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Diamondhead waits out slump to build Mississippi casino

Tampa Bay Business Journal,  Monday, December 22, 2008 at 11:20:14 AM

Diamondhead Casino Corp. is postponing its Mississippi casino quest until the financial markets loosen up.

Based in Largo, Diamondhead owns 404 acres of land on the Bay of St. Louis in Diamondhead, Miss., that it wants to develop into a casino resort.

Last June, the company signed a non-binding letter of intent with Casinos Austria International Holding GMBH to form a joint venture partnership to develop a casino resort on its property. CAI pulled out of the deal on Nov. 4 because of tight credit and the current economic conditions.

On Dec. 19, Diamondhead extended the terms of the letter of intent, at CAI's request through Feb. 21, 2009, a release said. the source
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