Full House Announces Lease of Hyatt Grand Lodge Casino at Lake Tahoe
The Company will pay a fixed monthly rent of $125,000 over the initial term of the lease.
June 30, 2011 - Full House Resorts (NYSE Amex US: FLL) today announced it has entered into a five-year lease agreement with Hyatt Equities L.L.C. for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe. The Company will pay a fixed monthly rent of $125,000 over the initial term of the lease.
In addition, the Company has entered in an agreement with HCC Corp., an affiliate of HGMI Gaming Inc., to acquire the operating assets and certain liabilities related to the Grand Lodge Casino for approximately $0.6 million, exclusive of operating cash and working capital. The Grand Lodge Casino features approximately 260 slot machines, 25 table games and a sports book, and is integrated into Hyatt Regency Lake Tahoe Resort, Spa and Casino. The Grand Lodge Casino had net revenue and EBITDAR of $12.5 million and $3.2 million, respectively, in 2010. These agreements are conditioned on approval by the Nevada Gaming Control Board and Nevada Gaming Commission.
“We are excited about this new opportunity to work with Hyatt and operate the Grand Lodge Casino as part of the world-class facility at beautiful Hyatt Regency Lake Tahoe Resort, Spa and Casino,” said Andre Hilliou, Chief Executive Officer of Full House Resorts. “We do not expect there to be any disruptions to existing operations or customer programs and we are hopeful we can gain control of operations in early September after receiving approval from the Nevada Gaming Commission.”
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
