he joint venture would cover 20 hectares within a 163-hectare tract of land owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the company. 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 debt-free and lien-free.
The property is zoned as a Special Use District-Waterfront Gaming District by Hancock County. On October 17, 2005, following Hurricane Katrina, Mississippi passed legislation allowing casinos to be built up to 243 hundred meters from the mean high water line of certain bodies of water. The new law applies to the Diamondhead property.
Deborah Vitale, President, stated: "Speaking for the Board of Directors and myself, we are extremely pleased to have signed a Letter of Intent and to be working towards a partnership with Casinos Austria to develop a casino and destination resort on the Company's Diamondhead property.”
“The company has enjoyed a long-term relationship with Casinos Austria in prior years and knows the firm to be a quality organization with extensive gaming experience and expertise in the international gaming industry. Assuming a successful due diligence period and a subsequent definitive agreement between our two companies, this will mark the culmination of our best efforts to find the right partner with which to develop the casino project. The shareholders can also look forward to additional shareholder value from the development of the remaining acreage in years to come,” she concluded.