Although the Atlantic City-based Trump organization completed its due diligence last fall and seemed eager to start on the project, the companies were unable to move forward with either a joint venture or other agreement to get anything moving. "We were unable to conclude negotiations to everyone's satisfaction. That's all I can really say about this," says Gregory Harrison, vice president with Diamondhead Casino.
For Diamondhead Casino, the negotiations with Trump did yield some good benefits, one of which has been a growing interest in the site. "Since October, when Trump's exclusivity expired, we've been getting a lot of phone calls wanting more information about this area," Harrison tells GlobeSt.com. He adds that Diamondhead Casino's president and CEO Deborah A. Vitale is following up with many of the entities and individuals who have inquired about the project.
"We are moving forward with discussions of other potential partners, ground lessees, investment banking firms and potential purchasers of all or part of the property," Vitale says in a statement. "When the right opportunity arises, we will take it."
Harrison believes the opportunity could come fairly soon although he won't commit to specifics. He points to zoning changes made by the state in the wake of Hurricane Katrina, allowing land-based casinos to be built along its Gulf Coast. "All of our two-mile property front is casino-qualified because of the 800-foot allowance from mean high tide," he says. "That's created a lot of interest."
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