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Within the next few years, big things are forecasted to happen in Biloxi, Mississippi. When you speak of casinos and gambling, one automatically thinks of Las Vegas and Atlantic City. Biloxi will soon be one of these destinations that everyone knows about. Riverboat gambling has been in Biloxi for a long time, and recently came to a halt due to hurricane Katrina (2005). Legislation has been passed to allow casinos to be built on shore! Of the many casinos and resorts being built in Biloxi, the premier new development is the Vue Crescente.
Major casino owners from Las Vegas are jumping on board, and Biloxi will see many more resorts. This is a very positive thing for investors, especially those who are able to get into the Vue Crescente with a preconstruction purchase. As more resorts come to the area, property values are sky rocketing. Luckily for investors, the Vue Crescente will be in the preconstruction stage for a few more months before construction starts in the spring of 2006. The Vue Crescent has much more to offer than a forecasted high ROI. Biloxi has many golf courses, beaches along the Gulf of Mexico, and currently 8 casinos to choose from. The resort has 6 different room configurations and 286 units. There is plenty of Vue to go around, but as one of the pioneering ocean front resorts in Biloxi, The Vue Crescente will be selling out soon.
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Headline News from Mississippi BizJournals
February 15, 2006
Diamondhead Casino Corporation, which owns approximately 404 acres of land on the Bay of St. Louis on which it has planned for years to build a gaming venue, has issued a status report for its shareholders.
On October 17, 2005, Gov. Haley Barbour signed a new law that allows casinos to be built on land, and the new law applies to the company's property, which is lien-free and debt-free. Since the new law was passed, the company has received, and continues to receive, various proposals relating to the development of its property. Diamondhead Casino continues to negotiate with respect to proposals received and continues to discuss options for projects involving all or part of the site and for projects which may include not only casino resorts, but condominiums, condo-hotels, entertainment centers, retail centers and various combinations thereof.
The board of directors feels there is genuine interest on the part of viable parties in the development of the company's Diamondhead property. While Diamondhead Casino is optimistic, there can be no assurance that any discussions or negotiations will result in a transaction with the company.
The company has current cash on hand of approximately $1 million. This amount includes $100,000 tendered by the company's president and vice president for options that expire in March 2006.
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