intend, however, to update the guidance provided
herein prior to its next release or unless otherwise required to do
so. Readers of this release should consider these facts in
evaluating the information contained herein. In addition, the
business and potential operations of the Company are subject to
substantial risks, including but not limited to risks relating to
liquidity and cash flows, including the Company's need for
additional funds to develop the Diamondhead property, which increase the
uncertainty inherent in the forward-looking statements contained in
this release. The inclusion of the forward-looking statements
contained in this release should not be regarded as a
representation that the forward-looking statements contained in the
release will be achieved. In light of the foregoing, readers of
this release are cautioned not to place undue reliance on the
forward-looking statements contained herein.
For further information, contact:
Deborah Vitale, President
Diamondhead Casino Corporation
Office: (703) 683-6800
SOURCE Diamondhead Casino Corporation
