Full House Resorts, Inc. is seeking to raise $525.0 million in new debt to build a permanent American Place casino in Waukegan, Illinois, and refinance existing obligations. The company disclosed these plans in a Form 8-K filed with the Securities and Exchange Commission on October 21, 2026.
The Las Vegas-based company intends to replace its current temporary facility with a permanent casino designed to be significantly larger than the existing structure. To fund this construction, Full House Resorts stated that it has engaged in extensive negotiations with a major financial institution. This institution has expressed a willingness to cover all construction costs for the new facility.
In parallel with the construction financing, the company is discussing the refinancing of its existing 8.25% Senior Secured Notes due 2028. These discussions involve certain existing and potential bondholders and lenders. The proposed refinancing structure includes a private offering of approximately $525.0 million of new senior secured notes due 2031, alongside a new $100.0 million revolving credit facility.
The company stated that proceeds from these three transactions would be used for several purposes. The funds are earmarked to redeem the existing notes, repay the current credit facility, and fund the full construction of the American Place casino. Additionally, the proceeds would cover fees, expenses, and accrued interest, with remaining amounts allocated for general corporate purposes.
Lewis A. Fanger, President, Chief Financial Officer, and Treasurer of Full House Resorts, signed the report on behalf of the company. The filing notes that the company provided confidential information to prospective investors regarding these transactions, which is now being disclosed publicly to comply with Regulation FD.
The company emphasized that these discussions are ongoing and that any financing or refinancing transactions are subject to the execution of definitive documentation. Full House Resorts noted that there can be no assurance that these transactions will be consummated. The filing includes forward-looking statements regarding the risks associated with completing the development on budget and on time, as well as the company's substantial indebtedness and access to capital.
The permanent American Place casino project represents a significant expansion for Full House Resorts in its home market of Waukegan. The company remains focused on completing the project and refinancing its debt in a manner it believes will create long-term value for stockholders and other stakeholders. The new senior secured notes due 2031 would replace the current notes due 2028, altering the company's debt maturity profile.