BAY ST. LOUIS — Construction will begin soon on a $17.5 million, 140-room hotel at the Silver Slipper Casino, according to its parent company.
The Sun Herald reports Full House Resorts received a commitment for a $10 million loan on Aug. 2 and will finance the remaining $7.5 million cost of construction with cash on hand.
“We continue to move forward on a much-needed hotel at our Silver Slipper property and expect to finalize financing and commence construction within the next 30 days,” said Andre Hilliou, chairman and CEO of Full House, which purchased the Silver Slipper on Oct. 1, 2012.
The casino’s general manager, John Ferrucci, said he expects to get permission to proceed in that time frame as well.
Construction will take about a year to complete once ground is broken.
The company also reported that for the second quarter of 2013, Silver Slipper had revenue of $13.4 million and adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, of $2.5 million.
“Despite increased competition and a stagnant economy, our casinos continued to perform well in the second quarter,” Hilliou said.
Net income Adjusted EBITDA for the second quarter was $4.4 million compared to $2.9 million for the same period in 2012.