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LAS VEGAS, NV, April
10, 2006 - Full House Resorts, Inc. (AMEX: FLL) ("Full House")
and James R. Peters, Trustee of the James R Peters Family Trust,
today announced that they have entered into a Stock Purchase Agreement
under which Full House will acquire all of the outstanding shares
of Stockman’s Casino, Inc. for $25.5 million. An adjustment
to the purchase price could occur if the operation exceeds certain
financial targets during the 12 months prior to closing. The closing
of the transaction is expected to occur later this year and is subject
to the receipt of all regulatory approvals. Full House intends to
finance the transaction with some combination of cash, debt, and
equity.
Stockman’s Casino, Inc. owns and operates
Stockman’s Casino and Holiday Inn Express in Fallon, Nevada,
located about one hour East of Reno. Fallon is the location of Naval
Air Station Fallon, the home of the Naval Strike and Air Warfare
Center. Mr. Peters and his team will continue to operate the business
until closing.
T. Wesley Elam, Vice President of Operations
and Project Management for Full House, stated, “I am impressed
with the quality of the casino and hotel and the professionalism
of the staff and management. Their operational excellence and strong
financial performance was the key to our final decision. Fallon
is a nice area with great growth potential. The Stockman’s
prime location with plenty of land will allow us to expand easily
as the market warrants. I do not anticipate any significant changes
in the business, its management or staff once we assume ownership.
We look forward in continuing the tradition of Stockman’s
involvement in the Fallon community.”
Andre M. Hilliou, Chief Executive Officer of
Full House said, “Pursuant to our business plan, we have been
looking for the right operation to acquire in order to balance our
Indian gaming development projects with immediate and consistent
income for the company. Under Mr. Peters’ leadership, Stockman’s
has been a consistent leader in revenue, market share and customer
service. It is just the type of operation that we have been looking
for.”
James R. Peters said, “Stockman’s
Casino has been a family owned business since 1969. I have been
working here for 31 years and the time has come to slow down a little
and enjoy life more fully. My hope is that Full House Resorts, Inc
will be responsive to Fallon’s needs and will continue growing
Stockman’s to give the people of Fallon a quality experience
to enjoy.”
Stockman’s Casino is completing a renovation,
which will result in almost 8,400 square feet of gaming space with
approximately 280 gaming machines, 4 table games and a keno game.
The casino has a bar, a fine dining restaurant and a popular coffee
shop. The Holiday Inn Express has 98 guest rooms, indoor and outdoor
swimming pools, a sauna, fitness club, meeting room and business
center.
About Full House Resorts, Inc.
Full House develops and manages gaming facilities.
Full House manages Midway Slots and Simulcast at the Delaware State
Fairgrounds in Harrington, Delaware, along with the owner of the
adjacent racetrack. Midway Slots and Simulcast has a total of 1,581
gaming devices, a 350-seat buffet, a 50-seat diner, gourmet Steak
House and an entertainment lounge. The Company also has a management
agreement with the Nottawaseppi Huron Band of Potawatomi Indians
for the development and management of a first-class casino/resort
with more than 2,000 gaming devices in the Battle Creek, Michigan
area, which is currently in the pre-development stage. In addition,
the Company has a Gaming Management Agreement with the Nambé
Pueblo of New Mexico for the development of a coordinated entertainment
venue centered on a 50,000 square foot casino and with the Northern
Cheyenne Nation of Montana for the development and management of
a 27,000 square foot gaming facility. The Company was recently selected
by both the Manuelito Chapter of Navajo Indians to develop and manage
a gaming facility near Gallup, New Mexico and the Shiprock Chapter
of Navajo Indians to develop and manage a gaming facility at Shiprock,
New Mexico, subject to the approval of the Navajo Nation. Further
information about the Company can be viewed on our web site at www.fullhouseresorts.com.
Forward-looking Statements
Some of the statements made in this release
are forward-looking statements. These forward-looking statements
are based upon our current expectations and projections about future
events and generally relate to our plans, objectives and expectations
for our business. Although our management believes that the plans
and objectives expressed in these forward-looking statements are
reasonable, the outcome of such plans, objectives and expectations
involve risks and uncertainties, including without limitation, regulatory
approvals, financing sources and terms, integration of acquisitions,
competition and business conditions in the gaming industry. Additional
information concerning potential factors that could affect Full
House’s financial condition and results of operations is included
in the reports Full House files with the Securities and Exchange
Commission, including, but not limited to, it’s Form 10 KSB
for the most recently ended fiscal year.
For the foregoing reasons, readers and investors
are cautioned that there also can be no assurance that the outcomes
expressed in our forward-looking statements included in this release
and otherwise will prove to be accurate. In light of the significant
uncertainties inherent in such forward-looking statements, the inclusion
of such information should not be regarded as a representation or
warranty by Full House or any other person that Full House's objectives
and plans will be achieved in any specified time frame, if at all.
Full House does not undertake any obligation
to update any forward-looking statements or to announce revisions
to any forward-looking statements.
For further information, contact
Andre Hilliou, Chief Executive Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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