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Full House Resorts announces lease/purchase agreement for new hotel addition to Indiana Casino19 August 2013LAS VEGAS, Nevada -- (PRESS RELEASE) -- Full House Resorts announced today that its subsidiary, Gaming Entertainment Indiana, LLC (GEI) d/b/a Rising Star Casino Resort, has entered into a lease agreement with Rising Sun Ohio County First, Inc. (RSOCF), a non-profit corporation, to operate RSOCF’s 104 room hotel, adjacent to the Rising Star Casino Resort, scheduled to open in the fourth quarter of this year. The lease agreement provides that GEI will be the sole Lessee and assume all responsibilities, revenues, expenses, profits and losses related to hotel operations, and in exchange, RSOCF will receive a fixed monthly rent payment of approximately $83,000. The parties have agreed to an initial lease term of ten years, during which GEI will have the exclusive option to purchase the hotel during the term at pre-determined prices and subject to provisions of the lease. The hotel will be an additional amenity to the Rising Star Casino Resort, and will be integrated into its current hotel and casino operations. “We are excited about the opportunity to work with Rising Sun Ohio County First, the Rising Sun Regional Foundation and the Rising Sun city officials to further economic development in the community and provide additional rooms for our customers,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House Resorts. |