Full House Resorts Completes Acquisition of the Silver Slipper Casino in Mississippi
October 01 2012 - 2:50PM
Business Wire
Full House Resorts (NYSE Amex US: FLL) announced today that it
has completed the purchase of Silver Slipper Casino Venture LLC,
doing business as the Silver Slipper Casino, in Hancock County,
Mississippi for approximately $70 million, exclusive of working
capital and transaction expenses. As previously announced, the
Company used $50 million on its first lien credit facility and $20
million on its second lien credit facility to complete the
transaction. The Company was advised on the acquisition and
financing by Macquarie Capital.
“We are excited to complete the transaction and officially bring
the Silver Slipper Casino and its outstanding team members into the
Full House Resorts family,” said Andre M. Hilliou, Chairman and
Chief Executive Officer of Full House. “We believe we can leverage
our corporate resources and our experience and knowledge in
managing local and regional properties to further improve the
Silver Slipper’s profitability and create additional long-term
shareholder value. The Silver Slipper is a well-designed and
efficient property located in a stable market and has a very strong
management team in place. We look forward to rolling up our sleeves
and getting to work with the team at the Silver Slipper.”
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.
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 190-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 also
operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe
Resort, Spa and Casino in Incline Village, Nevada on the north
shore of Lake Tahoe under a five-year lease agreement with the
Hyatt organization.
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 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 gaming licenses in Indiana,
Mississippi and Nevada, financing sources and terms, integration of
acquisitions, including the Rising Star and Silver Slipper
acquisitions, competition and business conditions in the gaming
industry, including any new or increased competition in Northern
Nevada or the Mississippi Gulf Coast or New Orleans area,
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.