Full House Resorts (NYSE Amex US: FLL) today announced it has commenced its previously announced five-year lease agreement with an affiliate of Hyatt Hotels Corporation for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe. The Company will pay a fixed monthly rent of $125,000 over the initial term of the lease.
In addition, the Company has closed on its agreement with HCC Corp., an affiliate of HGMI Gaming Inc., to acquire the operating assets and certain liabilities related to the Grand Lodge Casino for approximately $0.7 million, exclusive of operating cash and working capital. Effective today, the Company, through a wholly-owned subsidiary, will be operating the Casino. The Grand Lodge Casino features approximately 260 slot machines, 25 table games and a sports book, and is integrated into Hyatt Regency Lake Tahoe Resort, Spa and Casino.
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 has also commenced a five-year lease agreement for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe, as well as acquiring the operating assets and certain liabilities related to the Grand Lodge Casino.