The news was disclosed in its quarterly earnings report filed today.
The deal was struck on March 21, but Full House Resorts said today that on May 7, it informed Majestic Star that it probably would not be successful in obtaining financing to purchase Fitzgerald’s. “As a result, we have requested Majestic Star consider termination of the agreement.”
Full House’s report showed a net loss of $1.1 million in the first quarter of 2014. During the same time frame in 2013, it had a $600,000 profit.
“Our first quarter 2014 performance was impacted by unusually extreme weather conditions across the country, increased competition and soft consumer trends,” said Andre Hilliou, chairman and CEO of Full House.
Full House also owns the Silver Slipper Casino in Bay St. Louis, where it is spending $17.7 million to build a 142-room hotel.
The Tunica market — once one of the top three casino destination sites in the country — has been hit hard by increased competition and a changing customer base. One casino, Harrah’s Tunica, has already announced it will close this summer, and industry analysts expect to see more closures. There are nine casinos in Tunica County.