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Las Vegas, June 17, 2005 - Full
House Resorts, Inc. (OTCBB: FHRI) ("Full House") announced
today that the Nambé Pueblo Gaming Enterprise Board (the Board),
which was recently appointed by the Nambé Pueblo Tribal Council
to oversee its gaming operations, and the Tribe’s Governor,
have signed a Gaming Management Agreement with Full House, subject
to the approval of the National Indian Gaming Commission in accordance
with federal law. The Management Agreement provides for a management
fee of 30% of net revenue, payable to Full House over seven years
from the opening of the gaming facility. Net revenue is a measurement
of profitability that is defined by the National Indian Gaming Commission.
First year gross revenues from the project are forecasted to be $36
million.
Greg Violette,
Chief Operating Officer of Full House, stated “The team at
Full House is looking forward to working with the Tribe and its
Gaming Enterprise Board to make a reality of the vision that these
leaders have to achieve economic prosperity for their people. Full
House will assist the tribe with the implementation of all phases
of its economic development plan, so that we can share in a mutually
beneficial relationship.”
Andre Hilliou, Chief Executive Officer of Full
House, stated “We are pleased to report this agreement to
our shareholders. We have promised to grow the company and this
project will provide additional management fee revenues to the company
and be accretive to earnings.”
Full House has proposed a multi-phased Master
Plan of Economic Development for the Tribe. The first phase development
of a full-scale casino will include a 50,000 square foot facility
with 500 slot machines, twelve table games, three food outlets,
gift shop, entertainment lounge and other amenities. An indoor amusement
park to allow for family entertainment is also planned for the first
phase. Plans for subsequent phases of development include a hotel,
convention center and events center. Other future development that
has been discussed for the tribe’s 1,800 acre site on Highway
84/285 fifteen miles north of Santa Fe includes retail outlets,
a movie theatre, restaurants and housing.
DCSW Architects of Albuquerque was selected
as the project architect. DCSW, headed by Marc Schiff, brings over
28 years’ experience in the planning, design, development
and construction supervision of hotels, restaurants, cultural centers,
public buildings and other commercial developments.
Tom Talache, Jr., Governor of the Nambé
Pueblo Tribe, stated that “Full House Resorts has shown itself
to be a worthy partner in our economic development plan. They have
worked with us for the past fourteen months to formulate a plan
that respects our history and culture and will be exciting and entertaining
to the public. We appreciate the efforts to date of both Full House
and DCSW, which has shown great vision in its preliminary design
work. We anticipate great things from this economic development
process and look forward to long-lasting gains. I am especially
excited about being affiliated with Mr. Lee Iacocca. He has been
an inspiration to me in the pursuit of my professional goals, since
I first read his autobiography while I was serving in the U.S. Navy.”
Brenda McKenna, Chairperson of the Nambé
Pueblo Gaming Enterprise Board, stated “I am looking forward
to a successful partnership with Full House and the beginning of
a new business, political and social era for Nambe Oweenge.“
About Full House Resorts
Full House develops and manages gaming facilities.
The Company 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. Full House also manages Midway Slots and Simulcast at the
Delaware State Fairgrounds in Harrington, Delaware, along with the
owner of the adjacent race track. Midway Slots and Simulcast has
a total of 1,574 gaming devices, a 350-seat buffet, a 50-seat diner,
gourmet Steak House and an entertainment lounge. In addition to
the Gaming Management Agreement with the Nambé Pueblo, the
Company has a Gaming Management Agreement with the Northern Cheyenne
Nation of Montana for the development and management of a 25,000
square foot gaming facility, and was recently selected by the Manuelito
Chapter of Navajo Indians to develop and manage a gaming facility
near Gallup, New Mexico, subject to the approval of the Navajo Nation.
Forward-looking Statements
No assurances can be given that any agreement,
development, project or venture mentioned or contemplated by this
release will occur. Certain statements in this release that are
not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Act of 1995.
These statements are subject to risks and uncertainties that may
cause actual results or performance to be materially different from
that expressed or implied in such statements.
For further information, contact
Greg Violette, Chief Operating Officer
702-221-7800
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