Full House Resorts develops, manages, and owns gaming facilities across the country. The company owns the Rising Star Casino Resort in Rising Sun, Indiana, Stockman's Casino in Fallon, Nevada, and also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort in Incline Village, Nevada. In addition, it has management agreements to run the Buffalo Thunder Casino and Resort in Sante Fe, New Mexico, along with two other casinos in New Mexico - Cities of Gold and Sports Bar casinos.
The company today reported that it has obtained financing commitments for new credit facilities totaling $75 million. These monies will be used to fund Full House Resorts acquisition of the Silver Slipper Casino in Hancock County, Mississippi. The financing will consist of a $55 million first lien credit facility and a $20 million second lien facility.
In late March, Full House Resorts made a $2.5 million escrow deposit in connection with the pending acquisition of the Silver Slipper Casino. Capital One N.A. will serve as administrative agent for the first lien facility while Summit Partners Credit Advisors L.P. will act as arranger for the second lien facility. The expected weighted average cash interest cost of the funding will be approximately 8%.
Full House Resorts' management believes the Silver Slipper Casino will be a shrewd acquisition. The casino, which opened in November 2006, 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 US Gulf Coast. The property also includes several fine restaurant and two casino bars. The Casino draws heavily from the New Orleans metropolitan area as well as from other communities in southern Louisiana and southwestern Mississippi.
For additional information about Full House Resorts and its various casino operations, please visit the company's website at fullhouseresorts.com
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