Full House Resorts (NYSE Amex US: FLL) announced today that Rising Sun/Ohio County First, Inc. (RSOCF) and the Rising Sun Regional Foundation, Inc. (RSRF) have teamed up to develop a new 100-room hotel on land currently owned by the Company at its Rising Star Casino Resort. Construction is expected to start in December 2011 and be completed in the fourth quarter of 2012.
“The Rising Star Casino Resort Hotel operates near capacity the majority of the time, and the addition of a new 100-room hotel will make the property more competitive, provide much-needed jobs to the local economy and protect the future revenue stream of the city and Foundation,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House Resorts.
In a related announcement, the Company has commenced its project to convert approximately 40 of its 201 regular hotel rooms into suites and upgraded connecting rooms over the course of the next four to six months. Following the renovation the hotel will have 190 rooms, including upgraded rooms and higher-end suites.
The Company also announced that it made its scheduled December 31, 2011 debt amortization payment of $1.7 million early on October 21, 2011.“While we continue to pursue growth opportunities, we plan to apply excess cash to debt reduction for the immediate future,” said Mark Miller, Chief Operating Officer and Chief Financial Officer of Full House Resorts. 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.