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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Full House Resorts secures $75 million in casino financing

4 May 2012

Full House Resorts, Inc. said Thursday it would release first quarter earnings next week, as the company gets closer to completing its purchase of the Silver Slipper Casino in Mississippi, after securing $75 million in financing.

The Las Vegas-based company, which develops and manages casinos, said it would release its quarterly financial results on Wednesday. Analysts surveyed by Yahoo Finance expected first quarter earnings of 8 cents a share on revenue of $34.1 million.

Andre M. Hilliou, chairman and CEO of Full House Resorts, said the $75 million in financing for the casino in Bay St. Louis, Miss., includes a $55 million first lien credit facility and a $20 million second lien facility.

"We have already commenced the licensing process in Mississippi, and we expect to close on the acquisition in the third quarter of this year," Hilliou said in a statement.

In March, Full House Resorts made a $2.5 million escrow deposited in connection with the pending acquisition of the casino in Bay St. Louis, Miss. The company is being advised on the acquisition and financing by Macquarie Capital.