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Full House Resorts Announces Extension of the Grand Lodge Casino Lease

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By Business Wirevia The Motley Fool

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Full House Resorts Announces Extension of the Grand Lodge Casino Lease

LAS VEGAS–(BUSINESS WIRE)– Full House Resorts (NAS: FLL) today announced that its lease 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 has been extended and is now scheduled to expire on August 31, 2018. All other terms of the lease remain unchanged.

“We are very appreciative of the strong working relationship we have developed with the Hyatt organization and thank them for this extension,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House Resorts. “The extension will allow us to invest in a much-needed new casino management system for the Grand Lodge 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 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 190-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. The Company acquired the Silver Slipper Casino in Hancock County, Mississippi on October 1, 2012, which has 37,000 square feet of gaming space with almost 1,000 slot and video poker machines, 26 table games, a poker room and the only live Keno game on the Gulf Coast. The property includes a fine dining restaurant, buffet, quick service restaurant and two casino bars. Full House also owns Stockman’s Casino in Fallon, Nevada and operates the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe under a lease agreement (expiring on August 31, 2018) with an affiliate of Hyatt Hotels Corporation. In addition, the Company has 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.

Further information about Full House Resorts can be viewed on its website at www.fullhouseresorts.com.

From: http://www.dailyfinance.com/2013/04/11/full-house-resorts-announces-extension-of-the-gran/

Business, Finance, Occupation & Industry

Full House Resorts Announces Three Month and Full Year Results for the Period Ended December 31, 201

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By Business Wirevia The Motley Fool

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Full House Resorts Announces Three Month and Full Year Results for the Period Ended December 31, 2012

LAS VEGAS–(BUSINESS WIRE)– Full House Resorts (NAS: FLL) today announced results for the full year ended December 31, 2012 with net income of $27.8 million or $1.49 per common share compared with net income of $2.3 million or $0.13 per common share for the same period in 2011. Net loss attributable to the Company for the three months ended December 31, 2012 was $0.8 million, or $0.04 per common share, compared to net income of $0.5 million, or $0.03 per common share, in the prior-year period. Excluding acquisition-related costs of $1.4 million and severance expenses of approximately $0.3 million in the fourth quarter of 2012, net income attributable to the Company per common share in the fourth quarter of 2012 would have been $0.02.

Fourth Quarter 2012 Highlights and Subsequent Events

  • Adjusted EBITDA, as defined below, for the fourth quarter of 2012 was $3.1 million versus $4.8 million in the prior-year period. Prior-year period adjusted EBITDA results include $2.4 million from the Company’s FireKeepers Casino management agreement (“GEM“), which was sold at the end of March 2012; excluding GEM, adjusted EBITDA in the fourth quarter of 2011 would have been $2.4 million.
  • On October 1, 2012, the Company closed on the acquisition of the Silver Slipper Casino in Hancock County, Mississippi. For the fourth quarter 2012, the Company recorded Silver Slipper Casino revenue of $12.9 million and adjusted EBITDA for the same quarter was $1.9 million.
  • On February 26, 2013, the Company successfully amended the Silver Slipper Casino land lease to extend its term to 2058 and extend the Option to purchase to 2027, providing additional flexibility to the Company.
  • At its Rising Star Casino Resort for the fourth quarter 2012, the Company recorded revenue of $19.1 million compared to revenue of $21.7 million in the prior-year quarter. Rising Star adjusted EBITDA for the fourth quarter 2012 was $1.3 million versus $2.2 million in the prior-year quarter due to increased competition from Ohio and severe weather in December 2012 compared to December 2011.

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    Source: FULL ARTICLE at DailyFinance