Full House Resorts Announces Appointment of Chief Operating Officer and Provides Update Regarding Its American Place Project in Waukegan, Illinois
17 Fevereiro 2022 - 7:10PM
Full House Resorts, Inc. (Nasdaq: FLL) today announced the
promotion of John Ferrucci to the newly-created position of Senior
Vice President and Chief Operating Officer, subject to finalization
of a new employment agreement between the Company and Mr. Ferrucci
related to such position. As COO, Mr. Ferrucci will oversee the
Company’s efforts to open The Temporary at American Place until a
permanent general manager is selected, continue to serve as General
Manager of Silver Slipper Casino Hotel in Hancock County,
Mississippi, and will oversee operations for the Company’s other
properties.
Mr. Ferrucci began his career at Harrah’s Atlantic City as a
table games dealer, working his way up to a casino credit
executive. He subsequently served as casino manager for Lucayan
Beach Resort and Casino in the Bahamas before moving to
Mississippi, where he opened both the Grand Casino in Gulfport and
the Grand Casino in Biloxi. In 1996, Mr. Ferrucci became the
general manager of the New Palace Casino in Biloxi before returning
to the Northeast to help develop and open a Native American casino.
In 2000, Mr. Ferrucci became Vice President and General Manager of
Casino Magic Biloxi, which was the first casino hotel in
Mississippi to receive the AAA Four-Diamond Service Award. In 2004,
Mr. Ferrucci joined the development team for the Company’s Silver
Slipper property, where he worked with architects, engineers and
designers to help develop and open the property, including the
subsequent addition of a 129-guestroom hotel in 2015. Mr. Ferrucci
is a graduate of Trenton State College in New Jersey, where he
received his Bachelor of Science degree in marketing and a Master
of Education degree.
Additionally, the Company provided an update today on its
American Place project in Waukegan, Illinois. The Company recently
entered into an agreement to purchase approximately 10 acres of
land adjoining the approximately 30-acre casino site to be leased
from the city, providing space for additional parking and access to
the casino site from a major road.
The Company also recently agreed to purchase a Sprung tent
structure, which has an area of approximately 1.5 football fields
and will house the temporary casino at American Place while the
permanent facility is being constructed. Aptly named The Temporary
by American Place, it is slated to include approximately 1,000 slot
machines, 50 table games, a fine-dining restaurant, two additional
restaurants, and a center bar. The Sprung tent structure is
expected to arrive on-site between late-March and late-April 2022,
and opening of The Temporary is expected to occur this upcoming
summer, pending customary gaming approvals. On March 15, 2022, the
Company is holding a career fair to begin interviewing applicants
for available jobs throughout The Temporary.
"I am pleased to promote John Ferrucci to our new role of Chief
Operating Officer," said Daniel R. Lee, President and Chief
Executive Officer of Full House Resorts. "Under his leadership, the
Silver Slipper has reached new levels of profitability. He has
helped develop talent throughout our company, including acting as a
mentor for the general managers of Bronco Billy's and Rising Star.
His hands-on management style, as well as his experience in opening
four casinos, will serve us well as we prepare for new levels of
growth, beginning with our planned opening of The Temporary this
summer."
This update follows our previous announcement that the Company
successfully completed its funding of The Temporary on February 7,
2022. On that date, the Company closed its private offering of
$100.0 million aggregate principal amount of its 8.25% Senior
Secured Notes due 2028 (the “Additional Notes”). The Additional
Notes were sold at a price of 102.0% of the principal amount and
were issued pursuant to an indenture, dated as of February 12,
2021, under which the Company issued $310 million of identical
senior secured notes in February 2021. Also on February 7, the
Company amended its revolving credit agreement to, among other
things, increase its borrowing capacity from $15.0 million to $40.0
million, all of which was available to draw. The interest rate for
borrowings under the revolving credit facility, based on today’s
rates, would be less than 4%.
Forward-looking StatementsThis press release
contains statements by Full House and our officers that are
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are neither historical facts nor
assurances of future performance. Some forward-looking statements
in this press release include those regarding the expected
completion dates, expected amenities, and expected acreage for The
Temporary. Such risks include, without limitation, successful
closing of our purchase of additional land in Waukegan, including
approval from the Illinois Gaming Board; various approvals that are
required to lease the primary American Place site from the City of
Waukegan, including from the Illinois Gaming Board; our ability to
finalize an employment agreement with Mr. Ferrucci; our ability to
repay our substantial indebtedness; potential actions by government
officials at the federal, state or local level in connection with
the COVID-19 pandemic, including, without limitation, additional
shutdowns, travel restrictions, social distancing measures or
shelter-in-place orders; our ability to effectively manage and
control expenses as a result of the pandemic; our ability to
complete The Temporary or American Place on-time and on-budget;
changes in guest visitation or spending patterns due to COVID-19 or
other health or other concerns; a decrease in overall demand as
other competing entertainment venues continue to re-open;
construction risks, disputes and cost overruns; dependence on
existing management; competition; uncertainties over the
development and success of our expansion projects; inflation and
its potential impacts on labor costs and the prices of food,
construction, and other materials; the effects of potential
disruptions in the supply chains for goods, such as food, lumber,
and other materials; general macroeconomic conditions; and
regulatory and business conditions in the gaming industry
(including the possible authorization or expansion of gaming in the
states we operate or nearby states). Additional information
concerning potential factors that could affect our financial
condition and results of operations is included in the reports we
file with the Securities and Exchange Commission, including, but
not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations of our most recent Annual Report on Form 10-K
and our other periodic reports filed with the Securities and
Exchange Commission. We are under no obligation to (and expressly
disclaim any such obligation to) update or revise our
forward-looking statements as a result of new information, future
events or otherwise. Actual results may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
About Full House Resorts, Inc.Full House
Resorts, Inc. owns, leases, develops and operates gaming facilities
throughout the country. The Company’s properties include Silver
Slipper Casino and Hotel in Hancock County, Mississippi; Bronco
Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star
Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon,
Nevada; and Grand Lodge Casino, located within the Hyatt Regency
Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The
Company is currently constructing Chamonix Casino Hotel, a new
luxury hotel and casino in Cripple Creek, Colorado. In December
2021, the Company was chosen by the Illinois Gaming Board to
develop American Place, a new gaming and entertainment destination
to be built in Waukegan, Illinois, subject to final regulatory
approvals. For further information, please visit
www.fullhouseresorts.com.
Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
(702) 221-7800
www.fullhouseresorts.com
Full House Resorts (NASDAQ:FLL)
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