Full House Resorts has entered into a five-year lease agreement with Hyatt Equities for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort. The company will pay a fixed monthly rent of $125,000 over the initial term of the lease. Full House will also spend $600,000 to acquire the operating assets and certain liabilities related to the casino, exclusive of operating cash and working capital.
The Grand Lodge Casino, which is located on the lake’s north shore, features approximately 260 slot machines, 25 table games and a sports book.
“We are excited about this new opportunity to work with Hyatt,” said Andre Hilliou, chief executive officer, Full House Resorts, in a statement. “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.
Full House owns, develops and manages gaming facilities. Its holdings include the Grand Victoria Casino and Resort in Rising Sun, Ind.; Stockman’s Casino in Fallon, Nev.; and management agreements with the Nottawaseppi Huron Band of Potawatomi Indians for FireKeepers Casino in Battle Creek, Mich., and the Pueblo of Pojoaque to manage the operations of the Buffalo Thunder Casino and Resort in Santa Fe, N.M., along with the Pueblo’s Cities of Gold and Sports Bar casino facilities.
Full House to lease Hyatt Grand Lodge Casino in Lake Tahoe
June 30, 2011