Full House Resorts Announces Proposed Public Offering of Common Stock
March 24 2021 - 4:04PM
Full House Resorts, Inc. (Nasdaq: FLL) (“Full House Resorts” or the
“Company”), a developer, owner and operator of casinos and related
hospitality and entertainment facilities in regional U.S. markets,
today announced that it intends to offer and sell shares of its
common stock in an underwritten public offering. The proposed
offering is subject to market and other conditions, and there can
be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the
offering. Full House Resorts also intends to grant the
underwriters a 30-day option to purchase up to an additional 15% of
the shares of common stock sold in the offering to cover
over-allotments, if any. All of the securities in the proposed
offering are to be sold by Full House Resorts.
The Company intends to use the net proceeds from the proposed
offering, if completed, for development, working capital and
general corporate purposes. Management believes that the
improvement to the Company’s balance sheet with the net proceeds
from this proposed offering will significantly strengthen its
application for the proposed American Place casino in Waukegan,
Illinois. The Illinois Gaming Board has received three applications
for such license, each endorsed by the City of Waukegan. The use of
proceeds could also include construction of a new hotel tower and
other amenities at the Company’s Silver Slipper Casino and Hotel.
Certain regulatory approvals and entitlements are still required to
enable such construction and there is no certainty as to the timing
or receipt of such approvals.
Craig-Hallum Capital Group is acting as the sole
book-running manager for the offering.
A shelf registration statement on Form S-3 (File
No. 333-251778) relating to the proposed offering of the
shares of common stock described above was filed with
the Securities and Exchange Commission (the “SEC”)
on December 29, 2020 and declared effective by
the SEC on January 7, 2021. The shares may be
offered only by means of a written prospectus and prospectus
supplement that form part of that registration statement. A
preliminary prospectus supplement and accompanying base prospectus
relating to and describing the terms of the proposed offering have
been filed with the SEC and may be obtained on the SEC’s
web site at www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying base prospectus relating to the
proposed offering may also be obtained by
contacting Craig-Hallum Capital Group LLC, 222 South
Ninth Street, Suite 350, Minneapolis, MN 55402,
Attn: Equity Capital Markets, by telephone at (612) 334-6300
or by e-mail at prospectus@chlm.com. The final terms of the
proposed offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
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.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995This document may contain
certain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements regarding, but not limited to, Full House Resorts’
intention to the offer the securities and the expected uses of the
proceeds from the proposed offering. Forward-looking statements can
be identified by the use of words such as “may,” “will,” “plan,”
“should,” “expect,” “anticipate,” “estimate,” “continue” or
comparable terminology. Forward-looking statements involve risks
and uncertainties that could cause actual results or developments
to differ materially from those indicated due to a number of
factors affecting Full House Resorts’ operations, markets, products
and services. Full House Resorts identifies the principal
risks and uncertainties that impact its performance in its public
reports filed with the SEC, including the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition”
sections of Full House Resorts’ most recent Annual Report on Form
10-K, as may be supplemented or amended by Full House Resorts’
subsequent Quarterly Reports on Form 10-Q. Forward-looking
statements speak only as of the date on which they are made
and Full House Resorts undertakes no obligation to
publicly release the results of any revision to such
forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by applicable law.
To Learn More
Investors:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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