For Immediate Release
FULL HOUSE RESORTS UPDATES STATUS OF NAMBÉ PUEBLO
CASINO DEVELOPMENT PROJECT
Las Vegas – (Business Wire) – March 19, 2008 – Full House Resorts (AMEX: FLL) today announced that it is no longer pursuing the
development or management of a casino resort with the Nambé Pueblo of New
Mexico. Since 2005, the Company has been working with the Pueblo and its
Gaming Enterprise Board to develop a casino on tribal lands. The project was originally
conceived as an economic development, including a casino and hotel, as well as
other retail and commercial operations. Over the last several years, changes
in the tribal leadership, the expansion of the nearby Buffalo Thunder Casino
Resort as well as current market conditions led to a downsizing of the project
and the ultimate decision by the Pueblo leadership to pursue alternative plans
with a non-gaming developer to develop a travel center with a small slot parlor
component attached.
Pursuant to the terms of the Development Agreement, the
Pueblo has recognized the obligation to reimburse all of the Company’s
development advances for the project. Full House currently has advanced
approximately $655,000 for the development of the project, all of which is
expected to be reimbursed by the Pueblo on yet to be negotiated terms. In
addition, the Company will negotiate payment from the Pueblo or its new
developer for the value of the exclusive gaming rights granted to the Company
by the Pueblo. However, the Company expects to recognize an impairment loss of
approximately $200,000 as of December 31, 2007 on the development contract
rights pending a resolution with the Pueblo.
About Full
House Resorts, Inc.
Full House owns, develops and manages gaming
facilities. Full House owns the Stockman’s Casino in Fallon, Nevada which has
8,400 square feet of gaming space with approximately 260 gaming machines, four
table games and a keno game. The casino has a bar, a fine dining
restaurant and a coffee shop. Full House also receives a guaranteed fee from
the operation of Harrington Raceway and Casino, formerly Midway Slots and
Simulcast at the Delaware State Fairgrounds in Harrington, Delaware. Harrington
Raceway and Casino recently opened an expansion and is remodeling its original
building which will result in a total of 2,000 gaming devices, a buffet,
gourmet Steak House, other food and beverage outlets and an entertainment
lounge. Full House 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 2,500 gaming devices, 90 table games and 20
poker tables in the Battle Creek, Michigan area, which is currently in
development. In addition, Full House has been working with the
Northern Cheyenne Nation of Montana for the development and management of a
27,000 square foot gaming facility. Further information about Full House
can be viewed on its 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 Full House’s current expectations and
projections about future events and generally relate to Full House’s plans,
objectives and expectations for Full House’s business. Although Full House’s
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 Full House’s 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:
Mark Miller, Chief Financial
Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
Or
William R. Schmitt
Integrated Corporate
Relations
203-682-8200
investors@fullhouseresorts.com