News for the Hospitality Executive
Full House Resorts to Acquire Grand Victoria Casino &
Rising Sun, Indiana for Approximately $43 million
Includes 201-room Hotel and 18-hole Scottish Links Golf Course
LAS VEGAS- September 13, 2010 - Full House Resorts (NYSE Amex US: FLL) (“Full House”) today announced that it has entered into definitive agreements with Grand Victoria Casino & Resort, LP to acquire all of the operating assets of the Grand Victoria Casino & Resort, located in Rising Sun, Indiana on the Ohio River.
The purchase price is $43 million, exclusive of estimated cash and net working capital balances of $8 million and fees and expenses as of the closing date. The agreements are subject to Full House obtaining financing for the purchase and regulatory approvals. The Company anticipates applying approximately $20 million of cash on hand to the purchase price and funding the balance with debt financing. Full House has engaged Wells Fargo Securities, LLC to arrange the debt financing. The Company anticipates having a firm financing commitment by the middle of October and that regulatory approvals will be obtained to accommodate a closing in the first quarter of 2011.
The Grand Victoria Riverboat Casino has 40,000 square feet of gaming space with almost 1,400 slot and video poker machines and 37 table games. The property includes a 201-room hotel with spa, pool, meeting space and a pavilion with five food and beverage outlets, including a fine dining restaurant, buffet, sports bar, quick service restaurant and coffee shop and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. The 300-acre grounds also contain an 18-hole Scottish links golf course with full-service clubhouse. The property is conveniently located within driving distance of Indianapolis and Cincinnati, Ohio and near Lexington and Louisville, Kentucky.
“This property is perfectly sized to complement our current business and we believe the transaction will create long-term shareholder value,” said Andre M. Hilliou, Chairman and Chief Executive Officer of Full House. “Under the leadership of HGMI Gaming Inc., the property is well-run and well-maintained. The current property management is very strong; however, we believe that we can leverage our knowledge and proven track record of managing properties catering to local customers in competitive environments to further improve the profitability of the Grand Victoria, and we expect to see immediate returns on our investment.”
Mr. Hilliou continued, “We look forward to having a great relationship with the local communities and the state of Indiana as we pursue long-term success.”
About Full House Resorts, Inc.
Full House Resorts, Inc.
|Also See:||Lee Iacocca's Group, Full House Resorts, Gets Appoval to Purchase Stockman's Casino and Holiday Inn Express in Fallon, Nevada for $25.5 million / January 2007|