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LAS VEGAS, NV, May
22, 2006 - Full House Resorts, Inc. (AMEX: FLL) ("Full House")
today announced its results of operations for the first quarter
of 2006. Income from its management of Midway Slots at Harrington
Raceway in Delaware increased to $977,564 for the quarter compared
to $857,337 for the comparable quarter of 2005. Net income was $287,392
compared to $613,929 for the first quarter of 2005 and earnings
per share of common stock for the quarter were $0.02 compared to
$0.05 for the first quarter of 2005. The first quarter of 2005 included
a one-time arbitration award from a discontinued operation in the
amount of $848,393. When that one-time event is not considered,
income before income taxes improved year over year by $395,344.
The Company’s cash position at the end of the quarter improved
from $1,653,930 for the first quarter of 2005 to $2,544,368 in 2006.
Andre M. Hilliou, Chief Executive Officer, said
“We continue to improve our on-going operations and move forward
with our development projects. We were pleased to receive the arbitration
award in 2005 from the Torres-Martinez Tribe and have concentrated
on our continuing projects since then with positive results.”
As previously announced, Full House’s
filing of its Form 10-QSB for the first quarter was delayed as part
of its restatement of the value of certain Indian gaming contracts
and rights in accordance with recent SEC guidelines. This restatement
required the amendment of the Company’s financial statements
for the first, second and third quarters of 2005, resulting in the
delay. All of the company’s financial statements as amended
have now been filed with the SEC.
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. The Company
recently signed an agreement to acquire the Stockman’s Casino
and Holiday Inn Express in Fallon, Nevada. A closing is anticipated
later this year subject to regulatory approvals. 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. 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
James D. Meier, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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