Full House Resorts, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2011

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

At December 31, 2011 and 2010, property and equipment consists of the following:

	September 30,		September 30,			September 30,
	Estimated useful lives	2011			2010
Land		$	9,959,400		$	1,885,400
Buildings and improvements	10-39		26,413,673			5,580,045
Furniture and equipment	5-7		13,375,769			6,795,764

			49,748,842			14,261,209
Less accumulated depreciation			(11,080,559	)		(6,888,958	)

		$	38,668,283		$	7,372,251

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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