Full House Resorts Announces Stock Repurchase Program
LAS VEGAS--(BUSINESS WIRE)--
Full House Resorts (AMEX: FLL) (the "Company") announced today that its Board of Directors has authorized a program to repurchase up to $1,000,000 worth of shares of the Company's common stock.
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 believes that Full House's common stock is undervalued in the marketplace and represents a sound investment at its recent trading prices," said Full House Chief Executive Officer Andre Hilliou. "While the Company continues to pursue acquisitions as previously announced, management and the Board of Directors believe this is a prudent use of a modest amount of our excess cash. The Board and management are confident in the future of Full House and believe this repurchase program to be in the best interest of the Company and its stockholders."
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
Released July 7, 2008