Nevada firm looking to buy Silver Slipper Casino for $70M
by MBJ Staff
Published: April 3,2012
HANCOCK COUNTY — Full House Resorts of Las Vegas, Nev., has entered into definitive agreements with Silver Slipper Casino Venture, LLC to acquire all of the outstanding membership interest of the entity operating the Silver Slipper Casino in Hancock County.
The purchase price is $70 million, exclusive of estimated cash, net working capital balances, fees and expenses and other adjustments as customary as of the closing date. The agreements are subject to Full House obtaining financing for the purchase and regulatory approvals.
Full House said it anticipates having firm financing commitments for the total amount required by the end of April and that regulatory approvals will be obtained to accommodate a closing in the third quarter of 2012. Macquarie Capital is acting as exclusive financial advisor to Full House in connection with this transaction, and Houlihan Lokey is acting as exclusive financial advisor to Silver Slipper Casino Venture.
The Silver Slipper Casino, which opened in November 2006, has 37,000 square feet of gaming space with almost 1,000 slot and video poker machines, 26 table games, a poker room and the only live Keno game on the Gulf Coast. The property includes a fine dining restaurant, buffet, quick service restaurant and two casino bars.
“This property is perfectly sized to complement our current business and provides a substantial growth opportunity through the possible addition of a hotel,” said Andre M. Hilliou, chairman and CEO of Full House. “This transaction is consistent with our long-stated growth strategy and we believe it will create long-term shareholder value. Under the leadership of the current management team, the property is well-run and well-maintained; 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 Silver Slipper.”
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Shale oil: market correction or longterm direction?
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- Tanger Outlets involved in Southaven project
- New Mississippi state highway map is available for the public
- Hyatt-Place is Columbus’ newest hotel option
- DAVID DALLAS: Who in the Hell are We?
- J.McLaughlin to open in Highland Village next spring
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job
- Analysts hail BancorpSouth stock buyback as ‘handsome’ reward for shareholders