Full House Resorts completes $70 million Silver Slipper Casino deal
Full House Resorts Inc. has closed its $70 million acquisition of the Silver Slipper Casino in Bay St. Louis, Miss., the Las Vegas-based gaming company said Monday. The Silver Slipper purchase comes 18 months after Full House closed on a $43 million acquisition of the Rising Star Casino in Rising Sun, Ind.
"We believe management will be focused on maximizing the Slipper's profitability and building a hotel at the property, but likely will not sit back and relax regarding its growth strategy," said Justin Sebastiano, an analyst with Brean Murray Carret & Co.
Sebastiano expects Full House to "remain on the acquisition trail" targeting properties with earnings of $10 million to $15 million annually. In a research report, he reiterated his "Buy" rating and $4.50 target price.
Shares of Full House gained 14 cents, or 3.73 percent, to close at $3.61 on the New York Stock Exchange.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
