LAS VEGAS-Locally headquartered Full House Resorts has received final approval from the Nevada Gaming Commission to own and operate Stockman's Casino in Fallon. The publicly held casino manager in April agreed to acquire for $25.5 million all of the outstanding stock of Stockman's Casino, Inc., which owns and operates the casino and the neighboring Holiday Inn. The seller is the James R. Peters Family Trust.
Stockman's Casino has approximately 8,400 sf of gaming space, a fine dining restaurant and a coffee shop. The Holiday Inn Express has 98 guest rooms, indoor and outdoor pools, sauna, fitness center and meeting rooms.
The purchase price is subject to increase if the operation exceeds certain financial targets during the 12 months prior to closing of the transaction, which is scheduled for this quarter. Full House says it expects the purchase price to increase between $400,000 and $800,000. Full House is funding the transaction with proceeds from its upcoming 6.2 million share offering (at $3.25 per share), cash on hand and $16 million in debt financing.
The acquisition of a casino provides Full House the opportunity to expand into a long-term aspect of its business plan that is not limited by the length of a management contract. "We expect Stockman's to provide a solid foundation for our continued expansion in local casino markets," says Full House CEO Andre Hillou.
Full House manages Midway Slots and Simulcast at the Delaware State Fairgrounds in Harrington, DE. It also is working on developing casino-resorts in partnership with the Nottawaseppi Huron Band of Potawatomi Indians in the Battle Creek are of Michigan, with the Nambe Pueblo of New Mexico and with the Northern Cheyenne Nation of Montana
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