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December 21, 2014

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Las Vegas company won’t buy Mississippi casino

TUNICA, Miss. — Las Vegas-based Full House Resorts won't buy Fitzgerald's Casino in Tunica from Majestic Star Casino LLC.

The purchase was announced in March.

However, in an earnings report released Wednesday, Full House said it notified Majestic Star on May 7 "of its belief that the company will not likely be successful in obtaining financing for the purchase of Majestic Mississippi. As a result, we have requested Majestic Star consider termination of the agreement."

The purchase price was $62 million, exclusive of working capital and other adjustments, fees and expenses. The agreement was subject to Full House obtaining financing for the acquisition within 90 days of its execution, obtaining regulatory approvals, and other customary closing conditions.

The Fitz Casino has 38,000 square feet of gambling space with 1,100 slot and video poker machines and 20 table games. The property includes a 506-room hotel with 68 suites, a fine dining restaurant, buffet, quick service restaurant, two casino bars and an 8,100-square-foot multi-purpose event center.

Full House Resorts owns, develops and manages gambling facilities.

Full House also owns the Silver Slipper Casino in Hancock County, Mississippi, and casinos in Nevada and Indiana.

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