\nHoward Stutz, Las Vegas Review-Journal<\/p>\n
\tRegional 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\u2019s board and management.<\/p>\n
\tIn a statement, Full House said its board directed management to initiate a process.<\/p>\n
\t\u201cAfter 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,\u201d according to the statement.<\/p>\n
\tFull House owns three casinos: one in Indiana, one in Mississippi and the Stockman\u2019s Casino in Fallon. The company also manages the Grand Lodge Casino at Hyatt Lake Tahoe under a lease agreement.<\/p>\n
\tGaming 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<\/p>\n
\tThis week, a trust set up by the company\u2019s late CEO that owns 9.4 percent of Full House sided with the shareholder group.<\/p>\n
\tIn the statement, Full House said the company \u201cwelcomes the dissident stockholder group to participate in the sale process.\u201d<\/p>\n
\t\u201cHowever, the company said a special shareholders meeting that would give the group effective control of the company\u2019s board wasn\u2019t in the best interests for shareholders,\u201d the statement said.<\/p>\n
\tFull House is working with Macquarie Capital as its financial advisor and Latham & Watkins LLP as its legal advisor as it pursues the sale process.<\/p>\n
\tFull House is traded on the Nasdaq. Trading in the company\u2019s stock was halted Wednesday morning.<\/p>\n
\tThis is a developing story. Check back for updates.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s board and management. In a…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8190","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8190"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8190\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}