Full House Resorts Announces Closing on Interim Financing for Huron Potawatomi Casino Development
LAS VEGAS, April 24 /PRNewswire-FirstCall/ -- Full House Resorts (Amex: FLL) announced today that IGT, the leading slot manufacturer, has extended up to $5 million in interim financing to the Nottawaseppi Huron Band of Potawatomi for the design and development costs of the Tribe's Firekeepers Casino project in Emmett Township, Michigan. Merrill Lynch has also been engaged by the Tribe as the investment banking firm responsible for raising the funds for the construction and opening of the casino.
The Firekeepers Casino development is for a world-class facility with over 2,000 slot machines, table games, various restaurants and other amenities. The Secretary of the Interior took the land into trust for the benefit of the Tribe in December and a Reservation Proclamation is being processed by the Bureau of Indian Affairs, which would identify the land as Tribal reservation land suitable for gaming.
Full House has executed a management agreement with the Tribe for the development and management of the casino. The management agreement is subject to approval by the National Indian Gaming Commission, which is in the process of conducting its review. Full House expects the approval within the next few months, clearing the way for the permanent financing to be placed and construction activities to commence.
Andre M. Hilliou, Chief Executive Officer of Full House Resorts, said, "We are excited that IGT sees the potential of this development that we have known for some time. With this interim financing in place, the project can proceed at full speed and the Tribe can continue on the journey to financial self-sufficiency which it has sought to achieve since its federal recognition."
About Full House Resorts, Inc.
Full House owns, develops and manages gaming facilities. Full House owns the Stockman's Casino and Holiday Inn Express in Fallon, Nevada which has 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 coffee shop. The Holiday Inn Express has 98 guest rooms, indoor and outdoor swimming pools, a sauna, fitness club, meeting room and business center. Full House also 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 over 1,500 gaming devices, a 350-seat buffet, a 50-seat diner, gourmet Steak House and an entertainment lounge. Midway is in the process of a $40 million remodeling and expansion, scheduled to open in the summer of 2007. 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 more than 2,000 gaming devices in the Battle Creek, Michigan area, which is currently in development. In addition, Full House has a Gaming Management Agreement with the Nambe 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. Further information about Full House can be viewed on its web site at www.fullhouseresorts.com.
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 April 24, 2007