Full House Resorts announces sale of Stockman’s Casino in Nevada
The company has agreed to sell the casino to Clarity Game.
US.- Full House Resorts has agreed with Clarity Game to sell the land, building, and certain other operating assets of Stockman’s Casino in Fallon, Nevada. The total price will be $9.2m.
The asset sale is expected to occur in two transactions, with the sale of Stockman’s real property expected to close for $7m in late September and the sale of remaining operating assets for $2.2m upon the receipt of customary gaming approvals. The company will temporarily pay a monthly rent of $50,000 to Clarity and will continue to operate Stockman’s Casino until the closing of the second transaction, when all daily operations will pass to Clarity.
Daniel R. Lee, president and chief executive officer of Full House Resorts, said: “We are pleased to announce the sale of Stockman’s Casino to Michael Gaughan III, David Ross, and the rest of their team. As we have continued to grow in size, we find it prudent to focus on our larger properties in our portfolio, including our newly opened Chamonix and American Place casinos. We are proud of our transformation of Stockman’s Casino over the years, and know that Michael and David will drive continued improvement under their ownership.”
Full House Resorts’ results for the first quarter showed revenue of $73.5m, a 23.8 per cent increase from the prior-year period amid the continued ramp-up of operations at American Place and the phased opening of Chamonix Casino Hotel beginning in late December.
