Full House Resorts secures $10 million loan for Silver Slipper

Full House Resorts Inc. confirmed Thursday it has closed on a $10 million loan, which will be used to fund a portion of the $17.7 million cost to build a 142-room hotel at the Silver Slipper in Bay St. Louis, Miss.

The Las Vegas-based gaming company said construction is set to being in the next month, Full House Resorts, which expects to fund the remaining $7.7 million from available cash, estimates construction of the hotel will take about a year to complete.

“We believe the hotel is a much needed amenity to extend loyal and profitable customer visits at the Silver Slipper property,” Andre Hilliou, chairman and CEO of Full House Resorts, said in a statement. “We look forward to celebrating the grand opening of the hotel facility in the second half of 2014.”

The gaming company acquired the Silver Slipper in October for $70 million. The property includes a 37,000-square-foot casino, with 1,000 slots, 26 table games, and a poker room.

Full House Resorts also owns Stockman’s Casino in Fallon and operates in the Grand Lodge Casino in Incline Village, Nev., Rising Star Casino in Rising Sun, Ind., and has a management agreement for the Buffalo Thunder Casino in Santa Fe, N.M.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.Follow @sierotyfeatures on Twitter.