Illinois Casino: Full House progresses American Place casino vision

Illinois Casino: Full House progresses American Place casino vision

Full House Resorts announced additional progress on its American Place casino resort project in Illinois, including property acquisitions and significant managerial hiring. The former involves the corporation entering into an agreement to acquire approximately ten acres of land adjacent to the approximately 30-acre real-money casino site that will be leased from the city to offer more parking and facilitate access to the casino site.

American Place Casino

The Illinois Gaming Board picked Full House to develop American Place in Waukegan in December 2021, with the corporation following announcing plans to spend around $100 million on a temporary facility. Additionally, the corporation has agreed to purchase a sprung tent structure with an approximate space of 1.5 football fields to hold The Temporary by American Place at this venue. The casino will have over 1,000 slot machines, 50 table games, a fine-dining restaurant, two more eateries, and a center bar. The structure is scheduled to arrive on-site between late March and late April 2022, with an estimated summer opening, subject to typical gaming clearances.

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This update follows their prior statement that on February 7, 2022, the Company successfully funded The Temporary. On that date, the Company completed the private placement of $100.0 million aggregate principal amount of 8.25 percent Senior Secured Notes due 2028 (the “Additional Notes”). The Additional Notes were offered at a discount to the principal amount of 102.0 percent and were issued according to an indenture dated February 12, 2021, according to which the Company issued $310 million of identical senior secured notes in February 2021. Further, on February 7, the Company revised its revolving credit arrangement, increasing its borrowing capacity from $15.0 million to $40.0 million, with the entire amount available for drawing. Under the revolving credit facility, Borrowings would have an interest rate of less than 4% at today’s rates. In addition, the group announced John Ferrucci’s ascension to the newly created post of Senior Vice President and Chief Operating Officer, which is subject to final approval. Ferrucci will oversee preparations to open The Temporary at American Place until a permanent general manager is hired, remain as general manager of Silver Slipper Casino Hotel in Hancock County, Mississippi, and oversee operations at the company’s other properties.

About Full House Resorts

Full House Resorts, Inc. develops, owns, runs, and manages casinos and related hospitality and entertainment properties in regional markets throughout the United States of America. Headquartered in Las Vegas, Full House runs five casino properties in Mississippi, Indiana, Nevada, and Colorado. Each of our gaming properties reflects a distinct ambiance that is custom-designed for the market in which it is located. Their management team joined Full House in late 2014 and has been tasked with the task of keeping all properties current, competitive, and financially viable. While each casino has its own distinct appearance and feel, they all share a common goal: to provide guests with the greatest entertainment and customer service possible in a welcoming, comfortable environment.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.