Full House Resorts has signed a deal with Clarity Game, a privately owned company, certain operating access, as well as the land and building of its Stockman’s Casino in Fallon, Nevada.
The two agreed upon a purchase price of $9.2m.
Full House said that the sale “is expected to occur in two transactions.” The first will include selling Stockman’s real property toward the end of September for $7m.
The second part of the purchase will be for “certain remaining operating assets.” Clarity will buy those for $2.2m, a purchase that will be subject to customary gaming approvals.
Under the terms of the agreement, Full House will temporarily pa $50,000 in monthly rent to Clarity. During that time, the company will continue to operate Stockman’s Casino until it concludes the second transaction with Clarity.
Once both deals are closed, Full House will turn over all daily operations at Stockman’s to Clarity.
Full House President and CEO Daniel Lee took a moment to discuss the purchase agreement by saying, “We are pleased to announce the sale of Stockman’s Casino to Michael Gaughan III, David Ross and the rest of their team.
“As we have continued to grow in size, we find it prudent to focus on our larger properties in our portfolio, including our newly opened Chamonix and American Place casinos. We are proud of our transformation of Stockman’s Casino over the years and know that Michael and David will drive continued improvement under their ownership.”
Full House Resorts operates and develops gaming facilities throughout the US. The company owns destinations in Illinois, Mississippi, Colorado, Indiana and Nevada.
