OK several points here.
1. As stated, the database MUST be compiled - which you've stated yours is!
2.
@arnelgp stated that you should open in exclusive mode. That won't do any harm but isn't a requirement for creating an ACCDE.
3.
@LarryE stated that the ACCDB should be closed before opening an ACCDE created from it. Again, it won't do any harm but it isn't necessary
I have successfully created ACCDEs from very large split databases including one with over 5500 objects in the FE including almost 600 forms & 900 reports, almost all of which have code modules. I doubt that setting HasModule to False will help. What it will do is remove all the code you had in those modules.
Before you start making possible unnecessary changes to your database, can I suggest you read another of my articles:
This article explains the main reasons why creating an ACCDE file may fail. It also explains how to fix those issues
www.isladogs.co.uk
Perhaps that will contain some info to help solve your issue
e.g. empty procedures, missing references, incorrect API declarations, old ActiveX controls