Full House Resorts closed on an amendment to its First Lien Credit Agreement to provide for a $10.0 million loan from its first lien facility lenders, which will be used to fund a portion of the approximate $17.7 million construction of a 142-room hotel at the Company’s Silver Slipper Casino property in Hancock County, Mississippi. The company also announced that it has signed construction contracts for the hotel with the R.O.I. Hotel Group and expects construction to commence in the next 30 days. The company expects the remaining $7.7 million of the construction to be funded from available cash. Full House estimates that construction of the hotel will take approximately one year to complete.

The terms and conditions of the amendment to the First Lien Credit Agreement include that (1) the term loan portion of the First Lien Credit Agreement will be increased by $10.0 million; (2) the interest rate will be lowered by 1.0%; (3) the maturity date will be extended to June 29, 2016; and (4) certain financial ratio covenants will be revised to accommodate the additional extension of credit. According to the company's latest 10-Q filing from with the SEC dated May 8, 2013, Full House entered into the First Lien Credit Agreement with Capital One which provided for a term loan in an amount up to $50.0 million and a revolving loan in an amount up to $5.0 million. on Jun. 29, 2012.

“We appreciate the support of both our first lien and second lien lenders and are excited to be moving forward on the Silver Slipper hotel,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House Resorts. “We believe the hotel is a much-needed amenity to extend loyal and profitable customer visits at the Silver Slipper property, and we look forward to celebrating the grand opening of the hotel facility in the second half of 2014.”

Full House owns, develops and manages gaming facilities.