LAS VEGAS, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced the promotion of John Ferrucci to the newly-created position of Senior Vice President and Chief Operating Officer, subject to finalization of a new employment agreement between the Company and Mr. Ferrucci related to such position.
As COO, Mr. Ferrucci will oversee the Company’s efforts to open The Temporary at American Place until a permanent general manager is selected, continue to serve as General Manager of Silver Slipper Casino Hotel in Hancock County, Mississippi, and will oversee operations for the Company’s other properties.
Mr. Ferrucci began his career at Harrah’s Atlantic City as a table games dealer, working his way up to a casino credit executive. He subsequently served as casino manager for Lucayan Beach Resort and Casino in the Bahamas before moving to Mississippi, where he opened both the Grand Casino in Gulfport and the Grand Casino in Biloxi. In 1996, Mr. Ferrucci became the general manager of the New Palace Casino in Biloxi before returning to the Northeast to help develop and open a Native American casino. In 2000, Mr. Ferrucci became Vice President and General Manager of Casino Magic Biloxi, which was the first casino hotel in Mississippi to receive the AAA Four-Diamond Service Award. In 2004, Mr. Ferrucci joined the development team for the Company’s Silver Slipper property, where he worked with architects, engineers and designers to help develop and open the property, including the subsequent addition of a 129-guestroom hotel in 2015. Mr. Ferrucci is a graduate of Trenton State College in New Jersey, where he received his Bachelor of Science degree in marketing and a Master of Education degree.
Additionally, the Company provided an update today on its American Place project in Waukegan, Illinois. The Company recently entered into an agreement to purchase approximately 10 acres of land adjoining the approximately 30-acre casino site to be leased from the city, providing space for additional parking and access to the casino site from a major road.
The Company also recently agreed to purchase a Sprung tent structure, which has an area of approximately 1.5 football fields and will house the temporary casino at American Place while the permanent facility is being constructed. Aptly named The Temporary by American Place, it is slated to include approximately 1,000 slot machines, 50 table games, a fine-dining restaurant, two additional restaurants, and a center bar. The Sprung tent structure is expected to arrive on-site between late-March and late-April 2022, and opening of The Temporary is expected to occur this upcoming summer, pending customary gaming approvals. On March 15, 2022, the Company is holding a career fair to begin interviewing applicants for available jobs throughout The Temporary.
"I am pleased to promote John Ferrucci to our new role of Chief Operating Officer," said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. "Under his leadership, the Silver Slipper has reached new levels of profitability. He has helped develop talent throughout our company, including acting as a mentor for the general managers of Bronco Billy's and Rising Star. His hands-on management style, as well as his experience in opening four casinos, will serve us well as we prepare for new levels of growth, beginning with our planned opening of The Temporary this summer."
This update follows our previous announcement that the Company successfully completed its funding of The Temporary on February 7, 2022. On that date, the Company closed its private offering of $100.0 million aggregate principal amount of its 8.25% Senior Secured Notes due 2028 (the “Additional Notes”). The Additional Notes were sold at a price of 102.0% of the principal amount and were issued pursuant to an indenture, dated as of February 12, 2021, under which the Company issued $310 million of identical senior secured notes in February 2021. Also on February 7, the Company amended its revolving credit agreement to, among other things, increase its borrowing capacity from $15.0 million to $40.0 million, all of which was available to draw. The interest rate for borrowings under the revolving credit facility, based on today’s rates, would be less than 4%.