Full House Resorts Announces Closing on Sale of Its Interest in Gaming Entertainment Michigan & Its FireKeepers Management Co...
April 02 2012 - 8:00AM
Business Wire
Full House Resorts, Inc. (NYSE Amex US: FLL) announced today
that the Company and its 50% joint venture partner in Gaming
Entertainment Michigan (GEM), RAM Entertainment LLC, closed on the
$97.5 million sale of their interests in GEM and the FireKeepers
management agreement to the FireKeepers Development Authority on
March 30, 2012. The Company has used a portion of the proceeds to
pay off the Company’s remaining outstanding debt of $25.3 million
and to extinguish the credit facility and related interest-rate
hedge.
“With the completion of the sale, we officially close a very
successful chapter in Full House’s history,” said Andre Hilliou,
Chairman and Chief Executive Officer of Full House Resorts. “We
would like to thank the Nottawaseppi Huron Band of the Potawatomi
for being excellent partners throughout our relationship and wish
them the best of luck in the future. With the proceeds, we are now
once again debt-free, and very well positioned to look for
additional properties that fit our long-term growth strategy.”
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 has also entered into 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, including financing sources available to
the Authority 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.
Full House Resorts (AMEX:FLL)
Historical Stock Chart
From Apr 2024 to May 2024
Full House Resorts (AMEX:FLL)
Historical Stock Chart
From May 2023 to May 2024