Full House Resorts Announces Letter Of Intent For Sale Of Interest In Gaming Entertainment Michigan And Its FireKeepers Management Contract
Full House Resorts, Inc. (NYSE Amex US: FLL) announced today that the
Company and its 50% joint venture partner in Gaming Entertainment
Michigan (GEM), RAM Entertainment LLC, have agreed in principle to sell
Full House Resorts, Inc. (NYSE Amex US: FLL) announced today 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. 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. The Company has a management agreement with the Nottawaseppi Huron Band of Potawatomi Indians for FireKeepers Casino in Battle Creek, Michigan with approximately 2,700 gaming devices, 78 table games and a 120-seat poker room. The Company also has entered into 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.