Full House Resorts is selling its Stockman’s Casino in Nevada, US, to Clarity Game for US$9.2m as the company looks to focus on the larger properties in its portfolio.
Full House president and CEO, Daniel R. Lee, said the company believes it is “prudent” to put more effort into its newly opened Chamonix and American Place casinos following the growth of the business.
The first of two transactions relating to the sale, set to complete by the end of this month, will see the sale of Stockman’s real property for $7m.
The sale of certain remaining operating assets for $2.2m will be closed upon the receipt of customary gaming approvals.
Full House will temporarily pay monthly rent of $50,000 to Clarity and will continue to operate Stockman’s Casino until the second part of the sale completes.
“We are pleased to announce the sale of Stockman’s Casino to Michael Gaughan III, David Ross and the rest of their team,” Lee said.
“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.”
Announcing Full House's Q2 results in August, Lee said the early progress made by its Chamonix Casino Hotel reinforces its “long-term earnings potential."
