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October 25, 2014

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Las Vegas company to buy Mississippi casino

Image

Rogelio V. Solis / AP

In this July 30, 2013, file photo, some of the Delta’s casinos beckon players in Tunica Resorts, Miss., along Casino Strip Boulevard.

TUNICA, Miss. — Las Vegas-based Full House Resorts has agreed to buy Fitzgerald's Casino in Tunica, Miss., from Majestic Star Casino LLC.

The purchase price is $62 million, exclusive of working capital and other adjustments, fees and expenses as of the closing date. The agreement is subject to Full House obtaining financing for the acquisition within 90 days of its execution, obtaining regulatory approvals, and other customary closing conditions.

Full House said in a news release Monday that it expects to close the deal during the third quarter of 2014.

"This property fits our acquisition strategy perfectly," Andre M. Hilliou, chairman and chief executive officer of Full House said in a statement.

"The property has historically been well run and maintained under the current management team; however, we believe that we can leverage our knowledge and proven track record of managing properties catering to local customers in competitive environments to further improve the profitability of the Fitz Casino," Hilliou said.

The Fitz Casino has 38,000 square feet of gambling space with 1,100 slot and video poker machines and 20 table games. The property includes a 506-room hotel with 68 suites, a fine dining restaurant, buffet, quick service restaurant, two casino bars and an 8,100-square-foot multi-purpose event center.

Full House Resorts is a regional casino company that owns, develops and manages gambling facilities.

Full House owns the Rising Star Casino Resort in Rising Sun, Ind., the Silver Slipper Casino in Hancock County, Miss., and Stockman's Casino in Fallon, Nev. Full House also operates the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nev., under a lease agreement, and has a management agreement with the Pueblo of Pojoaque for the operations of the Buffalo Thunder Casino and Resort in Santa Fe, N.M. along with the Pueblo's Cities of Gold casino facilities.

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