Las Vegas-based Full House Resorts Inc. announced on Monday that it has entered into a definitive agreement to acquire Fitzgerald’s Casino in Tunica, Mississippi. The property being sold is currently owned and operated by a membership group known as The Majestic Star Casino LLC.
Sale price, said Full House, is $62 million, exclusive of working capital and other adjustments, fees and expenses as of the closing date.
It was noted that the purchase is subject to Full House obtaining financing for the acquisition within 90 days of its execution, obtaining regulatory approvals and other customary closing conditions.
The acquiring company said it intends to fund the acquisition of the Fitz Casino with a combination of proceeds obtained by refinancing its existing credit facilities with a new credit facility with a capacity of approximately $125 million and through an equity offering.
Closing is expected to take place during the third fiscal quarter,
Tunica’s Fitz Casino has 38,000 square feet of gaming space. It operates with about 1,100 slot and video poker machines and 20 table games. The property includes a 506-room hotel with 68 suites, a fine dining restaurant, buffet, a quick service restaurant, two casino bars and an 8,100 square foot multi-purpose event center.
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DOG RACING DYING
During the 1960’s and 70’s, greyhound racing flourished in many states throughout the country. But, that was before the spread of casino gambling. Now, casinos are feeling the impact of over-abundance while most dog tracks have been shuttered.
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