Diamondhead Casino Corporation, which intends to build a casino resort in Diamondhead, Miss., has appointed Ted Arneault as chairman of the board of the company and president and CEO of CasinoWorld, a wholly?owned subsidiary and proposed developer of the Diamondhead casino site.
Arneault most recently served as the chairman, president and CEO of MTR Gaming Group.
The company also announced today that it accepted subscriptions in escrow in the amount of $3 million for the purchase of collateralized debentures, convertible to common stock, subject to certain events, and $1 million of that amount had been released from escrow to the company at the first of three intended closings. The two remaining closings are contingent upon certain events.
Diamondhead Casino Corporation owns, through a wholly?owned subsidiary, approximately 404 acres of land in Diamondhead, Miss. The property fronts Interstate 10 for approximately two miles and fronts the Bay of St. Louis for approximately two miles. Approximately 18 million vehicles pass the site yearly. The property, which is located entirely within the recently incorporated City of Diamondhead, is already zoned for a casino.
"I believe the Diamondhead site remains one of the last, great gaming opportunities in the country,” Arneault said in a prepared statement. “The site is recognized in the casino industry as one that is expected to grow the entire Gulf Coast market because of its sheer size and the numerous amenities it could support. I am looking forward to working with the State of Mississippi and the City of Diamondhead to create a destination resort that will bring economic benefits to the entire state as well as the city. This is a unique opportunity to be associated with a project that has the potential to become a major tourist attraction on the Gulf Coast and one of the premier resort locations in the casino industry."