Silver Slipper Casino Hotel Completes Financing and Construction Contracts
August 29, 2013
Full House Resorts FLL -1.44% announced today that it has closed on an amendment
to its First Lien Credit Agreement to provide for a $10.0 million loan from its
first lien facility lenders, which will be used to fund a portion of the
approximate $17.7 million construction of a 142-room hotel at the Company's
Silver Slipper Casino property in Hancock County, Mississippi. The Company also
announced that it has signed construction contracts for the hotel with the R.O.I.
Hotel Group and expects construction to commence in the next 30 days. The
Company expects the remaining $7.7 million of the construction to be funded from
available cash. Full House estimates that construction of the hotel will take
approximately one year to complete.
The terms and conditions of the amendment to the First Lien Credit Agreement
include that (1) the term loan portion of the First Lien Credit Agreement will
be increased by $10.0 million; (2) the interest rate will be lowered by 1.0%;
(3) the maturity date will be extended to June 29, 2016; and (4) certain
financial ratio covenants will be revised to accommodate the additional
extension of credit.
"We appreciate the support of both our first lien and second lien lenders and
are excited to be moving forward on the Silver Slipper hotel," said Andre
Hilliou, Chairman and Chief Executive Officer of Full House Resorts. "We believe
the hotel is a much-needed amenity to extend loyal and profitable customer
visits at the Silver Slipper property, and we look forward to celebrating the
grand opening of the hotel facility in the second half of 2014."
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