Full House Resorts Announces Three Month and Full Year Results for the Period Ended December 31, 2008

Company Reports EPS of $0.08 in 2008 vs. $0.05 in 2007

FireKeepers Construction Remains on Track for Summer 2009 Opening
LAS VEGAS--(Business Wire)--
Full House Resorts (NYSE Amex US: FLL) today announced results for the three
month and full year periods ended December 31, 2008. Net income for the three
months ended December 31, 2008 was $6,380, or flat earnings per share, compared
to $8,596, or flat earnings per share, in the prior-year period. Net income for
the year was $1.6 million, or $0.08 per share, as compared to $0.9 million, or
$0.05 per share, in 2007. Fourth quarter and full year 2008 results included the
previously announced settlement related to our Gaming Entertainment
(California), LLC subsidiary of $500,000. Net income exclusive of this one-time
settlement cost for fourth quarter 2008 was $0.3 million, or $0.02 per share.
Excluding all one-time costs in the full year, net income for 2008 was $2.0
million or $0.10 per share.

Fourth Quarter 2008 Highlights and Subsequent Events

* Stockman`s Casino revenue for the quarter declined by 5% compared to the
prior-year quarter - in line with recent general weakness in the economy. Casino
revenue declines were offset by strong food and beverage sales from having both
restaurants fully open in the quarter versus the prior-year quarter when the
Café was closed for renovations.
* Equity in net income of unconsolidated joint venture and related guaranteed
payments from the Company`s 50% interest in Gaming Entertainment (Delaware), LLC
was $1.2 million, an increase of 3% from the prior-year period. Quarterly
results differ from the minimum 8% guaranteed growth for 2008 due to timing
differences in cash payments in the prior year.
* Construction at FireKeepers Casino has progressed on schedule and garage
construction has been completed. In addition, the FireKeepers Development
Authority has approved an increase in slot machines to approximately 2,680 from
2,500. Table games units will be reduced from 90 to 78 and poker units will
decrease from the planned 20 to 12. The new configuration will allow for
approximately 3,200 gaming positions in the casino. The project remains on
budget and FireKeepers Casino is still expected to open in the summer of 2009.
* In 2008, the Company`s Board of Directors authorized a program to repurchase
up to $2 million worth of shares of the Company`s common stock. As of March 25,
2009, the Company has purchased approximately 1.36 million shares on the open
market at an average price of $1.19, for a total cost of $1.7 million.

"We are pleased with the significant progress being made at the FireKeepers
Casino," said Andre Hilliou, Chief Executive Officer of Full House.
"Construction remains on schedule and we remain on budget as we prepare for an
opening this summer. We are especially excited about and encouraged by the
strong management team being put in place under the leadership of Bruce McKee,
our property GM at FireKeepers."

Fourth Quarter 2008 Results

For the quarter ended December 31, 2008, Full House reported casino, food and
beverage, and other revenue of $2.3 million, down 5% compared to revenue of $2.4
million in the prior-year period, primarily as a result of lower slot revenue at
Stockman`s Casino due to general weakness in the economy.

The Company recorded equity in net income of unconsolidated joint venture and
related guaranteed payments of $1.2 million, an increase of 3% from the
prior-year period. The equity in net income of unconsolidated joint venture
represents Full House`s 50% ownership interest in Gaming Entertainment
(Delaware), LLC ("GED"), a joint venture between the Company and Harrington
Raceway, Inc. Quarterly results differ from the minimum 8% guaranteed growth for
2008 due to timing differences in cash payments in the prior year.

Operating expenses for fourth quarter 2008 were $2.9 million, an increase of 1%
from the prior-year period, primarily due to higher food and beverage costs
during the quarter and increases related to the Gaming Entertainment (Michigan),
LLC ("GEM") management agreement for FireKeepers, partially offset by lower
expenses in the casino segment and SG&A.

Income from continuing operations before income taxes for fourth quarter 2008
was $278,197 compared to $126,464 in the prior-year period. The 2008 results
include an unrealized gain on notes receivable from tribal governments of
$129,590 compared to a gain of $120,554 in 2007.

During the fourth quarter 2008, the Company incurred a one-time charge of
$500,000, of which $225,000 was paid in the quarter, related to the settlement
of litigation filed by RAM Entertainment, LLC and Robert A. Mathewson related to
the distribution of an award previously obtained by Gaming Entertainment
(California), LLC ("GEC"), a consolidated investee of the Company. In addition,
in the fourth quarter of 2007, the Company incurred a one-time impairment charge
of $407,534 related to discontinued projects in New Mexico. Excluding both the
2008 and 2007 one-time charges, income from continuing operations before income
taxes for fourth quarter 2008 was $778,197 compared to $533,998 in the
prior-year period.

The Company reported net income per common share of $0.00 for the three months
ended December 31, 2008 and 2007, respectively. Excluding the one-time charges
in both fourth quarter 2008 and 2007, the Company would have reported net income
per common share of $0.02 and $0.01 for the three months ended December 31, 2008
and 2007, respectively.

Full Year 2008 Results

For the full year ended December 31, 2008, Full House reported casino, food and
beverage, and other revenue of $9.7 million, compared to revenue of $9.6 million
in the prior year, primarily as a result of a full year`s contribution from
Stockman`s operations in 2008 as opposed to only eleven months of operations in
2007. The 2007 results included a $0.3 million one-time Hard Rock Casino
settlement payment received in the second quarter of 2007.

The Company recorded equity in net income of unconsolidated joint venture and
related guarantee payments of $4.8 million, a 12% increase from the prior year.
Management expects that 2009 full-year results for GED will be lower than the 5%
guaranteed increase due to payment timing variances which resulted in greater
than an 8% increase in 2008.

Operating expenses for the full year ended December 31, 2008 were $12.3 million
compared to $12.4 million in the prior year, as lower stock compensation and a
decrease in project development costs during 2008 were offset by an extra month
of Stockman`s operating expenses.

Income from continuing operations before other income (expense) and income taxes
for the full year ended December 31, 2008 was $3.6 million compared to $1.8
million in the prior-year period. The 2008 figure includes $2.1 million of
unrealized gains on notes receivable from tribal governments compared to $0.8
million in the prior-year period, with the year-over-year increase primarily due
to the repayment of $9.3 million of notes receivable related to the FireKeepers
Casino, in connection with the FireKeepers Development Authority obtaining
financing for the project.

During 2008, as discussed previously, the Company incurred a one-time charge of
$500,000 related to the settlement of litigation filed by RAM Entertainment, LLC
and Robert A. Mathewson, as well as an $85,000 impairment loss related to assets
held for sale. In addition, in 2007, the Company incurred a one-time impairment
charge of $407,534 related to discontinued projects in New Mexico. Excluding
both the 2008 and 2007 one-time charges, income from continuing operations
before other income (expense) and income taxes for the full year ended December
31, 2008 was $4.2 million compared to $1.9 million in the prior-year period.

The Company reported earnings per share of $0.08 and $0.05 for the full year
ended December 31, 2008 and 2007, respectively. Excluding all one-time charges
in 2008 and 2007, the Company would have reported net income per common share of
$0.10 and $0.05 for the full year ended December 31, 2008 and 2007,
respectively.

Liquidity and Capital Resources

As of December 31, 2008, the company had $5.3 million in cash and approximately
$6.0 million of availability on its revolving credit line with Nevada State
Bank. Long-term debt outstanding including current maturities at the end of the
year was $6.4 million. Full House repaid $0.7 million of debt during the
quarter, bringing the total amount of debt reduction during 2008 to $18.7
million. Subsequent to December 31, 2008, Full House has used approximately $0.2
million of cash to purchase common stock and has made additional voluntary
payments on its revolving credit line of $2.3 million. As of March 25, 2009, the
Company had approximately $3.7 million in cash and $7.9 million of availability
on its revolving credit line.

Conference Call Information

The Company will host a conference call and webcast today at 2:00 p.m. EDT. Both
the call and webcast are open to the general public.

The conference call number is 800-240-2430; international callers can access the
call by dialing 1-303-205-0033. Please call five minutes in advance to ensure
that you are connected prior to the presentation. Interested parties may also
access the live call on the Internet at http://www.fullhouseresorts.com (select
Investor Relations and then Upcoming Events). Please log-on fifteen minutes in
advance to ensure that you are connected prior to the call's initiation.
Questions and answers will be reserved for call-in analysts and investors.
Following its completion, a replay of the call can be accessed for one week on
the Internet at the above link or by calling either 800-405-2236 or
1-303-590-3000 and providing passcode 11128330.

Selected unaudited Statements of Operations (from continuing operations) data for the three months ended December 31,

2008 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 2,271,079 $ --- $ (58 ) $ 2,271,021
Selling, general and administrative expense 513,475 148,655 733,746 1,395,876
Depreciation and amortization 275,627 15,545 20,340 311,512
Operating gains --- 834,888 --- 834,888
Income (loss) from continuing operations before other income (expense) and income taxes 334,948 605,859 (707,414 ) 233,393
Income (loss) from continuing operations 336,545 534,242 (864,407 ) 6,380

2007 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 2,392,960 $ --- $ --- $ 2,392,960
Selling, general and administrative expense 397,903 (88,759 ) 1,248,130 1,557,274
Depreciation and amortization 67,241 14,364 2,321 83,926
Operating gains --- 886,975 --- 886,975
Income (loss) from continuing operations before other income (expense) and income taxes 865,685 1,122,024 (1,550,014 ) 437,695
Income (loss) from continuing operations 863,293 964,687 (1,891,216 ) (63,236 )

Selected unaudited Statements of Operations (from continuing operations) data for the full year ended December 31,

2008 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 9,670,541 $ --- $ 1,400 $ 9,671,941
Selling, general and administrative expense 1,899,791 465,589 3,896,704 6,262,084
Depreciation and amortization 1,086,323 58,637 68,676 1,213,636
Operating gains --- 6,290,878 --- 6,290,878
Income (loss) from continuing operations before other income (expense) and income taxes 1,963,511 5,620,319 (3,968,770 ) 3,615,060
Income (loss) from continuing operations 1,971,729 4,720,528 (5,112,112 ) 1,580,145

2007 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 9,280,857 $ --- $ 283,554 $ 9,564,411
Selling, general and administrative expense 1,562,807 22,700 5,225,814 6,811,321
Depreciation and amortization 946,253 62,028 8,213 1,016,494
Operating gains --- 4,702,215 --- 4,702,215
Income (loss) from continuing operations before other income (expense) and income taxes 2,582,677 4,499,104 (5,263,526 ) 1,818,255
Income (loss) from continuing operations 2,755,644 4,243,320 (6,344,667 ) 654,297

Reconciliation of EBITDA before unrealized gains on notes receivable, tribal governments, for the three months ended December 31,

2008 Casino Operations Development / Corporate Consolidated
Management

Income from Continuing Operations before other income (expense) and income taxes $ 334,948 $ 605,859 $ (707,414 ) $ 233,393

Add Back:
Depreciation and amortization 275,627 15,545 20,340 311,512
Litigation settlement charge - 500,000 - 500,000

Deduct:
Unrealized gain on notes receivable, tribal governments - 129,590 - 129,590

EBITDA before unrealized gain on tribal advances and unusual items $ 610,575 $ 991,814 $ (687,074 ) $ 915,315

2007 Casino Operations Development / Corporate Consolidated
Management

Income from Continuing Operations before other income (expense) and income taxes $ 865,685 $ 1,122,024 $ (1,550,014 ) $ 437,695

Add Back:
Depreciation and amortization 67,241 14,364 2,321 83,926
Impairment loss - 407,534 - 407,534

Deduct:
Unrealized gain on notes receivable, tribal governments - 120,554 - 120,554

EBITDA before unrealized gain on tribal advances and unusual items $ 932,926 $ 1,423,368 $ (1,547,693 ) $ 808,601

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months Twelve months
ended December 31, ended December 31,
2008 2007 2008 2007
Revenues
Casino $ 1,788,998 $ 1,842,723 $ 7,483,644 $ 7,228,181
Food and beverage 465,234 357,162 2,099,222 1,810,047
Other operating income 16,789 193,075 89,075 526,183
2,271,021 2,392,960 9,671,941 9,564,411
Operating costs and expenses
Casino 579,944 648,547 2,399,012 2,312,587
Food and beverage 567,088 469,332 2,321,907 1,876,532
Project development costs 18,096 83,162 151,120 431,437
Selling, general and administrative 1,395,876 1,557,274 6,262,084 6,811,321
Depreciation and amortization 311,512 83,926 1,213,636 1,016,494
2,872,516 2,842,240 12,347,759 12,448,371
Operating gains (losses)
Equity in net income of unconsolidated joint venture and related guaranteed payments 1,205,298 1,173,955 4,772,248 4,270,000
Unrealized gains on notes receivable, tribal governments 129,590 120,554 2,103,630 839,749
Impairment and settlement losses (500,000 ) (407,534 ) (585,000 ) (407,534 )
834,888 886,975 6,290,878 4,702,215
Income from continuing operations before other income (expense) and income taxes 233,393 437,695 3,615,060 1,818,255
Other income (expense)
Interest and other income 43,089 81,121 171,962 745,656
Interest expense (111,732 ) (318,253 ) (532,499 ) (1,270,857 )
Noncontrolling interest in net (income) loss of consolidated joint venture 113,447 (74,099 ) (367,293 ) (197,733 )
Income from continuing operations before income taxes 278,197 126,464 2,887,230 1,095,321
Income taxes (271,817 ) (189,700 ) (1,307,085 ) (441,024 )
Income (loss) from continuing operations 6,380 (63,236 ) 1,580,145 654,297
Income from discontinued operations, net of tax --- 71,832 38,145 286,294
Net income 6,380 $ 8,596 1,618,290 $ 940,591
Income from continuing operations per common share
Basic and diluted $ 0.00 $ 0.00 $ 0.08 $ 0.03
Income from discontinued operations per common share
Basic and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.02
Net income per common share
Basic and diluted $ 0.00 $ 0.00 $ 0.08 $ 0.05

Weighted-average number of common shares outstanding
Basic and diluted 18,447,082 19,349,177 19,116,311 19,304,251

Disclosures necessary to conform to GAAP and SEC Regulations S-X have been omitted.

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 2,680 gaming devices, 78 table
games and 12 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.

Full House Resorts, Inc.
Mark Miller, 702-221-7800
Chief Financial Officer
www.fullhouseresorts.com
or
Integrated Corporate Relations
William R. Schmitt, 203-682-8200
investors@fullhouseresorts.com

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