Full House Resorts Announces Pricing of $40 Million Public Offering of Common Stock
March 25 2021 - 7:30AM
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 the pricing of an underwritten public offering of
6,015,000 shares of its common stock at a purchase price to the
public of $6.65 per share. Additionally, in connection with the
offering, Full House Resorts granted the underwriters a
30-day option to purchase up to an additional 902,250 shares of its
common stock on the same terms and conditions. All of the
securities in the offering are being sold by Full House
Resorts. The offering is expected to close on or
about March 29, 2021, subject to the satisfaction of
customary closing conditions.
The gross proceeds from the offering to Full House
Resorts are expected to be approximately
$40 million, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Full
House Resorts and excluding any exercise of the underwriters’
option to purchase additional shares of common stock.
Full House Resorts intends to use the net proceeds from the
offering 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 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. Macquarie
Capital, Roth Capital Partners and Union Gaming are acting as
co-managers for the offering.
A shelf registration statement on Form S-3 (File No. 333-251778)
relating to the public 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. A preliminary prospectus supplement
and accompanying base prospectus relating to and describing the
terms of the offering were filed with
the SEC on March 24, 2021. A final prospectus
supplement and accompanying base prospectus relating to the
offering will be filed with the SEC and made available on
the SEC’s web site at www.sec.gov. Copies of the final
prospectus supplement and accompanying base prospectus may also be
obtained, when available, 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.
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 1995
This 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,
the anticipated closing of the offering and Full House Resorts’
expected uses of the proceeds from the 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 OfficerFull House
Resorts, Inc.702-221-7800www.fullhouseresorts.com
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