Acquisition of Silver Slipper Casino Complete
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October 01, 2012
Full House Resorts announced today that it has completed the purchase of Silver
Slipper Casino Venture LLC, doing business as the Silver Slipper Casino, in
Hancock County, Mississippi for approximately $70 million, exclusive of working
capital and transaction expenses. As previously announced, the Company used $50
million on its first lien credit facility and $20 million on its second lien
credit facility to complete the transaction. The Company was advised on the
acquisition and financing by Macquarie Capital.
"We are excited to complete the transaction and officially bring the Silver
Slipper Casino and its outstanding team members into the Full House Resorts
family," said Andre M. Hilliou, Chairman and Chief Executive Officer of Full
House. "We believe we can leverage our corporate resources and our experience
and knowledge in managing local and regional properties to further improve the
Silver Slipper's profitability and create additional long-term shareholder
value. The Silver Slipper is a well-designed and efficient property located in a
stable market and has a very strong management team in place. We look forward to
rolling up our sleeves and getting to work with the team at the Silver Slipper."
The Silver Slipper 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 Gulf Coast. The property
includes a fine dining restaurant, buffet, quick service restaurant and two
casino bars. The property draws heavily from the New Orleans metropolitan area
and other communities in southern Louisiana and southwestern Mississippi.
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