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Diamondhead Casino Corp. (DHCC+9.50%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's continued efforts to develop a casino resort on its 400-acre property in Diamondhead, Mississippi. The company has not generated revenue since 2000 and continues to seek financing or a joint venture partner to move the project forward.
The company reported a net loss of $1,903,875 for the year ending December 31, 2024, compared to a net loss of $1,511,427 for the previous year. General and administrative expenses increased to $907,316 from $736,680 in the prior year.
Diamondhead Casino Corp. has accrued significant liabilities, including $3,941,996 in unpaid salary to its President and CEO, Deborah Vitale, and $121,140 in unpaid salary to its Chairman, Gregory Harrison. Interest on these amounts is accruing at 9% per annum.
The company has placed multiple liens on its Diamondhead property to secure various debts, including a $2 million lien for unpaid salary and expenses owed to the President.
The filing notes that the company has entered into a non-exclusive agreement with a brokerage firm to seek a buyer or joint venture partner for the Diamondhead property. The agreement is success-based and provides for a commission on any sale or financing secured.
The company is involved in ongoing legal proceedings, including a pending Chapter 7 involuntary bankruptcy petition filed against it. The company has filed a motion to dismiss the petition.
Diamondhead Casino Corp. acknowledges substantial doubt about its ability to continue as a going concern due to its lack of financial resources and ongoing losses.
The company plans to continue seeking financing or a joint venture partner while exploring the sale of part or all of its property to sustain operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Diamondhead Casino Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.