Intends to continue to work with Indiana legislators to ensure a fair and competitive process that will maximize benefits for Indiana and for Terre Haute
RISING SUN, Ind., Dec. 10, 2018 (GLOBE NEWSWIRE) -- Full House Resorts (FLL) announced today its intent to reintroduce its proposal to allow for the relocation of unused gambling games from its Rising Star Casino Resort to a supplemental location in Terre Haute. During the 2017 Indiana legislative session, Full House’s proposal, which permitted it to relocate unused gambling games to Terre Haute, failed to advance after receiving a tie vote in the Senate Public Policy Committee. The central concern raised was that the 2017 bill unfairly favored a single casino operator. In response to that concern, Full House returned to the Indiana legislature in 2018 with a bill that would have allowed other casino owners to compete for a Terre Haute casino without eliminating the jobs or vacating the investments made in their original home communities.
Every casino owner in Indiana today is using fewer gambling games than the existing law allows, costing the State millions in unrealized tax revenues. A competitive process conducted by the State of Indiana would allow the State to authorize utilization of the existing gambling games in a way that would generate millions of dollars in new tax revenue.
“We continue to invest millions of dollars in Rising Sun, but the expansion of gaming in neighboring states has ensured that many of our authorized games will never be needed in that market,” noted Daniel R. Lee, President and CEO of Full House Resorts. “Rather than close and move the Rising Star Casino Resort, we would prefer to compete for the opportunity by relocating our unused games to a new facility in Terre Haute. We believe that creates a win-win for Rising Sun, Terre Haute, and all of Indiana.”
Alex Stolyar, Senior Vice President and Chief Development Officer of Full House Resorts, added, “Since we began exploring opportunities in Terre Haute three years ago, we have been overwhelmed by the level of support that the city has shown for a gaming facility. We worked with the Terre Haute City Council, Vigo County Commissioners, Chamber of Commerce, and many other organizations to demonstrate that support to Indiana legislators. We have seen the recent reports that the new Majestic Star casino owners intend to pursue legislation to move their gaming assets from a single integrated casino in Buffington Harbor to two new locations, potentially including Terre Haute. Their proposal supports our thesis that Terre Haute is a prime location to allocate the state’s unused gaming resources to maximize benefit for Indiana. We look forward to an opportunity to compete with all interested operators to present the best proposal for Terre Haute and for Indiana.”
About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy's Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman’s Casino in Fallon, Nevada. The Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada under a lease agreement with the Hyatt organization. Further information about Full House Resorts can be viewed on its website at www.fullhouseresorts.com.
This press release contains statements by Full House Resorts, Inc. that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Some forward-looking statements in this press release include those regarding our pursuit of a new casino development in Terre Haute, the potential relocation of “gambling games” from Rising Star to Terre Haute, the expected benefits of the Terre Haute proposal, and other opportunities in Indiana. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, the risk that the Company’s Terre Haute proposal is not chosen, the relocation of excess “gambling games” is not approved by the State of Indiana, construction risks, a proposed project cost is not yet finalized, financing for such a project is not yet in place, uncertainties over the development and success of our expansion projects, general macroeconomic conditions, and regulatory and business conditions in the gaming industry. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the SEC, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Actual results may differ materially from those indicated in the forward-looking statements.
Alex Stolyar, Chief Development Officer
Full House Resorts
Lewis Fanger, Chief Financial Officer
Full House Resorts