Full House Resorts Announces the Purchase of 795,000 Shares and $1,000,000 Expansion to Its Stock Repurchase Program
LAS VEGAS--(BUSINESS WIRE)--
Full House Resorts (NYSE Alternext US: FLL) (the "Company") announced today that its Board of Directors has authorized a program to repurchase up to an additional $1,000,000 worth of shares of the Company's common stock. Previously, on July 7, 2008, the Company announced an initial stock repurchase program of up to $1,000,000. As of October 14, 2008, the Company has purchased approximately 795,000 shares on the open market under the original program, thereby exhausting the initial authorization.
These repurchases will be made in open market or in privately negotiated transactions from time to time in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. This plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at the Company's discretion.
"The Board of Directors continues to believe that Full House's common stock is undervalued in the marketplace and represents a sound investment at its recent trading prices; at the same time, we also remain committed to our search for casinos which meet our acquisition criteria," said Full House Chief Executive Officer Andre Hilliou. "The Board and management are confident in the future of Full House and believe this repurchase program to be a prudent use of our excess cash and in the best interest of the Company and its stockholders. Management remains focused on the construction and pre-opening activities at the FireKeepers Casino as well as on Stockman's Casino in Fallon, Nevada. With FireKeepers' opening scheduled for next summer and with our guaranteed fee increasing annually from Harrington Raceway and Casino in Delaware, we expect to significantly increase our operating profit and cash flow next year."
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 at the Delaware State Fairgrounds in Harrington, Delaware. Harrington Raceway and Casino recently completed an expansion resulting in a total of approximately 2,100 gaming devices, a buffet, gourmet steakhouse, 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 under construction. 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, its Form 10-KSB for the most recently ended fiscal year.
Source: Full House Resorts, Inc.
Released October 15, 2008