Full House Resorts, Inc. (Amex: FLL) ("Full House") today announced details of the previously announced expansion plans for its Midway Slots operations at Harrington Raceway in Harrington, Delaware. Full House Resorts, through its subsidiary, Gaming Entertainment (Delaware), LLC ("GED"), manages Midway Slots and Simulcast at Harrington Raceway. GED is 50% owned by Full House and 50% by Harrington Raceway, Inc. Pending all necessary approvals, the facility will be completely remodeled and expanded. An additional 66,630 square feet will be added to the facility's existing 75,128 square feet. The existing space will be remodeled with a consistent theme throughout. Major elements of the remodeled and expanded casino will include 2,000 slot machines, a 300 seat multi-purpose room, a remodeled and modernized 50 seat steakhouse, an 80 seat bar, a new 364 seat buffet and a 118 seat coffee shop / deli. An additional 426 parking spaces will be added with all car parking within 800 feet of the entrance. In addition, there will be parking for 28 buses.
At a cost of $35 million provided by Harrington Raceway, this expansion and remodel represents a major advance in the gaming and entertainment experience at Midway Slots. Plans call for the facility to remain open with all existing 1,500 slot machines to be operational during the remodel and food and beverage service to continue as well.
This expansion follows continuing increases in the performance at Midway Slots. Slot Win, a measure of revenue for the casino, increased by 5.43%, from 2003 to 2004 and by 6.41% in 2005 over 2004. The trend has continued in 2006 with January 2006 showing an improvement of 30.65% over the previous January and February 2006 showing an increase in Slot Win of 11.03% over February 2005. Through GED, Full House receives a management fee, which is based on a formula computed from the revenues of the facility.
Andre M. Hilliou, Chief Executive Officer of Full House said, "We are thrilled to be part of this expansion and remodeling plan. Once completed, our new facility will provide our customers with an unparalleled gaming and entertainment experience. Plans are being carefully drawn to cause the least inconvenience to our customers during construction."
About Full House Resorts, Inc.
Full House develops and manages gaming facilities. Full House 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 1,581 gaming devices, a 350-seat buffet, a 50-seat diner, gourmet Steak House and an entertainment lounge. The Company 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 the pre-development stage. In addition, the Company 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. The Company was recently selected by both the Manuelito Chapter of Navajo Indians to develop and manage a gaming facility near Gallup, New Mexico and the Shiprock Chapter of Navajo Indians to develop and manage a gaming facility at Shiprock, New Mexico, subject to the approval of the Navajo Nation. Further information about the Company can be viewed on our web site at http://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 our current expectations and projections about future events and generally relate to our plans, objectives and expectations for our business. Although our 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 and our actual future results may be materially different from the plans, objectives and expectations expressed in these forward-looking statements.
For the foregoing reasons, readers and investors are cautioned that there also can be no assurance that the outcomes expressed in our 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.
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