Full House Resorts Obtains Financing Commitment for Silver Slipper Casino Acquisition
02 Mayo 2012 - 7:00AM
Business Wire
Full House Resorts (NYSE Amex US: FLL) announced today that it
has obtained financing commitments for new credit facilities
totaling $75 million which will be used to fund the Company’s
acquisition of the Silver Slipper Casino in Hancock County,
Mississippi.
The financing will consist of a $55 million first lien credit
facility and a $20 million second lien facility. Capital One N.A.
will serve as administrative agent for the first lien facility and
Summit Partners Credit Advisors, L.P. will act as arranger for the
second lien facility. The expected weighted average cash interest
cost of the facilities will be approximately 8%. The funding of the
new credit facilities are subject to documentation and other
customary conditions.
The Company, in late March, made a $2.5 million escrow deposit
in connection with the pending acquisition of the Silver Slipper
Casino. This deposit is non-refundable except for certain customary
conditions. The Company is being advised on the acquisition and
financing by Macquarie Capital.
“We are pleased that we were able to quickly obtain financing
commitments for this acquisition at an attractive overall blended
rate, which is a testament to our management team, strong cash flow
and balance sheet,” said Andre M. Hilliou, Chairman and Chief
Executive Officer of Full House Resorts. “We have already commenced
the licensing process in Mississippi, and we expect to close on the
acquisition in the third quarter of this year.”
The Silver Slipper Casino, which opened in November 2006, has
37,000 square feet of gaming space with almost 1,000 slot and video
poker machines, 26 table games, a poker room and the only live Keno
game on the Gulf Coast. The property includes a fine dining
restaurant, buffet, quick service restaurant and two casino bars.
The property draws heavily from the New Orleans metropolitan area
and other communities in southern Louisiana and southwestern
Mississippi.
About Full House Resorts, Inc.
Full House owns, develops and manages gaming facilities. The
Company owns the Rising Star Casino Resort in Rising Sun, Indiana.
The Rising Star Riverboat Casino has 40,000 square feet of gaming
space with almost 1,300 slot and video poker machines and 37 table
games. The property includes a 201-room hotel, a pavilion with five
food and beverage outlets, an 18-hole Scottish links golf course
and a large, multi-purpose Grand Theater for concerts and
performance events as well as meetings and conventions. In
addition, Full House owns Stockman’s Casino in Fallon, Nevada which
has 8,400 square feet of gaming space with approximately 260 gaming
machines, four table games and a keno game. The Company also
operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe
Resort, Spa and Casino in Incline Village, Nevada on the north
shore of Lake Tahoe under a five-year lease agreement with the
Hyatt organization.
The Company also has a management agreement with the Pueblo of
Pojoaque for the operations of the Buffalo Thunder Casino and
Resort in Santa Fe, New Mexico along with the Pueblo’s Cities of
Gold and Sports Bar casino facilities.
Further information about Full House Resorts and its operations
can be viewed on its website at www.fullhouseresorts.com.
Forward-looking Statements
Some of the statements made in this release are forward-looking
statements. These forward-looking statements are based upon Full
House’s current expectations and projections about future events
and generally relate to Full House’s plans, objectives and
expectations for Full House’s business. Although Full House’s
management believes that the plans and objectives expressed in
these forward-looking statements are reasonable, the outcome of
such plans, objectives and expectations involve risks and
uncertainties including without limitation, regulatory approvals,
including the ability to maintain a gaming license in Indiana and
Nevada, financing sources and terms, integration of acquisitions,
competition and business conditions in the gaming industry,
including competition from Ohio casinos and any possible
authorization of gaming in Kentucky. Additional information
concerning potential factors that could affect Full House’s
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, its Form 10-K for the
most recently ended fiscal year.
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