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LAS VEGAS, NV, June
28, 2006 - Full House Resorts (AMEX : FLL) today announced that
Nevada State Bank has issued a commitment to provide financing of
up to $16 million for the previously announced acquisition by Full
House Resorts of Stockman’s Casino and Hotel in Fallon, Nevada.
The Company plans to finance the balance of the acquisition of all
of the outstanding shares of capital stock of Stockman’s Casino,
Inc. from other sources of financing.
The bank’s commitment is subject to typical
terms, conditions and covenants and is secured only by Stockman’s
Casino Inc., the company to be acquired without additional guarantees
from Full House Resorts. The commitment contains terms previously
discussed with the bank, including a term of 15 years and interest
tied to the LIBOR rate. Security is to be all of the capital stock
of Stockman’s Casino Inc. and the non-gaming assets of that
company. Closing of the transaction is subject to regulatory approvals
and is anticipated to occur later this year. The commitment expires
on January 31, 2007.
Andre M. Hilliou, Chief Executive Officer of
Full House Resorts, stated, “This is another step toward completion
of this acquisition. I appreciate the interest of Nevada State Bank
in our company and the efforts of our management team in bringing
this transaction to a successful closing.”
About Stockman’s Casino, Inc.
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. Stockman’s Casino completed a renovation in May 2006
of the casino which resulted in a total of 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, fine dining restaurant
and a coffee shop. The casino has the most slot machines and table
games of any casino in Fallon. 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.
In addition to the agreement to acquire Stockman’s Casino
and Hotel, 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 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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