Full House Resorts to Acquire the Silver Slipper Casino in Mississippi
03 April 2012 - 2:00PM
Business Wire
Full House Resorts (NYSE Amex US: FLL) (“Full House”) today
announced that it has entered into definitive agreements with
Silver Slipper Casino Venture LLC to acquire all of the outstanding
membership interest of the entity operating the Silver Slipper
Casino in Hancock County, Mississippi. The purchase price is $70
million, exclusive of estimated cash, net working capital balances,
fees and expenses and other adjustments as customary as of the
closing date. The agreements are subject to Full House obtaining
financing for the purchase and regulatory approvals.
The Company plans to fund the acquisition with a new credit
facility and cash on hand. The Company anticipates having firm
financing commitments for the total amount required by the end of
April and that regulatory approvals will be obtained to accommodate
a closing in the third quarter of 2012. Macquarie Capital is acting
as exclusive financial advisor to Full House in connection with
this transaction and Houlihan Lokey is acting as exclusive
financial advisor to Silver Slipper Casino Venture LLC.
The Silver Slipper Casino, which opened in November 2006, has
37,000 square feet of gaming space with almost 1,000 slot and video
poker machines, 26 table games, a poker room and the only live Keno
game on the Gulf Coast. The property includes a fine dining
restaurant, buffet, quick service restaurant and two casino bars.
The property draws heavily from the New Orleans metropolitan area
and other communities in southern Louisiana and southwestern
Mississippi.
“This property is perfectly sized to complement our current
business and provides a substantial growth opportunity through the
possible addition of a hotel,” said Andre M. Hilliou, Chairman and
Chief Executive Officer of Full House. “This transaction is
consistent with our long-stated growth strategy and we believe it
will create long-term shareholder value. Under the leadership of
the current management team, the property is well-run and
well-maintained; however, we believe that we can leverage our
knowledge and proven track record of managing properties catering
to local customers in competitive environments to further improve
the profitability of the Silver Slipper.”
Mr. Hilliou continued, “We look forward to having a great
relationship with the local communities and the state of
Mississippi as we pursue long-term success.”
About Full House Resorts, Inc.
Full House owns, develops and manages gaming facilities. The
Company owns the Rising Star Casino Resort in Rising Sun, Indiana.
The Rising Star Riverboat Casino has 40,000 square feet of gaming
space with almost 1,300 slot and video poker machines and 37 table
games. The property includes a 201-room hotel, a pavilion with five
food and beverage outlets, an 18-hole Scottish links golf course
and a large, multi-purpose Grand Theater for concerts and
performance events as well as meetings and conventions. In
addition, Full House owns Stockman’s Casino in Fallon, Nevada which
has 8,400 square feet of gaming space with approximately 260 gaming
machines, four table games and a keno game. The Company has also
commenced a five-year lease agreement for the Grand Lodge Casino at
Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village,
Nevada on the north shore of Lake Tahoe, as well as acquiring the
operating assets and certain liabilities related to the Grand Lodge
Casino.
The Company also has a management agreement with the Pueblo of
Pojoaque for the operations of the Buffalo Thunder Casino and
Resort in Santa Fe, New Mexico along with the Pueblo’s Cities of
Gold and Sports Bar casino facilities.
Further information about Full House Resorts and its operations
can be viewed on its website at www.fullhouseresorts.com.
Forward-looking Statements
Some of the statements made in this release are forward-looking
statements. These forward-looking statements are based upon Full
House’s current expectations and projections about future events
and generally relate to Full House’s plans, objectives and
expectations for Full House’s business. Although Full House’s
management believes that the plans and objectives expressed in
these forward-looking statements are reasonable, the outcome of
such plans, objectives and expectations involve risks and
uncertainties including without limitation, regulatory approvals,
including the ability to maintain a gaming license in Indiana and
Nevada, financing sources and terms, integration of acquisitions,
competition and business conditions in the gaming industry,
including competition from Ohio casinos and any possible
authorization of gaming in Kentucky. Additional information
concerning potential factors that could affect Full House’s
financial condition and results of operations is included in the
reports Full House files with the Securities and Exchange
Commission, including, but not limited to, its Form 10-K for the
most recently ended fiscal year.
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