Regional casino operator Full House Resorts has dipped into the academic world for its next board chairman.
Last week, shareholders approved election of the company’s board and the members then selected longtime Full House board member Carl Braunlich as chairman. Currently an associate professor at the William F. Harrah College of Hotel Administration at the University of Nevada, Las Vegas, Braunlich has also been a full-time member of the hotel management faculties of Cornell University and Purdue University.
The company announced the appointment in a filing Friday with the U.S. Securities and Exchange Commission. Braunlich replaces Bradley Tirpak, who has been a board member and chairman since 2014.
Tirpak, a private investor, led a proxy fight against the Full House’s former management for control of the company along with now-Full House CEO Dan Lee in 2014. Braunlich was a member of the Full House board at the time and took part in the discussions that settled the dispute.
Tirpak will remain a member of the company’s board.
According to filings with SEC, Tirpak sold 37.5% of his ownership stake in Full House in nine stock sales between May 20 and June 5. The sales of more than 253,600 shares – at prices ranging from $1.95 to $2.02 – was valued at more than $502,800 in total. After the sales, Tirpak still retained 421,865 Full House shares.
The company closed Friday at $1.73 on the Nasdaq.
Braunlich, who holds both a bachelor’s degree and master’s degree in hotel administration from Cornell, also holds a doctorate in business administration from United States International University in San Diego.
He brings operational experience to the table, as well, having developed and directed food and beverage operations for large casino resorts in the Bahamas and Atlantic City. During his tenure with Purdue University, he spent two sabbatical leaves working with the opening teams of Bellagio and Wynn Las Vegas resorts.
According to the SEC filing, Braunlich was also the primary design consultant for the responsible gaming strategies of Caesars Entertainment, a 10-year development effort. Braunlich is a board member with the Nevada Council on Problem Gambling and has been a board member with the National Council of Problem Gambling and a member of the American Gaming Association Responsible Gaming Committee.
Full House, which operates five casinos in four states, has been active since its casinos closed in mid-March due to the coronavirus pandemic. The company reopened its Mississippi casino last week and is expected to reopen casinos in Indiana and Colorado this week.
In April, a board member resigned after he was not recommended for re-election by a majority of the board, according to the company’s proxy statement. Lee said the company’s monthly $3 million cash burn rate was manageable and primarily consisted of interest expenses, taxes, and other costs that can’t be reduced.
After reopening the Silver Slipper Casino in Bay St. Louis, Mississippi before Memorial Day Weekend, Full House said its flagship resort saw gaming revenues increase 12.3% in comparison to the same five days that included Memorial Day weekend a year ago.
Lee credited “pent-up demand” from customers, despite the property operating under state-mandated limitations on customer volume and a reduced number of available slot machines and table game seats due to social distancing.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
