Full House Resorts of Las Vegas has signed a deal to lease the Grand Lodge Casino at the Hyatt Regency in Lake Tahoe. The gaming operator also owns Stockman’s Casino in Fallon, Nevada, and manages several tribal casinos in the Midwest.
Full House said the casino had net revenues of $12.5 million and cash flow of $3.2 million in 2010. Analysts expect the deal to add annual cash flow of $1.7 million to Full House.
The company will have a five-year lease and pay $125,000 in rent over the initial term. It will pay $600,000 for the operating assets and “certain liabilities” related to the Grand Lodge Casino, which has 260 slot machines, 25 table games and a sports book. The facility is part of the Hyatt Regency on Lake Tahoe.
Full House’s portfolio now includes the FireKeepers Casino in Battle Creek, Michigan, which it operates for the Nottawaseppi Huron Band of Potawatomi Indians. FireKeepers has 2,763 slot machines, 67 table games and a 120-seat poker room.
Full House owns the Grand Victoria Casino and Resort in Rising Sun, Indiana, and recently announced an agreement with the Pueblo tribe to manage the Buffalo Thunder Casino and Resort in Santa Fe, New Mexico.
The deal could replace the revenue lost when its contract to manage a casino in Delaware expires in August.
The arrangement, which is subject to approval by Nevada gaming authorities, will go into effect in September.