Key Developments: Full House Resorts Inc (FLL.PH)
3.13USD
9 May 2013
$-0.08 (-2.49%)
$3.21
$3.13
$3.13
$3.13
100
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Latest Key Developments (Source: Significant Developments)
Full House Resorts Inc Appoints Deborah Pierce As New Chief Financial Officer
Full House Resorts Inc announced that Deborah Pierce will be joining Full House Resorts in December as its new Chief Financial Officer. Second, the Company`s current Chief Operating Officer and Chief Financial Officer Mark Miller will retain the title and responsibilities of Chief Operating Officer. Full Article
Full House Resorts Inc Completes Acquisition of Silver Slipper Casino in Mississippi
Full House Resorts Inc announced that it has completed the purchase of Silver Slipper Casino Venture LLC, doing business as the Silver Slipper Casino, in Hancock County, Mississippi for approximately $70 million, exclusive of working capital and transaction expenses. As previously announced, the Company used $50 million on its first lien credit facility and $20 million on its second lien credit facility to complete the transaction. The Company was advised on the acquisition and financing by Macquarie Capital. Full Article
Full House Resorts, Inc. Obtains Financing Commitment For Silver Slipper Casino Acquisition
Full House Resorts, Inc. announced today 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 Full Article
Full House Resorts, Inc. To Acquire The Silver Slipper Casino In Mississippi
Full House Resorts, Inc. announced that it has entered into definitive agreements with Silver Slipper Casino Venture LLC to acquire all of the outstanding membership interest of the entity operating the Silver Slipper Casino in Hancock County, Mississippi. The purchase price is $70 million, exclusive of estimated cash, net working capital balances, fees and expenses and other adjustments as customary as of the closing date. The agreements are subject to Full House obtaining financing for the purchase and regulatory approvals. The Company plans to fund the acquisition with a new credit facility and cash on hand. The Company anticipates having firm financing commitments for the total amount required by the end of April and that regulatory approvals will be obtained to accommodate a closing in the third quarter of 2012. Macquarie Capital is acting as exclusive financial advisor to Full House in connection with this transaction and Houlihan Lokey is acting as exclusive financial advisor to Silver Slipper Casino Venture LLC. Full Article
Full House Resorts, Inc. Announces Letter Of Intent For Sale Of Interest In Gaming Entertainment Michigan
Full House Resorts, Inc. announced that the Company and its 50% joint venture partner in Gaming Entertainment Michigan (GEM), RAM Entertainment LLC, have agreed in principle to sell their interests in the FireKeepers management agreement to the FireKeepers Development Authority. In accordance with the terms of the letter of intent, the purchase price would be $97.5 million. The closing for the transaction is targeted for the second quarter, conditioned on the Authority obtaining financing and the completion of definitive documents and other customary closing conditions. The Company intends to use a portion of the after-tax proceeds to pay off the Company’s remaining outstanding debt. Full Article
Full House Resorts, Inc. Issues Q3 2011 Charge Guidance
Full House Resorts, Inc. announced that it expects to take a third quarter 2011 non-cash goodwill impairment charge of approximately $4.5 million ($2.7 million on an after-tax basis) related to its Stockman's Casino. The charge is being recognized due to a decline of operating results at Stockman's resulting from the weak economic conditions in Northern Nevada and slower than expected improvement from changes made in marketing programs. In addition, the Company expects to record a valuation charge against its remaining tribal receivables in the amount of $420,000 ($257,000 on an after-tax basis) as a result of slower than expected progress by the Nambe Pueblo in securing financing for their proposed casino facility amid a weak credit environment. Full Article
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