Howard Stutz, Las Vegas Review-Journal

Regional casino operator Full House Resorts put itself up for sale Wednesday, more than a week after a shareholder group surfaced that was seeking to remake the Las Vegas-based company’s board and management.

In a statement, Full House said its board directed management to initiate a process.

“After its evaluation of strategic alternatives, the board of directors has determined that pursuing a sale of the company is the best course of action to maximize stockholder value and is accordingly in the best interest of all stockholders,” according to the statement.

Full House owns three casinos: one in Indiana, one in Mississippi and the Stockman’s Casino in Fallon. The company also manages the Grand Lodge Casino at Hyatt Lake Tahoe under a lease agreement.

Gaming executive Dan Lee heads a group of five investors who hold 6.2 percent of Full House that initiated a proxy fight on Oct. 9. asking the company to hold a special board meeting and vote on expanding the board

This week, a trust set up by the company’s late CEO that owns 9.4 percent of Full House sided with the shareholder group.

In the statement, Full House said the company “welcomes the dissident stockholder group to participate in the sale process.”

“However, the company said a special shareholders meeting that would give the group effective control of the company’s board wasn’t in the best interests for shareholders,” the statement said.

Full House is working with Macquarie Capital as its financial advisor and Latham & Watkins LLP as its legal advisor as it pursues the sale process.

Full House is traded on the Nasdaq. Trading in the company’s stock was halted Wednesday morning.

This is a developing story. Check back for updates.

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