Full House Resorts, Inc. (NASDAQ: FLL) today announced the name and
branding of its luxury hotel and casino project in Cripple Creek,
Colorado: Chamonix Casino Hotel.
Located adjacent to the Company’s existing Bronco Billy’s
Casino, Chamonix will bring a new level of elegance and comfort to
the heart of the historic mining district. Chamonix will feature
approximately 300 four-star guest rooms and VIP suites—the first
luxury guest rooms in the market—as well as a spacious, new,
elegant and exciting casino gaming area.
Chamonix’s new fine dining experience is being designed to
attract culinary travelers from throughout Colorado, including
nearby Colorado Springs, Pueblo and Cañon City, as well as the
Denver Metropolitan Area. Chamonix will also feature extensive
meeting and convention space that can host concerts and other
entertainment; a rooftop pool; a luxurious spa; and a new
self-parking garage that can accommodate more than 300 vehicles.
The expected remaining investment to complete Chamonix is
approximately $180 million, which the Company financed through
its recent issuance of new senior secured notes. Completion of the
Chamonix Casino Hotel is scheduled for the fourth quarter of
2022.
For additional information on Chamonix, including renderings of
the luxury casino and hotel project, please visit
www.ChamonixCO.com.
To alleviate parking and hotel issues during the construction of
Chamonix, Full House has agreed to acquire several land parcels and
the nearby Carr Manor, a historic bed-and-breakfast inn with 15
rooms located a block and a half away from Bronco Billy’s. Carr
Manor, originally built in 1896, once housed the Cripple Creek High
School. Today, the boutique inn features architectural elements of
the late 1800s, including original stained glass, high ceilings and
hand-crafted woodwork. The land and real estate purchases, which
are subject to due diligence and customary conditions, total
approximately $3.4 million and are expected to close in early
April 2021.
“Chamonix will bring the luxury of the French Alps to the
Rockies, combining ‘European Elegance with Colorado Comfort,’” said
Daniel R. Lee, President and Chief Executive Officer of
Full House Resorts. “Our new property takes its name from
Chamonix-Mont Blanc, the world-famous French alpine resort and site
of the first Winter Olympics in 1924. Some five million people
visit Chamonix in France each year.
“The Chamonix Casino Hotel in Cripple Creek will offer 300 new
guest rooms and VIP suites, nearly doubling the town’s hotel
capacity,” Lee said. “At our Chamonix, guests can experience
Pikes Peak and the surrounding area’s natural beauty by hiking,
mountain biking, rock-climbing, fishing, fossil-hunting, and
exploring local gold-mining operations and historic railways.
Chamonix will also, of course, offer the Rocky Mountain region’s
finest and most exciting casino and amongst its best dining and spa
experiences.
“Bronco Billy’s will continue to operate during construction of
Chamonix, which has just begun,” Lee continued. “When Chamonix
opens, we plan to temporarily close Bronco Billy’s for several
weeks to extensively refurbish that 29-year-old casino. The New
Bronco Billy’s will continue to offer its Western theme under the
Bronco Billy’s name and will be connected to the adjoining Chamonix
Casino Hotel. Loyalty points earned today at Bronco Billy’s will be
redeemable at Chamonix, once it opens, and vice versa.”
Chamonix is being constructed on many of the parking lots used
today by Bronco Billy’s customers. To minimize the inconvenience to
its guests, Bronco Billy’s will be offering free valet parking from
directly in front of the Bronco Billy’s casino on Bennett Avenue.
Bronco Billy’s has also leased self-parking lots at the top of
Bennett Avenue and will be offering free courtesy bus service to
the casino for those who would prefer to self-park.
Bronco Billy’s existing hotel rooms will become unavailable at
some point during construction. As noted, in order to be able to
continue to provide overnight accommodations for its guests, Bronco
Billy’s is acquiring historic Carr Manor, which offers the finest
accommodations available today in Cripple Creek. Although the inn
is only a short walk from the casino, we will be offering regular
shuttle service between Carr Manor and Bronco Billy’s. Members of
Bronco Billy’s loyalty program will be able to redeem their points
for stays at Carr Manor.
“The November 2020 changes in Colorado’s gaming laws eliminated
betting limits and allowed the addition of new table games,” Lee
said. “In response, we increased our plans for the new hotel in
Cripple Creek, expanding the room base by 67 percent. We believe
Chamonix’s upscale atmosphere will be a perfect complement to the
refurbished Bronco Billy’s. We look forward to welcoming the first
guests to Chamonix in late 2022 and to having the refurbishment of
Bronco Billy’s completed prior to the peak summer season in
2023.”
Potential Future Expansion of Silver Slipper Casino and
HotelSeparately, Full House Resorts has finalized terms
with the State of Mississippi for an option to lease, for a 30-year
period, certain tidelands under the Gulf of Mexico adjacent to the
Company’s Silver Slipper Casino and Hotel. The agreement, which is
expected to be signed within the next few weeks, will allow the
Company to potentially build a future expansion of the Silver
Slipper. This expansion, preliminarily estimated to be a
$75 million investment, would include a new hotel tower with
more than 150 waterfront guest rooms (more than doubling the
property’s current guest room count); the property’s first
dedicated meeting space; a spa; and a new fine-dining restaurant,
all on a pier connected to the existing casino hotel. Any such
Silver Slipper expansion project will be subject to customary
approvals from the Army Corps of Engineers, gaming industry
regulators and other agencies. As such, the timing and construction
of a potential expansion is still uncertain.
Cautionary Note Regarding Forward-looking
StatementsThis press release contains statements by Full
House and our officers that are “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “will,” “expect,”
“plan,” “estimate,” “schedule,” “believe,” “potential,” “future,”
“should,” and similar references to future periods. Forward-looking
statements are neither historical facts nor assurances of future
performance. Some forward-looking statements in this press release
include those regarding the number of guest rooms and expected
amenities for Chamonix and the potential future Silver Slipper
expansion; the expected construction budgets for Chamonix and the
potential future Silver Slipper expansion; and the completion and
opening timelines for Chamonix and for the Bronco Billy’s
renovation; the purchase of Carr Manor and nearby parcels in
Cripple Creek, Colorado; and the execution of the tidelands option
to lease with the State of Mississippi or the future exercise of
such option. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the control of Full House. Such risks include,
without limitation, our ability to repay our substantial
indebtedness; the potential for additional adverse impacts from the
COVID-19 pandemic on our business, construction projects,
indebtedness, financial condition and operating results; actions by
government officials at the federal, state or local level with
respect to steps to be taken, including, without limitation,
additional shutdowns, travel restrictions, social distancing
measures or shelter-in-place orders, in connection with the
COVID-19 pandemic; our ability to effectively manage and control
expenses as a result of the pandemic; our ability to complete our
growth and expansion projects on-time and on-budget; changes in
guest visitation or spending patterns due to COVID-19 or other
health or other concerns; a decrease in overall demand as other
competing entertainment venues re-open; our ability to obtain
financing upon reasonable terms or at all, including for projects
such as the potential future expansion at Silver Slipper; our
ability to obtain the necessary approvals and permits for our
growth, renovation and expansion projects, such as the potential
future expansion at Silver Slipper; construction risks and cost
overruns; dependence on existing management; competition;
uncertainties over the development and success of our expansion
projects; the financial performance of our finished projects and
renovations; effectiveness of expense and operating efficiencies;
general macroeconomic conditions; and regulatory and business
conditions in the gaming industry (including the possible
authorization or expansion of gaming in the states we operate or
nearby states). Additional information concerning potential factors
that could affect our 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, our Part I,
Item 1A. Risk Factors and Part II, Item 7. Management's Discussion
and Analysis of Financial Condition and Results of Operations of
our Annual Report on Form 10-K for the most recently ended fiscal
year and our other periodic reports filed with the Securities and
Exchange Commission. We are under no obligation to (and expressly
disclaim any such obligation to) update or revise our
forward-looking statements as a result of new information, future
events or otherwise. Actual results may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
About Full House Resorts, Inc.Full House
Resorts owns, leases, develops and operates gaming facilities
throughout the country. The Company’s properties include Silver
Slipper Casino and Hotel in Hancock County, Mississippi; Bronco
Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star
Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon,
Nevada; and Grand Lodge Casino, located within the Hyatt Regency
Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The
Company is currently constructing Chamonix Casino Hotel, a new
luxury hotel and casino in Cripple Creek, Colorado, and is one of
three finalists for consideration by the Illinois Gaming Board to
develop a casino in Waukegan, Illinois. For further information,
please visit www.fullhouseresorts.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/be154ece-0c9f-4cb4-868a-ed5e1f8962d4
Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
Full House Resorts (NASDAQ:FLL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Full House Resorts (NASDAQ:FLL)
Historical Stock Chart
From Sep 2023 to Sep 2024