Item 1.01 Entry into a Material Definitive Agreement
On July 1, 2024, Full House Resorts, Inc.'s wholly-owned subsidiary Gaming Entertainment (Nevada) LLC entered into a Seventh Amendment to Casino Operations Lease (the "Amendment") with Incline Hotel LLC (the "Landlord") amending the terms of that certain Casino Operations Lease dated June 28, 2011, as amended (the "Lease"). Prior to the Amendment, the Lease was scheduled to expire on December 31, 2024. The Amendment extends the initial term of the Lease by ten years to December 31, 2034; increases annual rent from $2,000,000 in 2024 to $2,010,857 for 2025, followed by annual increases of 2% for the remainder of the term; permits the Landlord to terminate the Lease early to renovate the premises; and makes certain other conforming changes. Except as set forth in the Amendment, all other terms of the Lease remain in full force and effect.
The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
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Full House Resorts, Inc. owns, leases, develops and operates gaming facilities throughout the country. The Company operates seven casinos: six on real estate that it owns, or leases and one located within a hotel owned by a third party. The Company operates through three segments: Midwest & South, West, and Contracted Sports Wagering. The Midwest & South segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort and American Place. The West segment includes Grand Lodge, Stockmanâs Casino, Bronco Billyâs Casino and Hotel, and Chamonix Casino Hotel. The Contracted Sports Wagering segment consists of its on-site and online sports wagering skins in Colorado, Indiana, and Illinois. Its properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billyâs Casino and Hotel in Cripple Creek, Colorado; and Rising Star Casino Resort in Rising Sun, Indiana, among others.