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Posted At : June 24, 2008 02:56 PM | Posted By : D McKee
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International,Mississippi,Movies
"You don't sell the dream of a lifetime," quoth the Man with the Harmonica (Charles Bronson) in Sergio Leone's Once Upon a Time in the West. Maybe not, but there's nothing that says you can't sublease it.
In effect, that's what Diamondhead Casino Corp. has elected to do. It was in the predicament of being land-rich and cash-poor, sitting on 404 acres betwixt I-10 and the Gulf of Mexico, along the Mississippi coast. Diamondhead had bought the land 16 years ago, with money borrowed from Casinos Austria (subsequently repaid). Even when offered $100 million to sell the land outright, Diamondhead stood its ground.
Despite a slick sales pitch, joint venture partners weren't to be had. Re-enter old friend Casinos Austria, which will get development rights on an eighth of the acreage, while Diamondhead collects a cut of the casino revenue.
"While other casino projects are struggling to get financing, Peter Lux with Smith Barney pointed out that Casinos Austria is dealing in the stronger Euros. The hotel and other amenities could qualify for Go-Zone tax incentives, he said," according to the Biloxi Sun Herald. And with 77 casinos scattered around the globe, Casinos Austria is not be sneezed at.
However, Casino Austria's idea of a casino and the American market's concept of one are two vastly disparate things. Attempting to crack the U.S. market was disastrous for Swiss Casinos and the complete undoing of London Clubs International. Let's see if the third time is the charm.
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