Full house casino events
Full House Resorts
American casino developer and operator
Full House Resorts, Inc. is a casino developer and operator based in Summerlin South, Nevada. The company currently operates five casinos. It is known for the involvement of Gulfstream Aerospace founder Allen Paulson, who was CEO from to , and former Chrysler chairman Lee Iacocca, who was a major investor in the company from to Dan Lee has served as CEO since late [5]
History[edit]
Founding (–)[edit]
The company was incorporated in as Hour Corp., and changed its name to D.H.Z. Capital Corp. later that year.[6]
In , the company changed its name to Full House Resorts and bought the Deadwood Gulch Resort, a hotel and casino in Deadwood, South Dakota.[6] The resort was expanded in with an RV park and a family fun center, Gulches of Fun.[6] By , the company determined that Deadwood's remote location and low betting limits were too limiting, so the resort was put up for sale.[6] It was sold it to a group of South Dakota businessmen in for $6 million.[7][8]
Full House made its initial public offering on the NASDAQ Small Cap Market in , raising $8 million.[6]
Allen Paulson, founder of Gulfstream Aerospace, bought a percent stake in the company in March , and was named chairman and CEO in August.[9]
The Coquille Indian Tribe chose Full House in from fifteen potential investors to develop a casino in North Bend, Oregon.[10] Built in a former plywood mill, The Mill opened in May The company financed the construction in exchange for 26 percent of the profits[11] through [12]
Entry of Lee Iacocca (–)[edit]
In an effort to extend its base beyond the gaming industry, Full House was negotiating to purchase 21 acres of land in Branson, Missouri from a company owned by former Chrysler chairman Lee Iacocca, and Omega Properties, owned by John Fugazy and Full House director William McComas. During the talks, Full House learned that Iacocca and Omega were discussing four separate casino development projects with the Nottawaseppi Huron Band of Potawatomi, the Torres-Martinez Desert Cahuilla Indians, the Delaware State Fairgrounds, and four organized Indian tribes in Michigan.[6] To gain access to these projects, Full House bought Iacocca's company and Omega in Iacocca received a percent stake in the company.[9]
With the four tribes in Michigan (Grand Traverse Band of Ottawa and Chippewa Indians, Lac Vieux Desert Band of Lake Superior Chippewa, Hannahville Indian Community, and Keweenaw Bay Indian Community),[13] Full House proposed to build a $ million casino in a vacated department store in Detroit.[14] However, Governor John Engler decided in not to allow off-reservation Indian casinos,[15] and Full House wrote the project off.[16]
Full House worked with the Torres-Martinez tribe of southern California to lobby the federal government for more land, to replace the half of the tribe's reservation that was permanently flooded by the Salton Sea.[17] By , little progress had been made with the land, or with signing a compact with the state to allow a casino, so the tribe's members voted to terminate the contract with Full House.[18] The company invoked arbitration and ultimately received a $1 million settlement from the tribe.[19]
In December , the firm entered into a partnership with lottery equipment manufacturer Gtech, under which all of Full House's existing and future projects, except for Deadwood Gulch, would be pursued as joint ventures.[6] The alliance lasted until April , when Full House bought out Gtech's interests for $ million.[20]
In May , the Delaware project came to fruition with the opening of Midway Slots & Simulcast, a casino with video lottery terminals and a racebook, at Harrington Raceway at the state fairgrounds in Harrington.[21] Full House developed the casino at a cost of $11 million, and received a year contract to operate it for a percentage of revenues.[21] The firm's involvement ended when the agreement expired in [22]
The proposed Nottawaseppi Huron casino in Battle Creek, Michigan was delayed by years of litigation by anti-gaming activists.[23] The $million FireKeepers Casino finally opened in , as a joint venture with real estate developer Robert Mathewson.[24] Full House and Mathewson were to manage the casino for seven years, receiving 26% of net income,[24] but the Nottawaseppi Huron bought out the agreement in for $ million and took over management of the casino.[25]
Gregg Giuffria & Hard Rock Biloxi (–)[edit]
In , former rock musician Gregg Giuffria and casino architect Paul Steelman conceived the idea of building a Hard Rock hotel and dockside casino in Biloxi, Mississippi. Giuffria, a friend of Iacocca, approached McComas and Iacocca with the idea. After they negotiated an agreement with the Rank Group, owner of the Hard Rock trademark, Iacocca joined the Full House board of directors, and Giuffria was named president of the company in [8] The project was organized as a joint venture between Full House and Paulson, with Paulson providing a boat, the former Treasure Bay casino barge. A seven-acre site next to the Beau Rivage casino was secured for the $ to million development.[26] Giuffria resigned from Full House in , but the company pressed forward with the Hard Rock.[27] By , though, financing had not been found, the options to purchase the land had lapsed, and Full House dropped the project.[28] The Hard Rock Biloxi was ultimately opened in by a company co-owned by Giuffria.[29]
At Giuffria's urging, the company moved its headquarters from Del Mar, California to Las Vegas in [8][30]
Post-Allen Paulson (–)[edit]
After Paulson's death in , Full House put itself up for sale.[31] In July , the Morongo Band of Mission Indians in California agreed to acquire the company for $ million, but a tribal ballot to approve the purchase failed later that year, and the deal was canceled.[30][32] Instead, Paulson's son, Michael, took over as chairman, and the company began a strategy of expansion.[31]
In , Full House reached development agreements with two tribes in New Mexico. The Manuelito Chapter of the Navajo Nation selected the company from eleven applicants to develop and manage a 50,square-foot (4,m2) casino, four miles west of Gallup.[33] With the Nambé Pueblo of New Mexico, the company agreed to develop a casino and hotel on tribal land fifteen miles north of Santa Fe, in exchange for thirty percent of net revenues for the first seven years.[34] The Navajo project was dropped in , when the tribe decided to proceed without a gaming developer.[35] Market conditions, including the opening of a large casino by the nearby Pueblo of Pojoaque, led the Nambé to drop their arrangement in , instead pursuing plans for a smaller gaming operation to be managed by the tribe itself.[36]
Also in , the company entered an agreement with the Northern Cheyenne Nation to develop a $ to million casino in Lame Deer, Montana.[37] By , financing difficulties forced Full House to write off the $, it had spent, though it said it would continue to pursue the project.[38]
In February , the company bought Stockman's Casino, an 8,square-foot (m2) casino in Fallon, Nevada, along with its room Holiday Inn Express hotel, from James Peters for $ million.[39] It sold the hotel a year later for $ million, deciding that it was not important for driving customers to the casino.[40][41]
In , Full House entered into a three-year management agreement with the Pueblo of Pojoaque to oversee its Buffalo Thunder and Cities of Gold casinos,[42] for $, a month plus success fees based on financial targets.[43] The company earned $ million under the contract before it expired in September , and the tribe resumed self-management of the casinos.[44]
Also in , the company purchased two casinos from HGMI Gaming, a Hyatt affiliate owned by the Pritzker family. It bought the assets of the Grand Lodge Casino at the Hyatt Regency hotel in Incline Village, Nevada for $,, and leased the space for $, a month for an initial five-year term, keeping all profits.[45] It also bought the Grand Victoriariverboat casino and hotel in Rising Sun, Indiana for $43 million, and renamed it as the Rising Star Casino Resort.[46]
In October , Full House acquired the Silver Slipper Casino in Lakeshore, Mississippi for $70 million, with plans to potentially add a hotel.[47] An analyst stated the company would likely continue acquiring properties with earnings in the $10− to million range.
The company partnered in with the Keeneland Association in a plan to buy Thunder Ridge Raceway, a harness racing track in Prestonburg, Kentucky. The partners proposed to move the racing license to a new Quarter Horse track to be built in Corbin. The purchase was contingent on the formal legalization of slot machine-like Instant Racing devices, at least of which would operate at the new track.[48][49]
In March , Full House agreed to acquire the Fitz Casino in Tunica Resorts, Mississippi from Majestic Star Casino for $62 million.[50] Two months later, however, Full House said it would back out of the deal, citing financing difficulties.[51]
Dan Lee era (–present)[edit]
In October , a group of activist shareholders, led by former CEO of Pinnacle Entertainment Dan Lee, launched a proxy fight, accusing Full House's management of going on a "reckless buying binge".[52] Lee soon drew the support of the Paulson family.[53] The company responded by putting itself up for sale.[54] The fight ended in a settlement in December , with Lee appointed as CEO of Full House.[55]
During the proxy contest, Full House was sidelined from the Thunder Ridge project, after the Kentucky Racing Commission expressed concerns about Full House and Keeneland decided to pursue the purchase alone.[56][57]
In , Full House proposed building a $million mixed-use project anchored by a casino, on a site near the Indianapolis International Airport.[58][59] The proposal was rejected by the airport authority.[60]
In May , Full House purchased Bronco Billy's casino in Cripple Creek, Colorado for approximately $30 million.[61]
The company revealed a proposal in August to build La Posada del Llano, a racetrack, casino, and hotel near Clovis, New Mexico.[62]
In , Full House began construction of Chamonix Casino Hotel, a $million property next to Bronco Billy's.[63][64] The company also renewed its effort to expand in Indiana, submitting a bid to build a casino in Terre Haute, to be named American Place.[65]
Properties[edit]
Full House operates seven properties and two of which are under construction:
Name | Location | Notes | Picture |
---|---|---|---|
American Place | Waukegan, Illinois |
| |
Bronco Billy's Casino and Hotel | Cripple Creek, Colorado |
| |
Chamonix Casino Resort | Cripple Creek, Colorado |
| |
Grand Lodge Casino | Incline Village, Nevada |
| |
Rising Star Casino Resort | Rising Sun, Indiana |
| |
Silver Slipper Casino | Lakeshore, Mississippi |
| |
Stockman's Casino | Fallon, Nevada |
|
Former properties[edit]
Casinos developed or previously operated by Full House include:
References[edit]
- ^Form K/A: Annual Report (Report). Full House Resorts. April 29, p.2 via EDGAR.
- ^Form 8-K: Current Report (Report). Full House Resorts. September 8, via EDGAR.
- ^Form K: Annual Report (Report). Full House Resorts. March 12, p. Retrieved via EDGAR.
- ^Form K: Annual Report (Report). Full House Resorts. March 12, p.8. Retrieved via EDGAR.
- ^"Full House Resorts, Inc. Announces the Appointment of Daniel R. Lee as Chief Executive Officer and the Favorable Resolution of Issues with Its Stockholder Group". December
- ^ abcdefgForm KSB/A: Annual Report (Report). Full House Resorts. July 25, Retrieved
- ^Form QSB (Report). Full House Resorts. May 15, p.6. Retrieved
- ^ abcThompson, Gary (May 13, ). "Musician finds home at LV firm". Las Vegas Sun. Retrieved
- ^ ab"Full House Names Chief". New York Times. August 27, Retrieved
- ^Bacon, Larry (April 14, ). "Tribe picks builder for casino". Eugene Register-Guard. Retrieved
- ^Bacon, Larry (13 May ). "North Bend casino opens next Friday". Eugene Register-Guard. Retrieved
- ^Form KSB (Report). Full House Resorts. March 28, p.3. Retrieved
- ^Form KSB (Report). Full House Resorts. March 31, p. Retrieved
- ^Worthington, Rogers (June 19, ). "Michigan Ponders Taking Gamble On Detroit Casinos". Chicago Tribune. Retrieved
- ^"Governor Rejects New Gambling in Michigan". Los Angeles Times. June 28, Retrieved
- ^Form KSB (Report). Full House Resorts. March 31, p.3. Retrieved
- ^Gorman, Tom (September 23, ). "Dispute Stalls Land Deal for Impoverished Tribe". Los Angeles Times. Retrieved
- ^"Tribe ends relationship with Las Vegas firm". Las Vegas Sun. 23 August Retrieved
- ^Form KSB (Report). Full House Resorts. April 17, p.5. Retrieved
- ^"Full House Resorts, Inc. Acquires GTECH Interest in Gaming Projects" (Press release). Full House Resorts. April 2, Retrieved
- ^ abForm KSB40 (Report). Full House Resorts. March 28, Retrieved
- ^Form K (Report). Full House Resorts. March 7, p.4. Retrieved
- ^"Full House Resorts announces favorable court decision" (Press release). Full House Resorts. July 5, Retrieved
- ^ abFull House Resorts. "Gaming Entertainment Michigan". Archived from the original on Retrieved
- ^Sieroty, Chris (February 29, ). "Full House Resorts sells management contact for $ million". Las Vegas Review-Journal. Retrieved
- ^Form KSB (Report). Full House Resorts. March 31, Retrieved
- ^"Full House to push Hard Rock casino, hotel property in Biloxi". Las Vegas Sun. July 18, Retrieved
- ^Form KSB (Report). Full House Resorts. March 29, p.6. Retrieved
- ^Schoolfield, Jeremy (October ). "Tumbling Dice". Funworld. IAAPA. Retrieved
- ^ abBenston, Liz (July 31, ). "Tribe to buy LV gaming firm". Las Vegas Sun. Retrieved
- ^ abHilliou, Andre (September 13, ). "Full House Resorts, Inc. (FHRI)"(PDF) (Interview). Interviewed by The Wall Street Transcript. Retrieved
- ^"Full House Resorts, Morongo Band of Mission Indians Merger Dead" (Press release). Full House Resorts. October 15, Retrieved
- ^"Full House Resorts Selected to Manage Manuelito Navajo Casino" (Press release). Full House Resorts. February 24, Retrieved
- ^"Nambe Pueblo signs management agreement for new casino, resort". New Mexico Business Weekly. June 24, Retrieved
- ^Form KSB (Report). Full House Resorts. March 27, p.F Retrieved
- ^Collins, David (April 8, ). "Nambé: Travel center opens to fanfare". Santa Fe New Mexican. Retrieved
- ^"Northern Cheyenne Nation Signs Casino Management Agreement With Full House Resorts" (Press release). Full House Resorts. May 26, Retrieved
- ^"Full House Resorts to record fourth quarter impairment charge related to Northern Cheyenne project" (Press release). Full House Resorts. January 26, Retrieved
- ^"Full House Resorts acquires Stockman's Casino" (Press release). Full House Resorts. February 1, Retrieved
- ^"Full House Resorts completes sale of Holiday Inn Express" (Press release). Full House Resorts. February 21, Retrieved
- ^"Full House Resorts announces sale of Holiday Inn Express" (Press release). Full House Resorts. October 5, Retrieved
- ^"Eldredge named GM of gaming at Buffalo Thunder". New Mexico Business Weekly. September 30, Retrieved
- ^Sieroty, Chris (February 13, ). "Fine Point Group sues over terminated accord". Las Vegas Business Press. Retrieved
- ^"Full House Resorts, Inc. provides additional information in response to statements by dissident stockholders" (Press release). Full House Resorts. October 14, Retrieved
- ^Sieroty, Chris (September 6, ). "Full House adds Hyatt Lake Tahoe to its family". Las Vegas Review-Journal. Retrieved
- ^"Grand Victoria Casino gets new name: Rising Star". Business Courier. Cincinnati. August 12, Retrieved
- ^Sieroty, Chris (October 1, ). "Full House Resorts completes $70 million Silver Slipper Casino deal". Las Vegas Review-Journal. Retrieved
- ^Tom LaMarra (February 15, ). "Keeneland: Track plan about horse industry". The Blood-Horse. Retrieved
- ^Janet Patton (February 14, ). "Keeneland aims to build prime Quarter Horse racetrack near Corbin". Lexington Herald-Leader. Retrieved
- ^James Dowd (March 24, ). "Fitz Casino in Tunica sold for $62 million". The Commercial Appeal. Memphis, TN. Retrieved
- ^"Las Vegas company won't buy Mississippi casino". Las Vegas Sun. AP. May 14, Retrieved
- ^James M. Odato (October 10, ). "Shareholders knock Full House board". Times Union. Albany, NY. Retrieved
- ^Howard Stutz (October 21, ). "Trust sides with group seeking change at Full House Resorts". Las Vegas Review-Journal. Retrieved
- ^Howard Stutz (October 22, ). "Casino operator Full House Resorts for sale". Las Vegas Review-Journal. Retrieved
- ^"Pinnacle's former chief exec takes over at Full House Resorts". Las Vegas Sun. AP. December 1, Retrieved
- ^Gregory A. Hall (October 14, ). "Racing commission: Keeneland buying track not done deal". The Courier-Journal. Louisville, KY. Retrieved
- ^Gregory A. Hall (October 21, ). "Keeneland proceeding on track purchase alone for now". The Courier-Journal. Louisville, KY. Retrieved
- ^Jeff Swiatek (August 10, ). "Vegas developer wants to put casino, upscale retail near Indy airport". Indianapolis Star. Retrieved
- ^James Briggs (May 27, ). "Casino exec seeks expanded gambling in Indiana while making few friends". Indianapolis Star. Retrieved
- ^James Briggs (March 18, ). "Airport rejects $M sports medical complex". The Indianapolis Star. Retrieved
- ^Wayne Heilman (May 13, ). "Bronco Billy's Casino and Hotel bought by Vegas company". The Gazette. Colorado Springs. Retrieved
- ^Howard Stutz (August 20, ). "Full House Resorts proposes racetrack-casino-hotel complex for Eastern New Mexico". CDC Gaming Reports. Retrieved
- ^Wayne Heilman (August 11, ). "Bronco Billy's considering 70 more rooms for hotel project". The Gazette. Colorado Springs. Retrieved
- ^Form K: Annual Report (Report). Full House Resorts. March 12, p.4 via EDGAR.
- ^Alex Brown (September 23, ). "More details released on Terre Haute casino proposals". Inside Indiana Business. Retrieved
External links[edit]
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