DIAMONDHEAD CASINO CORPORATION RETAINS COLLIERS TO ASSIST WITH MARKETING AND FINANCING
Diamondhead Casino (DHCC) has retained Colliers to assist in marketing and financing its Diamondhead, Mississippi property or to sell it partially or entirely. The 400-acre site, situated along Interstate 10 and the Bay of St. Louis, has high visibility, with over 18 million vehicles passing annually. It is zoned for a casino resort, and the Mississippi Gaming Commission has approved a 50-acre gaming site on the property. Colliers aims to attract potential buyers for this prime gaming location. Additionally, DHCC's subsidiary, Mississippi Gaming , settled an eminent domain dispute with Cooperative Energy for $1 million, receiving $845,378 to date.
- Colliers will assist DHCC in marketing and financing the Diamondhead property.
- The 400-acre property is zoned for a casino resort.
- The site has high visibility with over 18 million vehicles passing annually on Interstate 10.
- Mississippi Gaming Commission granted gaming site approval for 50 acres.
- The property's location between Biloxi and New Orleans enhances its appeal.
- Settlement agreement with Cooperative Energy worth $1,000,000.
- Agreement with Colliers terminates at year-end unless extended.
- Outstanding amount of $154,622 still due from Cooperative Energy settlement.
- Potential dilution of shares if company officers and directors purchase stock.
Insights
Diamondhead Casino Corporation's retention of Colliers to assist with the marketing and financing of its Diamondhead property signals a strategic move to leverage expert resources in maximizing the value of its assets. This could potentially lead to significant capital inflows, either through direct financing for development or via the sale of the property, wholly or in parts.
From a financial perspective, the property’s strategic location on Interstate 10 and its zoning as a Special Use District-Waterfront Gaming District enhances its attractiveness to potential investors. The mention of 18 million vehicles passing annually suggests high visibility and accessibility, critical factors for a successful gaming resort. These factors make the property a lucrative asset that could drive substantial revenue if developed properly.
The settlement with Cooperative Energy for $1 million provides a much-needed capital injection and resolves a legal issue, which is a positive development. This also frees up the property for uninterrupted development. Investors should monitor how quickly the company finalizes the easements and receives the remaining $154,622, as timely execution will be essential for maintaining financial liquidity.
The potential for the Company's officers and directors to purchase stock in the open market could be interpreted as a sign of confidence in the company's future prospects, but investors should also be cautious and consider whether this move could disproportionately impact stock prices due to the relatively low trading volume on the OTC market.
The Diamondhead Casino Corporation's decision to engage Colliers underscores the importance of strategic marketing and financing in the real estate and gaming sectors. Colliers' involvement brings credibility and extensive market reach, which can attract a broader range of interested parties, including major investors who may have been previously unaware of the Diamondhead property.
The property's unique selling propositions, such as its prime location between Biloxi and New Orleans and its significant frontage on Interstate 10 and the Bay of St. Louis, give it a competitive edge. The site's zoning for waterfront gaming and the Mississippi Gaming Commission's approval further boost its appeal. In the context of the rapidly growing Gulf Coast gambling market, these factors position Diamondhead as a high-potential investment.
However, the real estate and gaming markets are highly speculative and can be influenced by broader economic conditions. Investors should be aware of potential market fluctuations and regulatory changes that could impact the property's valuation and development prospects.
Colliers’ ability to effectively market the site and attract high-quality bids will be crucial. The success of this endeavor will largely depend on the current market sentiment towards large-scale gaming developments and mixed-use resorts.
The Company owns, through its wholly-owned subsidiary, Mississippi Gaming Corporation, an approximate 400-acre tract of land on Interstate 10 in
In commenting on the opportunity, Patrick Slagle, Vice President of Colliers in
Under its agreement with Colliers, the Company is free to continue discussions with other interested parties. Unless extended by the parties, the Agreement will terminate at the end of this year.
The Company also announced that its subsidiary, Mississippi Gaming Corporation ("MGC"), had entered into a Settlement Agreement with Cooperative Energy, a Mississippi Electric Cooperative, which had filed an eminent domain action against MGC, for
The Company's Officers and Directors may purchase the Company's stock in the open market from time to time at prevailing prices.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership, has delivered compound annual investment returns of approximately
About
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," "may," 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 operations of the Company are subject to substantial risks, including but not limited to risks relating to liquidity and cash flows, 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 reliance on the forward-looking statements contained herein.
Additional information concerning potential risk factors that could affect the Company's financial condition and future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and amendments thereto.
For further information, contact:
Deborah A. Vitale, President
Cell: (727) 510-1412
or
Gregory Harrison, Chairman of the Board
Cell: (301) 775-3602
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SOURCE Diamondhead Casino Corporation
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