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Las Vegas - December 13, 2006 - Full House Resorts (AMEX: FLL) announced today that the United States took the official action to acquire the 79-acre site designated for the casino to be developed by the Nottawaseppi Huron Band of Potawatomi Indians (the Tribe) in conjunction with a subsidiary of Full House pursuant to a management contract. This action was the final determination needed to take the land into trust for the benefit of the Tribe.
This action comes a little over two months after the Tribe and the United States Department of Justice, on behalf of the Bureau of Indian Affairs (BIA), entered into a settlement agreement with Citizens Exposing Truth About Casinos (CETAC) to settle long-standing litigation which has stalled the Tribe’s casino gaming project near Battle Creek, Michigan.
The BIA needs to issue a Reservation Proclamation designating this site as initial reservation for the Tribe, which could not be done until the land was in trust. The Tribe is working with the BIA and expects the Reservation Proclamation to issue early next year. Also, the National Indian Gaming Commission needs to approve the management contract. That agency has already reviewed the document with a favorable report and is conducting the background investigation of the Company and its principals as required by federal law. The Company expects formal approval of the management contract early next year as well.
Once these approvals are obtained, the Company estimates the design and construction effort to take 16 to 20 months with an opening in 2008, barring any additional unforeseen delays.
“This is a historic moment for the Nottawaseppi Huron Band of Potawatomi,” said Tribal Chairwoman Laura Spurr. “The casino will help us to fully develop our tribal government and will create an economic engine that will benefit the entire region.”
Andre M. Hilliou, Chief Executive Officer of Full House said, “We are gratified by the speed with which the federal government acted once the legal challenge was overcome. We are poised to create a world-class entertainment center, providing jobs and much needed economic vitality to an area, which recently was once again hit by an economic downturn.”
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 development. 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 in early 2007 subject to regulatory approvals. Stockman’s Casino completed a renovation, which results 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, 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, its 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.
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For further information, contact:
Andre M. Hilliou, Chief Executive Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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