Casinos Austria International Holding, GMBH Signs Letter of Intent With Diamondhead Casino Corporation

LARGO, Fla., June 23 /PRNewswire/ -- Diamondhead Casino Corporation (OTC Bulletin Board: DHCC) (the "Company") announced today that it had signed a non-binding Letter of Intent with Casinos Austria International Holding, GMBH, to form a joint venture partnership to develop, build and operate a destination casino resort inDiamondhead, Mississippi.

The joint venture would cover fifty acres within a 404-acre tract of land owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company. TheDiamondhead tract fronts Interstate 10 for approximately two miles and theBay ofSt. Louis for approximately two miles and is located in Hancock County, Mississippi. The property is debt-free and lien-free. The property is zoned as a Special Use District-Waterfront Gaming District by Hancock County. On October 17, 2005, following Hurricane Katrina,Mississippi passed legislation allowing casinos to be built up to 800 hundred feet from the mean high water line of certain bodies of water. The new law applies to theDiamondhead property.

Deborah Vitale, President, stated: "Speaking for the Board of Directors and myself, we are extremely pleased to have signed a Letter of Intent and to be working towards a partnership with Casinos Austria to develop a casino and destination resort on the Company'sDiamondhead property. The Company has enjoyed a long-term relationship with Casinos Austria in prior years and knows the Company to be a quality organization with extensive gaming experience and expertise in the international gaming industry. Assuming a successful due diligence period and a subsequent definitive agreement between our two companies, this will mark the culmination of our best efforts to find the right partner with which to develop the casino project. The shareholders can also look forward to additional shareholder value from the development of the remaining acreage in years to come."

About Casinos Austria

The origins of the casino industry inAustria date back to 1934, when the first casino was opened in Baden nearVienna, closely followed by further casinos across the country. CasinosAustria today owns and operates the twelve casinos inAustria.

Following its initial success in the Austrian market, Casinos Austria was approached by the Dutch Government in 1976 and entrusted with establishing a casino industry inThe Netherlands. This project was the starting point for a new success story: Casinos Austria International (CAI). Originally founded in 1977 to consolidate the company's international activities, CAI is today a leading player in the global gaming industry, having realized over 215 casino projects in more than 35 different countries, including 80 casinos on board cruise ships on all seven seas. In 2007, CAI casinos welcomed 19.9 million guests.

Worldwide, the Casinos Austria Group now operates casinos in 18 different countries as well as on board international cruise ships. Experience, integrity, respectability, financial stability and a multicultural team are all important contributing factors to CAI's continued success. The Casinos Austria Group currently employs over 13,000 people from 35 different nations around the globe. The group turnover in 2007 amounted to EUR 3.5 billion.

CAI specializes in casino expertise and thereby offers an extensive portfolio of know-how and services for all phases of casino development from evaluation and planning through to building and management. Our casino projects are considered to be "traditionally innovative" and are based on the proven sound combination of traditional values and innovative concepts.

Casinos Austria Group's future plans include continued expansion together with strengthening of its existing international presence as well as the establishment of new casinos in markets that plan to introduce legal gaming.

About Diamondhead Casino Corporation

Diamondhead Casino Corporation ("Diamondhead"), through its wholly-owned subsidiary, Mississippi Gaming Corporation, owns and intends to develop, in cooperation with a joint venture partner, approximately 404 acres of land in Diamondhead, Mississippi. The Company intends to develop the property as a destination casino resort and hotel with condominiums and other amenities.

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.

All statements, trend analysis and other information contained in this release relative to the parties' performance, trends in the parties' operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the parties, the parties note that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, permitting, significant business, economic, financial, competitive, environmental, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the parties. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. The forward-looking statements in this release reflect the opinion of the management as of the date of this release. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the parties. The parties do not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of the parties are subject to substantial risks, including but not limited to risks relating to liquidity and cash flows, which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by the parties or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.

Additional information concerning the potential risk factors that could affect Diamondhead Casino Corporation's future performance are described from time to time in theDiamondhead periodic reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    For further information, contact:
    Gregory Harrison, Vice-President
    Diamondhead Casino Corporation
    Office: (301) 948-7354    Cell: (301) 775-3602

SOURCE Diamondhead Casino Corporation

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