Full House Resorts, Inc., a casino gaming company, was incorporated in Delaware on January 5, 1987. The management team, which joined in mid 2004, revitalized and reorganized the company following our two prong business approach:
- The ownership of local casinos with a market leadership and strong management and operations which are accretive to earnings
- The management of casinos on behalf of Native American tribes and commercial clients which can benefit from the knowledge and experience of our team
Our Board of Directors, which includes Lee Iacocca, brings a history of success. Our management team has tremendous depth of experience in casino gaming and its own track record of success. The first phase of our vision has already been implemented by the disciplined purchase of Stockman's Casino, a very successful local casino and continued with the acquisition of our Rising Star Casino Resort.
The January 2007 acquisition of Stockman's Casino in Fallon, Nevada started the first prong of our approach. The property is without doubt the market leader, which we acquired at a reasonable price. We are actively seeking acquisitions of additional local casinos at moderate multiples. Our strategy is to locate market leading properties with strong management which can be acquired at an appropriate earnings multiple to be immediately accretive to our bottom line.
As of April 2011, we acquired the Grand Victoria Casino & Resort in Rising Sun, Indiana, which is now the Rising Star Casino Resort, carrying our host city's name to new levels of excitement and enjoyment. This full scale riverboat casino exemplifies the broad operational base we strive for. The Rising Star has 40,000 square feet of gaming space with almost 1,300 slot and video poker machines and 37 table games. The property includes a 201-room hotel with spa, pool, meeting space and a pavilion with five food and beverage outlets, including a fine dining restaurant, buffet, sports bar, quick service restaurant and coffee shop and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. The 300-acre grounds also contain an 18-hole Scottish links golf course with full-service clubhouse. The property is conveniently located within driving distance of Indianapolis and Cincinnati, Ohio and near Lexington and Louisville, Kentucky. For more information on the Rising Star, please visit www.risingstarcasino.com.
As of September 1, 2011, we assume the operations of the Grand Lodge Casino in Incline Village, Nevada on the north shore of beautiful Lake Tahoe. As part of the Hyatt Regency Resort, Spa and Casino complex, the casino offers a full spectrum of casino gaming from slots to all forms of table games, poker and a sports book. It is the key adjunct to making the resort a full service spa resort.
The second prong of our business strategy is well-represented by our management of FireKeepers Casino in Battle Creek, Michigan, which opened in August 2009 and was managed by GEM a joint venture in which we owned a fifty percent stake. The casino developed on behalf of the Nottawaseppi Huron Band of Potawatomi is located between Chicago and Detroit on 78 acres of land, right at Exit 103 on I 94. The casino caters to over six million adults within 100 miles of its location and features over 3,000 Las Vegas style gaming positions including 2,680 state of the art slot machines, 78 table games and a 120 seat poker room. As development manager, we brought the construction project in under budget and on time. Under our management, in its first year of operations, the casino was named the best casino in southern Michigan and continues its outstanding performance. Effective on March 30, 2012, we sold our interest in the management contract to the Band, but continue to advise on the development of a 240-room hotel and events/convention center.
Effective September 23, 2011, we commenced a three-year management of the gaming facilities of the Pueblo of Pojoaque in Santa Fe, New Mexico. These facilities include the Buffalo Thunder Casino and Resort which has approximately 1, 200 slot machines, 18 table games and a poker room. The casino is part of a resort consisting of a 300 room hotel, spa, golf course and variety of dining outlets. Also included is the Cities of Gold Casino, consisting of 575 slots, table games, hotel, buffet and casual dining restaurant, and the Cities of Gold Sports Bar, with 150 slots and a sports book.
Those properties, though geographically diverse, have several factors in common: they all cater to a local customer base, they have good to great demographics and they have easy accessibility, together a recipe for success.
With our two prong strategy, our approach to business is simple and disciplined. Our income from management fees is almost entirely accretive to earnings, which can be applied to our first strategy of the purchase of local casinos at reasonable multiples.