Full House Resorts Announces Three and Nine Months Results for the Period Ended September 30, 2009

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Record Quarterly Earnings per Share Driven by Successful FireKeepers Casino
LAS VEGAS--(Business Wire)--
Full House Resorts (NYSE Amex US: FLL) today announced results for the three-
and nine-month periods ended September 30, 2009. Net income attributable to the
Company for the three months ended September 30, 2009 was $3.0 million, or $0.17
per common share, compared to $0.5 million, or $0.03 per common share, in the
prior-year period.

Third Quarter 2009 Highlights and Subsequent Events

* Total management fees for Gaming Entertainment (Michigan), LLC ("GEM"), a 50%
owned joint venture - related to FireKeepers Casino - were $5.8 million. The
property opened its doors to the public on August 5, ahead of schedule and under
budget, providing for 57 days of operations in the third quarter. A soft opening
allowed for lower marketing expense, resulting in strong operating margins. GEM
manages the daily operations of the casino for the FireKeepers Development
Authority, an agency of the Huron Band, and will be paid a management fee equal
to 26% of pre-management fee income over a seven-year period which commenced
with the opening on August 5.
* The Company entered into a favorable GEM member agreement which resulted in a
one-time net gain of $1.4 million before tax - further details are outlined
below. The after-tax impact of this one-time gain was $0.05 per common share.
* As of September 30, 2009, the company had cash and equivalents of $7.8
million, debt of $6.5 million - of which $5.8 million is an obligation of GEM -
and availability on the company`s credit facility of approximately $7.8
million.

"The first two months of operations at FireKeepers Casino exceeded our
expectations in terms of revenue and operating margins, and we are very proud of
the work accomplished by the management team," said Andre Hilliou, Chairman and
Chief Executive Officer of Full House. "An efficient, customer-friendly designed
property as well as an exceptionally smooth opening with no significant problems
allowed the management team to run FireKeepers at near normal efficiency levels
right out of the box. In addition, we continue to generate free cash flow, while
the Company continues to have no required current debt repayments or maturities,
putting us in a strong position to take advantage of acquisition opportunities
going forward."

Third Quarter 2009 Results

For the quarter ended September 30, 2009, Full House reported casino, food and
beverage, and other revenue of $2.2 million, a decline of 11% from the
prior-year period, primarily caused by lower casino revenue at Stockman`s Casino
due to general weakness in the economy and increased food and beverage
competition. In addition, during the third quarter of 2009, Full House recorded
GEM management fees of $5.8 million for the first 57 days of operations
following the opening on August 5 of FireKeepers Casino.

The Company recorded equity in net income of unconsolidated joint venture and
related guaranteed payments of $1.5 million, an increase of 6% 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. The Company expects to continue receiving a 5% increase in cash
distributions over the prior year from GED. The increase this quarter is due to
the timing of cash payments.

Operating expenses for third quarter 2009 were $3.6 million, an increase of 18%
from the prior-year period, primarily due to an increase in SG&A expenses and
amortization of contract rights related to the opening of FireKeepers Casino.

Operating income for third quarter 2009 was $3.9 million, compared to operating
income of $0.9 million in the prior-year period. The 2009 results include an
unrealized gain on notes receivable from tribal governments of $0.2 million,
compared to a gain of $0.1 million in third quarter 2008. The 2009 results also
include results from a GEM member agreement resulting in the recognition of a
one-time net pre-tax gain of $1.4 million. The net pre-tax gain consists of a
member agreement modification charge of $2.1 million, offset by a $3.5 million
credit attributable to the non-controlling interest in GEM.

The Company reported net income attributable to the Company per common share of
$0.17 for the three months ended September 30, 2009, as compared to $0.03 for
the three months ended September 30, 2008. Exclusive of the one-time GEM
agreement net gain of $0.05 per share, earnings per common share would have been
$0.12.

Nine Month 2009 Results

For the nine months ended September 30, 2009, Full House reported casino, food
and beverage, and other revenue of $6.8 million, compared to revenue of $7.4
million in the prior-year period, primarily as a result of lower food and
beverage revenue at Stockman`s Casino due to increased competition and lower
casino revenue due to general weakness in the economy.

In addition, during the first nine months of 2009, Full House recorded GEM
management fees of $5.8 million from FireKeepers Casino.

The Company recorded equity in net income of unconsolidated joint venture and
related guarantee payments of $3.6 million, comparable with the prior-year
period. 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. The reduced income is attributable to
the decreased net income of GED which the Company recognizes under the equity
method. GED`s reduced net income is mostly attributable to increased competition
and higher costs, including recently enacted tax increases.

Operating expenses for the nine months ended September 30, 2009 were $9.3
million compared to $9.5 million in the prior-year period, primarily due to
continuing expense reduction efforts throughout the organization and lower food
and beverage costs, partially offset by higher depreciation and amortization
expense related to contract rights for FireKeepers Casino.

Operating income, excluding other charges, for the nine months ended September
30, 2009 was $5.2 million, compared to operating income, excluding other
charges, of $3.4 million in the prior-year period. The 2009 operating income
includes $0.5 million of unrealized gains on notes receivable from tribal
governments compared to $2.0 million in the prior-year period, with the
year-over-year decrease 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 in the prior year. The
2009 results also include a GEM member agreement modification charge of $2.1
million as explained previously.

The Company reported net income attributable to the Company per common share of
$0.21 and $0.08 for the nine months ended September 30, 2009 and 2008,
respectively. Excluding other charges in the first nine months of both 2009 and
2008, and exclusive of the one-time gain on notes receivable in the first nine
months of 2008 due to the repayment of the tribal receivable and the GEM member
agreement net gain in 2009, net income attributable to the Company per common
share was $0.16 and $0.05 for the nine months ended September 30, 2009 and 2008,
respectively.

Liquidity and Capital Resources

As of September 30, 2009, the company had $7.8 million in cash and approximately
$7.8 million of availability on its revolving credit line with Nevada State
Bank. Debt outstanding as of September 30, 2009 was $6.5 million, of which $5.8
million is an obligation of GEM. The Company has no required principal payments
on its Nevada State Bank facility until 2021.

On October 9, 2009, effective September 30, 2009, an agreement was reached
between the Company and RAM Entertainment, LLC ("RAM"), both 50% members of GEM.
As a result, payables due from GEM to each member were adjusted to reflect a
total payable due to RAM of $8.5 million, and a total payable due to the Company
of $11.9 million, resulting in the recognition of a net pre-tax gain $1.4
million, which was recorded in September 2009. The net pre-tax gain consists of
a member agreement modification charge of $2.1 million, offset by a $3.5 million
credit attributable to the GEM non-controlling interest.

The impact to reported earnings per share from these one-time adjustment items
to GEM was approximately $0.05 per share.

In addition, the GEM members agreed that distributions to the members will be
made on a 50/50 basis to both members until such time RAM`s member payable has
been fully repaid and thereafter 70% to the Company and 30% to RAM until such
time as the remaining payable to the Company has been repaid. Thereafter,
distributions to members will be made on a 50/50 basis.

Conference Call Information

The Company will host a conference call and webcast on Tuesday, November 10th at
9:30 a.m. EST. Both the call and webcast are open to the general public.

The conference call number is 877-941-8418; international callers can access the
call by dialing 1-480-629-9809. 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 800-406-7325 or
1-303-590-3030 and providing pass code 4181220.

Selected unaudited Statements of Operations (from continuing operations) data for the three months ended September 30,

2009 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 2,164,316 $ 5,753,167 $ -- $ 7,917,483
Selling, general and administrative expense 436,448 138,400 1,181,343 1,756,191
Depreciation and amortization 240,039 399,886 22,285 662,210
Operating gains (loss) -- (434,042 ) -- (434,042 )
Operating income (loss) 437,289 4,758,586 (1,289,499 ) 3,906,376
Net income (loss) attributable to Company 437,666 5,748,444 (3,138,102 ) 3,048,008

2008 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 2,441,587 $ -- $ 1,400 $ 2,442,987
Selling, general and administrative expense 480,799 135,155 918,164 1,534,118
Depreciation and amortization 271,413 14,364 21,112 306,889
Operating gains -- 1,509,524 -- 1,509,524
Operating income (loss) 549,481 1,347,816 (988,080 ) 909,217
Net income (loss) attributable to Company 551,049 1,281,344 (1,292,720 ) 539,673

Selected unaudited Statements of Operations (from continuing operations) data for the nine months ended September 30,

2009 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 6,849,056 $ 5,753,167 $ -- $ 12,602,223
Selling, general and administrative expense 1,285,006 394,873 3,125,280 4,805,159
Depreciation and amortization 743,701 426,836 63,206 1,233,743
Operating gains -- 1,921,803 -- 1,921,803
Operating income (loss) 1,665,741 6,802,654 (3,277,016 ) 5,191,379
Net income (loss) attributable to Company 1,665,557 7,674,564 (5,588,948 ) 3,751,173

2008 Casino Operations Development/ Corporate Consolidated
Management
Revenues $ 7,393,124 $ -- $ 1,458 $ 7,394,582
Selling, general and administrative expense 1,386,315 316,936 3,162,959 4,866,210
Depreciation and amortization 810,696 43,092 48,335 902,123
Operating gains -- 5,455,990 -- 5,455,990
Operating income (loss) 1,628,562 5,014,461 (3,261,358 ) 3,381,665
Net income (loss) attributable to Company 1,657,797 4,186,284 (4,270,318 ) 1,611,905

Reconciliation of EBITDA before unrealized gains on notes receivable, tribal governments, for the three months ended September 30,

Quarter ended September 30, 2009 Casino Operations Development / Corporate Consolidated
Management

Operating income (loss) $ 437,289 $ 4,758,586 $ (1,289,499 ) $ 3,906,376

Add Back:
Member agreement modification - 2,147,327 - 2,147,327
Depreciation and amortization 240,039 399,886 22,285 662,210

Deduct:
Unrealized gain on notes receivable, tribal governments - 248,641 - 248,641
Other - 4,669 - 4,669
EBITDA before unrealized gain on tribal advances $ 677,328 $ 7,052,489 $ (1,267,214 ) $ 6,462,603

Quarter ended September 30, 2008 Casino Operations Development / Corporate Consolidated
Management

Operating income (loss) $ 549,481 $ 1,347,814 $ (988,078 ) $ 909,217

Add Back:
Depreciation and amortization 271,413 14,364 21,112 306,889

Deduct:
Unrealized gain on notes receivable, tribal governments - 137,356 - 137,356
EBITDA before unrealized gain on tribal advances $ 820,894 $ 1,224,822 $ (966,966 ) $ 1,078,750

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months Nine months
ended September 30, ended September 30,
2009 2008 2009 2008
Revenues
Casino $ 1,703,289 $ 1,923,795 $ 5,458,520 $ 5,688,308
Food and beverage 442,224 498,175 1,331,848 1,633,989
Management fees 5,753,167 --- 5,753,167 ---
Other 18,803 21,017 58,688 72,285
7,917,483 2,442,987 12,602,223 7,394,582
Operating costs and expenses 558,702 540,393 1,698,096 1,812,731
Casino
Food and beverage 491,838 599,502 1,456,511 1,754,819
Project development costs 108,124 62,392 139,138 133,024
Selling, general and administrative 1,756,191 1,534,118 4,805,159 4,866,210
Depreciation and amortization 662,210 306,889 1,233,743 902,123
3,577,065 3,043,294 9,332,647 9,468,907
Operating gains (losses)
Equity in net income of unconsolidated joint venture, and 1,459,975 1,372,168 3,551,852 3,566,950
related guaranteed payments
Unrealized gains on notes receivable, tribal governments 248,641 137,356 542,610 1,974,040
Member agreement modification (2,147,327 ) --- (2,147,327 ) ---
Other 4,669 --- (25,332 ) (85,000 )
(434,042 ) 1,509,524 1,921,803 5,455,990
Operating income 3,906,376 909,217 5,191,379 3,381,665
Other income (expense)
Interest and other income 112,848 33,196 148,438 128,873
Interest expense (48,408 ) (122,381 ) (195,570 ) (420,767 )
Income from continuing operations before income taxes 3,970,816 820,032 5,144,247 3,089,771
Income taxes (1,735,797 ) (374,865 ) (2,327,022 ) (1,035,268 )
Income from continuing operations net of income taxes 2,235,019 445,167 2,817,225 2,054,503
Income from discontinued operations, net of income taxes of --- --- --- 38,142
$23,377 in 2008
Net income 2,235,019 445,167 2,817,225 2,092,645
Loss (income) attributable to non-controlling interest in 812,989 94,506 933,948 (480,740 )
consolidated joint venture
Net income attributable to the Company $ 3,048,008 $ 539,673 $ 3,751,173 $ 1,611,905
Income from continuing operations attributable to the
Company per common share
Basic and diluted $ 0.17 $ 0.03 $ 0.21 $ 0.08
Income from discontinued operations attributable to the
Company per common share
Basic and diluted --- --- --- $ 0.00
Net income attributable to the Company per common share
Basic and diluted $ 0.17 $ 0.03 $ 0.21 $ 0.08
Weighted-average number of common shares outstanding
Basic and diluted 18,001,681 19,332,356 18,033,323 19,338,969

Amounts attributable to the Company:
Income from continuing operations, net of tax $ 3,048,008 $ 539,673 $ 3,751,173 $ 1,573,763
Income from discontinued operations, net of tax -- -- -- 38,142
Net income attributable to the Company $ 3,048,008 $ 539,673 $ 3,751,173 $ 1,611,905

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 265 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 has 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 an agreement with the Nottawaseppi Huron Band of Potawatomi
Indians for the management of the recently opened FireKeepers Casino in Battle
Creek, Michigan with 2,680 gaming devices, 78 table games and a 120-seat poker
room. For further information, go to www.FireKeepersCasino.com. In addition,
Full House has been working with the Northern Cheyenne Nation of Montana for the
development and management of a gaming facility on tribal land. Further
information about Full House Resorts 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-K 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 / Chief Operating Officer
www.fullhouseresorts.com
or
Integrated Corporate Relations
William R. Schmitt, 203-682-8200
investors@fullhouseresorts.com

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