UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, ~~2022~~2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NO: 0-17529

DIAMONDHEAD CASINO CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

59-2935476

(State of

Incorporation)

(I.R.S. Employer

Identification Number)

1013 Princess Street, Alexandria, Virginia 22314

(Address of principal executive offices)

Registrant’s telephone number, including area code:	703/683-6800
Securities registered pursuant to Section 12 (b) of the Act:	None
Securities registered pursuant to Section 12 (g) of the Act:	Common Stock, par value $.001

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by references in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller Reporting Company ☒ Emerging growth company ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The aggregate market value of the voting common equity held by non-affiliates of the Company based on the closing price of the stock on the over-the-counter market at June 30, ~~2022~~2023 was $87,~~427~~976,~~934~~392.

The number of common shares issued and outstanding as of March 29, ~~2023~~2024: 36,297,576

TABLE OF CONTENTS

	Part I
Item 1.	Business	1
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	12
Item 1C.	Cybersecurity	12
Item 2.	Properties	12
Item 3.	Legal Proceedings	14
Item 4.	Mine Safety Disclosures	1415
	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1415
Item 6.	Reserved	1516
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1617
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	1920
Item 8.	Financial Statements and Supplementary Data	1920
Item 9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	1920
Item 9A.	Controls and Procedures	1920
Item 9B.	Other Information	2021
Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	21
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	2122
Item 11.	Executive Compensation	2425
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	2728
Item 13.	Certain Relationships and Related Transactions, and Director Independence	2930
Item 14.	Principal Accounting Fees and Services	3233
	Part IV
Item 15.	Exhibits, Financial Statement Schedules	3233
Item 16.	Form 10-K Summary	3435
	Signatures	3536

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and intentions and are not historical facts and typically are identified by use of terms such as “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “possible,” “seeks,” “may,” “could,” “should,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” “there can be no assurance,” “although no assurance can be given,” or “there is no way to anticipate with certainty.” These statements include, among other things, statements regarding our ability to implement our business plan and business strategy, our ability to obtain financing to sustain the Company, our ability to finance any future development, construction or operations, our ability to attract key personnel, and our ability to operate profitably in the future. These forward-looking statements are based on current expectations and assumptions that are subject to substantial risks and uncertainties which could cause our actual results to differ materially from those reflected in the forward-looking statements. In evaluating these forward-looking statements, you should consider risks and uncertainties relating to various factors, including, but not limited to, financing, licensing, construction and development, competition, legal actions, federal, state, county and/or city government actions, the passage of statutes, rules and regulations, general financing conditions, and general economic conditions.

The Company’s actual results may differ significantly from results projected in the forward-looking statements. We undertake no obligation to revise or update forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Throughout this Annual Report references to “we,” “our,” “us,” “Diamondhead Casino Corporation,” the “Company,” and similar terms refer to Diamondhead Casino Corporation and its wholly-owned subsidiaries, unless the context indicates otherwise.

Part I

ITEM 1. BUSINESS

The Company is a Delaware corporation which was incorporated on November 15, 1988, under the name “Europa Cruises Corporation.” In 1989, the Company became a publicly-held company. On November 22, 2002, the Company amended its Certificate of Incorporation to change its name to “Diamondhead Casino Corporation.” The Company currently has three subsidiaries: Mississippi Gaming Corporation, Casino World, Inc. and Europasky Corporation.

The Company has no current operations in any state. The Company has had no income or revenue from any operations since 2000. The Company currently has only one employee who serves in an executive officer capacity.

For the years ending December 31, ~~2022~~2023 and December 31, ~~2021~~2022, the Company’s limited resources were devoted to the preparation and filing of its periodic reports with the Securities and Exchange Commission and with its efforts to obtain financing and/or a joint venture partner.

Mississippi

The Company owns, through its wholly-owned subsidiary, Mississippi Gaming Corporation, an approximate 400-acre undeveloped property ~~located~~ located at 7051 Interstate 10, Diamondhead, Mississippi 39525 (hereafter “the Diamondhead Property” or “the Property”). The Company’s intent was and is to construct a casino resort and other amenities on the Property unilaterally or in conjunction with one or more joint venture partners. However, the Company has been unable, to date, to obtain financing to move the project forward and/or enter into a joint venture partnership. There can be no assurance that the substantial funds required for the design and construction of the project can be obtained or that such funds can be obtained on acceptable terms. In addition, the Company ~~requires~~will require additional financing in 2025 to sustain the Company. Due to its lack of any revenue stream and financial resources , the Company was forced to explore other alternatives, including a sale of part or all of the Property. The Company’s preference is to sell only part of the Property inasmuch as this would appear to be in the best interest of the stockholders of the Company. However, there can be no assurance the Company will be able to sell only part of the Property. The Company intends to continue to pursue a joint venture partnership and/or other financing while seeking a viable purchaser for part or all of the Property. Finally, there can be no assurance that if the requisite financing for the project were ~~obtained~~ obtained and the project were constructed, that the project would be successful.

The Company has no current operations in Mississippi, no offices in Mississippi, and no employees in Mississippi.

Property Zoning

The Diamondhead Property is located entirely within the City of Diamondhead which is in Hancock County, Mississippi. The City of Diamondhead incorporated in February of 2012. On October 15, 2012, the Mayor and City Council adopted a Zoning Ordinance in which the City of Diamondhead zoned the entire Property as “C-2-Interstate Commercial/Gaming/Resort.” Thus, the requisite ~~City~~ zoning for a casino is in place.

Land-Based Gaming

All references in this section to Mississippi law are qualified in their entirety by reference to the actual text of the law.

On August 29, 2005, Hurricane Katrina struck the Gulf coast of the United States causing extensive damage to Louisiana and Mississippi, including Biloxi, Gulfport, and Bay St. Louis, Mississippi. Hurricane Katrina damaged or destroyed most of the casinos on the Gulf coast. Prior to Hurricane Katrina, Mississippi law required that casinos on the Gulf coast be built in, on, or above the water and be located a minimum of fifty percent below mean high tide.

On October 17, 2005, in response to the devastation caused by Hurricane Katrina, Mississippi passed new legislation that allows casinos located in certain statutorily-described areas, including St. Louis Bay, where the Diamondhead Property is located, to be constructed on land no more than 800 feet from the mean high-water line. Under Mississippi’s new legislation, the part of the structure in which licensed gaming activities are conducted must be located entirely in an area which is located no more than eight hundred (800) feet from the mean high-water line (as defined in Section 29-15-1 of the Mississippi Code) of the waters within the State of Mississippi, which lie adjacent to the State of Mississippi south of the three (3) most southern counties in the State of Mississippi, including the Mississippi Sound, St. Louis Bay, Biloxi Bay and Pascagoula Bay or, with regard to Harrison County only, no farther north than the southern boundary of the right-of-way for U.S. Highway 90, whichever is greater. In the case of a structure that is located in whole or part on shore, the part of the structure in which licensed gaming activities are conducted must lie adjacent to state waters south of the three (3) most southern counties in the State of Mississippi, including the Mississippi Sound, St. Louis Bay, Biloxi Bay and Pascagoula Bay. When the site upon which the structure is located consists of a parcel of real property, easements and rights-of-way for public streets and highways are not construed to interrupt the contiguous nature of the parcel, nor is the footage contained within the easements and rights-of-way counted in the calculation of the distances specified above.

The Company intends to take full advantage of this legislation and will construct its casino/hotel resort on land.

Annual In-Lieu Tidelands Assessment for Casino Constructed on Land

Since the Company intends to construct a casino on land in Mississippi, the Company will no longer require a tidelands lease from the Secretary of State. Under Mississippi’s prior law, which required that the Company’s casino be in, on, or above water and a minimum of fifty percent at or below mean high tide, the Company would have required a tidelands lease to lease water-bottoms owned by the State.

However, on or about October 17, 2005, when Mississippi passed new legislation permitting casinos to be built on land in certain locations, Mississippi also passed a companion law that requires any person possessing a license under the Mississippi Gaming Control Act, who operates a gaming establishment in any of the three most southern counties of the State (including Hancock County in which the Company’s Property is located), and who does not lease public trust tidelands from the State, to pay an annual in-lieu tidelands assessment to the Public Trust Tidelands Assessments Fund. For calendar year 2006, the annual in-lieu tidelands assessment was between $400,000 and $750,000, based on an escalating scale which is measured by the capital investment in the part of the structure in which the licensed gaming activities are conducted. For each calendar year thereafter, the Secretary of State is required to review and adjust the value of the capital investment and the annual in-lieu tidelands assessment due. Such review and adjustment shall be tied to the Consumer Price Index.

This annual in-lieu tidelands assessment will apply to any casino constructed on land on the Diamondhead Property, but does not apply at present and will not apply prior to construction.

Mississippi Gaming Site Approval

In the State of Mississippi, in addition to the required local casino zoning which is already in place, a proposed gaming site must obtain Gaming Site Approval. Only the Mississippi Gaming Commission has the authority to grant Gaming Site Approval. On or about May 29, 2014, Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company, which holds title to the Diamondhead Property, applied for Gaming Site Approval for a fifty (50) acre site on the Diamondhead Property. In its Notice of Intent, Mississippi Gaming Corporation anticipated that the casino would contain approximately 1250 slot machines and approximately 40 table games and contain an estimated 80,000 square feet of gaming space. On August 21, 2014, the Mississippi Gaming Commission granted Gaming Site Approval to Mississippi Gaming Corporation for a fifty-acre site on the east side of the Diamondhead Property. There is no expiration date for Gaming Site Approval.

In granting Mississippi Gaming Corporation Gaming Site Approval, the Mississippi Gaming Commission found, in pertinent part, as follows: 1) that in accordance with the Mississippi Gaming Control Act of 1990, codified as Miss. Code Ann. § 75-76-1 et seq., Miss. Code Ann. § 19-3-79, and Miss. Code Ann. §97-33-1, as amended, the citizens of Hancock County, Mississippi voted to authorize gaming in Hancock County, and thus gaming is legal at qualifying locations within Hancock County, Mississippi; 2) that the proposed gaming area is within 800 feet of the mean high water line of the Bay of St. Louis and is thus a legal gaming site under the Mississippi Control Act of 1990, as amended, and 13 Mississippi Administrative Code Part 2 Rule 2.2(a)(1) and (3); and ~~that~~3) that the Proposed Site is properly zoned for gaming.

There is no expiration date attached to the Gaming Site Approval obtained from the Mississippi Gaming Commission in 2014. Once the Mississippi Gaming Commission grants a casino company Approval to Proceed with Development, the company then has three years within which to construct its casino and required facilities. Mississippi Gaming Corporation has not applied for Approval to Proceed with Development. Thus, this three year period of time has not yet even begun to run.

Additional Permits, Authorizations and Approvals Are Required

In addition to Gaming Site Approval, the development of the Diamondhead Property requires the Company to obtain additional permits, authorizations and approvals from various federal, state, county, and/or city agencies, boards and commissions, which may include, but not be limited to, the following: Mississippi Gaming Commission, Mississippi Department of Transportation, Mississippi Department of Environmental Quality, Mississippi Department of Marine Resources, Port and Harbor Commission, Levee Board, U.S. Army Corps of Engineers, U.S. Environmental Protection Agency, U.S. Fish and Wildlife Service, U.S. Coast Guard, Hancock County, and/or the City of Diamondhead. The regulatory environment relating to such permits, authorizations and approvals is uncertain and subject to constant change. There can be no assurance that all permits, authorizations and/or approvals can be obtained, or that if obtained, that they will be renewed. While there is no pending environmental litigation, the foregoing permits, authorizations and approvals remain subject to future litigation and the actions of environmental groups and various federal, state, county and/or local governments and agencies, including, but not limited to, the foregoing. The Company will be required to spend significant funds to pay the architects, surveyors, engineers, accountants, attorneys, consultants and other experts required to prepare and process the applications required for the permits, authorizations and approvals required. The amount ultimately required is unknown at this time, but the Company does not have any funds required for this purpose. There can be no assurance the Company will be able to obtain the funds required for this purpose or that it will be able to obtain the funds required on acceptable terms.

Uncertain Regulatory and Political Environment

The political environment in which the Company and/or its subsidiaries intend to operate is also uncertain, dynamic and subject to rapid change. Existing operators often propose and support legislation and/or litigation designed to make it difficult or impossible for competition to enter a market. This political and regulatory environment makes it impossible to predict the effects that the adoption of and changes in gaming laws, rules and regulations and/or competition will have on development of a gaming resort. Moreover, legislatures in states in which gaming is legal often consider wide-ranging legislation and regulations which could adversely affect operations and expected revenues. Likewise, the federal government often considers legislation which could adversely affect operations and expected revenues. Some states have legalized internet gaming and the trend to legalize internet gaming in the remaining states is strong. The long term effects of legalizing internet gaming on the casino industry in general and on the Company’s proposed casino operations are unknown.

Anti-Gaming Referenda

On at least three separate occasions since 1998, certain anti-gaming groups have proposed referenda that, if adopted, would have banned gaming in Mississippi and required that gaming entities cease operations within two years after the ban. All three of the proposed referenda were ruled illegal by Mississippi State trial courts. If such a referendum were to be approved by the voters, it would have a material adverse effect on the Company.

Mississippi Regulation

The Company has no current operations in Mississippi and does not operate any gaming facility in Mississippi. The Company intends to develop the Diamondhead property as a destination casino resort with supporting amenities.

Assuming it is successful in developing its resort, the Company and its subsidiaries and/or affiliates will be subject to federal, state, county, city and local, laws, rules, ordinances and regulations with respect to the operation of any gaming facility. The following is intended to serve as a partial description of the Mississippi regulatory environment in which the Company or its subsidiaries or joint venture partner(s) would seek approvals to construct and operate a gaming facility and is not intended to be a complete, precise, or up-to-date recitation of all applicable laws, rules, regulations or ordinances that might affect the Company’s operations or with which the Company would be required to comply. Additional or more restrictive laws, rules and regulations could be adopted at any time or gambling in Mississippi could be completely banned.

The location of, ownership of, and operation of gaming facilities in Mississippi are subject to extensive state and local regulation, primarily through the licensing and control of the Mississippi Gaming Commission and the Mississippi State Tax Commission. The Company and/or its subsidiaries must register and be licensed under the Mississippi Gaming Control Act and its gaming operations will be subject to the regulatory control of the Mississippi Gaming Commission, the Mississippi State Tax Commission and various state, county and local regulatory agencies.

The Mississippi Gaming Control Act gives the Mississippi Gaming Commission (the “Commission”) extensive power to enforce the Act and adopt regulations in furtherance of the Act (the “Mississippi Regulations”). The laws, regulations and supervisory procedures of Mississippi and the Mississippi Gaming Commission seek to: (1) prevent unsavory or unsuitable persons from having any direct or indirect involvement with gaming at any time or in any capacity; (2) establish and maintain responsible accounting practices and procedures; (3) maintain effective control over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and safeguarding of assets and revenues, providing reliable record keeping and making periodic reports to the Mississippi Gaming Commission; (4) prevent cheating and fraudulent practices; (5) provide a source of state and local revenues through taxation and licensing fees; and (6) ensure that gaming licensees, to the extent practicable, employ Mississippi residents. The regulations are subject to amendment and interpretation by the Commission. Changes in Mississippi law or the regulations or the Commission’s interpretation thereof may limit or otherwise materially affect the types of gaming that may be conducted and could have a material adverse effect on Mississippi gaming operations.

Approval Process

The Commission has divided the approval process into two separate phases: (1) gaming site approval; and (2) approval to proceed with development.

1. Gaming Site Approval

Mississippi Gaming Corporation, which holds title to the Diamondhead Property and is a wholly-owned subsidiary of the Company, obtained Gaming Site Approval on August 21, 2014. There is no expiration date on Gaming Site Approval. With respect to gaming site approval, approval constitutes only the Commission’s finding that the location complies with applicable gaming laws and regulations. Gaming site approval does not entitle the recipient to proceed with development, nor does it constitute a license to engage in gaming or a right to a gaming license. Gaming site approval is a revocable privilege and no holder acquires any vested right therein. The Mississippi Gaming Commission reserves the right to revoke any site approval should the circumstances change that would make the site illegal or unsuitable.

An application for gaming site approval in the three most southern counties must include evidence satisfactory to the Commission in support thereof including: (1) a survey indicating the specific location of the property; (2) the current use of any adjacent property as well as the location of the nearest residential area, church and school; (3) evidence that all applicable zoning ordinances allow gaming at the proposed site; and (4) a survey establishing the mean high water line, performed by a qualified surveyor for performance of tidal surveys.

Gaming establishments in the three most southern counties in the State of Mississippi, including Hancock County, are permitted to be permanent inland structures. No point in the gaming area may be more than eight hundred (800) feet from the nineteen (19) year mean high water line. Harrison County establishments south of Highway 90 may exceed the eight hundred (800) foot measurement up to the southern boundary of Highway 90. All public easements and rights-of-way for public streets and highways are excluded from the 800-foot measurement. Any point of reference used to determine the 800 foot distance from the mean high water line must be located on the applicant or licensee’s premises. The applicant or licensee must own and/or lease the land that is contiguous both to the parcel used to conduct gaming and the point of reference used to determine the mean high water line, and this land must be shown to be an integral part of the project. The Commission has final authority in reviewing and approving each site as it pertains to meeting the requirements of this regulation.

2. Approval to Proceed with Development

With respect to obtaining the Commission’s approval to proceed with development, the following information, together with documentation to support this information, must be submitted to the Commission:

1) Architectural plans or renderings showing details of all proposed construction and renovation for the project, together with a footprint of the project and a description of the construction and type of parking facilities, as well as parking lot capacity. Commission approval requires that the project include a 500-car, or larger, parking facility in close proximity to the casino complex, and infrastructure facilities shall include a 300-room, or larger, hotel of at least a three-diamond rating as defined by an acceptable travel publication to be determined by the Commission. In addition, infrastructure facilities must include a restaurant capable of seating at least 200 people and a fine dining facility capable of seating at least 75 people, and the casino floor must be at least 40,000 square feet. The project will also have or support an amenity that will be unique to the market and will encourage economic development and promote tourism. The Commission will have authority in determining the quality of the amenity and the ultimate approval of the amenity, and may, in its discretion, reduce the requirements above should it determine that there is a justification to do so in certain markets. The Commission will further determine, in its discretion, if the prerequisite hotel and dining facilities may be supplanted by an amenity of high value to the overall tourism market in that the amenity will likely encourage economic development and promote tourism. As used herein, infrastructure facilities are not such items as parking facilities, roads, sewage and water systems, or civic facilities normally provided by cities and/or counties.

The qualifying infrastructure must be owned or leased by; (i) the holder of the site approval, or (ii) an affiliated company of the holder of the site approval where both the affiliated company and the holder of the site approval have identical direct or indirect equity ownership. This regulation shall apply to any new applicant for a gaming license for a new gaming facility and to the acquisition or purchase of a licensee or gaming facility for which gaming operations have ceased prior to the time of acquisition or purchase. It does not apply to any licensee, who has been licensed by the Commission, or to any person which has received Approval to Proceed with Development from the Commission prior to December 31, 2013 (or to such licensee upon any licensing renewal after such date.)

Any change to the plan, or placement or design of the establishment, cruise vessel or vessel, shall be submitted in advance to the Executive Director for determination of whether such a change constitutes a material change. If the Executive Director determines that a material change has occurred, Commission approval is required for same.

2) Statements reflecting the total estimated cost of construction or renovation of the establishment, vessel, or cruise vessel and shore and dock facilities, distinguishing between known costs and projections, and separately identifying: facility design expense; land acquisition costs; site preparation costs; construction costs or renovation costs; equipment acquisition costs; costs of interim financing; organization, administrative and legal expenses; projected permanent financing costs; qualified infrastructure costs; and non-qualifying infrastructure costs.

3) A construction schedule for completion of the project, including an estimated date of project completion, indicating whether a performance bond will be required by the applicant to be furnished by the contractor.

4) Current financial statements, including, at a minimum, a balance sheet and profit and loss statement for the proposed licensee.

5) A detailed statement of the sources of funds for all construction and renovation proposed by the site development plans. Any funding, whether equity or debt, to be obtained, must be supported by firm written commitments satisfactory to the Commission. The applicant will have 120 days in which to close all financing and start construction or the approval is deemed void.

6) Evidence that the following agencies (if applicable) were notified of the development and/or do not oppose the site development: U.S. Corps of Engineers, U.S. Coast Guard, Mississippi Department of Transportation, Mississippi Department of Environmental Quality, Department of Marine Resources, Port and Harbor Commission, Levee Board, City and County government, and such other agencies as the Executive Director deems appropriate.

The application for a Gaming Operator’s License must be filed no later than ninety (90) days after the Commission grants approval to proceed with development. The gaming site approval will expire three (3) years from the date approval to proceed with development is granted unless the Commission grants an extension. Approval to proceed with development is not subject to sale, assignment or transfer.

Opening of a Casino

Before any gaming facility may open to the public, all infrastructure requirements must be fully operational. The development shall be completed in accordance with the approved plan and be ready for operation within the gaming site approval time period. Gaming site approval may be extended within the discretion of the Commission.

Application Information Required is Extensive and Must be Complete and Accurate

In addition to other information required by law and Commission regulations, an applicant must provide complete information regarding the proposed operation, including but not limited to, a certification that any establishment to be used by the proposed operation has been inspected and approved by all appropriate authorities; fingerprints for each individual applicant; the nature, source, and amount of any financing; the proposed uses of all available funds; the amount of funds available after opening for the actual operation of the establishment; and economic projections for the first three years of operation of the establishment. Each applicant must provide complete information regarding his or her background for the ten-year period preceding submission of the application.

Every application to become a license holder must contain the following additional information: actual establishment blueprints, including a layout of each floor stating the projected use of each area; the number of miles from the nearest population center and a description of transportation facilities serving that population center, a description of the casino size and configuration of slot machines, video games of chance and table games; a description of the availability of fire protection and the adequacy of law enforcement at the establishment and emergency evacuation plans for hurricane and flooding disasters; a description of the arrangements for food and drink concessions, the names and addresses of the concessionaires and the terms of the concession contracts, if applicable; the type of slot machines and video games of chance to be used and the proposed distributors and manufacturers of this equipment; a description of the physical location, size and floor plan of the section of the establishment reserved for patrons under 21 years of age and plans for activities and staffing for this section; periods of time that the gaming areas will be in operation; a description of the proposed management of the facility, management personnel by function, and tip distribution policies; all known feasibility studies made available to the applicant which have been done on the type of gaming in the particular locale where the applicant intends to conduct gaming, and a description of procurement policies that emphasize the utilization of Mississippi employees, resources, and goods and services in the operation of the gaming establishment.

Timetable for Financing and Construction

License applicants must submit, simultaneously with submission of their completed application, a timetable for financing arrangements (including applications for approval of public offerings or private placements), and commencement and completion of construction activities, setting forth the date upon which gaming activities will commence. The timetable will be subject to approval by the Commission and monitored for compliance by the Executive Director. The Commission may grant extensions of time upon the recommendation of the Executive Director. License applicants must not advertise or promote the opening of their proposed casino nor the commencement of employee training for their proposed casino until the applicant is granted a license by the Mississippi Gaming Commission. Applicants may request a waiver of this regulation from the Executive Director, which waiver, if granted would be subject to revocation.

Unsuitable Locations

The Executive Director may recommend that an application for a license be denied if the Executive Director believes that the place or location for which the license is sought is unsuitable for the conduct of gaming operations. The Commission may deny an application for a state gaming license if it deems that the place or location for which the license is sought is unsuitable for the conduct of gaming operations. Without limiting the generality of the foregoing, the following locations may be deemed unsuitable: premises located within the immediate vicinity of residential areas, churches, schools and children’s public playgrounds; premises where gaming is contrary to any county or city ordinance, including, but not limited to, zoning ordinances restricting the permissible locations for gaming facilities, so long as such ordinances do not have the effect of absolutely excluding or prohibiting legal gaming; premises which fail to meet federal, state or local health and safety standards, and any other applicable laws or regulations; premises frequented by minors; premises lacking adequate supervision or surveillance; premises difficult to police or where adequate fire protection may be difficult; any other premises where the conduct of gaming would be inconsistent with the public policy of the State of Mississippi.

Building Standards

Any establishment to be constructed for gaming will be required to meet the Southern Standard Building Code. If the local county or city has a building code, then the local code will be the applicable standard. The Commission requires, as a condition of licensure, that gaming establishments meet strict hurricane emergency standards and procedures.

Objection by County or Municipality

Whenever the Commission receives a completed application for a gaming license proposing to operate a gaming establishment in a particular county or municipality, the Executive Director, within ten days after receipt of the application, must notify the board of supervisors of the county and, if applicable, the chief executive of the municipality in which the proposed operation will be located of the receipt of the application and specify the name of the applicant and the proposed location for the gaming establishment. The county or municipality in which the applicant proposes to operate may file a duly enacted resolution specifying any objections or endorsements with the Executive Director.

Individual Licensing of Shareholders of Corporate Licensee

The Commission may request persons, affiliated entities and greater than 5% equity owners to submit an application for finding of suitability in which event the application must be submitted within thirty days of the request.

All Officers and Directors of a Corporation Must be Licensed

All officers and directors of a corporation which holds or applies for a state gaming license must be licensed individually and, if in the judgment of the Mississippi Gaming Commission the public interest will be served by requiring any or all of the corporation’s individual stockholders, lenders, holders of evidence of indebtedness, underwriters, key executives, agents, or employees to be licensed, the corporation shall require such persons to apply for a license. An officer or director shall apply for a license within thirty days after he becomes an officer or director. A person required to be licensed pursuant to a decision of the commission must apply for a license within thirty days after the executive director requests him to do so.

Licensing is a Privilege and Revocable

It is the declared policy of the State of Mississippi that all establishments where gambling games are conducted or operated must be licensed and controlled so as to better protect the public health, safety, morals, good order and welfare of its inhabitants. Any license, registration, finding of suitability, or approval by the Commission is deemed to be a revocable privilege and no person holding such a license, registration, finding of suitability, or approval is deemed to have any vested rights therein.

An application for a state gaming license or any other affirmative Commission action is seeking the granting of a privilege and the burden of proving his qualification to receive any license, registration, finding of suitability or approval, is at all times on the applicant. The applicant must document compliance with all applicable federal, state and local rules, regulations and permit requirements. An applicant must accept any risk of adverse publicity, embarrassment, criticism, or other action, or financial loss which may result from action with respect to an application and expressly waive any claim for damages as a result thereof. An application for a license, finding of suitability, or registrations constitutes a request to the Executive Director for a recommendation and to the Commission for a decision upon the applicant’s general suitability, character, integrity, and ability to participate or engage in, or be associated with, the gaming industry in the manner or position sought by the application, or the manner or position generally similar thereto.

Certain Commission Considerations for Licensing

The Commission will consider various factors when deciding whether to issue a license to conduct gaming in an establishment, including but not limited to, the following: revenue provided by a facility to the state and local communities through direct taxation on its operation and indirect revenues from tourism, ancillary businesses, creation of new industry and taxes on employees and patrons. It will consider whether the proposed establishment is: economically viable and properly financed, planned in a manner that provides for adequate security for all aspects of its operation and for people working, visiting, or traveling to the establishment; planned in a manner which promotes efficient and safe operation; is planned in a manner that provides efficient, safe, and enjoyable use by patrons of the establishment and parking facilities, concessions, the casino, access to cashier windows and rest rooms; compliance with state and federal laws regarding fire, health, construction, zoning, and other similar matters; whether the applicant will employ the persons necessary to operate the establishment in a manner consistent with the needs, safety, and interests of persons who will be in the establishment; the population of the area to be served by the establishment and the location of other establishments within and without the state. The Commission will consider the character and reputation of all persons identified with ownership and operation of the establishment and their capability to comply with rules of the Commission and the Mississippi Code; whether the proposed operation will maximize development; whether it is beneficial to Mississippi tourism, the number and quality of employment opportunities for Mississippians created and promoted by the proposed operation, and the amount and type of shore developments associated with the establishment.

A license which authorizes a holder to operate a gaming establishment is granted for no longer than three years from the date of issue and may be granted for a period of less than three years based within the discretion of the Commission.

Gaming Licenses

Neither the Company nor any of its subsidiaries has a license to operate a casino in Mississippi or in any other jurisdiction. Gaming licenses require the periodic payment of fees and taxes and are not transferable except in accordance with applicable Mississippi law and regulations and with the prior approval of the Commission. Gaming licenses in Mississippi are issued for a maximum term of three years and must be renewed periodically thereafter. There can be no assurance that the Company or any of its subsidiaries will be licensed. There can be no assurance that if licensed, new licenses can be obtained at the end of any particular licensure period. Moreover, the Commission may, at any time, and for any cause it deems reasonable, revoke, suspend, condition or limit a license or approval to own shares of stock in a company that operates in Mississippi. The Mississippi Act also requires that a publicly traded company register under the Act. The Company and/or its subsidiaries will be required to periodically submit detailed financial, operating and other reports to the Commission and Mississippi State Tax Commission. A violation under a gaming license held by a subsidiary of a Company operating in Mississippi could be deemed a violation of all other licenses, if any, then held by the Company. Numerous transactions, including substantially all loans, leases, sales of securities and similar financing transactions entered into by any subsidiary of the Company operating a casino in Mississippi must be reported to or approved by the Commission. In addition, the Commission may, at its discretion, require additional information about the operations of the Company.

Deborah Vitale, President and Chief Executive Officer of the Company, though not currently licensed, previously held a gaming license in Colorado.

Finding of Suitability

The following persons must apply for a finding of suitability and must be found suitable by the Commission in order to be involved with a licensee: i) each person who serves as Chairman of the Board of Directors of any corporation, public or private, licensed or registered by the Commission; and ii) each person who has a vote on any issue before the Board of Directors of any corporation, public or private, licensed or registered by the Commission and who is also an employee of the corporation or any of its subsidiaries. In addition, the following persons shall apply for a finding of suitability: i) each person who serves as Chairman of the audit or compliance committee of any corporation, public or private, licensed or registered by the Commission, and ii) any executive, employee, or agent of a gaming licensee that the Commission determines as having the power to exercise a significant influence over decisions concerning any part of the operation of a gaming licensee. If the nature of the job changes from that for which the applicant is found suitable, he may be required to submit himself to a new determination of her or his suitability.

The Commission can require any employee to be found suitable if it finds that the public interest and policies set forth in the Act will be served thereby. The Commission is not restricted by job titles, but will consider the functions and responsibilities of the person, including but not limited to, persons acting in the capacity of a property level general manager, assistant general manager, or executive level personnel actively and directly engaged in the administration or supervision of the activities of a licensee. Any executive, employee or agent of a gaming licensee who is listed or should be listed in an annual employee report may be required to apply for a finding of suitability.

A finding of suitability is granted for a period of no longer than ten years from the date of issue. A finding of suitability may be granted for a period of less than ten years within the discretion of the Commission. A holder of a finding of suitability must file with the Investigations Division of the Commission by June 30th of each year, the “Investigations Division Annual Report,” providing all information requested on forms provided by the Commission and any other information requested by the Executive Director. A holder of a finding of suitability must immediately inform the Commission of any arrest or conviction.

The Commission has full and absolute power and authority, at any time, to deny any application or limit, condition, restrict, revoke, or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered, found suitable or approved, for any cause deemed reasonable by the commission. The Commission has the power, at any time, to investigate and require the finding of suitability of any record or beneficial stockholder of the Company. The Act requires that each person who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of more than 5% of any class of voting securities of a publicly traded corporation registered with the Mississippi Gaming Commission, must notify the Mississippi Gaming Commission of this acquisition. The Act also requires that each person who, individually or in association with others acquires, directly or indirectly, beneficial ownership of more than 10% of any class of voting securities of a publicly traded corporation registered with the Commission must be found suitable by the Mississippi Gaming Commission and pay the costs and fees that the Commission incurs in conducting the investigation. Any person who fails or refuses to apply for a finding of suitability or a license within thirty days after being ordered to do so by the Commission may be found unsuitable. Any person found unsuitable and who holds, directly or indirectly, any beneficial ownership of the Company’s securities beyond such time as the Commission prescribes, may be guilty of a misdemeanor.

The Company may be required to disclose to the Commission upon request, the identities of holders of any debt or other securities. Under the Act, the Commission may, in its discretion, (1) require holders of debt securities of registered corporations to file applications; (2) investigate such holders; and (3) require the holders to be found suitable to own such securities.

The Mississippi regulations provide that a change in control of a Company may not occur without the prior approval of the Commission. Mississippi law prohibits the Company from making a public offering of its securities without the approval of the Commission if any part of the proceeds of the offering is to be used to finance the construction, acquisition or operation of gaming facilities in Mississippi or to retire or extend obligations incurred for one or more such purposes. The Commission has the authority to grant continuous approval of securities offerings subject to renewal every three years by certain issuers.

Employees associated with gaming in Mississippi must obtain work permits that are subject to immediate suspension under certain circumstances. The Commission will refuse to issue a work permit to a person who has been convicted of a felony, committed certain misdemeanors or knowingly violated the Mississippi Gaming Control Act, and it may refuse to issue a work permit to a gaming employee for any other reasonable cause.

The Company believes there may be persons with prior felony convictions, who are affiliated with certain shareholders, who beneficially own in excess of 5% of a class of voting stock of the Company, who may be found unsuitable by the Mississippi Gaming Commission. Article X of the Company’s Articles of Incorporation, as amended, provides that the “Company may repurchase or redeem shares, at fair market value, held by any person or entity whose status as a shareholder, in the opinion of the Company’s Board of Directors, jeopardizes the approval, continued existence, or renewal by any gaming regulatory authority, of a contract to manage gaming operations, or any other tribal, federal or state license or franchise held by the Company or any of its subsidiaries.” However, there can be no assurance the Company would have sufficient funds to purchase shares held by such a person or entity. In the event the Company was unable to purchase such shares, its ability to obtain a license could be materially and adversely affected.

License Fees and Taxes

License fees and taxes are payable to the State of Mississippi and to the counties and cities in which the Mississippi Gaming Subsidiary’s respective operations will be conducted. The license fee payable to the State of Mississippi is based upon “gaming receipts,” which are generally defined as gross receipts less payouts to customers as winnings. The license fee equals 4% of all gross revenue which does not exceed the first $50,000 or less of gross revenue per calendar month;, plus 6% of all gross revenue which exceeds $50,000 per calendar month and does not exceed $134,000 per calendar month; and the next $84,000 of gross revenue per calendar month, plus 8% of all gross revenue which exceeds over $134,000 per calendar month. License fees paid in any taxable year are allowed as a credit against the Mississippi State Income tax liability of a licensee for that taxable year.

A licensee must pay an annual license fee of $5,000. In addition, each licensee must pay a license fee based on the number of games it operates. If it operates over 35 games, the fee is equal to $81,200 plus $100 for each game over 35 games. In addition to state gaming license fees or taxes, a municipality or county may impose a gross revenue fee upon a licensee based on all gaming receipts derived from the establishment equal to approximately 4%. An additional license tax may apply to gaming devices.

As there were no operations in ~~2022~~2023, the Company was not required to make any license or tax payments and does not owe any fees as of December 31, ~~2022~~2023.

Beer, Wine and Liquor Licensing

The sale of alcoholic beverages by casinos, including beer and wine, is subject to licensing, regulation and control by both the local jurisdiction and the Alcoholic Beverage Control Division (the “ABC”) of the Mississippi Department of Revenue. All licenses are revocable and non-transferable. The ABC has full power to limit, condition, suspend or ~~re.voke~~revoke any license, and any disciplinary action could, ~~and~~ and revocation would, have a material adverse impact upon the operations of an affected casino, its financial condition and its results of of operations.

Extensive Non-Gaming Laws and Regulations

In addition to the foregoing, the Company and/or its subsidiaries will be subject to additional federal, state, county and city, safety, food, alcohol, health, employment, and other laws, rules, regulations and ordinances that apply to non-gaming businesses generally. In addition, Regulations adopted by the Financial Crimes Enforcement Network of the U.S. Treasury Department require currency transactions in excess of $10,000 occurring within a gaming day to be reported, including identification of the patron by name and social security number. Substantial penalties can be imposed for failure to comply with these and numerous other regulations. The foregoing is just one example of the pervasiveness of the non-gaming laws, rules, regulations and ordinances that would apply to a casino operator.

Competition

There is intense competition in the Mississippi market in which the Company intends to operate and in surrounding markets. The Company will compete directly with other existing gaming facilities located in Mississippi and in bordering states, including Louisiana. In addition, there may be additional casinos opening on the Gulf Coast of Mississippi or in Louisiana. The Company will also be competing directly and indirectly, with gaming facilities throughout the United States and throughout the world, as well as with Native American gaming operations which enjoy certain tax advantages. The Company expects competition to increase as new gaming operators enter these markets, existing competitors expand their operations, gaming activities expand in existing jurisdictions, gaming is legalized in new jurisdictions, and legalized gaming expands on the internet. Assuming it is successful in developing a destination casino resort, the Company will also be competing with other forms of gaming and entertainment, including but not limited to, bingo, online gambling, pull tab games, card parlors, sports-book operations, pari-mutuel betting, dog racing, lotteries, jai-alai, video lottery terminals, and video poker terminals.

Sports Betting

There are twenty-six operating casinos in Mississippi. These casinos are grouped into three regions: the Coastal Region, Northern Region and Central Region. ~~The Diamondhead Property is located in the Coastal Region.~~

On August 1, 2018, Mississippi legalized single game sports betting. As of December 31, ~~2022~~2023, all twenty-six of the Mississippi casinos had sports wagering.

The Diamondhead Property is located in the Coastal Region. There are twelve casinos in the Coastal Region. Of these, five casinos have less than 40,000 square feet of gaming space; three casinos have between 50,000 and 60,000 square feet of gaming space, one casino has between 60,000 and 65,000 square feet of gaming space; and two casinos have between 80,000 and 85,000 square feet of gaming space. The largest casino floor has 117,500 square feet of gaming space. The Company expects to have a minimum of 100,000 square feet of gaming space inasmuch as it expects to have a sports-betting facility.

The following chart identifies casinos which are located in Mississippi and with which the Company will compete. Except for distances, the information contained in the chart is derived from the Mississippi Gaming Commission’s Monthly Survey Information (Property Data) for the period December 1, ~~2022~~2023 to December 31, ~~2022~~2023.

													Approximate
													Distance to
	Gaming		Slot		Table		Poker		Hotel		Total		Diamondhead
REGION	Sq. Ft		Games		Games		Games		Rooms		Parking		(in miles)
COASTAL REGION
Beau Rivage Casino		8684,~~539~~858		1,~~455~~318		79		14		1,740		3,320		35
Boomtown Casino		4639,~~445~~534		~~553~~578		23		4		0		1,490		33
Golden Nugget		5456,~~728~~033		~~873~~832		4447		0		706		1,345		35
Hard Rock Casino		51,374		~~973~~956		55		0		479		2,332		35
Harrah’s Gulf Coast		3137,~~903~~208		~~634~~636		28		06		499		2,705		35
IP Casino Resort Spa		81,733		1,~~187~~135		45		46		1,088		3,400		33
Palace Casino		38,000		~~587~~586		24		0		234		1,590		33
Treasure Bay Casino		28,140		795		26		0		~~207~~202		1,469		31
Island View Casino		117,500		2,~~439~~427		49		0		974		4,150		23
Hollywood Casino		56,300		~~777~~779		2028		5		291		1,700		12
Silver Slipper Casino		38,926		759		2021		0		129		1,057		15
Scarlet Pearl		60,445		~~787~~826		36		0		300		2,333		33
Region Totals		~~692~~690,~~033~~051		11,~~819~~627		~~449~~461		2735		6,~~641~~642		26,891
NORTHERN REGION
1st Jackpot Casino Tunica		46,535		~~766~~706		9		0		0		1,699		377
Fitzgerald’s Casino Tunica		38,457		~~855~~872		1112		0		506		1,795		379
Gold Strike Casino Resort		50,000		1,~~149~~107		5458		0		1,~~133~~109		2,412		373
Hollywood Casino- Tunica		55,000		~~783~~788		10		60		494		1,801		379
Horseshoe Casino and Hotel		63,000		~~913~~926		7771		2324		505		6,040		373
Isle of Capri-Lula		59,335		~~475~~516		7		0		146		1,500		345
Sam’s Town- Tunica		5344,~~000~~020		~~690~~591		97		0		354		4,308		378
Region Totals		~~365~~356,~~327~~347		5,~~631~~506		~~177~~174		2324		3,~~138~~114		19,555
CENTRAL REGION
Ameristar Casino Hotel		72,210		~~980~~938		1210		2		148		3,063		210
Harlow’s Casino Resort		33,~~000~~415		~~697~~667		1412		0		105		1,500		285
Bally’s Vicksburg		32,608		~~453~~458		7		0		89		1,063		212
Magnolia Bluffs Casino		16,032		~~497~~488		10		21		140		427		199
Riverwalk Casino		25,000		~~585~~583		11		0		76		748		211
Trop Casino Greenville		22,822		~~460~~451		0		0		0		734		287
Water View Casino & Hotel		37,130		~~577~~603		10		0		122		631		211
Region Totals		~~238~~239,~~802~~217		4,~~429~~188		6460		43		680		8,166
STATE TOTALS		1,~~296~~285,~~162~~615		21,~~699~~321		~~690~~695		5462		10,~~459~~436		54,612

Louisiana Competition

The Company believes that its greatest competition will come from any existing and any new casinos that might be constructed in or around Diamondhead, Bay St. Louis, Gulfport and Biloxi, Mississippi due to their close proximity to the Diamondhead Property. While the Company’s primary competition is expected to come from the foregoing, the Company’s Diamondhead, Mississippi casino will also compete with casinos and other gaming located in the adjacent State of Louisiana. The following information is based, in large part, on the 2023 Louisiana Gaming Control Board ~~26th~~27th Annual Report to the Louisiana State Legislature for the fiscal year July 1, ~~2020~~2021 through June 30, ~~2021~~2022, which is the latest available report for Louisiana and the American Gaming Association’s State of the States ~~2022~~2023 report.

OnThe ~~March~~Louisiana ~~16,~~fiscal ~~2020,~~year ~~due~~ended toJune ~~COVID~~30, 192022, ~~all~~with ~~casinos~~adjusted ~~and~~gross ~~other~~ gaming ~~establishments~~revenue inof ~~Louisiana were required to cease operations and close. On May 18~~$1, ~~2020~~808,444,803, ~~the~~an ~~state~~increase ~~authorized a re-opening~~ of ~~casinos and gaming establishments with limited capacity and limited gaming positions. On March 30~~$188, ~~2021~~222,255 ~~these~~from ~~restrictions~~the previous ~~were lifted~~year. ~~The~~Gaming ~~short~~revenue ~~term~~to ~~impact of Covid 19 on~~ the ~~gaming~~State ~~industry in Louisiana~~ was ~~unprecedented with~~$764,951,279 ~~significant~~for ~~impact~~FY ~~to the workforce~~2021-2022, ~~local~~an ~~economies~~increase ~~and~~of an$74,581,818 ~~obvious~~from ~~reduction~~the inprevious ~~revenue~~fiscal year.

The fiscal year ended June 20, 2021 with adjusted gross gaming revenue of $1,620,222,548, which was down $852,452,207 from the previous year. The adjusted gross gaming revenue for the fiscal year ended June 30, 2022 has not yet been reported.

Land-Based Casinos

Louisiana has four land-based casinos. Three of the land-based casinos in Louisiana are Indian casinos, which are located in Marksville in central Louisiana and in Kinder and Charenton in southern Louisiana. These are not expected to represent significant competition because of their distance from the Diamondhead site. None of the three tribes are required to pay any fees directly to the state nor can they be required to provide the Louisiana Gaming Control Board with any financial figures, although the Chitimacha Tribe in Charenton provides information voluntarily. All of these tribes make contributions to the local governments in their respective locations. There is a fourth land-based casino in downtown New Orleans, Harrah’s Casino, which would compete with the Company’s Diamondhead Casino.

Harrah’s Casino New Orleans

Harrah’s Casino in New Orleans is approximately one hour by car from the Diamondhead site. Significant competition is expected to come from ~~this~~ this land-based casino. Harrah’s generated gross gaming revenue of $~~213~~228,~~188~~270,~~698~~627 in FY ~~2020-~~2021-2022, an increase of $215,~~848~~081,~~650 over~~929 ~~the~~from the prior fiscal year. Harrah’s employs approximately 1,~~671~~916 individuals. Harrah’s pays a 21.45 percent tax on gaming revenue or an annual tax of $60 million, whichever is greater. The casino must also remit rent and other payments to local authorities as established under its operating contract.

Riverboat Casinos

There are fifteen riverboat casinos authorized to operate in Louisiana. There are six riverboat casinos in the Shreveport-Bossier City area, which is about 360 miles from the Diamondhead Property; three in Lake Charles, which is approximately 246 miles from the Diamondhead Property; three in East Baton Rouge Parish, which is approximately 123 miles from the Diamondhead Property; and one each in Kenner, Harvey and Amelia, which are approximately 73, 71, and 139 miles, respectively, from the Diamondhead Property. These riverboat casinos employ 8,787 individuals and, in FY 2021-2022, contributed $388,815,633 in net revenue to the state. Adjusted gross revenue increased in Lake Charles, Baton Rouge, Shreveport/Bossier and New Orleans. Three of these riverboat casinos are moving onto land. Under a state law signed in 2018, Louisiana riverboat casinos can move out of water as long as they remain within 1,200 feet of their existing berths and demonstrate economic development. ~~The riverboat casinos employ approximately 8,407 individuals.~~

In fiscal year ~~2020-~~2021-2022, the riverboat casinos had adjusted gross gaming revenue of $1,620,224,847 an increase of $~~163~~26,~~945~~403,~~693~~701 ~~over~~from the prior fiscal year and paid $~~348~~125,~~348~~507,~~344~~395 in ~~state~~fees ~~gaming~~to ~~taxes~~the state. Louisiana riverboats pay a maximum effective gaming tax rate of 27.5 percent, comprised of a state gaming tax of 21.5 percent of revenue plus additional local taxes which vary according to location.

The Shreveport-Bossier City market had adjusted gross gaming revenue of $~~557~~583,~~351~~755,~~618~~319 for FY ~~2020-~~2021-2022, an increase of $7026,~~781~~403,~~374~~701 over the prior fiscal year and paid $~~119~~125,~~830~~507,~~598~~395 to the state. The Lake Charles market had adjusted gross gaming revenue of $~~583~~684,~~685~~272,~~535~~954, an increase of $12100,~~245~~587,~~797~~419 over the prior fiscal year and paid $~~125~~147,~~492~~118,~~391~~685 to the state. The riverboat casinos in Kenner, Harvey and Amelia had adjusted gross gaming revenue of $~~237~~271,~~134~~084,~~426~~593, an increase of $2633,~~183~~950,~~255~~167 over the prior fiscal year and paid $5058,~~983~~283,~~902~~187 to the state. The riverboat casinos in East Baton Rouge Parish had adjusted gross gaming revenue of $~~242~~269,~~053~~331,~~268~~937, an increase of $5427,~~735~~278,~~267~~669 over the prior fiscal year and paid $5257,~~041~~906,~~453~~366 to the state.

Video Poker

As of June ~~2021~~30, 2022, there were approximately 1,~~522~~433 video poker outlets and 12,~~445~~143 video poker devices in the 31 parishes in Louisiana where video poker gaming had been approved in the local option election of November 5, 1996. These machines are authorized in bars, restaurants, hotels, off-track betting parlors and truck stops. Franchise fees to the state from video poker amounted to $~~233~~250,~~252~~575,~~094~~185 for FY ~~2020-~~2021-2022, an increase of $7417,~~501~~323,~~749~~091from ~~over~~ the prior fiscal year.

Racetrack Gaming

Slot machine gaming is authorized at four live racing facilities in Louisiana. These slot machines generated $~~321~~329,~~486~~876,~~615~~353, in adjusted gross gaming revenue for fiscal year ~~2020-~~2021-2022, an increase of $448,~~075~~389,~~292~~738 ~~over~~from the prior fiscal year and paid $4850,~~769~~042,~~521~~243 to the state. There were approximately 1,~~085~~247 individuals employed at the racing facilities. Racino revenue is taxed at an effective tax rate of about 36 percent. This consists of an 18 percent contribution to the Louisiana horse racing industry taken off the top, with the remaining revenue subject to a state tax of 18.5 percent and local taxes of 4 percent.

Sports Betting

On June 10, 2021, the Louisiana State Legislature approved legislation establishing a licensing framework for retail and online sports betting in the fifty-five of sixty-four Louisiana parishes that voted to authorize sports betting in a November 2020 election. Fantasy Sports went live in July 2021, retail sports betting went live in October 2021, and mobile sports betting went live in February 2022. The gross gaming revenue for these sports betting operations will be reported in the annual report for fiscal year 2021-2022. Sports betting revenue is taxed at a rate of 10 percent for land-based sports wagering and 15 percent for online sports betting. Sportsbook operations are also subject to a 0.25 percent federal excise tax applied to wagering handle.

Fantasy Sports went live in July 2021. Louisiana levies a tax of 8% upon the net revenues of fantasy sports contests offered to consumers within the state. From July 2021 through June 2022, the Gross Fantasy Sports Contest Revenues were $20,089,294, net revenue was $2,176,486 and $174,119 was paid in tax.

Retail Sports Wagering went live in October 2021. From November of 2021 through June of 2022, there were $240,480,752 wagers written. The net proceeds were $22,941,014 and $2,383,517 was paid in tax. The win percentage was 9.5%.

Mobile sports wagering went live in January 2022. From January of 2022 through June of 2022, there were $899,637,922 wagers written. The net proceeds were $72,486,268 and $11,652,756 was paid in tax.

Louisiana levies a 10% tax upon the net gaming proceeds from sports wagering conducted onsite at a licensed sports wagering establishment. Any sports wagering conducted through mobile application or a website on the premises of a licensed sports wagering establishment is taxed at a 15% rate.

The cumulative effect of the above-described gaming activity could be seen as having a significant competitive effect on the Diamondhead project.

ITEM 1A. RISK FACTORS

Smaller reporting companies are not required to provide the information required by this item.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2 1C. ~~PROPERTIES~~CYBERSECURITY

~~Diamondhead~~Cybersecurity is critical to preserving our documents and records and enabling us to reach our ultimate goals. Inasmuch as we have no current operations, no customers, no contractors, no supply chains, no current revenue stream, and only one employee, we ~~Mississippi~~do ~~Property~~not face the multitude of cybersecurity threats common to most companies and most industries. We believe a cybersecurity incident would have a minimum impact on our operations. However, common cybersecurity threats and risks make it imperative that we maintain adequate precautions with respect to cybersecurity and, to this extent, we have industry standard security controls in place to protect our systems and our data.

The ~~Company~~ ~~owns,~~President ~~through~~oversees ~~its~~processes ~~wholly-owned~~for ~~subsidiary,~~identifying ~~Mississippi~~and ~~Gaming~~mitigating ~~Corporation~~risks, including cybersecurity risks. The Company relies upon an ~~approximate~~outside ~~400-acre~~third ~~tract~~party security consultant for the security of ~~unimproved~~its ~~land~~systems inand relies upon third-party cybersecurity monitoring, ~~Diamondhead~~alerting services, ~~Mississippi~~training, and use of secure cloud offerings to protect data. ~~The~~We ~~property~~have isredundant ~~located~~systems atto ~~7051~~protect ~~Interstate~~our ~~10,~~current ~~Diamondhead,~~systems. Our ~~Mississippi~~outside ~~39525~~consultant ~~(hereafter~~evaluates “our security controls and provides overall information security strategy for the ~~Diamondhead~~protection, detection ~~Property”~~and orresponse ~~“the~~capabilities ~~Property”)~~used. The ~~Property~~current isconsultant ~~located~~has ~~entirely~~extensive ~~within~~information ~~the~~technology ~~City~~and ofprogram ~~Diamondhead~~management experience and ~~Hancock~~evaluates our ~~County.~~security ~~The Property~~with isthe ~~zoned~~ultimate ~~“C-2-Interstate~~goal ~~Commercial/Gaming/Resort~~of preventing cybersecurity incidents to the extent feasible.”

~~Liens~~In the event of an incident, the President would immediately notify our outside consultant to take those steps required onfor maximum recovery. The President would also apprise the ~~Diamondhead~~Board ~~Property~~of Directors of any cybersecurity incidents deemed to have a moderate or higher business impact, even if immaterial to us, and would timely notify the public of any material cybersecurity incident.

~~Liens~~Notwithstanding our efforts, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. Nor are we insured for damages that could result from such an incident.

AsITEM ~~of December 31, 2022, the Company had placed twenty-one liens on the Company’s Diamondhead, Mississippi Property (“the Property”)~~2. No ~~additional liens have been filed as of the filing of this report. The liens were as follows:~~PROPERTIES

~~In September of 2014~~Diamondhead, ~~a first lien was placed on the Property pursuant to a Private Placement dated February 14, 2014, as amended, to secure~~ ~~certain~~Mississippi ~~obligations of the Company. The first lien is composed of an (i) Executives Lien and (ii) an Investors’ Lien. The liens are in pari passu.~~Property

OnThe ~~March~~Company 31owns, ~~2014,~~through ~~the~~its ~~Company~~wholly-owned ~~issued~~subsidiary, $1Mississippi ~~million~~Gaming ofCorporation, ~~First~~an ~~Tranche~~approximate ~~Collateralized~~400-acre ~~Convertible~~tract ~~Senior~~of ~~Debentures.~~unimproved Onland ~~December 31, 2014, the~~in ~~Company issued $850~~Diamondhead,~~000~~ ofMississippi. ~~Second~~The ~~Tranche~~property ~~Collateralized~~is ~~Convertible~~located ~~Senior~~at ~~Debentures.~~7051 OnInterstate ~~September 26~~10, ~~2014~~Diamondhead, aMississippi ~~first~~39525 ~~lien~~(hereafter ~~was placed on~~ “the Diamondhead Property” inor ~~favor of~~ “the ~~Investors to secure the principle due in the amount of $1,850,000 and interest due thereon (the “Investors Lien~~Property”). The ~~Investors~~Property ~~Lien~~ is inlocated ~~pari~~entirely ~~passu~~within ~~with a first lien placed on~~ the ~~Property~~City ~~in favor~~ of ~~the President~~Diamondhead ~~of the Company, the Vice President of the Company,~~ and ~~certain~~Hancock ~~directors~~County. ~~of the Company for past due wages, compensation, and~~The ~~expenses~~Property ~~owed~~is tozoned ~~them in the maximum aggregate amount of $~~“C-2~~,000,000~~-Interstate ~~(the “Executives Lien”)~~Commercial/Gaming/Resort. ~~The CEO will serve as Lien Agent for the Executives Lien.~~”

OnLiens ~~December 16, 2016, the Company filed a second lien~~ on the ~~Property~~Diamondhead in the maximum amount of $250,000 to secure certain notes payable, including notes to related parties, totaling $137,500 in principle and accrued interest incurred. The details of these notes are more fully discussed in Note 8 of the consolidated financial statements attached as Exhibit 99.1 to this report.Property

On August 21, 2018, the Company filed a third lien on the Property in the maximum amount of $400,000 to secure notes issued to the Chairman of the Board and President of the Company arising in the third quarter of 2017 and during 2018, as more fully described in Note 8 of the consolidated financial statements attached as Exhibit 99.1 to this report.Liens

OnAs ~~January~~of 26December 31, ~~2021~~2023, the Company ~~filed~~had aplaced ~~fourth~~twenty-one ~~lien~~liens on the ~~Property~~Company’s ~~in the amount of $2~~Diamondhead,~~000,000~~ toMississippi ~~secure~~Property a(“the ~~non-interest-bearing note payable~~Property”). inNo ~~the~~additional ~~amount~~liens ofhave ~~$2,000,000~~been ~~issued~~filed toas ~~secure~~of ~~amounts owed to~~ the ~~President~~filing of ~~the~~this ~~Company~~report. ~~for~~The ~~accrued,~~liens ~~but~~were ~~unpaid,~~as ~~salary, rent and other expenses.~~follows:

OnIn ~~February~~September ~~17,~~of ~~2021~~2014, ~~the Company filed~~ a ~~fifth~~first lien inwas ~~the~~placed ~~amount of $658,750~~ on the Property pursuant to ~~secure~~ a ~~non-interest-bearing~~Private ~~note~~Placement ~~payable in~~dated ~~the~~February ~~amount~~14, ~~of $658~~2014,~~750,~~ ~~issued~~as amended, to secure certain ~~amounts~~obligations ~~owed~~of tothe ~~nine~~Company. ~~directors,~~The ~~including~~first ~~the~~lien ~~Company~~is composed of an (i) Executives Lien and (ii) an Investors’s ~~six~~Lien. ~~current~~The ~~directors~~liens are in pari passu.

12On March 31, 2014, the Company issued $1 million of First Tranche Collateralized Convertible Senior Debentures. On December 31, 2014, the Company issued $850,000 of Second Tranche Collateralized Convertible Senior Debentures. On September 26, 2014, a first lien was placed on the Diamondhead Property in favor of the Investors to secure the principle due in the amount of $1,850,000 and interest due thereon (the “Investors Lien”). The Investors Lien is in pari passu with a first lien placed on the Property in favor of the President of the Company, the Vice President of the Company, and certain directors of the Company for past due wages, compensation, and expenses owed to them in the maximum aggregate amount of $2,000,000 (the “Executives Lien”). The CEO will serve as Lien Agent for the Executives Lien.

InOn ~~April~~December ~~2021~~16, 2016, the Company filed ~~six~~a ~~liens~~second lien on the Property toin ~~secure~~the ~~six~~maximum ~~non-interest-bearing~~amount ~~notes~~of ~~payable~~$250,000 to besecure ~~issued~~certain tonotes ~~six lenders~~payable, ~~bringing~~including ~~total~~notes ~~liens on the Property~~ to ~~eleven.~~related ~~The~~parties, ~~six~~totaling ~~notes issued total~~ $~~252~~137,500 in principle and ~~call~~accrued ~~for~~interest ~~the issuance of 250,000 shares of common stock~~incurred. ~~The notes are not convertible. As of the issuance date of these financial statements, no shares have been issued.~~

InOn ~~June~~August ~~2021~~21, 2018, the Company filed a ~~twelfth~~third ~~and~~lien ~~thirteenth~~ on the Property toin ~~secure~~the ~~two~~maximum ~~non-interest~~amount ~~bearing notes issued in May~~ of ~~2021 which total~~ $50400,000 into ~~principle~~secure ~~and~~notes ~~call~~issued ~~for~~to the ~~issuance~~ Chairman of athe ~~total~~Board ofand ~~100,000~~President ~~shares~~ of ~~common~~the ~~stock.~~Company ~~The~~arising ~~notes~~in ~~are~~the ~~not~~third ~~convertible. As~~quarter of ~~the~~2017 ~~issuance~~and ~~date~~during of2018, ~~these~~as ~~financial~~more ~~statements,~~fully nodescribed ~~shares~~in ~~have~~Note ~~been issued~~8.

InOn ~~July~~January 26, 2021, the Company filed a ~~fourteenth~~fourth lien on the Property in the amount of $2,000,000 to secure a ~~promissory~~non-interest-bearing note payable in the amount of $~~150~~2,000,000 issued to ~~the~~secure ~~Chairman of~~amounts ~~the~~owed ~~Board~~ to ~~secure~~ the ~~payment~~President of ~~taxes~~the ~~and~~Company ~~interest~~for ~~that~~accrued, ~~were~~but ~~paid~~unpaid, bysalary, ~~the~~rent ~~Chairman~~and ~~in July 2020~~other expenses.

InOn ~~July~~February 17, 2021, the Company filed a ~~fifteenth~~fifth lien in the amount of $658,750 on the Property to secure a ~~promissory~~non-interest-bearing note payable in the amount of $~~100~~658,~~000~~750, issued to ~~the~~secure ~~Chairman of~~amounts ~~the~~owed ~~Board~~ to ~~secure~~nine ~~the~~directors, ~~payment~~including ~~of taxes and interest that were paid by~~ the ~~Chairman~~Company’s insix ~~May~~current ~~2021~~directors.

In July 2021, the Company filed a sixteenth lien on the Property to secure a non-interest bearing note issued to the Chairman of the Board in May 2021 which totals $50,000 in principle and calls for the issuance of 100,000 shares of common stock. The note is not convertible. As of the issuance date of these financial statements, no shares have been issued.12

In ~~July~~April 2021, the Company filed asix ~~seventeenth~~liens ~~lien~~ on the Property to secure asix non-interest -bearing ~~note~~notes ~~which~~payable ~~totals~~to be issued to six lenders bringing total liens on the Property to eleven. The six notes issued total $25252,~~000~~500 in principle and ~~calls~~call for the issuance of 50250,000 shares of common stock. The ~~note~~notes isare not convertible. As of the issuance date of these financial statements, no shares have been issued.

In ~~November~~June 2021, the Company filed ana ~~eighteenth~~twelfth ~~lien~~and thirteenth liens on the Property to secure atwo non-interest bearing ~~note~~notes issued in ~~November~~May of 2021 which ~~totals~~ total $50,000 in principle and ~~calls~~call for the issuance of a total of 100,000 shares of common stock. The ~~note~~notes isare not convertible. As of the issuance date of these financial statements, no shares have been issued.

In ~~March~~July ~~2022~~2021, the Company filed a ~~nineteenth~~fourteenth ~~and twentieth~~ lien on the Property to secure ~~two~~a ~~non-interest~~promissory ~~bearing~~note ~~notes~~in ~~issued~~the inamount ~~March~~ of ~~2022 which total~~ $80150,000 inissued ~~principle~~to ~~and call for~~ the ~~issuance~~ Chairman of athe ~~total~~Board ofto ~~160,000~~secure ~~shares~~the payment of ~~common~~taxes ~~stock.~~and ~~The~~interest ~~notes~~that ~~are~~were ~~not~~paid ~~convertible. As~~by of the ~~issuance~~Chairman ~~date~~in ofJuly ~~these financial statements, no shares have been issued~~2020.

In ~~May~~July ~~2022~~2021, the Company filed a ~~twenty-first~~fifteenth lien on the Property to secure a ~~non-interest~~promissory ~~bearing~~ note ~~issued~~ in ~~April~~the amount of ~~2022 which totals~~ $50100,000 inissued ~~principle~~to ~~and calls for~~ the ~~issuance~~ Chairman of athe ~~total~~Board ofto ~~100,000~~secure ~~shares~~the payment of ~~common~~taxes ~~stock.~~and ~~The~~interest ~~note~~that iswere ~~not~~paid ~~convertible.~~by ~~As of~~ the ~~issuance~~ ~~date~~Chairman ofin ~~these~~May ~~financial statements, no shares have been issued~~2021.

~~Residential~~In ~~Lot~~July 2021, the Company filed a sixteenth lien on the Property to secure a non-interest bearing note issued to the Chairman of the Board in May 2021 which totals $50,000 in principle and calls for the issuance of 100,000 shares of common stock. The note is not convertible. As of the issuance date of these condensed consolidated financial statements, no shares have been issued.

In ~~January~~July ~~2010~~2021, the Company ~~purchased~~filed a ~~small,~~seventeenth ~~residential~~lien ~~lot located~~ on ~~a canal southwest of~~ the Property ~~near~~to ~~the~~secure ~~back~~a ~~entrance~~non-interest ofbearing ~~the Property.~~note ~~The~~issued ~~Company~~to ~~paid~~a lender, which totals $6525,000 ~~for~~in ~~the~~principle ~~lot.~~and ~~The~~calls ~~purchase~~for ~~price~~the ~~was~~issuance ~~paid~~of ~~with 108~~50,000 shares of common stock ~~of the Company~~. The ~~property, which~~note ~~comprises~~is ~~less~~not ~~than~~convertible. aAs ~~quarter~~ of ~~an acre, was acquired to permit~~ the ~~Company~~issuance ~~to control the appearance and approach to the back~~date ~~entrance~~ of ~~its~~these ~~commercial~~financial ~~Property.~~statements, ~~The~~no ~~residential~~shares ~~lot~~have isbeen ~~located at 3518 Diamondhead Drive South, Diamondhead, Mississippi 39525~~issued.

~~Office~~In ~~Location~~November 2021, the Company filed an eighteenth lien on the Property to secure a non-interest bearing note issued in November 2021 which totals $50,000 in principle and calls for the issuance of 100,000 shares of common stock. The note is not convertible. As of the issuance date of these condensed consolidated financial statements, no shares have been issued.

~~The~~In ~~Company~~March ~~leases a furnished and equipped townhouse office from its President at 1013 Princess Street~~2022, inthe ~~Alexandria,~~Company ~~Virginia~~filed ~~22314, pursuant to~~ a ~~Landlord/Tenant~~nineteenth ~~Month~~and totwentieth ~~Month~~lien ~~Lease.~~on ~~The terms of~~ the ~~lease,~~Property asto ~~adjusted~~secure ~~for~~two ~~square~~non-interest ~~footage~~bearing ~~and~~notes ~~certain~~issued ~~other~~in ~~applicable differences,~~March ~~were based on the terms~~ of ~~the~~2022 ~~last~~which ~~lease~~total ~~signed~~$80,000 byin ~~the~~principle ~~Company~~and ~~with~~call ~~an unrelated third party~~ for ~~unfurnished~~the ~~office~~issuance ~~space~~of ~~leased in Largo, Florida. The Company pays~~ a ~~base~~total ~~rent in the amount~~ of $4160,~~534~~000 ~~per~~shares ~~month~~of ~~for~~common ~~approximately~~stock. ~~2,473~~The ~~square~~notes ~~feet~~are ofnot ~~commercial space,~~convertible. inAs ~~addition~~of ~~to any and all expenses relating to~~ the ~~property,~~issuance ~~including~~date ~~property~~of ~~taxes,~~these ~~property~~financial ~~insurance~~statements, ~~telephone,~~no ~~electric,~~shares ~~water and~~have ~~cable.~~been ~~The Company’s executive office and all of its active files are located in this office~~issued.

13In May 2022, the Company filed a twenty-first lien on the Property to secure a non-interest bearing note issued in April of 2022 which totals $50,000 in principle and calls for the issuance of a total of 100,000 shares of common stock. The note is not convertible. As of the issuance date of these condensed consolidated financial statements, no shares have been issued.

~~ITEM~~Residential ~~3. LEGAL PROCEEDINGS~~Lot

~~CASE~~In January ~~SETTLED~~2010, the Company purchased a small, residential lot located on a canal southwest of the Property near the back entrance of the Property. The Company paid $65,000 for the lot. The purchase price was paid with 108,000 shares of common stock of the Company. The property, which comprises less than a quarter of an acre, was acquired to permit the Company to control the appearance and approach to the back entrance of its commercial Property. The residential lot is located at 3518 Diamondhead Drive South, Diamondhead, Mississippi 39525.

~~Edson R. Arneault, Kathleen Devlin and James~~Office Devlin, J. Steven Emerson, Emerson Partners, J. Steven Emerson Roth IRA, Steven Rothstein, and Barry Stark and Irene Stark v. Diamondhead Casino Corporation (In the United States District Court for the District of Delaware (C.A. No. 1:16-cv-00989-LPS)Location

OnThe Company ~~October~~leases ~~25,~~a ~~2016,~~furnished ~~Edson~~and R.equipped ~~Arneault,~~townhouse ~~Kathleen Devlin~~office ~~and~~from ~~James~~its ~~Devlin,~~President J.at ~~Steven~~1013 ~~Emerson,~~Princess ~~Emerson Partners~~Street, J.in ~~Steven Emerson Roth IRA~~Alexandria, ~~Steven~~Virginia ~~Rothstein~~22314, ~~and Barry Stark and~~pursuant ~~Irene~~to ~~Stark filed~~ a ~~Complaint~~Landlord/Tenant ~~against~~Month ~~the~~to ~~Company~~Month inLease. ~~the~~The ~~United~~terms ~~States~~of ~~District Court for~~ the ~~District~~lease, ofas ~~Delaware~~adjusted for ~~monies~~square ~~due~~ footage and ~~owing pursuant to~~ certain ~~Collateralized~~other ~~Convertible~~applicable ~~Senior Debentures issued on March 31~~differences, ~~2014 and December 31, 2014. A~~ ~~companion~~were ~~case~~based ~~was~~on ~~filed in~~ the ~~Superior~~terms ~~Court~~ of the ~~State~~last oflease ~~Delaware~~signed by ~~John~~the ~~Hawley,~~Company aswith ~~servicing~~an ~~agent~~unrelated ~~for~~third ~~Argonaut~~party ~~2000 Partners,~~for ~~L.P.~~unfurnished ~~(John~~office ~~Hawley,~~space asleased ~~servicing agent for Argonaut 2000 Partners~~in Largo, LFlorida.P. v.The ~~Diamondhead~~Company ~~Casino~~pays ~~Corporation~~a ~~(Superior~~base ~~Court of~~rent in the ~~State~~amount of ~~Delaware)(Case~~$4,534 ~~No.~~per ~~N19C-02-239~~month ~~RRC)~~for ~~The~~approximately ~~eight~~2,473 ~~plaintiffs~~square infeet ~~the two cases were seeking a total~~ of ~~$1.5~~commercial ~~million in~~space, ~~principle~~in ~~due,~~addition ~~plus~~to ~~interest~~any ~~from~~and ~~January~~all 1,expenses ~~2015,~~relating ~~together~~to ~~with~~the ~~costs~~property, ~~and~~including ~~fees.~~property Ontaxes, ~~December~~property 12insurance, ~~2019~~telephone, ~~the~~electric, ~~parties entered into a~~water ~~Settlement Agreement~~ and oncable. ~~January~~The ~~13,~~Company’s ~~2020,~~executive ~~the~~office ~~parties~~and ~~filed~~all ~~a Stipulation~~ of ~~Voluntary~~its ~~Dismissal~~active ~~with~~files ~~Prejudice~~are located in ~~the~~this ~~case~~office.

In or about December 2022, the parties entered into an Amendment to Settlement Agreement. The Amendment provides, in pertinent part, as follows: that on or before March 31, 2023, the Plaintiffs would be paid the principal due under their debentures of $1.5 million, plus interest of four percent (4%) per annum on the principal due from January 1, 2015 through December 31, 2019, plus interest of six percent (6%) per annum on the principal due from January 1, 2020 through March 31, 2022, plus interest of eight percent (8%) per annum on the principle due from April 1, 2022 through the date of payment. In addition the Company agreed to pay legal costs and fees of $175,000 plus 50,000 shares of common stock. In the event payment is not made on or before March 31, 2023, judgment will be entered in the case. Post judgment interest shall only apply to the $1.5 million principal due.13

ITEM 43. ~~MINE~~LEGAL ~~SAFETY DISCLOSURES~~PROCEEDINGS

~~Not~~CASE ~~applicable.~~SETTLED

~~Part~~Cooperative IIEnergy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. CC20-0221)

~~ITEM~~Cooperative 5.Energy, ~~MARKET~~a ~~FOR~~Mississippi ~~REGISTRANT’S~~Electric ~~COMMON~~Cooperative ~~EQUITY~~v. Mississippi Gaming Corporation, ~~RELATED~~et ~~STOCKHOLDER~~al ~~MATTERS~~(all ~~AND~~lienholders ~~ISSUER~~of ~~PURCHASES~~the OFDiamondhead ~~EQUITY~~Property. ~~SECURITIES~~(In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. CC23-0153)

~~Market~~Since ~~Price~~1994, American Telephone and Telegraph Company (“AT&T”) has had an exclusive right of way easement along the northern portion of Mississippi Gaming Corporation’s (“MGC”) Diamondhead, Mississippi Property (“the Property”) to construct, operate, maintain, inspect, alter, replace and remove communications systems which they may require from time to time. Cooperative Energy, a Mississippi Electric Cooperative, also sought and has now obtained a permanent easement along the northern portion of the Property on which to construct, maintain and operate electric transmission lines together with an access road. On or about November 19, 2020, Cooperative Energy filed a Complaint with the Special Court of Eminent Domain, Hancock County, Mississippi seeking an Order authorizing the Cooperative to enter onto the Property for the purpose of examinations and surveys. The matters sought in the Complaint were quickly resolved by agreement of the parties. The Company’s understanding and MGC’s understanding was that the case would be dismissed, but the case was not dismissed. On or about May 24, 2023, Cooperative Energy filed a Complaint for Eminent Domain in the Special Court of Eminent Domain, Hancock County, Mississippi in which it named MGC and all persons and entities holding liens on the Diamondhead, Mississippi Property as defendants.

~~The~~On ~~Company’s~~or ~~common~~about ~~stock~~February is19, ~~traded~~2023, on the ~~Over~~parties ~~the~~entered ~~Counter~~into ~~Market.~~an ~~The~~Indemnification ~~market~~Agreement ~~price~~to offully ~~the~~indemnify ~~Company’s~~MGC ~~common~~and ~~stock~~Diamondhead isCasino ~~highly~~Corporation ~~volatile.~~and Aeach ~~lack~~ of ~~liquidity~~their inrespective ~~the~~directors, ~~stock~~officers, ~~announcements~~employees, byagents, ~~the~~attorneys, ~~Company~~and affiliates, ~~its~~and ~~competitors~~hold each of them harmless and defend each of them against any and all claims, ~~the~~losses, ~~industry~~damages, expenses and/or ~~other~~liabilities ~~casino-related,~~to ~~gaming-related~~which an Indemnified Party might become liable arising out of or relating to any activities conducted on or about the Property by Cooperative Energy and/or its respective directors, ~~economy-related~~officers, employees, agents, attorneys, affiliates and/or ~~various~~representatives ~~other~~and/or ~~announcements~~any unrelated third parties, ~~can~~contractors ~~lead~~and/or tosubcontractors performing ~~wide~~any ~~swings~~activities inon the ~~market~~Property ~~price~~at the request of or for the ~~Common~~benefit ~~Stock~~of Cooperative Energy.

As On September 1, 2023, Cooperative Energy filed a Motion to Approve Settlement, an Amended Statement of Values and a Notice of ~~December~~Hearing 31for September 11, ~~2022~~2023. Cooperative Energy served all interested parties, ~~there~~including ~~were~~all ~~772~~persons ~~registered~~or ~~holders~~entities holding liens on the Diamondhead Property, as defendants in the case. On September 26, 2023, the Court entered an Order Granting Plaintiff Right of ~~record~~Immediate Title and Possession. On October 17, 2023, the Court entered an Order Approving Settlement in the amount of $1,000,000 and entered an Order Approving Disbursement of Funds to MGC. On October 20, 2023, MGC received $845,378 as part of the ~~Common~~settlement ~~Stock~~amount. The parties are working on the wording of the ~~Company~~two easements: a Cooperative Energy Right-Of-Way Easement and an Access Road Easement. Once the easements are finalized and signed, Cooperative Energy will pay MGC the remaining amount due of approximately $155,000,

~~Dividends~~The ontwo ~~Common~~easements ~~Stock~~are perpetual. The Right-Of-Way Easement is to construct, maintain, operate, add, and/or remove electric transmission lines, distribution lines, towers, wires, poles, appliances, equipment, anchors, frame structures, guys, counter-poise wire or other counter-poise conductors, and appurtenances thereto, all of which are collectively referred to as “Power Lines,” upon, over, under and across the land which is the subject of the easement. The Access Road Easement is for ingress and egress for use in the clearing, construction, maintenance and operation of transmission line facilities. Once MGC signs the easements, Cooperative Energy will pay the remainder of the settlement due MGC.

WeCooperative ~~have~~Energy ~~never~~has ~~paid~~informed ~~any~~MGC ~~cash~~that ~~dividends~~it onhas ~~our~~obtained ~~Common~~an ~~Stock~~agreement ~~and~~from doAT&T ~~not~~concerning ~~anticipate~~AT&T’s ~~paying~~pre-existing ~~any~~exclusive ~~cash~~right ~~dividends~~of ~~on our Common Stock in the foreseeable~~way ~~future.~~easement Weso ~~intend~~that ~~to retain future earnings, if any, to fund operations and promote our business strategy. Any future determination to pay cash dividends on our Common Stock will be at~~ the ~~discretion~~Company ~~of our Board of Directors and~~ will not be ~~dependent~~in ~~upon~~breach ~~our financial condition, results~~ of ~~operations,~~its ifagreement ~~any,~~with ~~capital requirements and such other factors as the Board of Directors deems relevant~~AT&T.

~~Equity~~Edson ~~Compensation~~R. ~~Plans~~Arneault, Kathleen Devlin and James Devlin, J. Steven Emerson, Emerson Partners, J. Steven Emerson Roth IRA, Steven Rothstein, and Barry Stark and Irene Stark v. Diamondhead Casino Corporation (In the United States District Court for the District of Delaware (C.A. No. 1:16-cv-00989-LPS)

~~Plan~~On ~~Stock~~October ~~Options~~25, 2016, Edson R. Arneault, Kathleen Devlin and James Devlin, J. Steven Emerson, Emerson Partners, J. Steven Emerson Roth IRA, Steven Rothstein, and Barry Stark and Irene Stark filed a Complaint against the Company in the United States District Court for the District of Delaware for monies due and owing pursuant to certain Collateralized Convertible Senior Debentures issued on March 31, 2014 and December 31, 2014. A companion case was filed in the Superior Court of the State of Delaware by John Hawley, as servicing agent for Argonaut 2000 Partners, L.P. (John Hawley, as servicing agent for Argonaut 2000 Partners, L.P. v. Diamondhead Casino Corporation (Superior Court of the State of Delaware)(Case No. N19C-02-239 RRC) The eight plaintiffs in the two cases were seeking a total of $1.5 million in principle due, plus interest from January 1, 2015, together with costs and fees. On or about December 12, 2019, the parties entered into a Settlement Agreement and on January 13, 2020, the parties filed a Stipulation of Voluntary Dismissal with Prejudice in the case. The case was dismissed with the Court maintaining continuing jurisdiction over the Settlement Agreement.

OnIn or about December 192022, ~~1988~~the parties entered into an Amendment to Settlement Agreement. The Amendment provides, in pertinent part, as follows: that on or before March 31, 2023, the ~~Company~~Plaintiffs ~~adopted~~would abe ~~stock~~paid ~~option~~the ~~plan~~principal due under their debentures of $1.5 million, plus interest of four percent (4%) per annum on the ~~“Plan”)~~principal ~~for~~due ~~its~~from ~~officers~~January ~~and~~1, ~~management~~2015 ~~personnel~~through ~~under~~December ~~which~~31, 2019, plus interest of ~~options~~six ~~could~~percent be(6%) ~~granted~~per toannum ~~purchase~~on upthe toprincipal due from January 1,~~000~~ 2020 through March 31,~~000~~ ~~shares~~2022, plus interest of eight percent (8%) per annum on the ~~Company’s~~principle ~~common~~due ~~stock.~~from ~~Accordingly~~April 1, 2022 through the date of payment. In addition the Company ~~reserved~~agreed 1to pay legal costs and fees of $175,000 plus 50,000 shares ~~for~~of ~~issuance~~common ~~under~~stock. In the ~~Plan.~~event ~~The~~payment ~~option~~was ~~price~~not ~~may~~made ~~not~~on beor ~~less~~before ~~than~~March ~~100%~~31, of2023, a judgment would be entered in the ~~market~~case. ~~value~~Post ofjudgment interest shall only apply to the ~~shares~~$1.5 million principal due. Payment was not made on or before March 31, 2023. On July 5, 2023, the ~~date~~Plaintiffs offiled a Motion to Reopen the ~~grant.~~Action, Vacate Dismissal, and Enter Judgment on Consent. The ~~options~~Company ~~expire~~did ~~within~~not ~~ten~~object ~~years~~to ~~from~~the Motion. On September 20, 2023, the ~~date~~Court entered an Order Granting Plaintiffs’ Motion to Reopen this Action, Vacate Dismissal, and Compel Enforcement of ~~grant~~the Settlement Agreement and entered the Consent Judgment previously agreed to by the Company. AtThe ~~December~~Company 31has accrued legal fees of $195,000 ~~2022~~and $16,500 nofor ~~options~~accrued ~~from~~liability ~~this~~for ~~plan~~stock ~~were~~and ~~issued~~accrued oradditional interest ~~exercised~~of $112,500 for the years ended December 31, 2022 and 2023 respectively.

~~Non-Plan~~ITEM ~~Stock~~4. ~~Options~~MINE SAFETY DISCLOSURES

~~The~~Not ~~Company has, from time to time, awarded non-plan stock options to its Directors, Officers and key employees~~applicable. ~~The table below summarizes the status of all non-plan options currently outstanding issued to Company Directors, Officers, and former Officers and employees of the Company.~~

	Shares		Weighted Average Exercise Price
Outstanding as of January 1, 2021		4,555,000	$	0.41
Granted		-		-
Exercised		-		-
Expired		-		-
Forfeited		-		-
Outstanding as of December 31, 2021		4,555,000	$	0.41
Granted		-		-
Exercised		-		-
Forfeited		-		-
Outstanding as of December 31, 2022		4,555,000	$	0.41
Exercisable as of December 31, 2021		4,555,000	$	0.41
Exercisable as of December 31, 2022		4,555,000	$	0.41

Part II

~~Employee~~ITEM ~~Stock~~5. ~~Ownership~~MARKET ~~Plan~~FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

~~The~~Market Company’s employee stock ownership plan (ESOP) is intended to be a qualified retirement plan and an employee stock ownership plan. All employees having one year of service are eligible to participate in the ESOP. The ESOP is funded by two 8% promissory notes issued by the Company. The shares of common stock are pledged to the Company as security for the loans. The promissory notes are payable from the proceeds of annual contributions made by the Company to the ESOP. In the event that the Company elects not to make a Plan contribution in any given year, the corresponding shares applicable to that year are released from the Trust to the Company in consideration of that years’ note payment. In January 2001, the Plan and accompanying promissory notes were amended to conform to the Company’s current employment structure, by extending the note repayment terms through 2044.Price

InThe ~~2011, the~~ Company’s ~~decided~~common tostock ~~temporarily~~is ~~suspend~~traded ~~contributions~~on to the ~~Plan.~~Over ~~Therefore~~ the ~~Trust~~Counter ~~was~~Market. ~~unable~~The tomarket ~~make~~price ~~its~~of ~~annual loan payment to~~ the ~~company~~Company’s ~~and~~common astock ~~loan~~is ~~default occurred~~highly volatile. InA ~~accordance~~lack ~~with~~of ~~the~~liquidity ~~Pledge~~in ~~Agreement between~~ the ~~Company and the Trust~~stock, ~~the~~announcements ~~shares~~by ~~attached to~~ the ~~loan~~Company, ~~payments~~its ~~subsequent~~competitors, to the ~~2010~~industry, ~~contribution~~or ~~reverted~~other ~~back to the Company as treasury shares. In 2022~~casino-related, 79gaming-related,~~545 shares~~ economy-related, ~~with a~~or ~~market~~various ~~value~~other ~~of $30~~announcements,~~227,~~ ~~reverted~~can ~~back~~lead to ~~the~~wide ~~Company.~~swings Inin ~~2021,~~the ~~79,545 shares, with a~~ market ~~value~~price of ~~$19,886, reverted back to~~ the ~~Company~~ ~~treasury~~Common Stock.

~~Recent~~As ~~Sales~~of December 31, 2023, there were 768 registered holders of ~~Equity~~record ~~Securities~~of the Common Stock of the Company.

~~None.~~Dividends on Common Stock

~~Repurchase~~We have never paid any cash dividends on our Common Stock and do not anticipate paying any cash dividends on our Common Stock in the foreseeable future. We intend to retain future earnings, if any, to fund operations and promote our business strategy. Any future determination to pay cash dividends on our Common Stock will be at the discretion of ~~Equity~~our ~~Securities~~Board of Directors and will be dependent upon our financial condition, results of operations, if any, capital requirements and such other factors as the Board of Directors deems relevant.

~~None.~~15

~~ITEM~~Equity 6.Compensation ~~RESERVED~~Plans

15Plan Stock Options

~~ITEM~~On 7.December ~~MANAGEMENT~~19, 1988, the Company adopted a stock option plan (the “Plan”) for its officers and management personnel under which options could be granted to purchase up to 1,000,000 shares of the Company’Ss ~~DISCUSSION~~common ~~AND~~stock. ~~ANALYSIS~~Accordingly, OFthe ~~FINANCIAL~~Company ~~CONDITION~~reserved ~~AND~~1,000,000 shares ~~RESULTS~~for OFissuance ~~OPERATIONS~~under the Plan. The option price may not be less than 100% of the market value of the shares on the date of the grant. The options expire within ten years from the date of grant. At December 31, 2023, no options from this plan were issued or exercised.

~~This~~Non-Plan ~~section~~Stock ~~should be read together with the consolidated financial statements and related notes thereto, for the years ended December 31, 2022 and 2021, attached as Exhibit 99.1 to this report.~~Options

~~Liquidity,~~The ~~Capital~~Company ~~Resources~~has, from time to time, awarded non-plan stock options to its Directors, Officers and ~~Financial~~key ~~Results~~employees. On December 12, 2023, the Board of Directors voted to extend the outstanding options from December 31, 2023 to December 31, 2025. As a result of the modification to the options, the Company recorded an additional $546,400 in stock-based compensation expense for the year ended December 31, 2023.

~~Overview~~The table below summarizes the status of all non-plan options currently outstanding issued to Company Directors, Officers, and former Officers and employees of the Company.

The Company’s intent was and is to construct a casino resort and other amenities on the Diamondhead, Mississippi Property, unilaterally, or in conjunction with one or more joint venture partners. However, the Company has been unable to date, to obtain financing to move the project forward and/or enter into a joint venture partnership. Due to its lack of financial resources, the Company has been forced to explore other alternatives, including a sale of part or all of the Property. The Company’s preference is to sell only part of the Property inasmuch as this would appear to be in the best interest of the stockholders of the Company. However, there can be no assurance the Company will be able to sell all or part of the Property. The Company intends to continue to pursue a joint venture partnership and/or other financing while seeking a viable purchaser for all or part of the Property.

	Shares		Weighted Average Exercise Price
Outstanding as of January 1, 2022		4,555,000	$	0.41
Granted		-		-
Exercised		-		-
Expired		-		-
Forfeited		-		-
Outstanding as of December 31, 2022		4,555,000	$	0.41
Granted		-		-
Exercised		-		-
Forfeited		-		-
Outstanding as of December 31, 2023		4,555,000	$	0.41

Exercisable as of December 31, 2022		4,555,000	$	0.41
Exercisable as of December 31, 2023		4,555,000	$	0.41

~~Liquidity~~Employee Stock Ownership Plan

The Company’s ~~has~~employee ~~incurred~~stock ~~continued~~ownership ~~losses~~plan ~~over~~(ESOP) ~~the~~is ~~years~~intended ~~and~~to ~~certain~~be ~~conditions~~a ~~raise~~qualified ~~substantial~~retirement ~~doubt~~plan ~~about~~and ~~the~~an ~~Company’s~~employee ~~ability to~~stock ~~continue~~ownership ~~as a going concern~~plan. All ~~The~~employees ~~Company~~having ~~has~~one ~~had~~year noof ~~operations~~service ~~since~~are iteligible ~~ended~~to ~~its~~participate ~~gambling cruise ship operations~~ in ~~2000. Since that time,~~ the ~~Company~~ESOP. ~~has~~The ~~concentrated~~ESOP ~~its~~is ~~efforts~~funded onby ~~the~~two ~~development~~8% ofpromissory ~~its~~notes ~~Diamondhead,~~issued by ~~Mississippi~~the ~~Property~~Company. The ~~development~~shares of ~~the~~common ~~Diamondhead Property~~stock isare ~~dependent~~pledged onto ~~obtaining~~ the ~~necessary~~Company ~~capital,~~as ~~through~~security ~~equity~~for ~~and/or~~the ~~debt~~loans. ~~financing,~~The ~~unilaterally,~~promissory ornotes inare ~~conjunction~~payable ~~with~~from ~~one~~the orproceeds ~~more~~of ~~partners,~~annual tocontributions ~~master~~made ~~plan,~~by ~~design,~~the ~~obtain~~Company ~~permits~~to ~~for,~~the ~~construct, staff, open, and operate a casino resort~~ESOP. In the ~~past,~~event that the Company ~~has~~elects ~~been~~not ~~able~~ to ~~sustain~~make ~~itself~~a ~~through~~Plan ~~various~~contribution in ~~short~~any ~~term~~given ~~borrowings~~year, ~~however, as of as of December 31, 2022,~~ the ~~Company~~corresponding ~~had cash~~shares ofapplicable ~~$55,885,~~to ~~while~~that ~~accounts~~year ~~payable~~are ~~and~~released ~~accrued~~from ~~expenses~~the ~~totaled~~Trust ~~$12,380,720~~to ~~and~~ the Company ~~had~~in anconsideration ~~accumulated deficit~~ of ~~$45,351,375.~~that ~~Therefore,~~years’ innote ~~order~~payment. toIn ~~sustain~~January ~~itself~~2001, itthe isPlan ~~imperative~~and ~~that~~accompanying ~~the~~promissory ~~Company~~notes ~~secure~~were aamended ~~source~~to ofconform ~~funds~~ to ~~provide~~the ~~further working capital~~Company’s ascurrent ~~the~~employment ~~Company~~structure, ~~does~~by ~~not~~extending ~~have~~the ~~sufficient~~note ~~cash~~repayment onterms ~~hand~~through 2044.

~~Management~~In of2011, the Company ~~believes~~decided itto ~~will~~temporarily besuspend ~~difficult~~contributions to ~~secure~~the ~~suitable~~Plan. ~~financing~~Therefore ~~that~~the ~~would~~Trust ~~allow~~was itunable to ~~continue~~make toits ~~pursue~~annual ~~ultimate~~loan ~~development~~payment ofto the ~~Property.~~company ~~Therefore,~~and ona ~~March~~loan ~~25,~~default ~~2019,~~occurred. ~~Mississippi~~In ~~Gaming~~accordance ~~Corporation~~with ~~entered~~the ~~into~~Pledge aAgreement ~~brokerage~~between ~~agreement~~the ~~with~~Company anand ~~unrelated~~the ~~third party~~Trust, tothe ~~seek~~shares aattached to ~~buyer~~the ~~for~~loan ~~all~~payments orsubsequent ~~part~~to of the ~~Property~~2010 ~~or,~~contribution ~~alternatively,~~reverted back to ~~seek~~the aCompany ~~joint~~as ~~venture~~treasury ~~partner~~shares. ~~for~~In ~~the~~2023, ~~project.~~79,545 ~~The~~shares, ~~brokerage~~with ~~agreement~~a ~~has~~market ~~expired~~value of $16,704, ~~but~~reverted back to the Company. ~~continues~~In to2022, ~~work~~79,545 shares, with ~~the~~a ~~broker~~market onvalue ~~the~~of ~~same~~$30,227, ~~terms~~reverted ~~that~~back ~~applied~~to ~~under~~ the Company ~~contract~~treasury.

~~The~~Recent ~~above~~Sales ~~conditions~~of ~~raise~~Equity ~~substantial doubt about the Company’s ability to continue as a going concern.~~Securities

~~COVID-19~~None.

~~The~~Repurchase Company had no casino or other operations in 2020 when COVID-19 surfaced or in 2021. Therefore, the Company did not experience the adverse consequences that other casino companies experienced from COVID-19 based on their cessation of ~~casino-related~~Equity operations. However, as a result of COVID, the Company’s sole employee, its President, was unable to travel domestically or internationally to meet with potential investors or potential joint venture partners or to meet with outside, independent contractors. The extent to which COVID-19 may have affected the market for financing new construction in the hospitality, hotel and casino industries given the impact of COVID-19 on this segment of the economy is unknown. The Company did not incur any extraordinary expenses as a result of COVID-19, nor did it obtain any loans under the CARES Act.Securities

~~Financial Results and Analysis~~None.

AsITEM reflected in the accompanying consolidated financial statements, the Company recorded a net loss applicable to common shareholders of $1,957,305 for the year ending December 31, 2022 and a net loss applicable to common shareholders of $1,620,706 for the year ending December 31, 20216. The Company expects continued losses for the foreseeable future. General and administrative expenses incurred totaled $929,236 and $665,788 for the years ending December 31, 2022 and 2021, respectively. The table below depicts the major categories comprising those expenses:RESERVED

	December 31,		December 31,
	2022		2021
Payroll and Related Taxes	$	300,000	$	300,000
Director Fees		90,000		90,000
Professional Services		281,962		86,735
Rents and Insurances		85,145		82,216
Fines and Penalties		132,275		91,850
All Other Expenses		39,854		14,987
Total General and Administrative Expenses	$	929,236	$	665,788

16ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~The~~This ~~amount~~section ~~reported~~should asbe ~~payroll~~read ~~includes~~together ~~amounts~~with ~~not~~the ~~actually~~consolidated ~~paid~~financial tostatements ~~employees, but accrued~~ and ~~payable~~related tonotes ~~employees. The Company accrued salary payable to only one employee in 2022~~thereto, ~~the~~for ~~President and CEO of~~ the ~~Registrant,~~years ~~who~~ended ~~also~~December ~~served as a Director~~31, ~~Chief Financial~~ ~~Officer,~~2023 ~~Treasurer~~ and ~~Secretary~~2022, ofattached ~~the~~as ~~Registrant~~Exhibit ~~and~~99.1 ~~held~~to ~~various~~this ~~positions in the Registrant’s subsidiaries~~report.

~~The~~Liquidity, ~~increase~~Capital inResources, ~~fines~~ and ~~penalties~~Financial was due to ESOP penalties incurred in 2022 as well as penalties for 5 years for Delaware franchise tax and 7 years for Mississippi franchise tax. Professional services also increased in 2022 compared to 2021 due to more legal fees incurred, including $175,000 in legal fees incurred due to an amended settlement agreement for the Debentures.Results

~~The Company recorded stock-based compensation expense of $11,480 and $0 for the years ended December 31, 2022 and 2021, respectively.~~Overview

~~Other~~The ~~Income~~Company’s intent was and ~~Expense~~is to construct a casino resort and other amenities on the Diamondhead, Mississippi Property, unilaterally, or in conjunction with one or more joint venture partners. However, the Company has been unable to date, to obtain financing to move the project forward and/or enter into a joint venture partnership. Due to its lack of financial resources, the Company has been forced to explore other alternatives, including a sale of part or all of the Property. The Company’s preference is to sell only part of the Property inasmuch as this would appear to be in the best interest of the stockholders of the Company. However, there can be no assurance the Company will be able to sell all or part of the Property. The Company intends to continue to pursue a joint venture partnership and/or other financing while seeking a viable purchaser for all or part of the Property.

Interest expenses incurred totaled $855,019 and $783,609 for the years ended December 31, 2022 and 2021, respectively, an increase of $71,410. The increase in 2022 is primarily attributable to the impact of accrued interest on unpaid wages which continues to accrue yearly, the impact from a full year of interest on 2021’s borrowings and amortization of debt discount.Liquidity

~~Off-Balance~~The ~~Sheet~~Company ~~Arrangements~~has incurred continued losses over the years and certain conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company has had no operations since it ended its gambling cruise ship operations in 2000. Since that time, the Company has concentrated its efforts on the development of its Diamondhead, Mississippi Property. The development of the Diamondhead Property is dependent on obtaining the necessary capital, through equity and/or debt financing, unilaterally, or in conjunction with one or more partners, to master plan, design, obtain permits for, construct, staff, open, and operate a casino resort. In the past, the Company has been able to sustain itself through various short term borrowings, however, as of as of December 31, 2023, the Company had cash of $426,124, while accounts payable and accrued expenses totaled $13,587,711 and the Company had an accumulated deficit of $46,862,802. Therefore, in order to sustain itself, it is imperative that the Company secure a source of funds to provide further working capital as the Company does not have sufficient cash on hand.

Management ~~Agreement~~of the Company believes it will be difficult to secure suitable financing that would allow it to continue to pursue ultimate development of the Property. Therefore, on December 14, 2023, the Company entered into a non-exclusive, success-based agreement with an unrelated third party to seek a buyer for all or part of the Property or, alternatively, to seek a joint venture partner for the project.

OnThe ~~June~~above 19, 1993, two subsidiaries of the Company, Casino World Inc. and Mississippi Gaming Corporation, entered into a Management Agreement with Casinos Austria Maritime Corporation (CAMC). Subject to certain conditions, ~~under~~raise ~~the~~substantial ~~Management~~doubt ~~Agreement,~~about ~~CAMC would operate, on an exclusive basis, all of~~ the Company’s ~~proposed~~ability ~~dockside gaming casinos in the State of Mississippi, including any operation fifty percent (50%) or more of which is owned by the Company or its affiliates. Unless terminated earlier pursuant~~ to ~~the~~continue ~~provisions of~~as ~~the~~a ~~Agreement,~~going ~~the Agreement terminates five years from the first day of actual Mississippi gaming operations and provides for the payment of an annual operational term management fee of 1~~concern.2% of all gross gaming revenues between zero and $100,000,000; plus 0.75% of gross gaming revenue between $100,000,000 and $140,000,000; plus 0.5% of gross gaming revenue above $140,000,000; plus two percent of the net gaming revenue between zero and $25,000,000; plus three percent of the net gaming revenue above twenty-five million dollars $25,000,000. The Company believes this Agreement is no longer in effect. However, there can be no assurance that CAMC will not attempt to maintain otherwise which would lead to litigation.

17Financial Results and Analysis

~~Brokerage~~As ~~Agreement~~reflected in the accompanying consolidated financial statements, the Company recorded a net loss applicable to common shareholders of $1,511,427 for the year ending December 31, 2023 and a net loss applicable to common shareholders of $1,957,305 for the year ending December 31, 2022. The Company expects continued losses for the foreseeable future. General and administrative expenses incurred totaled $736,680 and $929,236 for the years ending December 31, 2023 and 2022, respectively. The table below depicts the major categories comprising those expenses:

On March 25, 2019, Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company and the title owner of the Diamondhead Property (the “Owner”), entered into an agreement with an unrelated commercial real estate brokerage firm to sell all or part of the Diamondhead, Mississippi Property or, alternatively, to find a joint venture partner for the project. The agreement provides for an exclusive right to sell all or part of the Property beginning March 25, 2019 and ending October 31, 2019, unless extended by the parties. The agreement provides for a commission equal to three percent (3%) of the gross sales price for property sold if the Buyer does not have a broker or four percent (4%) of the gross sales price of property sold if the Buyer does have a broker, in which case the commission due will be split between the brokers. In the event the Owner consummates and closes a deal with a Joint Venture Partner introduced to the Owner by the broker, the Owner will pay the broker a commission equal to four percent (4%) of the amount contributed by the Joint Venture Partner as its capital contribution. This will not apply in the event the Owner consummates a deal with a Joint Venture Partner who is not introduced to the Owner by the broker. The agreement does not apply to loans obtained by or on behalf of the Owner using the Property as collateral or as security for a loan. The agreement also provides for a reduced commission to the broker in the event of a sale to certain potential purchasers already involved in discussions with the Owner. The brokerage agreement has expired, but the Company continues to work with the broker on the same terms that applied for under the contract.

	December 31,		December 31,
	2023		2022
Payroll and Related Taxes	$	300,000	$	300,000
Director Fees		90,000		90,000
Professional Services		102,763		281,962
Rents and Insurances		88,098		85,145
Fines and Penalties		133,900		132,275
All Other Expenses		21,919		39,854
Total General and Administrative Expenses	$	736,680	$	929,236

There are no other off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources, that are material to our stockholders.17

~~Related~~The ~~Party~~amount reported as payroll includes amounts not actually paid to employees, but accrued and payable to employees. The Company accrued salary payable to only one employee in 2023, the President and CEO of the Registrant, who also served as a Director, Chief Financial Officer, Treasurer and Secretary of the Registrant and held various positions in the Registrant’s subsidiaries.

~~In July,~~Professional ~~2017,~~fees ~~the~~decreased ~~Chairman~~in of2023 ~~the~~compared ~~Board paid $67,628 for all property taxes due, together with all interest due thereon,~~ to ~~Hancock County, Mississippi for an approximate 400-acre tract of land (“the Diamondhead Property”), owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company~~2022. In ~~2018~~2022, ~~the Chairman advanced additional funds totaling $205,250 to the Company. In 2019,~~substantial ~~the~~legal ~~Chairman~~fees ~~advanced~~of ~~additional funds totaling~~ $~~125~~175,~~396~~000 towere ~~the~~incurred ~~Company.~~as Inpart ~~2020, the Chairman advanced additional funds totaling $69,679 to the Company. The conditions~~ of ~~the~~an ~~notes~~amended ~~under~~settlement ~~which~~agreement ~~the~~in ~~Chairman agreed to make~~ the ~~foregoing~~case ~~payments~~involving ~~and~~certain ~~advances are discussed in full detail in Note 8 of attached consolidated financial statements~~Debentures.

OfThe ~~particular~~Company ~~note~~recorded ~~to those conditions is item (v) which calls for the Chairman to be indemnified for any loss sustained on the sale of certain common~~ stock-based ~~sold~~compensation toexpense ~~cover the property taxes paid. The Chairman has identified the common stock sold and has provided the Company with the documentation required to document the sale~~ of ~~said~~$546,400 ~~stock~~ and ~~to calculate the contingent future loss~~$11,480 iffor ~~any, on said stock. Had~~ the ~~Company~~years ~~paid~~ended ~~the note in full at~~ December 31, ~~2021~~2023 ~~in addition to the principal~~ and ~~interest due, the Company would not have been liable for any additional funds to indemnify the Chairman pursuant to the terms of the notes. On February 4,~~ 2022, ~~the Board of Directors entered into an agreement with the Chairman to issue 35,000 shares of common stock of the Company~~ ~~to the Chairman to repurchase the indemnification~~respectively. This repurchase eliminates any risk to the Company arising from the indemnification which could have been material. During the year ended December 31, 2022, the Company record stock-based compensation of $11,480 for the fair value for these shares, which have not yet been issued as of the issuance date of the attached consolidated financial statements.

~~Critical~~Other ~~Accounting~~Income ~~Policies~~and Expense

~~Impairment~~Interest expense (amortization of ~~Long-Lived~~debt ~~Assets~~discount is shown as part of interest expense) incurred totaled $815,879 and $855,019 for the years ended December 31, 2023 and 2022, respectively, a decrease of $39,140. The decrease in 2023 was primarily attributable to lower amortization of debt discount compared to 2022 as the Company issued fewer new notes in 2023 than in 2022 and had less notes outstanding.

~~The~~In ~~Company~~2023, ~~reviews long-lived assets whenever events or changes in circumstances indicate that~~ the ~~carrying~~Company ~~value~~recorded ofgain anon ~~asset may not be recoverable. The recoverability of long-lived assets is measured by comparing~~ the ~~carrying~~condemnation ~~amount~~ of ~~the~~land assets to the estimated undiscounted future cash flows projected to be generated by the assets. If such assets are considered impaired, the impairment to be recognized is measured by the amount the carrying value exceeds the fair value of ~~such assets determined by appraisal~~$757, ~~discounted cash flow projections, or other means~~107.

18Off-Balance Sheet Arrangements

~~ITEM~~Management ~~7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~Agreement

~~Disclosure~~On June 19, 1993, two subsidiaries of the Company, Casino World Inc. and Mississippi Gaming Corporation, entered into a Management Agreement with Casinos Austria Maritime Corporation (CAMC). Subject to certain conditions, under the Management Agreement, CAMC would operate, on an exclusive basis, all of the Company’s proposed dockside gaming casinos in the State of Mississippi, including any operation fifty percent (50%) or more of which is owned by the Company or its affiliates. Unless terminated earlier pursuant to the provisions of the Agreement, the Agreement terminates five years from the first day of actual Mississippi gaming operations and provides for the payment of an annual operational term management fee of 1.2% of all gross gaming revenues between zero and $100,000,000; plus 0.75% of gross gaming revenue between $100,000,000 and $140,000,000; plus 0.5% of gross gaming revenue above $140,000,000; plus two percent of the net gaming revenue between zero and $25,000,000; plus three percent of the net gaming revenue above twenty-five million dollars $25,000,000. The Company believes this ~~item~~Agreement is no longer in effect. However, there can be no assurance that CAMC will not ~~required~~attempt ~~for~~to ~~smaller~~maintain otherwise ~~reporting~~which ~~companies~~would lead to litigation.

~~ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA~~18

~~The~~Brokerage ~~consolidated financial statements for the years ended December 31, 2022 and 2021 are attached to this report as Exhibit 99.1.~~Agreement

~~ITEM~~On December 14, 2023, the Company entered into an 9agreement with an unrelated commercial real estate brokerage firm to sell all or part of the Diamondhead, Mississippi Property or to find an equity investor for the project and/or financing for the project. ~~CHANGES~~The INagreement ~~AND~~became ~~DISAGREEMENTS~~effective ~~WITH~~December ~~ACCOUNTANTS~~14, ON2023 ~~ACCOUNTING~~and ~~AND~~terminates ~~FINANCIAL~~December 31, ~~DISCLOSURE~~2025, unless extended in writing by the parties. The agreement is a non-exclusive agreement and provides for a success-based fee only.

~~None~~In the event of a sale of all or part of the Diamondhead Property to the person(s) or entity(ies) the broker brings to the deal, the Company will pay a fee equal to four percent (4%) of the gross sales price of property sold to the person(s) or entity(ies) the broker brings to the deal.

~~ITEM~~In the event of an equity investment by an equity 9Ainvestor(s) the broker brings to the deal, the Company will pay the broker a fee equal to: (i) four percent (4%) of the amount of the equity invested on the first $25 million invested, plus (ii) 2% of the amount of the equity invested in excess of $25 million. ~~CONTROLS~~In ~~AND~~the event ~~PROCEDURES~~the broker closes an equity financing, the broker shall have a right of first refusal to obtain debt financing for a period of two years commencing with the final date on which the Company receives the equity financing during the term of the agreement or post-termination of the agreement.

~~Disclosure~~In the event the broker secures debt financing for ~~Controls~~the ~~and~~Company, ~~Procedures~~the Company will pay the broker: (i) one percent (1%) of the amount of any debt financing obtained from the person(s) or entity(ies) the broker brings to the deal on the first $75 million received by the Company, plus (ii) one-half of one percent (.50%) of the amount of any debt financing obtained in excess of the first $75 million received from a person(s) or entity(ies) the broker brings to the deal.

~~In connection~~All ~~with~~fees ~~the~~are ~~preparation~~contingent. Payment of ~~this~~any ~~Annual~~fee ~~Report~~is contingent on ~~Form 10-K, our management, with~~ the ~~participation~~signing of ~~the~~a ~~Chief~~sales ~~Executive~~agreement, ~~Officer/Chief Financial~~equity ~~Officer~~agreement, ~~carried~~or ~~out~~loan anagreement ~~evaluation~~acceptable ofto the ~~effectiveness~~Company ofin ~~the~~its ~~design~~sole ~~and~~discretion ~~operation of our disclosure controls~~ and ~~procedures~~payment as of ~~December~~the 31sales price, ~~2022.~~equity ~~Disclosure~~investment ~~controls~~or ~~and~~debt ~~procedures,~~financing asby ~~defined~~the ~~in Rules 13a-15~~person(es) ~~and~~or ~~15d-15~~entity(eies) ~~under~~ the ~~Exchange~~broker ~~Act,~~brings ~~are controls and other procedures that are designed~~ to ~~ensure that~~ the ~~information~~deal ~~that~~and weupon ~~are required to disclose in the reports that we~~receipt ~~file~~of orgood ~~submit~~funds. ~~under~~All ~~the~~fees ~~Exchange~~will ~~Act~~be ispaid ~~recorded,~~at ~~processed,~~Closing ~~summarized~~out ~~and~~of ~~reported~~monies ~~within~~paid by the ~~time~~person(s) ~~periods~~or ~~specified~~entity(ies) in the ~~SEC~~broker ~~Rules and~~brings ~~Forms, and that such information is accumulated and communicated~~ to ~~our~~the ~~management,~~deal. ~~including~~If ~~our Chief Executive Officer/Chief Financial~~funds ~~Officer,~~are aspaid ~~appropriate~~periodically, tothe ~~allow~~fee ~~timely~~due ~~decisions~~will ~~regarding~~be ~~required~~paid ~~disclosure.~~periodically ~~Based~~upon onreceipt ~~the results~~ of ~~this~~said ~~evaluation,~~funds ~~the Chief Executive Officer/Chief Financial Officer concluded that our disclosure controls~~ and ~~procedures~~in ~~were~~proportion ~~not~~to ~~effective at~~ the ~~reasonable assurance~~funds ~~level as of December 31, 2022~~received. ~~See below for management’s report.~~

19There are no other off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources, that are material to our stockholders.

~~Management’s~~Related ~~Report on Internal Control Over Financial Reporting~~Party

~~The~~In ~~management~~July, ~~under~~2017, the ~~supervision~~Chairman of ~~our~~the ~~Chief~~Board ~~Executive~~paid ~~Officer/Chief~~$67,628 ~~Financial~~for ~~Officer,~~all isproperty ~~responsible~~taxes ~~for~~due, ~~establishing~~together ~~and~~with ~~maintaining adequate~~all ~~internal~~interest ~~control~~due ~~over~~thereon, ~~financial~~to ~~reporting.~~Hancock ~~Internal~~County, Mississippi ~~control~~for ~~over~~an ~~financial~~approximate ~~reporting~~400-acre istract aof ~~process~~land ~~designed~~(“the toDiamondhead ~~provide~~Property”), ~~reasonable assurance~~owned ~~regarding~~by ~~the~~Mississippi ~~reliability~~Gaming ofCorporation, a ~~financial~~wholly-owned ~~reporting~~subsidiary ~~and~~of the ~~preparation~~Company. ofIn ~~financial~~2018, ~~statements~~the ~~for~~Chairman ~~external~~advanced ~~purposes~~additional infunds ~~accordance with~~totaling ~~Generally~~$205,250 ~~Accepted~~to ~~Accounting~~the ~~Principles~~Company. ~~Because~~In of2019, the ~~its~~Chairman ~~inherent~~advanced ~~limitations~~additional funds totaling $125,396 ~~internal~~to ~~control~~the ~~over~~Company. ~~financial~~In ~~reporting~~2020, ~~may~~the ~~not prevent~~Chairman oradvanced ~~detect~~additional ~~misstatements.~~funds ~~Also~~totaling $69,679 to ~~projections~~the ofCompany. ~~any~~The ~~evaluation~~conditions of ~~effectiveness~~the tonotes ~~future~~under ~~periods~~which ~~are~~the ~~subject~~Chairman agreed to make the ~~risk~~foregoing ~~that controls~~payments ~~may~~and ~~become~~advances ~~inadequate~~are ~~because~~discussed in offull ~~changes~~detail in ~~conditions,~~Note or7 ~~that~~and ~~the~~8 ~~degree~~ of ~~compliance~~attached ~~with~~consolidated ~~existing~~financial ~~policies or procedures may deteriorate~~statements.

~~The~~Of particular ~~Chief~~note ~~Executive~~to ~~Officer/Chief~~those ~~Financial~~conditions ~~Officer~~is ~~conducted,~~item ~~under~~(v) which calls for the ~~supervision~~Chairman to be indemnified for any loss sustained on the sale of certain ~~our~~common ~~principal~~stock ~~executive~~sold ~~officer~~to cover the property taxes paid. The Chairman has identified the common stock sold and ~~principal~~has provided the Company ~~financial~~with ~~officer,~~the andocumentation ~~evaluation~~required ofto document the ~~effectiveness~~sale of ~~our~~said ~~internal~~stock ~~control~~and ~~over~~to ~~financial~~calculate ~~reporting~~the ~~based~~contingent future loss, if any, on said stock. Had the ~~framework~~Company paid the note in ~~Internal Control~~full –at ~~Integrated~~December ~~Framework~~31, ~~(2013)~~2021 ~~issued~~in byaddition to the ~~Committee~~principal ofand ~~Sponsoring~~interest ~~Organizations~~due, of the ~~Treadway~~Company ~~Commission,~~would ~~commonly~~not ~~referred~~have been liable for any additional funds to asindemnify the ~~“COSO”~~Chairman ~~criteria~~pursuant to the terms of the notes. On ~~Based~~February on4, ~~this evaluation~~2022, the ~~Chief~~Board ~~Executive~~of ~~Officer/Chief~~Directors ~~Financial~~entered ~~Officer~~into ~~concluded~~an ~~that~~agreement ~~material~~with ~~weaknesses~~the ~~over~~Chairman ~~financial~~to ~~reporting existed~~issue as35,000 shares of ~~December~~common ~~31,~~stock ~~2022.~~of ~~Management~~the ~~identified~~Company to the ~~following~~Chairman ~~two~~to ~~material~~repurchase ~~weaknesses~~the ~~that~~indemnification. ~~have~~This ~~caused~~repurchase ~~management~~eliminates any risk to ~~conclude~~the Company arising from the indemnification ~~that,~~which ascould ofhave been material. During the years ended December 31, 2023 and 2022, ~~our~~the ~~disclosure~~Company ~~controls~~recorded ~~and~~stock-based ~~procedures,~~compensation ~~and~~of ~~our~~$0 for ~~internal~~the ~~control~~fair ~~over~~value ~~financial~~for ~~reporting~~these shares, ~~were~~which have not ~~effective at~~yet been issued as of the ~~reasonable~~issuance ~~assurance~~date ~~level:~~of the attached consolidated financial statements.

	1.	We do not have sufficient segregation of duties within accounting functions.
	2.	We have not been timely in our financial reporting functions. Management has not developed and effectively communicated its accounting policies and procedures. This has resulted in inconsistent practices with regards to complex debt and equity transactions.

~~The~~Critical ~~Company~~Accounting ~~has designed and instituted policies and procedures to eliminate and/or mitigate the foregoing.~~Estimates

AsImpairment ~~a result~~ of the material weaknesses identified above, our internal control over financial reporting was not effective as of December 31, 2022. The Company has initiated a plan to address the above weakness. While segregation of duties is very difficult in a small company, the Company intends to utilize thirdLong-~~party~~Lived ~~consultants to ensure effective financial reporting and disclosures are met.~~Assets

ToThe ~~address~~Company ~~the~~reviews ~~material~~long-lived ~~weakness~~assets ~~identified,~~whenever ~~management~~events ~~performed~~or ~~additional~~changes ~~analyses~~in ~~and~~circumstances ~~other~~indicate ~~procedures~~that tothe ~~ensure~~carrying ~~that~~value ~~the~~of ~~consolidated financial~~an ~~statements~~asset ~~included~~may ~~herein~~not ~~fairly~~be recoverable. ~~present,~~The inrecoverability ~~all~~of ~~material~~long-lived ~~respects,~~assets ~~our~~is ~~financial~~measured ~~position,~~by ~~results~~comparing the carrying amount of ~~operations~~the ~~and~~assets ~~cash~~to the estimated undiscounted future cash flows ~~for~~projected ~~the~~to ~~periods~~be ~~presented~~generated by the assets. ~~Accordingly,~~If wesuch ~~believe~~assets ~~that~~are considered impaired, the ~~financial~~impairment ~~statements~~to ~~included~~be inrecognized ~~this~~is measured ~~report~~by ~~fairly~~the ~~present,~~amount inthe ~~all material~~carrying ~~respects,~~value ~~our~~exceeds ~~financial~~the ~~condition,~~fair ~~results~~value of ~~operations~~such ~~and~~assets ~~cash~~determined ~~flows~~by ~~for~~appraisal, ~~the~~discounted ~~periods~~cash ~~presented~~flow projections, or other means.

This Annual Report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only Management’s report in this annual report.19

~~Changes~~ITEM in7A. ~~Internal~~QUANTITATIVE ~~Control~~AND ~~Over~~QUALITATIVE ~~Financial~~DISCLOSURES ~~Reporting~~ABOUT MARKET RISK

NoDisclosure ~~change~~under inthis ~~our~~item ~~internal control over financial reporting occurred during the fourth quarter of the year ending December 31, 2022 that has materially affected, or~~ is ~~reasonably~~not ~~likely~~required tofor ~~materially~~smaller ~~affect, our internal control over financial~~ reporting companies.

ITEM 9B8. ~~OTHER~~FINANCIAL ~~INFORMATION~~STATEMENTS AND SUPPLEMENTARY DATA

~~None~~The consolidated financial statements for the years ended December 31, 2023 and 2022 are attached to this report as Exhibit 99.1.

20ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

~~Part III~~None.

ITEM 109A. ~~DIRECTORS,~~CONTROLS ~~EXECUTIVE OFFICERS~~ AND ~~CORPORATE GOVERNANCE~~PROCEDURES

~~Officers~~Disclosure ofControls ~~the Company are appointed annually by the Board of Directors to hold office until an officer’s successor has been duly appointed~~ and qualified, unless an officer dies, resigns, is replaced, or is removed by the Board of Directors. Directors are elected to serve until the next Annual Meeting of Stockholders and until their successors are elected and qualified. A majority of directors constitutes a quorum of the Board of Directors for the transaction of business. The directors must be present at a meeting, in person or telephonically, to constitute a quorum. Any action required or permitted to be taken by the Board of Directors individually or collectively may be taken without a meeting if all members of the Board of Directors consent, in writing, to the action.Procedures

Officers and Directors	Age	Position(s)
Deborah A. Vitale	72	Director, President, Secretary, Treasurer and Chief Financial Officer
Martin Blount	60	Director
Benjamin J. Harrell	69	Director, Vice-President
Gregory A. Harrison	78	Chairman of the Board of Diamondhead Casino Corporation, Vice-President
Robert S. Crow III	67	Director
Daniel G. Burstyn	38	Director

In connection with the preparation of this Annual Report on Form 10-K, our management, with the participation of the Chief Executive Officer/Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2023. Disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are controls and other procedures that are designed to ensure that the information that we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC Rules and Forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer/Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on the results of this evaluation, the Chief Executive Officer/Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of December 31, 2023. See below for management’s report.

~~Background of Current Executive Officer and Directors~~20

~~Deborah~~Management’s A.Report ~~Vitale~~on ~~has~~Internal ~~served~~Control asOver ~~President, Chief Executive Officer and Treasurer of the Company since February 1998, as Chief~~ Financial Officer of the Company since September 2011, and as Chairman of the Board of the Company from March 1995 through March 31, 2014. Ms. Vitale served as Secretary of the Company from November 1994 until July 2002, and as Interim Secretary from January 11, 2012 until appointed Secretary again on January 29, 2015. As President and CEO, Ms. Vitale was responsible for all phases of the day-to-day operations of four casino ships sailing out of three Florida ports into international waters and for the management and supervision of approximately 400 casino, marine and land-based employees. She has been a Director of the Company since December 1992. On February 14, 1997, Ms. Vitale was appointed Chairman of the Board of Directors of Casino World, Inc. and Chairman of the Board of Directors of Mississippi Gaming Corporation, each a subsidiary of the Company. On September 2, 1997, Ms. Vitale was appointed President of Casino World, Inc. and Mississippi Gaming Corporation. On March 31, 2014, Ms. Vitale stepped down as Chairman of the Board of the Company and as President and CEO of Casino World, Inc. On June 16, 2015, Ms. Vitale was again appointed Chairman of the Board and President of Casino World, Inc. Ms. Vitale is a trial attorney by background with over thirty-five years of experience handling complex civil litigation. Ms. Vitale is licensed to practice law in Washington, D.C., Maryland, and Virginia. The Board believes Ms. Vitale is qualified to serve as a Director due to her experience as President and Chief Executive Officer of the Company, her management experience in operating ship-based casinos, her knowledge of and participation in all aspects of the Diamondhead Project, and her extensive legal background and experience.Reporting

21The management, under the supervision of our Chief Executive Officer/Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Generally Accepted Accounting Principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with existing policies or procedures may deteriorate.

~~Martin~~The C.Chief ~~Blount~~Executive ~~has~~Officer/Chief ~~served~~Financial asOfficer aconducted, ~~Director~~under of the ~~Company~~supervision ~~since~~of ~~June~~our 9,principal ~~2010.~~executive ~~Since~~officer ~~approximately~~and ~~1986~~principal financial officer, ~~Mr.~~an ~~Blount~~evaluation ~~has~~of ~~been~~the aeffectiveness ~~stockbroker and~~of aour ~~registered~~internal ~~investment~~control ~~banking~~over ~~representative.~~financial ~~Since~~reporting ~~approximately~~based ~~April~~on ofthe ~~2013,~~framework ~~Mr.~~in ~~Blount~~Internal ~~has~~Control – ~~also~~Integrated ~~served~~Framework as(2013) aissued ~~licensed~~by ~~structured settlement~~the ~~agent~~Committee ~~for~~of ~~various~~Sponsoring ~~parties.~~Organizations ~~Mr.~~of ~~Blount~~the ~~also~~Treadway ~~represents~~Commission, ~~professional~~commonly ~~athletes~~referred to ~~and~~as isthe a“COSO” ~~certified~~criteria. ~~Major~~Based ~~League~~on ~~Baseball~~this ~~agent. Mr.~~evaluation, ~~Blount~~the isChief aExecutive ~~graduate~~Officer/Chief ofFinancial ~~West~~Officer ~~Virginia~~concluded ~~Wesleyan~~that ~~College~~material weaknesses ~~and~~over ~~holds~~financial areporting ~~B.A.~~existed ~~degree~~as inof ~~Sociology~~December 31, 2023. ~~The~~Management ~~Board~~identified ~~believes~~the ~~Mr.~~following ~~Blount~~two ismaterial ~~qualified~~weaknesses that have caused management to ~~serve~~conclude that, as aof ~~director~~December ~~due~~31, to2023, ~~his~~our ~~prior~~disclosure ~~experience~~controls asand aprocedures, ~~Director~~and ofour ~~the~~internal ~~Company~~control ~~and~~over financial ~~his~~reporting, ~~experience~~were innot ~~the~~effective ~~securities~~at ~~and~~the ~~financial~~reasonable ~~industry.~~assurance level:

Benjamin J. Harrell has served as a Director of the Company since July 18, 2002. On June 16, 2015, Mr. Harrell was appointed a Vice President of the Company. Mr. Harrell was the founder and served as President and CEO of Pete Fountain Productions, Inc. from 1979 until it was acquired in 1999 by Production Group International, Inc. (“PGI”), a global event communications company, which was subsequently acquired by TBA Global Events, LLC in 2005. Mr. Harrell managed the acquiring company’s business in the New Orleans area. Mr. Harrell currently serves as Vice President of Support Services, MC&A, Inc., a corporate event and travel company which specializes in event solutions, corporate meetings, incentive programs and sporting events. He also served as Vice President of Pete Fountain Entertainment, LLC, which until March 2003 operated one of the largest jazz clubs in New Orleans. From 1975 to 2016, Mr. Harrell served as personal manager for the internationally noted jazz artist, Pete Fountain. Mr. Harrell handled all aspects of Mr. Fountain’s career, including promotion, concerts, personal appearances and commercial endorsements. From 1985 through 2003, Mr. Harrell served as President of Crescent Sound & Light, Inc, a professional sound, lighting, video and staging company for the convention and entertainment industry. Mr. Harrell served as a Director of the New Orleans Metropolitan Convention and Visitors Bureau from 1997 through 1999. On January 15, 2004, Mr. Harrell was elected to the Board of Directors of Mississippi Gaming Corporation, a wholly owned subsidiary of the Company. The Board believes Mr. Harrell is qualified to serve as a Director due to his prior experience as a Director of the Company and his extensive knowledge of, familiarity with, and active participation in all aspects of the Diamondhead Project, including Gaming Site Approval.

	1.	We do not have sufficient segregation of duties within accounting functions.
	2.	We have not been timely in our financial reporting functions. Management has not developed and effectively communicated its accounting policies and procedures. This has resulted in inconsistent practices with regards to complex accounting transactions.

~~Gregory~~The ~~A. Harrison, Ph.D., P.E. has served as a Director of the~~ Company since February 20, 1998. On June 16, 2015, Dr. Harrison was appointed Chairman of the Board of the Company. Dr. Harrison was appointed Vice-President of the Company on July 18, 2002. Mr. Harrison served as Secretary of the Company from July 25, 2002 until January 2012. Dr. Harrison is a consulting forensic engineer with over fifty years of diversified fire protection/safety/project engineering experience with NASA, DOD, NBS, NRC, ARAMCO, and Tenera, L.P. Dr. Harrison is a professional engineer licensed in six states and, effective August 27, 2004, became a Professional Engineer licensed to practice in the state of Mississippi. Dr. Harrison is an expert with respect to the concept of Highly Protective Risk (HPR), Factory Mutual Engineering standards of care and HPR insurance principles and is intimately familiar with Factory Mutual Global Insurance construction requirements. Dr. Harrison has ~~qualified~~designed ~~as an expert witness in various courts in fourteen states~~ and ~~the~~instituted ~~District~~policies of Columbia. Dr. Harrison received a B.S. degree in Fire Protection Engineering from the University of Maryland, an M.S. degree in Civil Engineering from the University of Maryland, an M.S. degree in Engineering Administration from George Washington University and aprocedures Ph.D. in Safety Engineering from Kennedy-Western University. Dr. Harrison has held a top secret security clearance with the U.S. Department of Energy, the U.S. Nuclear Regulatory Commission, and the Department of Defense. Dr. Harrison has served on the Board of Directors of Data Measurement Corporation and was an Advisory Board member of United Bank and First Patriot National Bank. The Board believes Mr. Harrison is qualified to ~~serve~~eliminate ~~as a Director due to his prior experience as a director on other Boards, due to his prior experience as a Director~~ and/or ~~Vice-President~~mitigate of the ~~Company when it was an operating casino entity, and due to his background and experience in construction management, structural engineering, environmental engineering, fire protection and life safety~~foregoing.

~~Robert~~As ~~S. Crow, III has served as~~ a ~~Director~~result of the ~~Company~~material ~~since~~weaknesses ~~April~~identified 20above, ~~2015.~~our ~~Mr.~~internal ~~Crow~~control isover afinancial ~~licensed~~reporting ~~real~~was ~~estate~~not ~~agent~~effective ~~with~~as ~~extensive experience~~of ~~in contract negotiations involving real estate and mortgage banking~~December 31, ~~having closed on approximately five hundred homes~~2023. ~~Mr. Crow~~The ~~also~~Company has ~~experience~~initiated ina ~~land~~plan ~~development,~~to ~~home~~address ~~renovations,~~the ~~and~~above ~~real estate marketing~~weakness. ~~Since~~While ~~approximately~~segregation ~~1976, Mr. Crow’s sales have placed him in the top 1%~~ of ~~real~~duties ~~estate~~is ~~agents~~very indifficult ~~the United States. Since 1991, Mr. Crow has worked as an independent contractor for RE/MAX Realty Group located~~ in Gaithersburg, Maryland. Mr. Crow has been involved in various City projects and several zoning related matters and has served on the Executive Committee of his neighborhood Citizen’s Association. Mr. Crow has been a ~~shareholder of~~small ~~the~~company ~~Company~~with ~~for~~only ~~over~~one ~~fifteen years~~employee, ~~is intimately familiar with~~ the Company, ~~its~~intends ~~history, its former operations, and the history of the Diamondhead Property, which he has inspected. The Board believes Mr. Crow is qualified~~ to ~~serve~~utilize asthird-party aconsultants ~~Director due~~ to ~~his~~ensure ~~extensive~~effective ~~experience in~~financial ~~contract~~reporting ~~negotiations~~ and ~~real~~disclosures ~~estate~~are met.

22To address the material weakness identified, management performed additional analyses and other procedures to ensure that the consolidated financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

~~Daniel~~This G.Annual ~~Burstyn~~Report ~~was~~does ~~appointed~~not toinclude ~~the~~an ~~Board~~attestation report of ~~Directors~~the ~~May~~Company’s 1,independent ~~2018.~~registered ~~Mr.~~public ~~Burstyn~~accounting isfirm aregarding ~~technology-focused entrepreneur. Mr. Burstyn has~~internal ~~developed~~control ~~his~~over ~~own~~financial ~~proprietary applications as a programmer and develops web, mobile, and cryptocurrency and/or blockchain solutions for entrepreneurs and various corporations and other entities~~reporting. ~~From~~Management’s ~~approximately~~report ~~October~~was ofnot ~~2010~~subject to ~~approximately~~attestation ~~July of 2012, Mr. Burstyn co-created an online aggregate shopping cart platform which was built, but never launched~~ by ~~Stashr,~~the anCompany’s ~~entity~~independent ~~he co-founded. From approximately~~registered ~~October~~public ofaccounting ~~2012~~firm topursuant ~~February of 2014, Mr. Burstyn founded and co-developed SpaceMatch, LLC, which sought~~ to ~~develop~~rules ~~an online commercial real estate marketplace. From approximately March~~ of ~~2014 to December of 2015, Mr. Burstyn acted as Chief Operating Officer of Neuromore, LLC, a signal-processing software company where he planned and directed global business strategy and~~ the ~~implementation~~Securities ~~of cloud-based SaaS revenue channels with biosensor manufacturers, research institutions~~ and ~~other~~Exchange ~~customers.~~Commission ~~Since approximately October of 2016, Mr. Burstyn has co-owned and operated CliqFix, LLC, a business~~ that ~~develops~~permit ~~web~~the ~~and~~Company ~~mobile~~to ~~applications~~provide asonly ~~well as cutting-edge cryptocurrency,~~Management’s ~~cryptoasset,~~report and blockchain solutions. Since January of 2018, Mr. Burstyn has owned and operated Live Rigs, LLC, a business that builds machines for the purpose of mining cryptocurrencies. Mr. Burstyn received a B.S. degree in ~~commerce~~this inannual ~~2010 from the University of Virginia, McIntire School of Commerce where he concentrated on marketing and finance~~report.

~~Committees~~Changes ofin ~~the~~Internal ~~Board~~Control ofOver ~~Directors~~Financial Reporting

~~The~~No ~~Securities~~change ~~and~~in ~~Exchange~~our ~~Commission~~internal ~~has~~control ~~adopted~~over ~~rules~~financial toreporting ~~implement~~occurred ~~certain~~during ~~requirements of~~ the ~~Sarbanes-Oxley~~fourth ~~Act~~quarter of ~~2002 pertaining to public company audit committees. One of~~ the ~~rules~~year ~~requires~~ending aDecember company to disclose whether it has an “audit committee financial expert” serving on its audit committee. Based on its review of the criteria of an audit committee financial expert under the rule adopted by the SEC31, ~~the~~2023 ~~Board of Directors does not believe~~ that ~~any member of the Board of Directors would be described as an audit committee financial~~ ~~expert.~~has Atmaterially ~~this time~~affected, ~~the~~or ~~Board of Directors acts collectively as the Audit Committee and such efforts are coordinated by Director Martin Blount, who, by virtue of the fact that he~~ is ~~not~~reasonably anlikely ~~officer~~to ormaterially ~~employee of the Company~~affect, isour ~~considered~~internal ancontrol ~~independent~~over ~~Director~~financial reporting.

~~The~~ITEM ~~Compensation Committee is composed of two Directors: Robert S~~9B. ~~Crow~~OTHER ~~II and Martin C. Blount. The Board of Directors has determined that all members of the Committee are independent Directors based on the general independence standards adopted by the Board.~~INFORMATION

~~The Compensation Committee has no written charter and convenes at regularly scheduled meetings of the Board of Directors~~None. The Compensation Committee advises and makes recommendations to the Board of Directors as to the compensation to be paid to Executive Officers of the Company. In addition, the Compensation Committee advises and makes recommendations to the Board of Directors as to options to purchase common stock, if any, to be awarded.

~~The Nominating~~ITEM ~~Committee is composed of two Directors: Martin C~~9C. ~~Blount~~DISCLOSURE ~~and~~REGARDING ~~Benjamin~~FOREIGN ~~J. Harrell. The Board of Directors has determined that~~JURISDICTIONS ~~Mr.~~THAT ~~Blount~~PREVENT is an independent Director based on the general independence standards adopted by the Board. Mr. Harrell does not meet the general independence standards as adopted by the Board of Directors and, therefore, serves in an ex-officio capacity.INSPECTIONS

~~The Committee considers and reviews, from time to time, the appropriate size and composition of the Board and anticipates future vacancies and needs of the Board~~None. In evaluating possible nominees, the Board considers, among other things, the background, experience, education and knowledge of a candidate, his familiarity with the gaming industry and related industries, his experience with publicly-traded entities, and his integrity and judgment. The Board considers the potential contribution a candidate will bring to the backgrounds, experience, and skills of the existing Board of Directors. The Board also considers a candidate’s ability to devote sufficient time and effort to his duties as a Director. After evaluation and review of candidates who meet the Board’s criteria, the Committee considers its then-current needs and selects the nominees that best suit those needs.

The Board will consider candidates recommended by stockholders, provided the names of such nominees, accompanied by relevant biographical information, are properly submitted, in writing, to the Secretary of the Company. The nominees will be submitted to the Board of Directors and receive the same consideration as those nominees identified by members of the Board of Directors.21

~~Code~~Part ~~of Ethics~~III

~~The~~ITEM Company adopted a Code of Ethics in 2004 that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions10. ~~A copy of the Code was attached as an exhibit in a prior year’s annual report. A copy of the Code of Ethics will be made available to any shareholder~~DIRECTORS, ~~free~~EXECUTIVE ofOFFICERS ~~charge,~~AND ~~upon~~CORPORATE ~~written request to the Company.~~GOVERNANCE

~~Section~~Officers ~~16(~~of the Company are appointed annually by the Board of Directors to hold office until an officer’s successor has been duly appointed and qualified, unless an officer dies, resigns, is replaced, or is removed by the Board of Directors. Directors are elected to serve until the next Annual Meeting of Stockholders and until their successors are elected and qualified. A majority of directors constitutes a) ~~Beneficial~~quorum ~~Ownership~~of ~~Reporting~~the ~~Compliance~~Board of Directors for the transaction of business. The directors must be present at a meeting, in person or telephonically, to constitute a quorum. Any action required or permitted to be taken by the Board of Directors individually or collectively may be taken without a meeting if all members of the Board of Directors consent, in writing, to the action.

Section 16(a) of the Securities Exchange Act of 1934 requires the Company’s directors and executive officers, and persons who own more than 10% of the Company’s outstanding Common Stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes in ownership of Common Stock. These persons are required by SEC regulations to furnish the Company with copies of all such reports they file.

Officers and Directors	Age	Position(s)
Deborah A. Vitale	73	Director, President, Secretary, Treasurer and Chief Financial Officer
Martin Blount	61	Director
Benjamin J. Harrell	70	Director, Vice-President
Gregory A. Harrison	79	Chairman of the Board of Diamondhead Casino Corporation, Vice-President
Robert S. Crow III	68	Director
Daniel G. Burstyn	39	Director

23Background of Current Executive Officer and Directors

~~ITEM~~Deborah A. Vitale has served as President, Chief Executive Officer and Treasurer of the Company since February 1998, as Chief Financial Officer of the Company since September 2011, and as Chairman of the Board of the Company from March 1995 through March 31, 2014. Ms. Vitale served as Secretary of the Company from November 1994 until July 2002, and as Interim Secretary from January 11, 2012 until appointed Secretary again on January 29, 2015. ~~EXECUTIVE~~As ~~COMPENSATION~~President and CEO, Ms. Vitale was responsible for all phases of the day-to-day operations of four casino ships sailing out of three Florida ports into international waters and for the management and supervision of approximately 400 casino, marine and land-based employees. She has been a Director of the Company since December 1992. On February 14, 1997, Ms. Vitale was appointed Chairman of the Board of Directors of Casino World, Inc. and Chairman of the Board of Directors of Mississippi Gaming Corporation, each a subsidiary of the Company. On September 2, 1997, Ms. Vitale was appointed President of Casino World, Inc. and Mississippi Gaming Corporation. On March 31, 2014, Ms. Vitale stepped down as Chairman of the Board of the Company and as President and CEO of Casino World, Inc. On June 16, 2015, Ms. Vitale was again appointed Chairman of the Board and President of Casino World, Inc. Ms. Vitale is a trial attorney by background with over thirty-five years of experience handling complex civil litigation. Ms. Vitale is licensed to practice law in Washington, D.C., Maryland, and Virginia. The Board believes Ms. Vitale is qualified to serve as a Director due to her experience as President and Chief Executive Officer of the Company, her management experience in operating ship-based casinos, her knowledge of and participation in all aspects of the Diamondhead Project, and her extensive legal background and experience.

~~Compensation Discussion and Analysis~~22

~~The~~Martin ~~Company~~C. ~~accrued~~Blount ~~salary~~has ~~payable~~served toas ~~only~~a ~~one~~Director ~~executive~~of inthe ~~2022~~Company since June 9, ~~the~~2010. ~~President~~Since approximately 1986, Mr. Blount has been a stockbroker and ~~CEO~~a registered investment banking representative. Since approximately April of 2013, ~~who~~Mr. Blount has also ~~serves~~served as a ~~Director,~~licensed ~~Chief~~structured settlement ~~Financial~~agent ~~Officer, Treasurer~~for various parties. Mr. Blount also represents professional athletes and ~~Secretary~~is a certified Major League Baseball agent. Mr. Blount is a graduate of ~~the~~West ~~Registrant~~Virginia Wesleyan College and ~~who~~holds ~~held~~a ~~various~~B.A. ~~positions~~degree in ~~the Registrant’s subsidiaries~~Sociology. The Board ofbelieves ~~Directors~~Mr. Blount is qualified ~~monitors~~to ~~and~~serve ~~approves~~as ~~compensation~~a ~~paid~~director due to ~~executives~~his prior experience as a Director of the Company and his experience in the securities and financial industry.

~~Executive~~Benjamin ~~Compensation~~J. Harrell has served as a Director of the Company since July 18, 2002. On June 16, 2015, Mr. Harrell was appointed a Vice President of the Company. Mr. Harrell was the founder and served as President and CEO of Pete Fountain Productions, Inc. from 1979 until it was acquired in 1999 by Production Group International, Inc. (“PGI”), a global event communications company, which was subsequently acquired by TBA Global Events, LLC in 2005. Mr. Harrell managed the acquiring company’s business in the New Orleans area. Mr. Harrell currently serves as Vice President of Support Services, MC&A, Inc., a corporate event and travel company which specializes in event solutions, corporate meetings, incentive programs and sporting events. He also served as Vice President of Pete Fountain Entertainment, LLC, which until March 2003 operated one of the largest jazz clubs in New Orleans. From 1975 to 2016, Mr. Harrell served as personal manager for the internationally noted jazz artist, Pete Fountain. Mr. Harrell handled all aspects of Mr. Fountain’s career, including promotion, concerts, personal appearances and commercial endorsements. From 1985 through 2003, Mr. Harrell served as President of Crescent Sound & Light, Inc, a professional sound, lighting, video and staging company for the convention and entertainment industry. Mr. Harrell served as a Director of the New Orleans Metropolitan Convention and Visitors Bureau from 1997 through 1999. On January 15, 2004, Mr. Harrell was elected to the Board of Directors of Mississippi Gaming Corporation, a wholly owned subsidiary of the Company. The Board believes Mr. Harrell is qualified to serve as a Director due to his prior experience as a Director of the Company and his extensive knowledge of, familiarity with, and active participation in all aspects of the Diamondhead Project, including Gaming Site Approval.

~~The~~Gregory ~~Board~~A. Harrison, Ph.D., P.E. has served as a Director of ~~Directors~~the ~~determined~~Company ~~Ms.~~since ~~Vitale’s~~February ~~base~~20, ~~salary~~1998. toOn beJune ~~$300~~16,~~000~~ ~~per~~2015, ~~annum~~Dr. ~~Ms.~~Harrison ~~Vitale’s~~was ~~base~~appointed Chairman ~~salary~~of ~~reflects~~the ~~her~~Board ~~contribution to~~of the Company. inDr. aHarrison ~~myriad~~was ofappointed ~~corporate~~Vice-President ~~roles~~of ~~and~~the ~~responsibilities.~~Company ~~The~~on ~~Board~~July ~~recognized~~18, ~~that~~2002. MsMr. ~~Vitale~~Harrison ~~manages~~served as Secretary of the Company~~’s business~~ ~~without~~from ~~the~~July ~~benefit~~25, of2002 ~~any~~until ~~administrative~~January ~~staff~~2012. ~~normally~~Dr. ~~associated~~Harrison is a consulting forensic engineer with ~~the~~over ~~management~~fifty years of adiversified ~~publicly~~fire ~~traded~~protection/safety/project ~~company~~engineering atexperience ~~significant savings~~with toNASA, ~~the~~DOD, ~~Company.~~NBS, ~~Since~~NRC, ~~mid-November~~ARAMCO, ofand ~~2009~~Tenera, ~~the~~L.P. ~~Company~~Dr. ~~has,~~Harrison is ~~from~~a ~~time~~professional toengineer ~~time~~licensed in six states and, ~~been~~effective ~~unable~~August to27, ~~pay~~2004, ~~Ms.~~became ~~Vitale~~a ~~the~~Professional ~~salary~~Engineer ~~due her~~licensed ~~because~~to ofpractice in athe ~~lack~~state of ~~funds~~Mississippi. AtDr. ~~December~~Harrison ~~31,~~is ~~2022,~~an ~~Ms.~~expert ~~Vitale~~with ~~was~~respect ~~entitled~~ to ~~cash~~the ~~compensation~~concept of $3Highly Protective Risk (HPR),~~366,996~~ ~~for~~Factory ~~services~~Mutual Engineering ~~rendered~~standards ~~from~~of ~~2010~~care ~~through~~and ~~2022,~~HPR ~~which~~insurance ~~has~~principles ~~accrued~~ and is ~~unpaid~~intimately atfamiliar ~~December~~with ~~31,~~Factory ~~2022~~Mutual Global Insurance construction requirements. Dr. InHarrison ~~addition,~~has onqualified ~~October~~as ~~12,~~an ~~2012,~~expert witness in various courts in fourteen states and the ~~Board~~District of ~~Directors~~ ~~approved~~Columbia. aDr. ~~motion~~Harrison toreceived a ~~pay~~B.S. ~~interest~~degree atin 9%Fire ~~per~~Protection ~~annum~~Engineering onfrom the ~~unpaid~~University ~~compensation~~of ~~due~~Maryland, Msan M.S. ~~Vitale~~degree ~~retroactive~~in toCivil Engineering from the ~~outstanding~~University ~~amounts~~of ~~due~~Maryland, ~~beginning~~an M.S. degree in ~~2010~~Engineering ~~through~~Administration ~~the~~from ~~date~~George ofWashington ~~actual~~University ~~payment~~and a Ph.D. ~~The~~in ~~following~~Safety ~~table~~Engineering ~~sets~~from ~~forth~~Kennedy-Western University. Dr. Harrison has held a top secret security clearance with the ~~amounts~~U.S. ~~due~~Department Msof Energy, the U.S. ~~Vitale~~Nuclear ~~for~~Regulatory ~~unpaid~~Commission, ~~salary~~and ~~for~~the ~~each~~Department of Defense. Dr. Harrison has served on the ~~years~~Board ~~2010~~of ~~through~~Directors ~~2022~~of Data Measurement Corporation and ~~the~~was ~~interest~~an ~~due~~Advisory Board ~~thereon~~member of United Bank and First Patriot National Bank. ~~None~~The Board believes Mr. Harrison is qualified to serve as a Director due to his prior experience as a director on other Boards, due to his prior experience as a Director and Vice-President of the ~~accrued~~Company ~~salary~~when it orwas ~~interest~~an ~~has~~operating ~~been~~casino ~~paid~~entity, and due to his background and experience in construction management, structural engineering, environmental ~~Ms.~~engineering, ~~Vitale~~fire toprotection ~~date~~and life safety.

	TOTAL		SALARY		SALARY		INTEREST
YEAR	SALARY		PAID		ACCRUED		EARNED
2010	$	300,000	$	161,538	$	138,462	$	3,221
2011		300,000		96,466		203,534		18,837
2012		300,000		None		300,000		43,462
2013		300,000		None		300,000		70,428
2014		300,000		150,000		150,000		91,739
2015		300,000		125,000		175,000		101,899
2016		300,000		None		300,000		126,463
2017		300,000		None		300,000		153,463
2018		300,000		None		300,000		180,463
2019		300,000		None		300,000		207,463
2020		300,000		None		300,000		234,457
2021		300,000		None		300,000		261,457
2022		300,000		None		300,000		288,457
	$	3,900,000	$	533,004	$	3,366,996	$	1,781,809

Robert S. Crow, III has served as a Director of the Company since April 20, 2015. Mr. Crow is a licensed real estate agent with extensive experience in contract negotiations involving real estate and mortgage banking, having closed on approximately five hundred homes. Mr. Crow also has experience in land development, home renovations, and real estate marketing. Since approximately 1976, Mr. Crow’s sales have placed him in the top 1% of real estate agents in the United States. Since 1991, Mr. Crow has worked as an independent contractor for RE/MAX Realty Group located in Gaithersburg, Maryland. Mr. Crow has been involved in various City projects and several zoning related matters and has served on the Executive Committee of his neighborhood Citizen’s Association. Mr. Crow has been a shareholder of the Company for over fifteen years, is intimately familiar with the Company, its history, its former operations, and the history of the Diamondhead Property, which he has inspected. The Board believes Mr. Crow is qualified to serve as a Director due to his extensive experience in contract negotiations and real estate.

2423

~~The~~Daniel ~~following~~G. ~~table~~Burstyn ~~provides~~was ~~information~~appointed ~~concerning~~to the ~~accrual~~Board of ~~salary~~Directors May 1, 2018. Mr. Burstyn is a technology-focused entrepreneur. Mr. Burstyn has developed his own proprietary applications as a programmer and develops web, mobile, and cryptocurrency and/or blockchain solutions for entrepreneurs and various corporations and other ~~compensation~~entities. From approximately October of ~~the~~2010 ~~President~~to approximately July of 2012, Mr. Burstyn co-created an online aggregate shopping cart platform which was built, but never launched by Stashr, an entity he co-founded. From approximately October of 2012 to February of 2014, Mr. Burstyn founded and co-developed SpaceMatch, LLC, which sought to develop an online commercial real estate marketplace. From approximately March of 2014 to December of 2015, Mr. Burstyn acted as Chief ~~Executive~~Operating Officer of Neuromore, LLC, a signal-processing software company where he planned and directed global business strategy and the implementation of cloud-based SaaS revenue channels with biosensor manufacturers, research institutions and other customers. Since approximately October of 2016, Mr. NoBurstyn ~~salary~~has ~~was~~co-owned ~~paid~~and tooperated ~~any~~CliqFix, ~~officer~~LLC, a business that develops web and mobile applications as well as cutting-edge cryptocurrency, cryptoasset, and blockchain solutions. Since January of 2018, Mr. Burstyn has owned and operated Live Rigs, LLC, a business that builds machines for the ~~Company~~purpose of mining cryptocurrencies. Mr. Burstyn received a B.S. degree in ~~2022~~commerce orin ~~2021~~2010 from the University of Virginia, McIntire School of Commerce where he concentrated on marketing and finance.

~~SUMMARY~~Committees ~~COMPENSATION~~of ~~TABLE~~the Board of Directors

Non-Equity

Nonqualified

(2)

Incentive

Deferred

All

Name and

(1)

Stock

Option

Plan

Compensation

Other

Occupation

Year

Salary

Bonus

Awards

Compensation

Earnings

Compensation

Total

Deborah A. Vitale

2022

300,000

None

303,457

603,457

President

2021

300,000

None

276,457

576,457

The Securities and Exchange Commission has adopted rules to implement certain requirements of the Sarbanes-Oxley Act of 2002 pertaining to public company audit committees. One of the rules requires a company to disclose whether it has an “audit committee financial expert” serving on its audit committee. Based on its review of the criteria of an audit committee financial expert under the rule adopted by the SEC, the Board of Directors does not believe that any member of the Board of Directors would be described as an audit committee financial expert. At this time, the Board of Directors acts collectively as the Audit Committee and such efforts are coordinated by Director Martin Blount, who, by virtue of the fact that he is not an officer or employee of the Company, is considered an independent Director.

(1)

In 2022 and 2021, none of Ms. Vitale’s salary compensation was paid to her and, therefore, the $300,000 of salary compensation owing to her for 2022 and 2021 will be paid to her when Company finances permit.

(2)

In 2022, Ms. Vitale earned an annual Director’s fee of $15,000. In addition, in 2022, Ms. Vitale earned interest in the amount of $288,457 on the portion of her unpaid salary for the years 2010 through 2022. In 2021, Ms. Vitale earned an annual Director’s fee of $15,000. In addition, in 2021, Ms. Vitale earned interest in the amount of $261,457 on the portion of her unpaid salary for the years 2011 through 2021.

The Compensation Committee is composed of two Directors: Robert S. Crow II and Martin C. Blount. The Board of Directors has determined that all members of the Committee are independent Directors based on the general independence standards adopted by the Board.

The ~~following~~Compensation ~~tables~~Committee ~~provide~~has ano ~~summary~~written charter and convenes at regularly scheduled meetings of the ~~outstanding~~Board ~~equity~~of ~~awards~~Directors. The Compensation Committee advises and makes recommendations to the Board of Directors as to the ~~President~~compensation atto ~~December~~be 31paid to Executive Officers of the Company. In addition, ~~2022~~the Compensation Committee advises and makes recommendations to the Board of Directors as to options to purchase common stock, if any, to be awarded.

~~SUMMARY~~The OFNominating ~~OUTSANDING~~Committee ~~EQUITY~~is ~~AWARDS~~composed ATof ~~FISCAL~~two ~~YEAR~~Directors: ~~END~~Martin C. Blount and Benjamin J. Harrell. The Board of Directors has determined that Mr. Blount is an independent Director based on the general independence standards adopted by the Board. Mr. Harrell does not meet the general independence standards as adopted by the Board of Directors and, therefore, serves in an ex-officio capacity.

~~Option~~The ~~Awards~~Committee considers and reviews, from time to time, the appropriate size and composition of the Board and anticipates future vacancies and needs of the Board. In evaluating possible nominees, the Board considers, among other things, the background, experience, education and knowledge of a candidate, his familiarity with the gaming industry and related industries, his experience with publicly-traded entities, and his integrity and judgment. The Board considers the potential contribution a candidate will bring to the backgrounds, experience, and skills of the existing Board of Directors. The Board also considers a candidate’s ability to devote sufficient time and effort to his duties as a Director. After evaluation and review of candidates who meet the Board’s criteria, the Committee considers its then-current needs and selects the nominees that best suit those needs.

Equity

Incentive

Plan

Awards

Number of

Securities

Underlying

Unexercised

Unexpired

Option

Options

Unexercised

Exercise

Expiration

Name

Exercisable

Unexercisable

Options

Price

Date

Deborah A. Vitale

2, 000,000

None

0.19

12/31/2023

750,000

None

0.30

12/31/2023

75,000

None

0.75

12/31/2023

140,000

None

0.46

12/31/2023

~~Stock~~Code ~~Awards~~of Ethics

~~Equity~~The Company ~~Incentive~~adopted ~~Incentive~~a ~~Plan~~Code ~~Awards~~of ~~Plan~~Ethics ~~Awards~~in ~~Market~~2004 orthat ~~Number~~applies ofto ~~Payout~~the ~~Value~~principal ~~Number~~executive ofofficer, ~~Market~~principal ~~Value~~financial ofofficer, ~~Unearned~~principal ofaccounting officer ~~Unearned~~or ~~Shares~~controller, or ~~Units~~persons ~~Shares~~performing orsimilar ~~Units~~functions. ~~Shares,~~A ~~Units~~copy orof ~~Shares,~~the ~~Units~~Code orwas Ofattached ~~Stock~~as ~~That~~an Ofexhibit ~~Stock~~in ~~That~~a ~~Other~~prior ~~Rights~~year’s annual ~~That~~report. ~~Other~~A ~~Rights~~copy ~~That~~of ~~Have~~the ~~Not~~Code ~~Have~~of ~~Not~~Ethics ~~Have~~will ~~Not~~be ~~Have~~made ~~Not~~available ~~Name~~to ~~Vested~~any ~~Vested~~shareholder, ~~Vested~~free ~~Vested~~of ~~Deborah~~charge, A.upon ~~Vitale~~written ~~None~~request ~~None~~to ~~None~~the ~~None~~Company.

25Section 16(a) Beneficial Ownership Reporting Compliance

~~Option~~Section 16(a) ~~Awards~~of ~~Stock~~the ~~Awards~~Securities ~~Number~~Exchange Act of ~~Number~~1934 requires the Company’s directors and executive officers, and persons who own more than 10% of ~~Shares~~the ~~Value~~Company’s ~~Shares~~outstanding ~~Value~~Common ~~Acquired~~Stock, ~~Realized~~to ~~Acquired~~file ~~Realized~~with Onthe OnSecurities Onand OnExchange ~~Name~~Commission ~~Exercise~~initial ~~Exercise~~reports ~~Vesting~~of ~~Vesting~~ownership and ~~Deborah~~reports Aof changes in ownership of Common Stock. ~~Vitale~~These ~~None~~persons ~~None~~are ~~None~~required ~~None~~by SEC regulations to furnish the Company with copies of all such reports they file.

The Company sponsors an employee stock ownership plan which is a tax deferred defined contribution pension plan formed in 1994. Ms. Vitale has been a plan participant since 1998. No contributions were made to Ms. Vitale’s participant account for the years ending December 31, 2022 or 2021.24

AtITEM ~~December 31, 2022, Ms~~11. ~~Vitale~~EXECUTIVE ~~was 100% vested in 447,272 shares of common stock which were contributed to the plan on her behalf in past years.~~COMPENSATION

~~Directors’~~ Compensation Discussion and Analysis

~~Effective~~The ~~January 1, 2013, the directors of the~~ Company ~~are~~accrued ~~entitled~~salary payable to beonly ~~compensated~~one atexecutive ain ~~rate of $15~~2023,~~000~~ ~~per annum. No director received directors’ fees in~~ the ~~years~~President ~~2022~~and orCEO, ~~2021.~~who ~~Each~~also ~~Director~~serves ~~is eligible for an annual payment in the amount of $15,000~~ as ~~long as they remain~~ a Director ~~through December 31 of the applicable year~~, ~~absent~~Chief ~~death~~Financial ~~or incapacitation. The annual payment to new directors will be prorated based~~Officer, ~~upon~~Treasurer ~~months~~and ~~served~~Secretary inof ~~their~~the ~~initial~~Registrant ~~year as a Director. Directors are reimbursed for certain approved expenses incurred in connection with Company business~~ and ~~for~~who ~~certain~~held ~~approved~~various ~~expenses~~positions ~~incurred~~ in ~~connection~~the ~~with~~Registrant’s ~~attendance~~subsidiaries. atThe ~~non-telephonic~~ Board, ~~committee,~~of orDirectors ~~other~~monitors ~~meetings.~~and ~~Directors~~approves ~~are~~compensation ~~from~~paid ~~time~~ to ~~time,~~executives ~~awarded non-qualified options to purchase common stock~~ of the Company.

~~The~~Executive ~~table below summarizes amounts accrued for Director~~ Compensation for the year ended December 31, 2022 for all directors other than the President, who is also a Director of the Company and whose compensation is itemized above. The Company did not have funds with which to pay any of the Directors the compensation earned.

~~DIRECTOR~~The ~~COMPENSATION~~Board of Directors determined Ms. Vitale’s base salary to be $300,000 per annum. Ms. Vitale’s base salary reflects her contribution to the Company in a myriad of corporate roles and responsibilities. The Board recognized that Ms. Vitale manages the Company’s business without the benefit of any administrative staff normally associated with the management of a publicly traded company at significant savings to the Company. Since mid-November of 2009, the Company has, from time to time, been unable to pay Ms. Vitale the salary due her because of a lack of funds. At December 31, 2023, Ms. Vitale was entitled to cash compensation of $3,666,996 for services rendered from 2010 through 2023, which has accrued and is unpaid at December 31, 2023. In addition, on October 12, 2012, the Board of Directors approved a motion to pay interest at 9% per annum on the unpaid compensation due Ms. Vitale retroactive to the outstanding amounts due beginning in 2010 through the date of actual payment. The following table sets forth the amounts due Ms. Vitale for unpaid salary for each of the years 2010 through 2023 and the interest due thereon. None of the accrued salary or interest has been paid to Ms. Vitale to date.

	Earned or					Non- Equity		Deferred
	TOTAL		SALARY			SALARY			INTEREST
	Paid in		Stock		Option	Incentive Plan		Compensation	All Other
YEAR	SALARY		PAID			ACCRUED			EARNED
	Cash		Awards		Awards	Compensation		Earnings	Compensation		Total
2010	$	300,000	$	161,538		$	138,462		$	3,221
Gregory A. Harrison	$	15,000	None		None	None		None	$	10,903	$	25,903
2011		300,000		96,466			203,534			18,837
Benjamin Harrell	$	15,000	None		None	None		None		None	$	15,000
2012		300,000		None			300,000			43,462
Martin Blount	$	15,000	None		None	None		None		None	$	15,000
2013		300,000		None			300,000			70,428
Robert Crow	$	15,000	None		None	None		None		None	$	15,000
2014		300,000		150,000			150,000			91,739
Daniel Burstyn	$	15,000	None		None	None		None		None	$	15,000
2015		300,000		125,000			175,000			101,899
2016		300,000		None			300,000			126,463
2017		300,000		None			300,000			153,463
2018		300,000		None			300,000			180,463
2019		300,000		None			300,000			207,463
2020		300,000		None			300,000			234,457
2021		300,000		None			300,000			261,457
2022		300,000		None			300,000			288,457
2023		300,000		None			300,000			315,457
	$	4,200,000	$	533,004		$	3,666,996		$	2,097,266

~~(1) Mr. Harrison earned $10,903 of interest in 2022 which accrued to his benefit for unpaid salary for the years 2010 and 2011. None of the above interest due was paid to Mr. Harrison in 2022.~~25

~~Other~~The ~~Compensation~~following ~~Arrangements~~table provides information concerning the accrual of salary and other compensation of the President and Chief Executive Officer. No salary was paid to any officer of the Company in 2023 or 2022.

~~Gregory~~SUMMARY A.COMPENSATION Harrison, the current Chairman of the Board of Directors and a Vice President of the Company, was a compensated employee of the Company until December 31, 2011. The Company owes Mr. Harrison unpaid salary of $121,140 for services rendered in years prior to 2012. On October 12, 2012, the Board of Directors approved a motion to pay interest at 9% per annum on the unpaid compensation due Mr. Harrison retroactive to the outstanding amounts due beginning in 2010 through the date of actual payment. Interest on the unpaid salary due to Mr. Harrison amounted to $10,903 in both 2022 and 2021. The total accrued interest through December 31, 2022 was $129,709. None of the interest due to Mr. Harrison has been paid to date.TABLE

Name and
Occupation

Year

(1)
Salary

Bonus

Stock
Awards

Option
Awards

Non-Equity

Incentive
Plan
Compensation

Nonqualified
Deferred
Compensation
Earnings

(2)
All Other
Compensation

Total

Deborah A. Vitale

2023

300,000

None

330,457

630,457

President

2022

300,000

None

303,457

603,457

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(1)	In 2023 and 2022, none of Ms. Vitale’s salary compensation was paid to her and, therefore, the $300,000 of salary compensation owing to her for 2023 and 2022 will be paid to her when Company finances permit.

(2)	In 2023, Ms. Vitale earned an annual Director’s fee of $15,000. In addition, in 2023, Ms. Vitale earned interest in the amount of $315,457 on the portion of her unpaid salary for the years 2010 through 2023. In 2022, Ms. Vitale earned an annual Director’s fee of $15,000. In addition, in 2022, Ms. Vitale earned interest in the amount of $288,457 on the portion of her unpaid salary for the years 2010 through 2022.

The following ~~table~~tables ~~sets~~provide ~~forth,~~a assummary of ~~March 29, 2023, to~~ the ~~Company’s knowledge, based on filings with the Securities & Exchange Commission by certain beneficial owners and/or information received by the Company, the beneficial ownership of the~~ outstanding ~~Voting Stock~~equity ~~held~~awards ~~by (i) each person or entity beneficially owning more than 5%~~ of the ~~shares~~President ofat ~~any~~December ~~class of Voting Stock~~31, ~~(ii) each director, nominee, and certain executive officers, individually, and (iii) all directors and executive officers as a group~~2023. ~~The Common Stock and the Voting Preferred Stock vote as a single class and each share thereof is entitled to one vote per share.~~

BENEFICIAL OWNER	AMOUNT OF BENEFICIAL OWNERSHIP		CLASS OF STOCK	PERCENT OF CLASS			PERCENT OF VOTING (1)
Europa Cruises Corporation Employee Stock Ownership Plan Trust Deborah A. Vitale, Trustee (2) 1013 Princess Street Alexandria, Virginia 22314		1,750,010	Common		4.48	%		4.29	%
Deborah A. Vitale (2)(3) Director, President, Secretary, Treasurer and Chief Financial Officer Chairman, President, Secretary and Treasurer of Casino World, Inc. Chairman, President, Secretary and Treasurer of Mississippi Gaming Corporation 1013 Princess Street Alexandria, Virginia 22314		5,929,282	Common		15.18	%		14.52	%
Gregory Harrison (4) Chairman and Vice President 16209 Kimberly Grove Gaithersburg, Maryland 20878		2,114,701	Common		5.42	%		5.18	%
Benjamin J. Harrell (5) Director and Vice President 162 Hesper Avenue Metairie, Louisiana 70005		835,025	Common		2.14	%		2.05	%
Martin Blount (6) Director 1320 Maryland Ave Washington, D.C. 20002		200,000	Common		0.51	%		0.49	%
Robert S. Crow III (7) Director 5910 Coral Sea Avenue Rockville, Maryland 20851		1,129,869	Common		2.89	%		2.77	%
Daniel G. Burstyn (8)(10) Director 2828 Lemmon Ave., Apt. 5103 Dallas, Texas 75204		40,000	Common		0.10	%		0.10	%
Serco International Financial Advisory and Management Services Limited (9)		901,831	Common		2.31	%		2.21	%
		900,000	Preferred S-NR		100.00	%
P.O. Box 52 A-1072 Vienna, Austria		926,000	Preferred S		100.00	%
Austroinvest International Limited (9)		901,831	Common		2.31	%		2.21	%
30, DeCastro Street,		900,000	Preferred S-NR		100.00	%
Road Town Tortola, British Virgin Islands		926,000	Preferred S		100.00	%
Serco America Corporation (9)		901,831	Common		2.31	%		2.21	%
4, George Street		900,000	Preferred S-NR		100.00	%
Mareva House P.O. Box N-3937 Nassau, Bahamas		926,000	Preferred S		100.00	%
Ernst G. Walter (9)		901,831	Common		2.31	%		2.21	%
P.O. Box 15		900,000	Preferred S-NR		100.00	%
1072 Vienna, Austria		926,000	Preferred S		100.00	%
College Health and Investment Ltd. (10) College Health and Investment LP (8) Samuel I. Burstyn, General Partner 701 Brickell Avenue, 24th Fl Miami, FL 33131		2,565,982	Common		6.57	%		6.28	%
All Directors & Executive Officers (6 Persons)			Common		26.24	%		25.10	%

SUMMARY OF OUTSANDING EQUITY AWARDS AT FISCAL YEAR END

~~(1) Common Stock, Series S-NR Preferred Stock and Series S Preferred Stock have been combined for the purpose of calculating voting percentages.~~Option Awards

Equity

Incentive

Plan

Awards

Number of

Securities

Underlying

Unexercised

Unexpired

Option

Options

Unexercised

Exercise

Expiration

Name

Exercisable

Unexercisable

Options

Price

Date

Deborah A. Vitale

2,000,000

None

0.19

12/31/2025

750,000

None

0.30

12/31/2025

75,000

None

0.75

12/31/2025

140,000

None

0.46

12/31/2025

(2)	The Europa Cruises Corporation Employee Stock Ownership Plan (“ESOP”) was established on August 18, 1994. The Trustee of the ESOP is Deborah A. Vitale. As of December 31, 2022 a total of 2,295,450 ESOP shares had been released for allocation to participants in the ESOP and an additional 954,540 shares had been forfeited by the Trust. The participants in the ESOP are entitled to direct the Trustee as to the manner in which the Company’s allocated shares are voted. The remaining 1,750,010 unallocated shares are voted by the Trustee. The Trustee is required to vote the unallocated ESOP shares in the best interests of the ESOP beneficiaries.
(3)	Includes 1,750,010 unallocated common shares of the ESOP Trust; 767,001 shares of Common Stock owned directly by Ms. Vitale; options to purchase 2,965,000 shares of Common Stock; and 447,272 shares of Common Stock, which represent shares of Common Stock held in Ms. Vitale’s fully vested ESOP participant account.
(4)	Includes 1,347,759 shares of Common Stock owned directly by Mr. Harrison; options to purchase 450,000 shares of Common Stock; 15,275 shares of Common Stock held in Mr. Harrison’s fully vested ESOP participation account; 35,000 shares of common stock to be issued to Mr. Harrison pursuant to an agreement to cancel an indemnification agreement and 100,000 shares of Common Stock to be issued in connection with notes payable issued in 2021. Pursuant to a Private Placement dated February 14, 2014, on March 31, 2014, Mr. Harrison purchased a Collateralized Convertible Senior Debenture convertible into 166,667 shares of Common Stock. The conditions required for conversion of this Debenture into Common Stock of the Company were never met. Assuming the conditions required for conversion are met in the future, Mr. Harrison’s Debenture would be converted into a total of 166,667 shares of Common Stock without any action on the part of Mr. Harrison, at which time his holdings, assuming no other changes occurred, would total 2,114,701.
(5)	Includes 400,025 shares of Common Stock owned directly by Mr. Harrell and options to purchase 435,000 shares of Common Stock.
(6)	Consists of options to purchase 200,000 shares of Common Stock.
(7)	Includes 1,029,869 shares of Common Stock owned directly by Mr. Crow and options to purchase 100,000 shares of Common Stock.
(8)	Consists of options to purchase 40,000 shares of Common Stock. Mr. Burstyn is the son of the General Partner of College Health & Investment LP, and College Health & Investment Ltd. See footnote 10 below.
(9)	Serco International Financial Advisory and Management Services Ltd., Austroinvest International Limited, and Serco America Corporation are affiliated entities. The Company is informed that Dr. Ernst Walter is the sole Director and President of each company. The total beneficial ownership of securities of the Company held by the foregoing includes: 901,831 shares of Common Stock owned by Serco International Financial Advisory and Management Services, Ltd.; 926,000 shares of Series S Preferred Stock owned by Austroinvest International Limited; and 900,000 shares of Series S-NR Preferred Stock owned by Serco America Corporation.
(10)	Includes 1,659,868 shares of Common Stock owned by College Health & Investment LP, 506,164 shares of Common Stock owned by College Health & Investment Ltd, 200,000 shares of Common Stock owned by Alana Burstyn, 199,950 shares of Common Stock owned by Sean Burstyn, c/o Burstyn. The foregoing persons and entities appear to share a common address, 701 Brickell Avenue, Miami, FL 33131. Samuel I. Burstyn is the General Partner of College Health & Investment LP, which the General Partner maintains, is also known as College Health & Investment, Ltd. Daniel G. Burstyn, a Director of the Company, is the son of Samuel I. Burstyn. Does not include 200,000 shares of Common Stock held by Shari Jakobowitz, Custodian FBO Ava Burstyn under the Florida Uniform Transfer Minor Act.

Stock Awards

28Name Number of Shares or Units Of Stock That Have Not Vested Market Value of Shares or Units Of Stock That Have Not Vested Equity Incentive Plan Awards Number of Unearned Shares, Units or Other Rights That Have Not Vested Incentive Plan Awards Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested Deborah A. Vitale None None None None

~~ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE~~26

~~Transactions with~~Option ~~Related~~Awards ~~Persons~~Stock Awards Number of Number of Shares Value Shares Value Acquired Realized Acquired Realized On On On On Name Exercise Exercise Vesting Vesting Deborah A. Vitale None None None None

OnThe ~~August 18, 1994, the~~ Company ~~(f/k/a~~sponsors Europa Cruises Corporation), established the Europa Cruises Corporation Employee Stock Ownership Plan (the “ESOP”). The ESOP, which is a qualified retirement plan under the provisions of Section 401(a) of the Internal Revenue Code and an employee stock ownership plan ~~within~~which ~~the~~is ~~meaning~~a oftax ~~Section~~deferred ~~4975(e)(7)~~defined ofcontribution ~~the~~pension ~~Internal~~plan ~~Revenue~~formed ~~Code, was established primarily to invest~~ in ~~stock~~1994. ~~of the Company~~Ms. ~~All~~Vitale has ~~employees~~been asa ofplan ~~December~~participant ~~31,~~since ~~1994,~~1998. ~~and~~No ~~subsequent~~contributions ~~new~~were ~~employees~~made ~~having completed 1,000 hours of service, are eligible~~ to ~~participate in the ESOP~~Ms. ~~The~~Vitale’s ~~Company~~participant ~~also~~account ~~established~~for ~~a trust called~~ the ~~Europa~~years ~~Cruises~~ending ~~Corporation~~December ~~Employee Stock Ownership Plan Trust Agreement~~31, to2023 ~~serve~~or ~~as the funding vehicle for the ESOP~~2022. ~~Deborah A. Vitale is the sole Trustee of the Trust.~~

AsAt of December 31, ~~2022 a total of 2~~2023,~~295,450~~ ~~shares~~Ms. ofVitale ~~Common~~was ~~Stock~~100% ~~had~~vested ~~been released for allocation to participants~~ in ~~the ESOP. An additional 954~~447,~~540~~272 shares ~~had~~of ~~been~~common ~~forfeited~~stock bywhich ~~the~~were ~~Trust.~~contributed ~~The Company made no contributions~~ to the ~~ESOP~~plan ~~Plan~~on ~~for~~her ~~the~~behalf ~~years ended December 31, 2011 through December 31, 2022. The participants~~ in ~~the ESOP are entitled to direct the Trustee as to the manner in which the Company’s~~past ~~allocated shares are voted~~years. ~~The remaining 1,750,010 unallocated shares are voted by the Trustee. The Trustee is required to vote the unallocated ESOP shares in the best interests of the ESOP beneficiaries.~~

On August 21, 1994, the Company loaned $4,275,000 to the ESOP in exchange for a ten-year promissory note bearing interest at eight percent per annum. On August 24, 1994, the ESOP purchased 2,880,000 shares of the CompanyDirectors’~~s Common Stock with the proceeds of the loan.~~ On August 25, 1994, the Company loaned an additional $3,180,000 to the ESOP in exchange for a ten year promissory note bearing interest at eight percent per annum. On August 26, 1994, the ESOP purchased an additional 2,120,000 shares of the Company’s Common Stock with the proceeds of the loan. The shares of Common Stock were pledged to the Company as security for the loans. The promissory notes will be repaid with the proceeds of annual contributions made by the Company to the ESOP. In April of 1995, the Company agreed to extend the maturity of the loans to twenty years. Effective for the Plan year beginning January 1, 2001, the Company amended the plan and related loans for the purpose of limiting excise tax liability for plan contributions in excess of IRS Code Section 415 limitations. To accomplish this, the Company agreed to extend the maturity of the loans to fifty years.Compensation

~~The~~Effective ~~Company~~January ~~leases~~1, a2013, ~~furnished~~the ~~and~~directors ~~equipped~~of ~~townhouse~~the ~~office~~Company ~~from~~are ~~its~~entitled ~~President~~to atbe ~~1013~~compensated ~~Princess~~at ~~Street,~~a inrate ~~Alexandria,~~of ~~Virginia 22314~~$15,000 ~~pursuant to~~per aannum. ~~Landlord/Tenant~~No ~~Month~~director toreceived ~~Month~~directors’ fees ~~Lease.~~in ~~The terms of~~ the ~~lease,~~years as2023 ~~adjusted~~or ~~for~~2022. ~~square~~Each ~~footage~~Director ~~and~~is ~~certain~~eligible ~~other~~for ~~applicable~~an ~~differences, were~~annual ~~based~~payment onin the ~~terms~~amount of ~~the~~$15,000 ~~last~~as ~~lease~~long ~~signed~~as bythey ~~the~~remain ~~Company~~a ~~with~~Director through anDecember ~~unrelated~~31 ~~third~~of ~~party~~the ~~for~~applicable ~~unfurnished~~year, ~~office~~absent ~~space~~death ~~leased~~or ~~in Largo, Florida~~incapacitation. The ~~lease~~annual ~~calls~~payment ~~for~~to ~~payment~~new bydirectors ~~the~~will ~~Company~~be ofprorated abased upon ~~base~~months ~~rent~~served in ~~the~~their ~~amount~~initial ofyear ~~$4,534~~as ~~per~~a ~~month,~~Director. orDirectors ~~$54,408~~are ~~per~~reimbursed ~~year,~~ for ~~approximately~~ ~~2,473~~certain ~~square~~approved ~~feet~~expenses ofincurred ~~commercial space,~~ in ~~addition~~connection with toCompany ~~any~~business and ~~all~~for certain approved expenses ~~relating~~incurred toin ~~the~~connection ~~property,~~with ~~including~~attendance ~~property taxes,~~at ~~property~~non-telephonic ~~insurance~~Board, ~~telephone~~committee, ~~electric,~~or other ~~water~~meetings. ~~and~~Directors ~~cable.~~are ~~The~~from ~~Company’s~~time ~~office~~to ~~and~~time, ~~all~~awarded ofnon-qualified ~~its~~options ~~active~~to ~~files~~purchase ~~are~~common ~~located~~stock ~~in this~~of ~~office~~the Company.

InThe ~~2022~~table ~~and~~below ~~2021,~~summarizes amounts accrued for Director Compensation for the ~~President~~year ~~received~~ended noDecember ~~payments~~31, 2023 for ~~base~~all ~~rent~~directors ~~and~~other than the President, ~~entire~~who ~~base~~is ~~rent~~also ~~due,~~a inDirector of the ~~amount~~Company ofand ~~$54,408~~whose ~~per~~compensation ~~year,~~is ~~was~~itemized above. The Company did not have funds with which ~~accrued~~to pay any of the Directors the compensation earned.

~~Rent~~DIRECTOR expense associated with this lease amounted to base rent in the amount of $54,408 and associated rental costs of $30,737 for a total of $85,145 for the year ended December 31, 2022 and base rent in the amount of $54,408 and associated rental costs of $27,808 for a total $82,216 for the year ended December 31, 2021.COMPENSATION

At December 31, 2022, the President is owed a total of $568,569 under the lease agreement.

Earned or Paid in Cash

Stock Awards

Option Awards

Non- Equity Incentive Plan Compensation

Deferred Compensation Earnings

All Other Compensation

Total

Gregory A. Harrison

15,000

None

10,903

(1)

25,903

Benjamin Harrell

15,000

None

15,000

Martin Blount

15,000

None

15,000

Robert Crow

15,000

None

15,000

Daniel Burstyn

15,000

None

15,000

29(1) Mr. Harrison earned $10,903 of interest in 2023 which accrued to his benefit for unpaid salary for the years 2010 and 2011. None of the above interest due was paid to Mr. Harrison in 2023.

~~The~~Other ~~President~~Compensation of the Company is owed deferred salary in the principal amount of $3,366,996 and the Vice President and current Chairman of the Board of the Company is owed deferred salary in the principal amount of $121,140 as of December 31, 2022. On October 12, 2012, the Board of Directors approved a motion to pay these individuals interest of 9% per annum on their deferred compensation retroactive to amounts due beginning in 2010 through the date of actual payment. Accrued interest on deferred salary for both individuals through December 31, 2022 and 2021 amounted to $1,911,518 and $1,612,158, respectively.Arrangements

~~Loans~~Gregory A. Harrison, the current Chairman of the Board of Directors and ~~Advances~~a ~~from~~Vice President of the ~~Chairman~~Company, was a compensated employee of the Company until December 31, 2011. The Company owes Mr. Harrison unpaid salary of $121,140 for services rendered in years prior to 2012. On October 12, 2012, the Board of Directors approved a motion to pay interest at 9% per annum on the unpaid compensation due Mr. Harrison retroactive to the outstanding amounts due beginning in 2010 through the date of actual payment. Interest on the unpaid salary due to Mr. Harrison amounted to $10,903 in both 2023 and 2022. The total accrued interest through December 31, 2023 was $140,612. None of the interest due to Mr. Harrison has been paid to date.

The Chairman of the Board of the Company is the Holder of a Tranche I Debenture issued by the Company in 2014 in the principal amount of $50,000. The Chairman is one of the secured parties under a Land Deed of Trust recorded on September 26, 2014 in Hancock County, Mississippi, to secure Tranche I and Tranche II Debentures issued by the Company in 2014. Under paragraph 5 of the Land Deed of Trust, a secured party who advances sums for taxes due on the Property is secured by the same Land Deed of Trust, but only at that interest rate specified in the note representing the primary indebtedness, namely 4% per annum.27

InITEM 2016, the Company received cash advances totaling $47,500 from seven lenders which included $17,500 from two current Directors of the Company (Harrison and Vitale). The proceeds from the cash advances were earmarked for the payment of accounting and auditing fees and other expenses required to file the Company’s Form 10-Q. On August 25, 2016, the Company issued a Note to the foregoing lenders which matures four years from the date of issuance and bears interest at 8% per annum, with a full year of interest accruing in any year in which the advance remains unpaid. Accrued interest due on the above notes amounted to $14,200 and $12~~,000 at December 31, 2022 and 2021, respectively~~. ~~These~~SECURITY ~~amounts~~OWNERSHIP ~~are~~OF ~~included~~CERTAIN inBENEFICIAL ~~current~~OWNERS ~~liabilities~~AND onMANAGEMENT ~~the consolidated~~AND ~~balance~~RELATED ~~sheets~~STOCKHOLDER ~~as of December 31, 2022 and 2021. This note is secured by a second lien on the Diamondhead Property.~~MATTERS

InThe ~~August~~following ~~2016,~~table ~~the~~sets ~~Chairman~~forth, ofas ~~the Board~~ of ~~Directors~~March of29, ~~the~~2024, ~~Company~~to ~~also loaned~~ the Company’s ~~$90~~knowledge,~~000.~~ Onbased ~~August~~on ~~25,~~filings ~~2016,~~with the ~~Company~~Securities ~~issued~~& Exchange aCommission ~~Note~~by tocertain ~~the~~beneficial ~~Chairman.~~owners ~~The~~and/or ~~Note~~information ~~bears~~received ~~interest~~by atthe ~~14%~~Company, ~~per~~the ~~annum~~beneficial ~~effective~~ownership ~~August~~of 1,the ~~2016~~outstanding ~~and~~Voting Stock ~~matures~~held ~~four~~by ~~years~~(i) ~~from~~each ~~the~~person ~~date~~or ofentity ~~issuance. This~~beneficially ~~note~~owning ismore ~~also~~than ~~secured~~5% byof the ~~second~~shares ~~lien~~of onany ~~the~~class ~~Diamondhead~~of ~~Property.~~Voting ~~The~~Stock, ~~proceeds~~(ii) ofeach ~~the~~director, nominee, ~~loan~~and ~~were~~certain ~~used~~executive ~~for~~officers, ~~the~~individually, ~~payment~~and of(iii) ~~Mississippi property~~all ~~taxes~~directors and ~~auditing,~~executive ~~accounting~~officers ~~and~~as ~~other~~a ~~corporate expenses~~group. ~~Accrued~~The ~~interest~~Common ~~due~~Stock on and the ~~above~~Voting ~~note~~Preferred ~~amounted~~Stock tovote ~~$80,882~~as a single class and ~~$68,262~~each atshare ~~December~~thereof ~~31,~~is ~~2022~~entitled ~~and~~to ~~2021,~~one ~~respectively~~vote per share.

In July 2017, the Chairman of the Board of Directors of the Company paid all property taxes due, together with all interest due thereon, to Hancock County, Mississippi on the approximate 400-acre tract of land, owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company. The total amount advanced was $67,628.

BENEFICIAL OWNER	AMOUNT OF BENEFICIAL OWNERSHIP		CLASS OF STOCK	PERCENT OF CLASS			PERCENT OF VOTING (1)
Europa Cruises Corporation Employee Stock Ownership Plan Trust Deborah A. Vitale, Trustee (2) 1013 Princess Street Alexandria, Virginia 22314		1,670,465	Common		4.28	%		4.10	%

Deborah A. Vitale (2)(3) Director, President, Secretary, Treasurer and Chief Financial Officer Chairman, President, Secretary and Treasurer of Casino World, Inc. Chairman, President, Secretary and Treasurer of Mississippi Gaming Corporation 1013 Princess Street Alexandria, Virginia 22314		5,849,797	Common		14.98	%		14.33	%

Gregory Harrison (4) Chairman and Vice President 16209 Kimberly Grove Gaithersburg, Maryland 20878		2,314,701	Common		5.93	%		5.67	%

Benjamin J. Harrell (5) Director and Vice President 162 Hesper Avenue Metairie, Louisiana 70005		835,025	Common		2.14	%		2.05	%

Martin Blount (6) Director 1320 Maryland Ave Washington, D.C. 20002		200,000	Common		0.51	%		0.49	%

Robert S. Crow III (7) Director 5910 Coral Sea Avenue Rockville, Maryland 20851		1,129,869	Common		2.89	%		2.77	%

Daniel G. Burstyn (8)(10) Director 2828 Lemmon Ave., Apt. 5103 Dallas, Texas 75204		40,000	Common		0.10	%		0.10	%

Serco International Financial Advisory and Management Services Limited (9)		901,831	Common		2.31	%		2.21	%
		900,000	Preferred S-NR		100.00	%
P.O. Box 52 A-1072 Vienna, Austria		926,000	Preferred S		100.00	%

Austroinvest International Limited (9)		901,831	Common		2.31	%		2.21	%
30, DeCastro Street,		900,000	Preferred S-NR		100.00	%
Road Town Tortola, British Virgin Islands		926,000	Preferred S		100.00	%

Serco America Corporation (9)		901,831	Common		2.31	%		2.21	%
4, George Street		900,000	Preferred S-NR		100.00	%
Mareva House P.O. Box N-3937 Nassau, Bahamas		926,000	Preferred S		100.00	%

Ernst G. Walter (9)		901,831	Common		2.31	%		2.21	%
P.O. Box 15		900,000	Preferred S-NR		100.00	%
1072 Vienna, Austria		926,000	Preferred S		100.00	%

College Health and Investment Ltd. (10) College Health and Investment LP (8) Samuel I. Burstyn, General Partner 701 Brickell Avenue, 24th Fl Miami, FL 33131		2,565,982	Common		6.57	%		6.28	%

All Directors & Executive Officers (6 Persons)			Common		26.75	%		25.10	%

~~The Chairman advanced the $67,628 on condition that:~~ (i1) ~~the~~Common ~~advance constitute a lien with interest at 4% per annum under that Land Deed of Trust recorded September 26~~Stock, ~~2014;~~Series ~~(ii)~~S-NR hePreferred beStock ~~paid additional interest of 11% per annum on the amount advanced~~ and ~~owing~~Series ~~and~~S ~~that the~~Preferred ~~full~~Stock ~~11%~~have ~~interest~~been ~~per~~combined annum is payable during any calendar year in which all or part of the amount advanced and owing or interest due thereon remains unpaid; (iii) this additional interest obligation be treated as a separate and secured debt of the Company, to be evidenced by a separate note and is secured with a separate and third lien to be placed on the Property (hereafter “the Third Lien”); (iv) the entire obligation will be treated as an advance to be paid out of any subsequent incoming financing obtained by the Company or any amounts recovered by the Company from a defendant in that collection action brought by the Company in the Circuit Court of Montgomery County, Maryland; and (v) he be indemnified for ~~any losses sustained on~~ the ~~sale~~purpose of ~~that~~calculating ~~common~~voting ~~stock sold to cover the payment of real estate property taxes and any credit card fees associated with payment~~percentages. The Chairman has identified the common stock to be sold and will provide the Company with the documentation required to document the sale of said stock and to calculate the future loss, if any, on said stock. The fair value measurement of the derivative indemnification liability at December 31, 2022 and 2021 was developed using Level 1 inputs, which was valued at $0. On February 4, 2022, the Board of Directors entered into an agreement with the Chairman to issue 35,000 shares of common stock of the Company to the Chairman to repurchase the indemnification. On September 30, 2018, Mississippi Gaming Corporation issued a secured promissory note, due one year from the date of issue, to the Chairman for an amount up to $100,000 to cover the principal and interest due with respect to this note. On August 21, 2018, Mississippi Gaming Corporation placed a third lien on the Property to secure this obligation for $100,000. Accrued interest on the note amounted to $59,360 and $49,194 at December 31, 2022 and 2021, respectively.

3028

In March 2018, the Board of Directors voted to increase up to an additional $200,000 the amount secured by the third lien in favor of the Chairman of the Board, for amounts advanced by the Chairman on behalf of the Company, on the following terms and conditions, namely, that (is) the advance constitutes a lien on the Property with interest at 15% per annum; (ii) that the full interest of 15% per annum is payable during any calendar year in which all or part of the amount advanced is due and owing or interest due thereon remains unpaid; (iii) that this debt be evidenced by a separate promissory note and is to be included in and secured with a third lien that is to be placed on the Diamondhead Property to secure previous advances made to the Company (hereafter “the Third Lien”); (iv) that he be indemnified for any losses sustained on the sale of his common stock in an unrelated publicly-traded company to be sold to cover this advance based on a sales price of approximately $2.80 per share with a cap on the maximum loss per share to be at a sales price of $10.00 per share; and (v) that the Chairman’s previous indemnification approved by the Board of Directors on July 24, 2017 with respect to any loss on the sale of the same stock also be capped at a maximum of $10.00 per share. The Chairman will provide the Company with the documentation required to document the sale of said stock and to calculate the losses on said stock for all amounts loaned to the Company from the sale of said stock. On June 30, 2018, Mississippi Gaming Corporation issued a secured promissory note, due one year from the date of issue to the Chairman, for an amount up to $200,000 to cover the principal and interest due with respect to this note. On August 21, 2018, Mississippi Gaming Corporation placed a third lien on the Diamondhead Property to secure this obligation for $200,000.

(2)	The Europa Cruises Corporation Employee Stock Ownership Plan (“ESOP”) was established on August 18, 1994. The Trustee of the ESOP is Deborah A. Vitale. As of December 31, 2023 a total of 2,295,450 ESOP shares had been released for allocation to participants in the ESOP and an additional 1,034,085 shares had been forfeited by the Trust. The participants in the ESOP are entitled to direct the Trustee as to the manner in which the Company’s allocated shares are voted. The remaining 1,670,465 unallocated shares are voted by the Trustee. The Trustee is required to vote the unallocated ESOP shares in the best interests of the ESOP beneficiaries.

(3)	Includes 1,670,465 unallocated common shares of the ESOP Trust; 767,001 shares of Common Stock owned directly by Ms. Vitale; options to purchase 2,965,000 shares of Common Stock; and 447,272 shares of Common Stock, which represent shares of Common Stock held in Ms. Vitale’s fully vested ESOP participant account.

(4)	Includes 1,347,759 shares of Common Stock owned directly by Mr. Harrison; options to purchase 450,000 shares of Common Stock; 15,275 shares of Common Stock held in Mr. Harrison’s fully vested ESOP participation account; 35,000 shares of common stock to be issued to Mr. Harrison pursuant to an agreement to cancel an indemnification agreement, 100,000 shares of Common Stock to be issued in connection with notes payable issued in 2021 and 200,000 shares of Common Stock to be issued in connection with notes payable issued in 2023. Pursuant to a Private Placement dated February 14, 2014, on March 31, 2014, Mr. Harrison purchased a Collateralized Convertible Senior Debenture convertible into 166,667 shares of Common Stock. The conditions required for conversion of this Debenture into Common Stock of the Company were never met. Assuming the conditions required for conversion are met in the future, Mr. Harrison’s Debenture would be converted into a total of 166,667 shares of Common Stock without any action on the part of Mr. Harrison, at which time his holdings, assuming no other changes occurred, would total 2,314,701.

(5)	Includes 400,025 shares of Common Stock owned directly by Mr. Harrell and options to purchase 435,000 shares of Common Stock.

(6)	Consists of options to purchase 200,000 shares of Common Stock.

(7)	Includes 1,029,869 shares of Common Stock owned directly by Mr. Crow and options to purchase 100,000 shares of Common Stock.

(8)	Consists of options to purchase 40,000 shares of Common Stock. Mr. Burstyn is the son of the General Partner of College Health & Investment LP, and College Health & Investment Ltd. See footnote 10 below.

(9)	Serco International Financial Advisory and Management Services Ltd., Austroinvest International Limited, and Serco America Corporation are affiliated entities. The Company is informed that Dr. Ernst Walter is the sole Director and President of each company. The total beneficial ownership of securities of the Company held by the foregoing includes: 901,831 shares of Common Stock owned by Serco International Financial Advisory and Management Services, Ltd.; 926,000 shares of Series S Preferred Stock owned by Austroinvest International Limited; and 900,000 shares of Series S-NR Preferred Stock owned by Serco America Corporation.

(10)	Includes 1,659,868 shares of Common Stock owned by College Health & Investment LP, 506,164 shares of Common Stock owned by College Health & Investment Ltd, 200,000 shares of Common Stock owned by Alana Burstyn, 199,950 shares of Common Stock owned by Sean Burstyn, c/o Burstyn. The foregoing persons and entities appear to share a common address, 701 Brickell Avenue, Miami, FL 33131. Samuel I. Burstyn is the General Partner of College Health & Investment LP, which the General Partner maintains, is also known as College Health & Investment, Ltd. Daniel G. Burstyn, a Director of the Company, is the son of Samuel I. Burstyn. Does not include 200,000 shares of Common Stock held by Shari Jakobowitz, Custodian FBO Ava Burstyn under the Florida Uniform Transfer Minor Act.

In November 2018, the Board of Directors voted to increase up to an additional $100,000 of advances from the Chairman and in March of 2019, the Board of Directors voted to increase the limit of the advances to $200,000. The terms of this advance are identical to the terms as approved above in March 2018.29

InITEM July 2020, the Chairman of the Board of Directors of the Company paid a total of $67,076 for property taxes due for the year 2019 on the Company’s 400-acre Diamondhead, Mississippi Property, plus $1,573 in related fees13. InCERTAIN ~~July~~RELATIONSHIPS ~~2021,~~AND aRELATED ~~fourteenth~~PARTY ~~lien~~TRANSACTIONS ~~was~~AND ~~placed on~~DIRECTOR ~~the Property to secure a promissory note in the amount of $150,000 issued to the Chairman to secure the payment of these taxes and fees and interest due thereon.~~INDEPENDENCE

InTransactions ~~May~~with ~~2021,~~Related the Chairman of the Board of Directors of the Company paid a total of $62,610 for property taxes due for the year 2020 on the Company’s 400-acre Diamondhead, Mississippi Property, plus $1,468 in related fees. In July 2021, a fifteenth lien was placed on the Property to secure a promissory note in the amount of $100,000 issued to the Chairman to secure the payment of these taxes and fees and interest due thereon.Persons

InOn ~~May~~August of18, ~~2021~~1994, the ~~Chairman of the Board of Directors of the~~ Company ~~loaned~~(f/k/a ~~the~~Europa ~~Company~~Cruises ~~$50~~Corporation),~~000~~ onestablished the ~~same~~Europa ~~terms~~Cruises ~~and~~Corporation ~~conditions~~Employee asStock ~~loans~~Ownership ~~made~~Plan by(the ~~certain unrelated third parties in 2020 and 2021~~“ESOP”). InThe ~~July 2021~~ESOP, awhich ~~sixteenth~~is ~~lien was placed on the Property to secure~~ a ~~non-interest bearing~~qualified ~~promissory~~retirement ~~note~~plan ~~issued~~under to the ~~Chairman~~provisions toof ~~secure~~Section ~~the~~401(a) ~~payment~~ of ~~this~~the ~~loan,~~Internal Revenue ~~which~~Code ~~totals~~and ~~$50,000~~an inemployee ~~principal~~stock ~~and~~ownership ~~calls~~plan ~~for~~within the ~~issuance~~ ofmeaning ~~100,000 shares~~ of ~~common~~Section ~~stock.~~4975(e)(7) ~~The note is not convertible. As~~ of the ~~issuance~~Internal ~~date~~Revenue ~~of these financial statements~~Code, nowas ~~shares~~established ~~have~~primarily ~~been~~to ~~issued.~~invest ~~The~~in ~~Company~~stock ~~recorded~~of anthe ~~initial~~Company. ~~fair~~All ~~value~~employees as of ~~the~~December ~~stock~~31, ~~of $33~~1994,~~500,~~ ~~which~~and ~~was~~subsequent ~~determined~~new byemployees ~~the~~having ~~fair~~completed ~~value~~1,000 hours of ~~the~~service, ~~Company’s common~~are ~~stock~~eligible atto ~~the~~participate ~~date~~in of the ~~loan~~ESOP. The ~~fair~~Company ~~value~~also ofestablished ~~the stock was recorded as~~ a ~~debt~~trust ~~discount,~~called ~~which~~the ~~will~~Europa beCruises ~~amortized to interest~~Corporation ~~expense~~Employee ~~over~~Stock ~~the~~Ownership ~~life~~Plan ofTrust ~~the note. During the year ended December 31~~Agreement, ~~2021,~~to ~~$19,916~~serve ofas the ~~debt~~funding ~~discount~~vehicle ~~was~~for ~~amortized~~the toESOP. ~~interest~~Deborah ~~expense~~A. ~~During~~ ~~the~~Vitale ~~year~~is ~~ended December 31, 2022,~~ the ~~remaining~~sole ~~$13,584~~Trustee of the ~~debt discount was amortized to interest expense~~Trust.

AtAs of December 31, ~~2022~~2023 a total of 2,295,450 ~~the~~shares ~~Chairman~~of Common Stock had ~~advanced~~been areleased ~~total~~for ofallocation ~~$467~~to participants in the ESOP. An additional 1,~~953~~034,085 ~~net~~shares ofhad ~~repayment~~been offorfeited ~~$16~~by the Trust. The Company made no contributions to the ESOP Plan for the years ended December 31,~~250~~ 2011 through December 31, ~~under~~2023. ~~both~~The participants in the ~~March~~ESOP ~~2018~~are ~~and~~entitled ~~March~~to ~~2019 arrangements~~direct ~~and~~the ~~was~~Trustee ~~owed~~as ~~accrued~~to ~~interest~~the manner in which the ~~amount~~Company’s allocated ofshares ~~and~~are ~~$279,754~~voted. ~~and~~The ~~$210~~remaining 1,~~094~~670,465 atunallocated ~~December~~shares ~~31,~~are ~~2022~~voted ~~and~~by ~~2021,~~the ~~respectively~~Trustee. The Trustee is required to vote the unallocated ESOP shares in the best interests of the ESOP beneficiaries.

31On August 21, 1994, the Company loaned $4,275,000 to the ESOP in exchange for a ten-year promissory note bearing interest at eight percent per annum. On August 24, 1994, the ESOP purchased 2,880,000 shares of the Company’s Common Stock with the proceeds of the loan. On August 25, 1994, the Company loaned an additional $3,180,000 to the ESOP in exchange for a ten year promissory note bearing interest at eight percent per annum. On August 26, 1994, the ESOP purchased an additional 2,120,000 shares of the Company’s Common Stock with the proceeds of the loan. The shares of Common Stock were pledged to the Company as security for the loans. The promissory notes will be repaid with the proceeds of annual contributions made by the Company to the ESOP. In April of 1995, the Company agreed to extend the maturity of the loans to twenty years. Effective for the Plan year beginning January 1, 2001, the Company amended the plan and related loans for the purpose of limiting excise tax liability for plan contributions in excess of IRS Code Section 415 limitations. To accomplish this, the Company agreed to extend the maturity of the loans to fifty years.

~~Loans~~The Company leases a furnished and ~~Advances~~equipped townhouse office from ~~the~~its President at 1013 Princess Street, in Alexandria, Virginia 22314, pursuant to a Landlord/Tenant Month to Month Lease. The terms of the lease, as adjusted for square footage and certain other applicable differences, were based on the terms of the last lease signed by the Company with an unrelated third party for unfurnished office space leased in Largo, Florida. The lease calls for payment by the Company of a base rent in the amount of $4,534 per month, or $54,408 per year, for approximately 2,473 square feet of commercial space, in addition to any and all expenses relating to the property, including property taxes, property insurance, telephone, electric, water and cable. The Company’s office and all of its active files are located in this office.

OnIn ~~July 24~~2023, ~~2017,~~ the President ofreceived ~~the Company~~$54,408 ~~who~~for isbase arent ~~Director~~due ~~of the Company, agreed to advance the Company up to $20,000~~ for the ~~payment of~~year ~~expenses~~2023. In ~~March of 2018~~2022, the ~~Board of Directors voted to increase to up to $100,000 the amount to be secured by a third lien in favor of the~~ President ofreceived ~~the~~no ~~Company~~payments for ~~amounts~~base ~~advanced by the President under this note, on the following terms and conditions, namely,~~rent ~~that (i) she be paid interest of 15% per annum on the amount advanced~~ and ~~owing and that~~ the ~~full~~entire ~~15%~~base ~~interest~~rent ~~per annum is payable during any calendar year in which all or part of the amount advanced and owing or interest~~ due ~~thereon remains unpaid; (ii) the obligation in the maximum principal amount of $100~~,~~000~~ with interest due thereon be treated as a secured debt of the Company, to be evidenced by a separate note and to be secured with a separate lien to be placed on the Diamondhead Property (“the Third Lien”) together with the Chairman’s Third Lien, as well as a first lien to be placed on the residential lot owned by the Company; (iii) that the Third Lien on the Diamondhead Property also include the two loans ($25,000 and $15,000) and interest due thereon and credit facilities in the ~~maximum~~ amount of $1554,000; and (iv) that the foregoing will be treated as advances to be paid out of any subsequent incoming financing obtained by the Company or any amounts recovered by the Company from a defendant in that collection action brought by the Company in the Circuit Court of Montgomery County408, ~~Maryland~~was accrued.

AsRent ofexpense ~~December~~associated ~~31,~~with ~~2022,~~this ~~the~~lease ~~President~~amounted ~~had~~to ~~advanced~~base arent ~~total~~in ofthe ~~$23,620,~~amount ~~net~~ of ~~repayments of~~ $4954,~~949, under~~409 ~~this~~and ~~agreement.~~associated ~~The~~rental ~~President~~costs ~~previously~~of ~~agreed to secure a~~ $2533,~~000~~689 ~~loan~~for ~~and~~a ~~interest due thereon and to secure and guarantee~~total aof $1588,~~000~~098 ~~loan and interest due thereon due non-related parties discussed above. The President is also personally liable~~ for ~~certain bank-issued credit cards used by~~ the ~~Company~~year toended ~~pay~~December ~~expenses~~31, ~~incurred~~2023 byand ~~the~~base ~~Company~~rent in the ~~approximate~~ amount of $1854,~~000.~~408 Onand ~~September 30,~~associated ~~2018,~~rental ~~Mississippi~~costs ~~Gaming Corporation issued a secured promissory note, due one year from date~~ of ~~issue~~$30,737 ~~to the President~~ for ana ~~amount~~total ~~up to~~ $~~100~~85,~~000~~145 tofor ~~cover~~ the ~~principal~~year ~~and~~ended interest due with respect to this note. On August 21, 2018, Mississippi gaming Corporation placed a third lien on the Diamondhead Property to secure this obligation for $100,000. Accrued interest due on this note amounted to $41,409 and $33,946 at December 31, 2022 ~~and 2021, respectively~~.

~~The~~As ~~third~~of ~~lien~~December ~~placed~~31, on2023 ~~the~~and ~~Diamondhead Property~~2022, ~~which secures~~ the ~~above~~President ~~three promissory notes, totals up to $400,000 and~~ is ~~payable~~owed ~~to the~~a ~~Chairman~~total of ~~the Board (~~$~~300~~602,~~000)~~259 and ~~President (~~$~~100~~568,~~000)~~569, ofrespectively, under the ~~Company~~lease agreement.

In January 2021, a fourth lien in the amount of $2,000,000 was placed on the Diamondhead Property to secure a non-interest-bearing note payable in the amount of $2,000,000, issued in November 2020 to secure amounts owed to the President of the Company for accrued, but unpaid, salary, rent and other expenses.30

InThe ~~February~~President ~~2021,~~of athe ~~fifth~~Company ~~lien~~is owed deferred salary in the principal amount of $~~658~~3,~~750~~666,996 ~~was~~and ~~placed~~the onVice President and current Chairman of the ~~Diamondhead~~Board ~~Property~~of tothe ~~secure~~Company ais ~~non-interest-bearing~~owed ~~note~~deferred ~~payable~~ salary in the principal amount of $~~658~~121,~~750~~140 as of December 31, ~~issued~~2023. inOn ~~November~~October ~~2020~~12, 2012, the Board of Directors approved a motion to ~~secure~~pay ~~amounts~~these ~~owed~~individuals interest of 9% per annum on their deferred compensation retroactive to amounts ~~nine~~due ~~directors,~~beginning ~~including~~in 2010 through the ~~Company’s~~date ~~six~~of ~~current~~actual payment. Accrued interest on deferred salary for both individuals through December ~~directors~~31, 2023 and 2022 amounted to $2,237,878 and $1,911,518, respectively.

~~The~~Loans ~~principal~~and ~~balance~~Advances offrom the ~~notes~~Chairman ~~payable~~of ~~due to~~ the ~~officers~~Board ~~and directors discussed above was $720,651, net~~ of ~~debt discount of $0 and $722,172, net of debt discount of $13,583, as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, $686,605 and $636,605, respectively was past due.~~Directors

The Chairman of the Board of the Company’s ~~policies~~is the Holder of a Tranche I Debenture issued by the Company in 2014 in the principle amount of $50,000. The Chairman is one of the secured parties under a Land Deed of Trust recorded on September 26, 2014 in Hancock County, Mississippi, to secure Tranche I and ~~procedures~~Tranche ~~require~~II ~~Board~~Debentures issued by the Company in 2014. Under paragraph 5 of ~~Director~~the ~~approval~~Land Deed of ~~any~~Trust, ~~related~~a secured party who ~~transaction~~advances sums for taxes due on the Property is secured by the same Land Deed of Trust, but only at that ~~involves~~interest anrate ~~Officer~~specified in orthe ~~Director~~note ofrepresenting the ~~Company~~primary orindebtedness, ~~any~~namely of4% ~~its~~per ~~subsidiaries~~annum.

~~Director~~In ~~Independence~~2016, the Company received cash advances totaling $47,500 from seven lenders which included $25,000 from two current Directors of the Company. The proceeds from the cash advances were earmarked for the payment of accounting and auditing fees and other expenses required to file the Company’s Form 10-Q. On August 25, 2016, the Company issued a Note to the foregoing lenders which matured four years from the date of issuance and bears interest at 8% per annum, with a full year of interest accruing in any year in which the advance remains unpaid. Accrued interest due on the above notes amounted to $16,000 and $14,000 at December 31, 2023 and 2022, respectively. These amounts are included in current liabilities on the consolidated balance sheets as of December 31, 2023 and 2022. This note is secured by a second lien on the Diamondhead Property.

~~The~~In ~~Company~~August ~~has~~2016, nothe ~~written~~Chairman ~~independence~~of ~~standards~~the itBoard ~~follows~~of inDirectors ~~making~~of athe ~~determination~~Company asalso toloaned ~~Director~~the ~~independence~~Company $90,000. ~~However~~On August 25, in2016, ~~evaluating~~ the ~~independence~~Company ofissued a ~~its~~Note ~~members,~~to the ~~Company’s~~Chairman. ~~management~~The ~~determined~~Note ~~that~~bears ~~Mr.~~interest ~~Blount,~~at ~~Mr.~~14% ~~Crow~~per annum effective August 1, 2016 and ~~Mr.~~matured ~~Burstyn~~four ~~are~~years ~~independent~~from the date of issuance. ~~directors~~This note is also secured by ~~virtue~~the ofsecond lien on the ~~fact~~Diamondhead ~~that~~Property. ~~they~~The ~~are~~proceeds ~~not~~of ~~officers~~the orloan ~~employees~~were used for the payment of Mississippi property taxes and auditing, accounting and other corporate expenses. Accrued interest due on the ~~Company~~above note amounted to $93,482 and $80,882 at December 31, 2023 and 2022, respectively.

~~ITEM~~In 14July 2017, at the request of the Company, the current Chairman of the Board of Directors, who is also a Vice President of the Company (“the Chairman”), paid all property taxes due, together with all interest due thereon, to Hancock County, Mississippi on the approximate 400-acre tract of land, owned by Mississippi Gaming Corporation, a wholly-owned subsidiary of the Company. ~~PRINCIPAL~~The ~~ACCOUNTING~~total amount ~~FEES~~advanced ~~AND~~was ~~SERVICES~~$67,628.

The ~~table~~Chairman ~~below~~is ~~depicts~~one of the ~~fees~~secured ~~billed~~parties under that Land Deed of Trust recorded on September 26, 2014 in Hancock County, Mississippi, to secure ~~Diamondhead~~Tranche ~~Casino~~I ~~Corporation~~and Tranche II Debentures issued by the Company’s ~~independent~~in ~~auditors~~2014. inUnder ~~each~~paragraph 5 of the ~~last~~Land ~~two~~Deed ~~years:~~of Trust, a secured party who advances sums for taxes due on the Property is secured by the same Land Deed of Trust, but only at that interest rate specified in the note representing the primary indebtedness, namely 4% per annum.

Description of Services	2022		2021
Audit Fees	$	68,425	$	172,500
Audit-Related Fees				-
Tax Fees				-
All Other Fees				-
Total Fees Paid	$	68,425	$	172,500

The Chairman advanced the $67,628 on condition that: (i) the advance constitute a lien with interest at 4% per annum under that Land Deed of Trust recorded September 26, 2014; (ii) he be paid additional interest of 11% per annum on the amount advanced and owing and that the full 11% interest per annum is payable during any calendar year in which all or part of the amount advanced and owing or interest due thereon remains unpaid; (iii) this additional interest obligation be treated as a separate and secured debt of the Company, to be evidenced by a separate note and is secured with a separate and third lien to be placed on the Property (hereafter “the Third Lien”); (iv) the entire obligation will be treated as an advance to be paid out of any subsequent incoming financing obtained by the Company or any amounts recovered by the Company from a defendant in that collection action brought by the Company in the Circuit Court of Montgomery County, Maryland; and (v) he be indemnified for any losses sustained on the sale of that common stock sold to cover the payment of real estate property taxes and any credit card fees associated with payment. The Chairman identified the common stock to be sold and provided the Company with the documentation required to document the sale of said stock and to calculate the future loss, if any, on said stock. The fair value measurement of the derivative indemnification liability at December 31, 2023 and 2022 was developed using Level 1 inputs, which was valued at $0. On February 4, 2022, the Board of Directors entered into an agreement with the Chairman to issue 35,000 shares of common stock of the Company to the Chairman to repurchase the indemnification. On September 30, 2018, Mississippi Gaming Corporation issued a secured promissory note, due one year from the date of issue, to the Chairman for an amount up to $100,000 to cover the principle and interest due with respect to this note. On August 21, 2018, Mississippi Gaming Corporation placed a third lien on the Property to secure this obligation for $100,000. Accrued interest on the note amounted to $69,527 and $59,360 at December 31, 2023 and 2022, respectively.

The Board of Directors, acting collectively as the audit committee, assures that the Company complies with SEC rules to maintain auditor independence as set forth in Rule 2-01(c)(7)(i) of Regulation S-X. The services above were approved, in advance, by the Board of Directors.31

~~ITEM~~In March 2018, the Board of Directors voted to increase up to an additional $200,000 the amount secured by the third lien in favor of the Chairman of the Board, for amounts advanced by the Chairman on behalf of the Company, on the following terms and conditions, namely, that (is) the advance constitutes a lien on the Property with interest at 15% per annum; (ii) that the full interest of 15% per annum is payable during any calendar year in which all or part of the amount advanced is due and owing or interest due thereon remains unpaid; (iii) that this debt be evidenced by a separate promissory note and is to be included in and secured with a third lien that is to be placed on the Diamondhead Property to secure previous advances made to the Company (hereafter “the Third Lien”); (iv) that he be indemnified for any losses sustained on the sale of his common stock in an unrelated publicly-traded company to be sold to cover this advance based on a sales price of approximately $2.80 ~~EXHIBITS~~per share with a cap on the maximum loss per share to be at a sales price of $10.00 per share; and (v) that the Chairman’s previous indemnification approved by the Board of Directors on July 24, ~~FINANCIAL~~2017 ~~STATEMENT~~with respect ~~SCHEDULES~~to any loss on the sale of the same stock also be capped at a maximum of $10.00 per share. The Chairman provided the Company with the documentation required to document the sale of said stock and to calculate the loss, if any, on said stock. On February 4, 2022, the Board of Directors entered into an agreement with the Chairman to issue 35,000 shares of common stock of the Company to the Chairman to repurchase the indemnification.

~~Subsidiaries~~On September 30, 2018, Mississippi Gaming Corporation issued a secured promissory note, due one year from the date of issue to the ~~Registrant:~~Chairman, for an amount up to $200,000 to cover the principle and interest due with respect to this note. On August 21, 2018, Mississippi Gaming Corporation placed a third lien on the Diamondhead Property to secure this obligation for $200,000.

~~Mississippi~~In ~~Gaming~~November ~~Corporation~~2018, ~~(Delaware)~~the Board of Directors voted to increase up to an additional $100,000 of advances from the Chairman and in March of 2019, the Board of Directors voted to increase the limit of the advances to $200,000. The terms of this advance are identical to the terms as approved above in March 2018.

~~Casino~~In ~~World~~July 2020, ~~Inc~~the Chairman of the Board of Directors of the Company paid a total of $67,076 for property taxes due for the year 2019 on the Company’s approximate 400-acre Diamondhead, Mississippi Property, plus $1,573 in related fees. ~~(Delaware)~~In July 2021, a fourteenth lien was placed on the Property to secure a promissory note in the amount of $150,000 issued to the Chairman to secure the payment of these taxes and fees and interest due thereon.

~~Europasky~~In ~~Corporation~~May ~~(Delaware)~~2021, the Chairman of the Board of the Company paid a total of $62,610 for property taxes due for the year 2020 on the Company’s approximate 400-acre Diamondhead, Mississippi Property plus $1,468 in related fees. The Company placed a fifteenth lien on the Property in July 2021 to secure a promissory note in the amount of $100,000 issued to the Chairman of the Board of the Company to secure the payment of these taxes and interest due thereon. On May 30, 2021, the Chairman of the Board of Directors of the Company loaned the Company $50,000. On May 30, 2021, the Company issued a note to the Chairman in the principle amount of $50,000. The note is non-interest bearing, matures one year from the date of issuance and calls for the issuance of 100,000 shares of common stock. In July 2021, the Company placed a sixteenth lien on the Property to secure this note. The note is not convertible. As of the issuance date of these financial statements, no shares have been issued. The Company recorded a fair value of the stock of $33,500, which was determined by the fair value of the Company’s common stock at the date of the loan. The fair value of the stock was recorded as a debt discount, which will be amortized to interest expense over the life of the note. Debt discount was fully amortized during 2022.

~~Exhibits~~On February 17, 2023, the Board of Directors agreed to issue a non-interest bearing promissory note to the Chairman in the principle amount of $25,000 together with 50,000 shares of common stock of the Company. The note was issued in return for the Chairman advancing funds to pay off accounts payable on behalf of the Company. The note is not convertible. As of the issuance date of these financial statements, no shares have been issued. The Company recorded a fair value of the stock of $17,500, which was determined by the fair value of the Company’s common stock at the date of the loan. The fair value of the stock was recorded as a debt discount, which will be amortized to interest expense over the life of the note. During the year ended December 31, 2023, $17,096 of debt discount was amortized to interest expense to related parties. On November 1, ~~and~~2023, 31as previously agreed, the Company paid the Chairman the $25,000 advanced from the proceeds of the eminent domain settlement.2

~~Attached~~On July 28, 2023, the Board of Directors agreed to ~~this~~issue ~~report~~a isnon-interest bearing promissory note to the ~~certification~~Chairman ofin the ~~Chief~~principle ~~Executive~~amount of ~~Officer/Chief~~$75,000 ~~Financial~~together ~~Officer~~with 150,000 shares of common stock of the Company. ~~pursuant~~The note was issued in return for the Chairman advancing funds to ~~Rule~~pay ~~13A–14~~off property taxes due for the year 2022 on the Diamondhead, Mississippi Property and fees due to the Company’s outside auditor for review of Form 10-Q for the ~~Securities~~period ~~and~~ending ~~Exchange~~June ~~Act~~30, 2023 The note is not convertible. As of the issuance date of these financial statements, no shares have been issued. The Company recorded a fair value of the stock of $52,500, which was determined by the fair value of the Company’s common stock at the date of the loan. The fair value of the stock was recorded as ~~adopted~~a ~~pursuant~~debt discount, which will be amortized to ~~Section~~interest ~~302~~expense over the life of the ~~Sarbanes-Oxley~~note. ~~Act~~During the year ended December 31, 2023, $22,644 of debt discount was amortized to interest expense to related parties. On November 1, 2023, as previously agreed, the Company paid the Chairman the $74,520 advanced from the proceeds of the eminent domain settlement.

~~Exhibits~~As ~~32.1~~of December 31, 2023, the Chairman had advanced a total of $467,953, net of repayment of $16,250, under both the March 2018 and 32March 2019 arrangements and was owed accrued interest in the amount of $349,415 and $279,754 at December 31, 2023 and 2022, respectively.2

Attached to this report is the certification of the Chief Executive Officer/Chief Financial Officer of the Company as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32

32Loans and Advances from the President

~~Other~~On July ~~Exhibits~~24, 2017, the President of the Company, who is a Director of the Company, agreed to advance the Company up to $20,000 for the payment of expenses. In March of 2018, the Board of Directors voted to increase to up to $100,000 the amount to be secured by a third lien in favor of the President of the Company for amounts advanced by the President under this note, on the following terms and conditions, namely, that (i) she be paid interest of 15% per annum on the amount advanced and owing and that the full 15% interest per annum is payable during any calendar year in which all or part of the amount advanced and owing or interest due thereon remains unpaid; (ii) the obligation in the maximum principal amount of $100,000 with interest due thereon be treated as a secured debt of the Company, to be evidenced by a separate note and to be secured with a separate lien to be placed on the Diamondhead Property (“the Third Lien”) together with the Chairman’s Third Lien, as well as a first lien to be placed on the residential lot owned by the Company; (iii) that the Third Lien on the Diamondhead Property also include the two loans ($25,000 and $15,000) and interest due thereon and credit facilities in the maximum amount of $15,000; and (iv) that the foregoing will be treated as advances to be paid out of any subsequent incoming financing obtained by the Company or any amounts recovered by the Company from a defendant in that collection action brought by the Company in the Circuit Court of Montgomery County, Maryland.

(a)	3.1	Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on November 15, 1988.
(e)	3.1.1	Amendment to Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on September 4, 1992.
(e)	3.1.2	Amendment to Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on November 22, 2002.
(a)	3.2	By-laws of the Company.
(e)	3.2.1	Amendment of By-laws of the Company, dated February 16, 2015.
(e)	4.1	Certificate of Designation of Preferences, Rights, and Limitations of Series S Voting, Non-Convertible, Redeemable Preferred Stock Par value $0.01 per Share as filed with the Secretary of State of Delaware on August 5, 1993.
(e)	4.2	Certificate of Designation of Preferences, Rights, and Limitations of Series S-NR Voting, Non-Convertible, Non-Redeemable Preferred Stock Par value $0.01 per Share, as filed with the Secretary of State of Delaware on September 13, 1993.
(e)	4.3	Certificate of Designation of Preferences, Rights, and Limitations of Series S-PIK Junior, Non-Voting, Convertible, Non-Redeemable Preferred Stock Par value $0.01 per Share, as filed with the Secretary of State of Delaware on March 23, 1994.
(a)	10.1	Management Agreement between the Company and Casinos Austria Maritime Corporation dated June 19, 1993.
(b)	10.6	Term Sheet (Redacted) for $1 Million Line of Credit dated October 22, 2008.
(c)	10.7	Private Placement Memorandum dated March 1, 2010.
(c)	10.7.1	Appendix (C) to Private Placement Memorandum dated March 1, 2010 (Form of Promissory Note).
(c)	10.7.2	Appendix (D) to Private Placement Memorandum dated March 1, 2010 (Form of Warrant).
(c)	10.8	Private Placement Memorandum dated October 25, 2010.
(c)	10.8.1	Appendix (C) to Private Placement Memorandum dated October 25, 2010 (Form of Promissory Note).
(c)	10.8.2	Appendix (D) to Private Placement Memorandum dated October 25, 2010 (Form of Warrant).
(d)	10.9	Private Placement Memorandum dated February 14, 2014.
(e)	10.9.1	Offers to Amend dated December 4, 2014.
(f)	10.10	Secured Promissory Note dated August 25, 2016 issued by Mississippi Gaming Corporation.
(g)	99.1	Consolidated Financial Statements of the Company for the years ended December 31, 2022 and 2021

As of December 31, 2023, the President had advanced a total of $5,007, net of repayments of $68,562, under this agreement. The President previously agreed to secure a $25,000 loan and interest due thereon and to secure and guarantee a $15,000 loan and interest due thereon due non-related parties discussed above. The President is also personally liable for certain bank-issued credit cards used by the Company to pay expenses incurred by the Company in the approximate amount of $18,000. On September 30, 2018, Mississippi Gaming Corporation issued a secured promissory note, due one year from date of issue, to the President for an amount up to $100,000 to cover the principle and interest due with respect to this note. On August 21, 2018, Mississippi gaming Corporation placed a third lien on the Diamondhead Property to secure this obligation for $100,000. Accrued interest due on this note amounted to $23,763 and $41,409 at December 31, 2023 and 2022, respectively.

	101.INS	Inline XBRL Instance Document
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The third lien placed on the Diamondhead Property, which secures the above three promissory notes, totals up to $400,000 and is payable to the Chairman of the Board ($300,000) and President ($100,000) of the Company.

33In January 2021, a fourth lien in the amount of $2,000,000 was placed on the Diamondhead Property to secure a non-interest-bearing note payable in the amount of $2,000,000, issued in November 2020 to secure amounts owed to the President of the Company for accrued, but unpaid, salary, rent and other expenses.

~~Index~~In February 2021, a fifth lien in the amount of $658,750 was placed on the Diamondhead Property to ~~Exhibits~~secure a non-interest-bearing note payable in the amount of $658,750, issued in November 2020 to secure amounts owed to nine directors, including the Company’s six current directors.

~~(a)~~The principal ~~Previously~~balance ~~filed~~of asthe annotes ~~Exhibit~~payable todue ~~Form 10 –Amendment 1 as filed on May 27, 2015 and incorporated by reference. (b) Previously filed as an exhibit~~ to the ~~Company’s~~officers ~~Annual~~and ~~Report~~directors ondiscussed ~~Form~~above ~~10-K~~was ~~for the year ended December 31~~$669,279, ~~2009~~net ~~and~~of ~~incorporated~~debt bydiscount ~~reference.~~of ~~(c) Previously filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31~~$33, ~~2010~~ 241 and ~~incorporated by reference. (d) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed April 4~~$720,651, ~~2014~~net ~~and~~of ~~incorporated~~debt bydiscount ~~reference.~~of ~~(e) Previously filed as an Exhibit to Form 10 as filed on March 31~~$0, ~~2015 and incorporated by reference. (f) Previously filed~~ as anof ~~exhibit to the Company’s Annual Report on Form 10-K for the year ended~~ December 31, ~~2016~~2023 and ~~incorporated~~2022, ~~by reference~~respectively.

~~ITEM~~The ~~16.~~Company’s ~~FORM~~policies 10and procedures require the Board of Directors to approve any related-Kparty ~~SUMMARY~~transaction that involves an Officer or Director of the Company or any of its subsidiaries.

~~Not~~Director ~~applicable.~~Independence

34The Company has no written independence standards it follows in making a determination as to Director independence. However, in evaluating the independence of its members, the Company’s management determined that Mr. Blount, Mr. Crow and Mr. Burstyn are independent directors by virtue of the fact that they are not officers or employees of the Company.

~~SIGNATURES~~ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

~~Pursuant~~The totable ~~the~~below ~~requirements~~depicts ofthe ~~Section~~fees 13billed orto 15Diamondhead ofCasino ~~the~~Corporation ~~Securities~~by ~~Exchange Act of 1934,~~ the ~~Registrant~~Company’s ~~has~~independent ~~caused~~auditors ~~this~~in ~~report~~each toof bethe ~~signed on~~last ~~its~~two ~~behalf by the undersigned, thereunto duly authorized.~~years:

Diamondhead Casino Corporation

Description of Services	2023		2022

Audit Fees	$	85,000	$	68,425
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-

Total Fees Paid	$	85,000	$	68,425

The Board of Directors, acting collectively as the audit committee, assures that the Company complies with SEC rules to maintain auditor independence as set forth in Rule 2-01(~~Registrant~~c)(7)(i) of Regulation S-X. The services above were approved, in advance, by the Board of Directors.

Date: March 30, 2023	By:	/s/ Deborah A. Vitale
		Deborah A. Vitale
		President and Chief Executive Officer

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

~~Pursuant~~Subsidiaries ~~to the requirements~~ of the ~~Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the~~ Registrant ~~and in the capacities and on the dates indicated.~~:

Signature	Title	Date
/s/ Gregory A. Harrison	Chairman of the Board of Directors	March 30, 2023
Gregory A. Harrison
/s/ Deborah A. Vitale	Director	March 30, 2023
Deborah A. Vitale
/s/ Benjamin J. Harrell	Director	March 30, 2023
Benjamin J. Harrell
/s/ Martin C. Blount	Director	March 30, 2023
Martin C. Blount
/s/ Robert S. Crow III	Director	March 30, 2023
Robert S. Crow III
/s/ Daniel G. Burstyn	Director	March 30, 2023
Daniel G. Burstyn

Mississippi Gaming Corporation (Delaware)

35Casino World, Inc. (Delaware)

Europasky Corporation (Delaware)

Exhibits 31.1 and 31.2

Attached to this report is the certification of the Chief Executive Officer/Chief Financial Officer of the Company pursuant to Rule 13A–14 of the Securities and Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.

Exhibits 32.1 and 32.2

Other Exhibits

(a)	3.1	Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on November 15, 1988.

(e)	3.1.1	Amendment to Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on September 4, 1992.

(e)	3.1.2	Amendment to Certificate of Incorporation of the Company, as filed with the Secretary of State of Delaware on November 22, 2002.

(a)	3.2	By-laws of the Company.

(e)	3.2.1	Amendment of By-laws of the Company, dated February 16, 2015.

(e)	4.1	Certificate of Designation of Preferences, Rights, and Limitations of Series S Voting, Non-Convertible, Redeemable Preferred Stock Par value $0.01 per Share as filed with the Secretary of State of Delaware on August 5, 1993.

(e)	4.2	Certificate of Designation of Preferences, Rights, and Limitations of Series S-NR Voting, Non-Convertible, Non-Redeemable Preferred Stock Par value $0.01 per Share, as filed with the Secretary of State of Delaware on September 13, 1993.

(e)	4.3	Certificate of Designation of Preferences, Rights, and Limitations of Series S-PIK Junior, Non-Voting, Convertible, Non-Redeemable Preferred Stock Par value $0.01 per Share, as filed with the Secretary of State of Delaware on March 23, 1994.

(a)	10.1	Management Agreement between the Company and Casinos Austria Maritime Corporation dated June 19, 1993.

(b)	10.6	Term Sheet (Redacted) for $1 Million Line of Credit dated October 22, 2008.

(c)	10.7	Private Placement Memorandum dated March 1, 2010.

(c)	10.7.1	Appendix (C) to Private Placement Memorandum dated March 1, 2010 (Form of Promissory Note).

(c)	10.7.2	Appendix (D) to Private Placement Memorandum dated March 1, 2010 (Form of Warrant).

(c)	10.8	Private Placement Memorandum dated October 25, 2010.

(c)	10.8.1	Appendix (C) to Private Placement Memorandum dated October 25, 2010 (Form of Promissory Note).

(c)	10.8.2	Appendix (D) to Private Placement Memorandum dated October 25, 2010 (Form of Warrant).

(d)	10.9	Private Placement Memorandum dated February 14, 2014.

(e)	10.9.1	Offers to Amend dated December 4, 2014.

(f)	10.10	Secured Promissory Note dated August 25, 2016 issued by Mississippi Gaming Corporation.

(g)	99.1	Consolidated Financial Statements of the Company for the years ended December 31, 2023 and 2022

	101.INS	Inline XBRL Instance Document

	101.SCH	Inline XBRL Taxonomy Extension Schema Document

	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document

Index to Exhibits

(a)	Previously filed as an Exhibit to Form 10 –Amendment 1 as filed on May 27, 2015 and incorporated by reference.

(b)	Previously filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated by reference.

(c)	Previously filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated by reference.

(d)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed April 4, 2014 and incorporated by reference.

(e)	Previously filed as an Exhibit to Form 10 as filed on March 31, 2015 and incorporated by reference.

(f)	Previously filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated by reference.

ITEM 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Diamondhead Casino Corporation

	(Registrant)

Date: March 29, 2024	By:	/s/ Deborah A. Vitale
		Deborah A. Vitale
		President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date

/s/ Gregory A. Harrison	Chairman of the Board of Directors	March 29, 2024
Gregory A. Harrison

/s/ Deborah A. Vitale	Director	March 29, 2024
Deborah A. Vitale

/s/ Benjamin J. Harrell	Director	March 29, 2024
Benjamin J. Harrell

/s/ Martin C. Blount	Director	March 29, 2024
Martin C. Blount

/s/ Robert S. Crow III	Director	March 29, 2024
Robert S. Crow III

/s/ Daniel G. Burstyn	Director	March 29, 2024
Daniel G. Burstyn

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