Newmark, which recently appraised the Diamondhead Casino Corporation’s approximately 400-acre mixed-use development opportunity, including 50 acres of land already site-approved for a casino, in Diamondhead, Mississippi, has been awarded the exclusive representation for the sale of the property. The Diamondhead site, located at 7051 Interstate 10, is owned by Mississippi Gaming Corporation (MGC), a wholly-owned subsidiary of Diamondhead Casino Corporation, (OTCMKTS: “DHCC”). The property fronts Interstate 10 for approximately two miles and fronts the Bay of St Louis for approximately two miles, where over 17 million vehicles pass the site yearly.
Newmark Managing Director Eva Horton and Associate Albert Spiers are providing exclusive representation services for Diamondhead Casino Corporation, including strategic evaluation regarding usage and disposition of all or part of the land as well as financing options. Eva and Albert worked with Vice Chairman Bert Sanders on the transaction. Newmark Senior Vice President, Valuation & Advisory National Team Leader - Gaming, Lori Raugust facilitated the 400-acre appraisal.
The City of Diamondhead, which was incorporated in 2012, is located between highly popular tourist’s city destinations, New Orleans and Biloxi, under an hour drive east and west respectively. It is part of the Gulf Coast gaming market, an area recognized as one of the most strategic gaming locations in the United States, generating $1.18 billion in casino revenue. The Diamondhead development site represents the only coastal casino with a location on Interstate 10.
“Diamondhead offers the ideal drive-by, drive-to and destination resort opportunity,” stated President and Chairman of the Board of Directors of Mississippi Gaming Corporation Deborah Vitale. “Our vision for the project is to create a unique, outstanding destination experience which takes advantage of recent legislation that allows for sports betting in Mississippi and significantly expands upon the types of amenities offered by existing Gulf Coast casinos. We are excited to have Newmark engaged to advise and strategize on the opportunities for our site.”
“The site offers an opportunity for an easily accessible, unique waterfront destination in a region recognized for its gaming opportunities,” said Eva Horton. “The proposed casino is the centerpiece of an exceptionally synergistic development project designed to attract visitors and patrons for various reasons and lengths of stay, including gaming and other amenities and entertainment.”
Additional potential uses and amenities for the Diamondhead development include two-mile boardwalk, state-of-the-art RV park, wedding chapel, amphitheater, sports and wellness center, jogging trails, business conference center, extensive outdoor pool system, outdoor sports facilities providing space for rock climbing, tennis courts, putting greens and water sports, as well as retail, restaurant and bar options. “This is an exciting opportunity for an investor to build a development along the Mississippi Gulf Coast,” stated Neal Golden, President-Texas and Vice Chairman. “The Gulf Coast Casino market is strong, and the positioning of the property is ideal for a new development.”
About Diamondhead Casino Corporation
Diamondhead Casino Corporation (OTC: “DHCC”), a Delaware corporation, through its wholly-owned subsidiary, Mississippi Gaming Corporation, owns an approximate 400-acre property on Interstate 10 in Diamondhead, Mississippi. The property fronts Interstate 10 for approximately two miles and the Bay of St Louis for approximately two miles. The Company intends to develop the property as a mixed-use casino resort in conjunction with one or more joint venture partners or sell part or all of the property.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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