Silver Slipper in Full House - Analyst Blog
04 Abril 2012 - 7:15AM
Zacks
Full House Resorts
Inc. (FLL) recently signed a definitive acquisition
agreement with Silver Slipper Casino Venture LLC. Per the
agreement, Full House will acquire Silver Slipper Casino for $70
million. The purchase consideration is exclusive of estimated cash,
net working capital balances, fees and expenses and other
adjustments. The agreement, pending funds and regulatory approvals,
is likely to be wrapped up in the third quarter of 2012.
Full House will fund the deal with
a new credit facility and cash on hand. It anticipates firm
financing commitments for the total required amount by the end of
April. Macquarie Capital is acting as the financial advisor to Full
House in conjunction with the deal.
Located in Hancock County,
Mississippi and operational since November 2006, Silver Slipper
Casino has 37,000 square feet of gaming space and about 1,000 slot
and video poker machines, 26 table games and a poker room. It also
boasts of the only live Keno game on the Gulf Coast. The extent and
choices available at Silver Slipper is expected to drive growth at
Full House.
The property also comprises other
amenities like fine dining and quick service restaurants and bars.
A huge population from the New Orleans metropolitan area and other
communities in southern Louisiana and southwestern Mississippi
generally visit the property. Hence, Silver Slipper Casino’s
compelling geographic location made it a lucrative acquisition
target.
Full House remains committed to
grow in 2012 either by acquiring properties or through signing
management contracts. The company has a strong balance sheet, which
it plans to leverage in opportunities in the market.
Full House Resorts, which competes
with the likes of Century Casinos Inc.
(CNTY), currently retains a Zacks #4 Rank that translates into a
short-term Sell rating. We are maintaining our long-term Neutral
recommendation on the stock.
CENTURY CASINOS (CNTY): Free Stock Analysis Report
FULL HOUSE RESO (FLL): Free Stock Analysis Report
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