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Diamondhead Casino Corp. Reports Loss20 May 2003MADEIRA BEACH, Florida -- (Press Release) -- Diamondhead Casino Corporation (OTC Bulletin Board: DHCC) announced that it had reported its financial results for the first quarter of 2003. The Company reported a net loss after preferred dividends of $268,198 for the three months ending March 31, 2003, as compared to a net loss of $208,402 for the same period in 2002. The net loss per common share for the period ending March 31, 2003 was $0.009 per common share as compared to a net loss of $0.007 per common share for the same period in 2002. Net loss for the first quarter of 2003 included preferred dividends of $26,840 and non-cash ESOP charges of $8,949. Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the financial results for the first quarter stated: "The increase in the net loss is primarily attributable to the expenditure of $42,500 to buy back 850,000 options to purchase common stock previously issued to two former Directors of the Company at a buyback price of $.05 per option. The financial results reflect the fact that this company is focused on the development of its Diamondhead, Mississippi property. Management remains actively engaged in the process of seeking a joint venture partner for its Diamondhead project." The Company also reported that there would be a public hearing held in connection with the Environmental Impact Statement to be prepared for its Diamondhead, Mississippi project on June 10, 2003, in Diamondhead, Mississippi. Diamondhead Casino Corporation, through its wholly owned subsidiary, Casino World, Inc., intends to develop a destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. |