Full House Resorts to close on $70 million Silver Slipper next month
Full House Resorts Inc. moved a step closer Friday to completing its $70 million acquisition of the Silver Slipper Casino after the Mississippi Gaming Commission approved the company's application for a state gaming license.
"We believe this paves the way for management to close on the (acquisition) on Oct. 1," Justin Sebastiano, senior gaming analyst with Brean, Murray, Carret & Co. LLC, said in a research note.
Las Vegas-based Full House in April announced it would acquire the 37,000-square-foot casino in Hancock County, Miss., which features 963 slot machines, 30 table games, including five poker tables, three restaurants and two bars. The Gaming Commission approved the deal late Thursday.
Sebastiano said he believes the property is well-run, but the real growth will come when Full House builds a hotel on the property. He expects a hotel with 100 to 150 rooms to open before the end of 2013.
Sebastiano rates Full House stock a "buy" with a target price of $4.50. Shares of Full House gained 35 cents, or 10.45 percent, to close at $3.70 on heavy volume of 41,049 shares traded on the New York Stock Exchange.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
