Dallas, Texas 10/15/2013 (Financialstrend) – Full House Resorts, Inc. (NASDAQ:FLL) is an operator of resorts and casinos. It is a small cap company with a market capitalization of $51.4 million. It employs 1175 workers. In late August, the resort operating company announced that it had managed to get its credit line agreement reworked with its lenders. As per the reworked terms of the agreement Full House has managed to gets its credit line increased by $10 million. Now it will have access to a total of $56.3 million at a lower rate of interest. More so the term of the loan has been extended to June 2016.
With the extended line of credit the firm hopes to refurbish its properties and in turn increase its sales turnover over the next few quarters. Company also hopes to use part of the newly raised capital to fund part of new $17.7 million construction project. The reminder of $7.7 million gap in financing is to be funded by its existing cash reserve. Full House hopes to complete the 142-room hotel construction at its Silver Slipper Casino property by late 2014. FLL has signed up with R.O.I. Hotel Group to operate the property.
The stock has been under pressure to perform lately. It was down 3.1% during trading last week and has been down 22% over the past one year. When trading began on October 14, the shares of the stock were trading at $2.76 per share which represents a 1.1% increase over its previous day close. It has managed to post a net income of $1.8 million over the previous 12 months trailing period and had generated sales of $143 million over the same time period. Full House builds and operates gaming facilities across North America. Its properties offer guests gaming facilities, convention centers and golf courses along with multi-cuisine restaurants.