Full House Resorts signs development agreement and 99-year ground lease for American Place casino in Waukegan, IL

FULL HOUSE RESORTS INC

FHR-Illinois subsidiary and City of Waukegan signed Development Agreement for temporary and permanent casino facilities.
Temporary casino construction to complete by Jan 1, 2023; permanent casino within 36 months of temporary opening.
99-year triple-net ground lease with annual rent equal to greater of $3M or 2.5% of adjusted gross receipts.
FHR-IL has option to purchase the 31.7-acre city-owned parcel for $30M at any time during lease term.
Agreement requires $150k for public works/safety for temporary opening and $500k annual charitable contributions after permanent opening.

item 1.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FULL HOUSE RESORTS INC entered into Ground Lease with City of Waukegan, Illinois (effective 2023-01-18).

Action: entry
Agreement: lease
Counterparty: City of Waukegan, Illinois
Effective: 2023-01-18

Exact text from the filing

tem 1.01 Entry into a Material Definitive Agreement American Place Development Agreement On January 18, 2023, Full House Resorts, Inc.’s (the “Company’s”) wholly-owned subsidiary, FHR-Illinois, LLC, a Delaware limited liability company (“FHR-IL”), and the City of Waukegan, Illinois (the “City”) entered into a Development and Host Community Agreement (the “Development Agreement”) related to FHR-IL’s development, construction and operation of a temporary casino facility (“The Temporary”) and a permanent casino facility (“American Place”) in Waukegan, Illinois.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FULL HOUSE RESORTS INC entered into Development and Host Community Agreement with City of Waukegan, Illinois (effective 2023-01-18).

Action: entry
Counterparty: City of Waukegan, Illinois
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, Full House Resorts, Inc.’s (the “Company’s”) wholly-owned subsidiary, FHR-Illinois, LLC, a Delaware limited liability company (“FHR-IL”), and the City of Waukegan, Illinois (the “City”) entered into a Development and Host Community Agreement (the “Development Agreement”)

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Source: SEC EDGAR

accession 0000891482-23-000002

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