The Atlantic City-based Trump Entertainment Resorts has completed due diligence and is ready to advance negotiations, according to a press release. Gregory Harrison, vice president of Diamondhead Casino Corp. in Madiera Beach, FL, acknowledges that he doesn't know when the joint venture will be inked. "They want to get going. They want to get this thing built," he says. Trump had until Monday to complete due diligence and act on a letter of intent.
The Diamondhead Casino tract, acquired during the early 1990s for a little more $4 million, has nearly two miles of Interstate 10 frontage and two miles on the Bay of St. Louis. The acreage is a 45-minute drive from New Orleans. The current land value is $110 million.
Diamondhead Casino's role is that of land holder, rather than vertical developers. "We're wanting to sell, lease or joint venture that land to developers," Harrison tells GlobeSt.com. He stresses that Diamondhead Casino isn't planning any vertical development on its own.
Harrison says a Trump casino on the Diamondhead land will be a good draw for future investors. Another draw also will be the Isle of Capri's $350-million project, which is being built on the property's eastern border. He says investors haven't been flocking to the property at this point, but the Trump joint venture and a thriving Isle of Capri casino could change all of that, and even now, the company is fielding inquiries. "The Trump deal is exciting," he says, "and the remaining acreage is a superb asset."
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