Diamondhead Casino Corporation, through its subsidiary Mississippi Gaming Corporation, has enlisted Colliers to assist in marketing and financing the development of a prime property located in Diamondhead, Mississippi.
Strategic Location and Traffic Exposure
The Diamondhead property is strategically situated on Interstate 10, featuring two miles of frontage on both the interstate and the Bay of St. Louis. This prime location benefits from substantial traffic exposure, with over 18 million vehicles passing annually. Such high visibility enhances the site’s appeal for a casino resort development, promising a steady stream of visitors.
Zoning and Gaming Commission Approval
The property is zoned as a Special Use District-Waterfront Gaming District, allowing for the development of a casino resort. Additionally, the Mississippi Gaming Commission has approved a fifty-acre site on the property for gaming use. This approval significantly enhances the site’s value and attractiveness for potential developers and investors.
Vision and Market Potential
Patrick Slagle, Vice President of Colliers, emphasized the unique advantages of the Diamondhead site. He stated, “We believe the Diamondhead site is one of the best remaining gaming sites in the entire country. Its location on Interstate 10, between Biloxi and New Orleans, coupled with the accessibility to the site provided by nearby airports makes it one of the most easily accessible gaming sites in the country.”
Slagle further highlighted the site’s potential, noting its expansive 400-acre area, offering a blank canvas for development. With over two miles of waterfront, the property is ideal for a mixed-use resort anchored by a casino and a two-mile boardwalk. According to Slagle, “We know of nothing comparable and no other opportunity of this nature in the industry.”
Marketing and Financing Efforts
Colliers has prepared comprehensive marketing materials and is actively seeking interested parties for the Diamondhead property. Their efforts aim to attract investors and developers who recognize the site’s potential and are eager to capitalize on this unique opportunity.
Flexibility and Engagement
Under the agreement with Colliers, Diamondhead Casino Corporation retains the flexibility to engage with other interested parties. This approach ensures that the corporation can explore various avenues and partnerships to maximize the development potential of the Diamondhead site.
Agreement Timeline
The agreement between Diamondhead Casino Corporation and Colliers is set to expire at the end of the year unless extended. This timeline creates a sense of urgency for potential investors and developers to engage with the opportunity promptly.
Broader Industry Context
In related news, Hard Rock Casino Rockford announced its grand opening date for 29 August 2024, pending regulatory approval. This announcement underscores the dynamic nature of the gaming industry and the continuous emergence of new opportunities and developments.
The collaboration between Diamondhead Casino Corporation and Colliers represents a significant step towards realizing the full potential of the Diamondhead property. With its prime location, favorable zoning, and substantial traffic exposure, the site is poised to become a major player in the gaming and resort sector. As Colliers continues its marketing and financing efforts, the industry eagerly anticipates the transformation of this 400-acre blank slate into a premier mixed-use resort destination.