Full House Resorts Settles Lawsuit with RAM

Provides Share Repurchase Update

LAS VEGAS--(BUSINESS WIRE)-- Full House Resorts (NYSE Alternext US: FLL) announced today that it has settled pending litigation filed by RAM Entertainment, LLC and Robert A. Mathewson related to the distribution of an award previously obtained by Gaming Entertainment (California) LLC, a consolidated investee of the Company.

Pursuant to the Investor Agreement entered into by RAM and the Company, the parties entered into a mediation process. As a result of that mediation process, the parties have agreed to settle and resolve all of the claims. Under the terms of the settlement agreement, RAM and Mr. Mathewson agreed to dismiss their claims against Full House and certain of its officers with prejudice in exchange for Full House's agreement to pay RAM $225,000 on or before December 19, 2008 and a second payment of $275,000 on or before December 15, 2009. The settlement agreement does not contain any admission of fault or wrongdoing on the part of Full House or the individual defendants and allows both parties to avoid the expense and burden of further litigation.

Share Repurchase Update

As of December 29, 2008, Full House has purchased a total of 1,207,014 shares of its common stock at a cost of $1,464,305, or an average price per share of $1.21. Full House has $535,695 remaining for additional purchases under its $2 million common stock repurchase program.

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.

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.

    Source: Full House Resorts, Inc.

Released December 30, 2008