Full House Resorts Announces $15.0 Million Senior Secured Revolving Credit Facility
March 31 2021 - 4:10PM
Full House Resorts, Inc. (Nasdaq: FLL) announced today that it has
entered into an agreement for a five-year, senior secured revolving
credit facility. The $15.0 million credit facility may be used for
working capital, letters of credit, and other ongoing general
purposes. Until the completion of the Company’s Chamonix project in
Cripple Creek, Colorado, the interest rate per annum
applicable to loans under the credit facility will be, at the
Company’s option, either (i) LIBOR plus a margin equal to
3.50%, or (ii) a base rate plus a margin equal to
2.50%. After completion of Chamonix (as defined in the credit
agreement), the interest rate per annum applicable to loans under
the credit facility reduces to, at the Company’s option, either
(i) LIBOR plus a margin equal to 3.00%, or (ii) a base
rate plus a margin equal to 2.00%. The commitment fee per annum is
equal to 0.50% of the unused portion of the credit
facility. As of March 31, 2021, there are no
drawn amounts under the credit facility.
“We are pleased to put this new credit facility
in place, which provides additional liquidity and flexibility
should it ever be needed,” said Lewis Fanger, Chief Financial
Officer of Full House Resorts, Inc. “Over the last two months, we
have transformed our balance sheet. In addition to fully financing
our Chamonix project, we have strengthened our balance sheet for
future opportunities, such as our American Place proposal in
Waukegan, Illinois.”
Cautionary Note Regarding Forward-looking
StatementsThis press release may contain 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. 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; our
ability to complete our growth and expansion projects on-time and
on-budget; our ability to obtain financing upon reasonable terms or
at all, including for projects such as the proposed American Place
project or the potential future expansion at Silver Slipper; our
ability to obtain the necessary approvals and permits for our
growth, renovation and expansion projects, including the proposed
American Place project or the future expansion at Silver Slipper;
construction risks and cost overruns; uncertainties over the
development and success of our expansion projects; 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.
Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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