Full House Announces Stock Offering, Proceeds Could Be Directed to Regional Casinos

Regional gaming manipulator Full House Resorts (NASDAQ:FLL) said Midweek it’s marketing vernacular equity.

The companion didn’t disclose the amount of stock up it’s selling — a low density among firms using this method of majuscule raising. Investors’ reaction to the intelligence was typical, as Full House shares slumped 5.24 percent inwards Wednesday’s after-hours session. Stocks often lantern slide on equity sales event announcements, because companies usually offer the shares at a price reduction to stream market prices and because the transactions thin out electric current investors.

The proposed offering is case to market place and other conditions, and on that point tin can follow no self-assurance as to whether or when the offering may live completed, or as to the existent size of it or terms of the offering,” according to a financial statement issued past the Las Vegas-based company.

Full House said the deal’s underwriters experience a 30-day point in which they tin can extend shares eq to 15 percent supra the offering size.

Full House Plans for Capital

Companies typically don’t delimitate how proceeds from debt and equity sales testament follow spent, except to say the funds testament live directed to “general collective purposes.”

That’s the response offered by Full House inward its statement. But the operator adds the percentage sales event testament bolster up its equilibrate sheet, perhaps strengthening its sweat to procure a gaming permission inward Waukegan, Ill. That physical process is competitive, as the Prairie State Gaming Board (IGB) received ternion pitches for a gaming venue there, from each one of which was endorsed past the city.

For Full House stock, winning the Waukegan competition could follow polar because some analysts consider it as a significant upside driver, with ace locution it could be worth close to $5 a share. The name shut at $6.68 on Mar 24.

News of the shares arrived a day after the company proclaimed its unexampled prop in Cripple Creek, Colo. will live known as Charmonix Casino Hotel. That locale will be set contiguous to the operator’s existing Bronco Billy’s gaming property.

Full House said its remaining investment funds to ended Charmonix, which will undecided in the fourth canton of 2022, is $180 million. However, that cast isn’t mentioned inward the equity sales agreement statement.

Another Avenue

Full House does remark proceeds from the cap salary increase could be directed to its Silver Slipper property inwards Hancock County, Miss.

“The utilise of proceeds could also include mental synthesis of a unexampled hotel tower and other amenities at the Company’s Silver Slipper Casino and Hotel,” according to the company. “Certain regulatory approvals and entitlements are ease required to enable such construction, and there is no sure thing as to the timing or receipt of such approvals.”

In gain to Bronco Billy’s and Silver Slipper, Full House runs a pair off of gaming properties inwards Silver State and i in Indiana.

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