Free Writing Prospectus

Investor Presentation

November/December 2006

Filed pursuant to Rule 433

Registration Statement No. 333-136341

The

issuer

has

filed

registration

statement

(including

prospectus)

with

the

SEC

for

the

offering

which

this

communication relates.

Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC

for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the

SEC

website

at www.sec.gov.

Additionally,

further

copies

the

prospectus

may

obtained

from

the

underwriter,

Sterne,

Agee &

Leach, Inc., by calling W. Barry McRae at (205) 949-3555.

“The issuer has filed a registration statement (including a

prospectus) with the SEC for the offering to which this

communication relates. Before you invest, you should read

the prospectus in that registration statement and other

documents the issuer has filed with the SEC for more

complete information about the issuer and this offering. You

may obtain these documents for free by visiting EDGAR on

the SEC website at www.sec.gov. Additionally, further

copies of the prospectus may be obtained from the

underwriter, Sterne, Agee & Leach, Inc., by calling W. Barry

McRae at (205) 949-3555.”

Full House Resorts, Inc.

The following statements are made pursuant to the safe harbor for forward-looking statements described

in the Private Securities Litigation Reform Act of 1995.

In these presentations, we may make certain statements that are forward-looking, such as statements

regarding Full House’s future results and plans and anticipated trends in the industries and economies in

which Full House operates.

These forward-looking statements are the Company’s current expectations and the Company will make

effort

update

these

expectations

based

subsequent

events

knowledge.

These

forward-looking

statements are subject to a number of risks, uncertainties, and assumptions, including that our revenues

may differ from that projected, that governmental and court approvals may not be forthcoming or may be

delayed:

Our growth strategies may not be realized;

Our development and potential acquisition of new facilities may not occur;

Trends in the gaming industries may be negative;

We may not have access to capital, including the ability to finance future business

requirements;

There may be adverse changes in federal, state and local laws and regulations, including

environmental and gaming license legislation and regulations; and

Other risks detailed in our documents filed with the SEC.

Should one or more of these risks or uncertainties materialize, or should our underlying assumptions

prove incorrect, actual results may differ significantly from results expressed or implied in any forward-

looking statements made by the Company in these communications

Safe Harbor Statement

Business Model

Two areas of development:

Development and Management Services: Indian and Other Gaming

•

Opportunity: Revenue and Earnings Growth

•

Challenge: Development Projects have long lead time

Acquisition and Operation: Commercial Casinos

•

Opportunity:

Quickly accretive to earnings

Operations benefit from our experience

•

Challenge:

Competition for good properties

The mix of limited term management contracts and direct ownership

spreads risk and allows continuing operations to fund development.

Board of Directors

LEE

IACOCCA

-DIRECTOR

since

April,

1998.

founded

Global

Motors

and

former

Chief

Executive Officer and Chairman of the Board of Directors of Chrysler Corporation. He is Chairman of the

Iacocca Foundation and Chairman of the Committee for Corporate Support of Joslin Diabetes Foundation.

Mr. Iacocca is also Chairman Emeritus of the Statue of Liberty Foundation.

MICHAEL

PAULSON-

CHAIRMAN

and

has

been

involved

the

real

estate

development

and

investment

business

since

1986,

the

Founder,

Owner

and

President

Nevastar

Investments

Corp.

and Construction Specialist of Nevada, Inc. Mr. Paulson has been a director, president and general

manager of Gold River Resort and Casino, Inc. and Gold River Operating Corporation since 2000.

WILLIAM

McCOMAS-

DIRECTOR

since

November,

1992.

has

been

President

McComas

Properties, Inc.. Mr. McComas, and companies controlled by him, have developed several hotels and

resorts.

DR.

CARL

BRAUNLICH-

DIRECTOR

and

Associate

Professor

the

William

Harrah

College

of Hotel Administration

at University of Nevada, Las Vegas.

He has been on the faculties of the hotel

management

programs

Cornell

and

Purdue

Universities.

has

held

executive

positions

several

casinos. He has been a consultant to Wynn Las Vegas, Harrah’s Entertainment, Inc., Showboat Hotel, etc.

He was on the Board of Directors of the National Council on Problem Gambling.

MARK

MILLER-

DIRECTOR

and

has

served

Executive

Vice

President

and

Chief

Financial

Officer

of Aero Products International. Mr. Miller was Executive Vice President and Chief Financial Officer of

American Skiing Company, owner and operator of seven well-known ski resorts. He was an Executive Vice

President of Showboat, Inc.

ANDRE

HILLIOU,

CHIEF

EXECUTIVE

OFFICER

AND

DIRECTOR.

With

over

years

experience in the gaming industry, he was tapped to

operate the Showboat Atlantic City,

where he took the company from $30 million in net revenue to $130 million within two years.

Andre was chosen as Showboat's senior manager for its Sydney Harbour Casino project. He

has served as President and CEO of other gaming companies.

Strategy to Obtain Tribal

Management Contracts

1) Initial contacts with Tribes are based on referrals from lenders, contractors,

architects and others.

2) A Letter of Intent is secured from the Tribe after making a presentation on the

qualifications of Full House.

3) An independent market study is performed to determine the viability of the project.

4) Budgets, based on the market study,

and architectural renderings are presented to the

Tribal authority in a formal presentation to secure approval of Full House as the

developer and manager.

Lee Iacocca's involvement in the process includes the following:

a) He is featured in the marketing brochures and promotional materials that are

given to the Tribe

during the first

introductions.

b) Mr. Iacocca

gives the opening and closing remarks (on video) in our formal

power point presentations.

c) He has entertained tribal leaders in his home.

d) Occasionally he

writes letters,

sends autographed copies of his books, and

personally meets with tribal officials.

Management Team

Full House Resorts, Inc.

Andre

Hilliou

over

years

gaming

experience.

Turn

around

experience.

Senior

positions with public companies. Opened and operated major casino

developments in Atlantic City and Sydney Australia.

Greg

Violette

years

executive

experience

Native

American

commercial

gaming development and operations including start-ups and a turn-around.

Wes

Elam

years

executive

experience

every

major

aspect

casino

operations

and

start-up. Has managed casinos from Atlantic City to Louisiana and Ontario, Canada and

opened the premier facility in Australia, the Star City Casino.

Jim

Meier

CPA

with

Master’s

Hotel

Administration.

Experienced

both

property and corporate accounting of both public and private gaming companies.

Jim

Dacey

–

serves

the

company's

liaison

the

tribal

governments.

has

extensive

experience in project and contract management, customer relationship management, as

well as implementation of the business process.

Barth

Aaron

Over

years

experience

gaming

regulator

and

legal

officer

for

public and private major gaming operators and equipment suppliers.

Team Accomplishments

Increased annual earnings growth by improving current operations.

Currently

three

projects

development

anticipated

open

2007

early

2008.

Recovery

million

from

Torres

Martinez

tribe

project

previously

thought unrecoverable.

Company in aggressive growth mode with marketing plan, web site and

associated increase in historical stock price

Successfully located a commercial casino in Fallon, Nevada to acquire at an

EBITDA multiple within our guidelines.

Increased stock price from $0.75 to over $3.00

Obtained listing on American Stock Exchange

Experienced Management Team

Full House’s operating expertise and proven track record of financing, developing and

managing gaming facilities, including overseeing significant expansion efforts will be

invaluable to future projects

Full House has successfully developed, financed and managed Midway Slots and Simulcast

in Harrington, Delaware:

Midway Slots and Simulcast

Facility Opened with:

Completed Expansions:

Announced Expansion to include:

35,000 square feet 75,000 square feet

Expand to 142,000 square feet

500 gaming devices 1,581 gaming devices

2,000 gaming devices

Simulcast parlor 450 seat buffet

Gourmet Restaurant

Small buffet

seat diner

Entertainment lounge areas

Marketing the Firekeepers’

Casino Financing

Battle Creek, Michigan

City Center

Population

(1)

Median Household

Income

(2)

Ann Arbor (Washtenaw County)

341,847

$51,990

Battle Creek (Calhoun County)

139,191

$38,918

Birmingham (Oakland County)

1,214,361

$61,907

Brighton (Livingston County)

181,517

$67,400

Grand Haven (Ottawa County)

255,406

$52,347

Grand Rapids (Kent County)

596,666

$45,980

Kalamazoo (Kalamazoo County)

240,536

$42,022

Lansing (Ingham County)

278,592

$40,774

Fort Wayne, IN (Allen County)

344,006

$42,671

(1)Source:U.S.Census Bureau, 2005 Estimates

(2)Source:U.S.Census Bureau, 2000

Situation Overview

Close Proximity to Chicago and Detroit in addition to other major Michigan metropolitan markets

•

Closest casino for over a million Michigan Residents

•

Diverse and strong local economy

•

Numerous attractions and strong visitation trends

Proposed site is irreplaceable, and provides the Tribe with a competitive advantage vis-à-vis existing

operators and possible new entrants

•

Assembling a comparable site in such a location likely to be extraordinarily challenging & time

consuming

•

Size of site provides Tribe with significant development/growth pipeline

•

Excellent road access to all major highways, especially I-94 and I-69

The Tribe’s casino will be a major competitor to the existing Native American casino operators

•

Most other Native American casinos are located in the Northern part of the state

•

Generally dated facilities offering less than 2,000 gaming positions

Given the superior location of the Project, the developmental

potential of the site and the superior relative position of the

Project, we believe the Company can develop a world class

property.

Industry Comparables

Greektown

Motor City

MGM Grand

Detroit

Blue Chip Casino

Owner

Sault Ste. Marie

Tribe of Chippewa

Indians

Marian Bayoff

Ilitch

MGM

Boyd Gaming

Corporation

Slots

2,422

2,463

2,840

2,171

Tables

Positions

2,902

2,991

3,272

2,495

Win Per Position Per Day, net

$317

$395

$385

$322

Net Revenue($mm)

$335.6

$432.2

$460.7

$293.4

Source: Michigan and Indiana Gaming Boards and www.casinocity.com

Note: Michigan Calander Year 2005 Revenue; Indiana Fiscal Year 2006 Revenue

Industry Comparables

Casino

Tribe/Pueblo

Slots

Tables

Positions

Win (1)

Win per Day

Cities of Gold (1)

Pojoaque

717

801

18,248,007

84.38

OhKay Casino Resort

San Juan

690

725

26,993,695

102.01

Big Rock Casino

Santa Clara

350

399

18,739,488

128.67

Camel Rock Casino

Tesuque

674

723

30,526,799

115.68

Source: New Mexico Gaming Control and www.casinocity.com

(1) 3Q05 - 2Q06, except Pojoaque 4Q05-2Q06

Note: Pojoaque operate two facilities and report on a combined basis

Industry Comparables

County

Jurisdiction

Establishments

Positions

2004 Gaming

Tax Renenues

Annual Gaming

Revenue

Annual

Revenue/

Machine

Win/Machine

Big Horn

County

$33,725

$224,833

$11,242

$31

Hardin

126

$466,138

$3,107,587

$24,663

$68

Yellowstone

County

266

$713,298

$4,755,320

$17,877

$49

Billings

133

1955

$8,295,356

$55,302,373

$28,288

$78

Broadview

$1,695

$11,300

$3,767

$10

Laurel

150

$486,032

$3,240,213

$21,601

$59

Source: Montana Department of Justice, Gaming Control Division

Acquisition: Stockman’s Casino

On April 6, 2006, FLL signed an agreement to acquire Stockman’s Casino and Holiday

Inn Express in Fallon, Nevada.

Closing expected on or before January 31, 2007 upon obtaining of regulatory approvals.

Stockman’s Casino consists of

Approximately 8,400 square feet of gaming space

280 slot machines

4 blackjack tables

Keno game

Only casino in town with a player’s club and rating system.

Fine dining restaurant, 24-hour coffee shop and a bar.

The Holiday Inn Express

98 guest rooms

Indoor and outdoor swimming pools, sauna, fitness club

Meeting room and business center.

Of 7 non-restricted gaming licensees in Fallon, Stockman’s maintains 26% of the slot

market and 35% of the total market revenue.

(1)

Source: Nevada Gaming Control Board Monthly Reports