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Gaming Industry News |
Tuesday October 7th, 2008 |
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Full House Resorts Announces Completion of Financing for FireKeepers Casino |
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Full House Resorts (AMEX: FLL) announced today that on May 6, 2008, the FireKeepers Development Authority closed on a $340 million Senior Secured Note due 2015 financing and a $35 million F&E facility to fund the FireKeepers Casino project in Battle Creek, Michigan. Full House owns 50% of the joint venture Gaming Entertainment Michigan, LLC (GEM), which has been and will oversee on behalf of the Authority the construction of the facility and will have full responsibility for operations upon opening. |
'We congratulate the Tribe for completing this final step of financing the casino and look forward to the long-awaited beginning of construction,' said Full House Chief Executive Officer Andre Hilliou. 'We remain confident that FireKeepers Casino will be an exciting first class casino destination in South Central Michigan upon its opening in the summer of 2009.'
FireKeepers Casino will open with 2,500 class III slot machines, 90 table games and 20 poker tables, an appropriate complement of dining venues and approximately 2,500 parking spaces - inclusive of a 2,078 space enclosed parking garage - and is slated to break ground within the next month for a projected grand opening in the summer of 2009. GEM will manage FireKeepers Casino after its opening for a seven-year period, once opened, GEM will receive a 26% management fee. The casino will be located at Exit 104 of Interstate 94, the primary interstate highway between Detroit and Chicago. Design efforts are well underway. In addition, Clark Construction Company, an experienced Michigan-based construction manager, is under contract and has executed guaranteed maximum price construction contracts for all construction efforts.
With the closing of financing, GEM received reimbursement from the Tribe of approximately $9.3 million for previously advanced development costs. The funds were used to retire the $9.5 million obligation to Green Acres carried by the Company as debt.
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