Gaming operator and developer Full House Resorts has announced the appointment of a new Chief Operating Officer. Moreover, the company issued on Thursday an update regarding its American Place project in Waukegan, Illinois, which will see the opening of a temporary facility this summer.
The company will be promoting John Ferrucci, General Manager for Full House Resort’s Silver Slipper Casino Hotel in Hancock County, Mississippi, to the newly-created position of Senior Vice President and Chief Operating Officer, subject to finalization of a new employment agreement between both parties related to the position.
As COO, Ferrucci will be tasked with overseeing the company’s efforts to open a temporary venue at American Place until a permanent general manager is selected. He will also continue to serve as General Manager of Silver Slipper, and will oversee operations “for the company’s other properties.”
“I am pleased to promote John Ferrucci to our new role of Chief Operating Officer,” said Daniel R. Lee, President and CEO of Full House Resorts. “Under his leadership, the Silver Slipper has reached new levels of profitability. He has helped develop talent throughout our company, including acting as a mentor for the general managers of Bronco Billy’s and Rising Star.”
American Place update
The company also provided an update on its American Place project in Waukegan, Illinois, a $400 million gaming and entertainment destination. The location is slated to include a world-class casino with a state-of-the-art sportsbook, according to an earlier press release.
Moreover, the venue will feature a premium boutique hotel, comprising 20 luxurious villas, each ranging from 1,500 to 2,500 square feet with full butler service; a 1,500-seat live entertainment venue; a gourmet restaurant; additional eateries and bars; and other amenities. The second phase of American Place is expected to include a four-star hotel with 150 rooms.
Full House has now revealed it entered into an agreement to purchase approximately 10 acres of land adjoining the approximately 30-acre casino site to be leased from the city, thus providing space for additional parking and access to the casino from major roads.
Moreover, the gaming developer has also agreed to purchase a Sprung tent structure, which has an area “of approximately 1.5 football fields.” This is where the company will house a temporary casino at American Place, while construction of the permanent facility is finalized.
Named The Temporary by American Place, the casino is slated to include approximately 1,000 slot machines, 50 table games, a fine-dining restaurant, two additional restaurants, and a center bar, according to a press statement.
The Sprung tent structure is expected to arrive on-site “between late-March and late-April 2022,” and opening of The Temporary is expected to occur “this upcoming summer,” pending customary gaming approvals. On March 15, a career fair will be held to begin interviewing applicants for available jobs at The Temporary.
The update follows a previous announcement that the company has successfully completed its funding of The Temporary, which was issued on February 7. On that date, Full House closed its private offering of $100 million aggregate principal amount of its 8.25% Senior Secured Notes due 2028.
Also on that date, the operator amended its revolving credit agreement to increase borrowing capacity from $15 million to $40 million, all of which was available to draw. The interest rate for borrowings under the revolving credit facility, based on today’s rate, “would be less than 4%.”
Ferrucci’s experience
Prior to his current position, Ferrucci served in a number of roles related to the gaming industry. He worked as casino manager for Lucayan Beach Resort and Casino in the Bahamas before moving to Mississippi, where he opened both the Grand Casino in Gulfport and the Grand Casino in Biloxi.
In 1996, the new appointee became the general manager of the Palace Casino in Biloxi before returning to the Northeast to help develop and open a Native American Casino. In 2000, he became Vice President and General Manager of Casino Magic Biloxi, the first casino hotel in Mississippi to receive the AAA Four-Diamond Service Award.
Four years later, Ferrucci joined the development team for Full House Resort’s Silver Slipper property, where he worked with architects, engineers and designers to help develop and open the venue, including the subsequent addition of a 129-guestroom hotel in 2015. Ferrucci is a graduate of Trenton State College in New Jersey.
According to Full House Resorts’ CEO, Ferrucci’s hands-on management style, as well as his experience in opening four casinos, will serve the company well as it prepares “for new levels of growth,” beginning with the planned opening of the temporary American Place facility this summer.
