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Full House Resorts Acquire Stockman's Casino

LAS VEGAS – (PRESS RELEASE) -- Full House Resorts, Inc. (AMEX: FLL) and James R. Peters, Trustee of the James R Peters Family Trust, today announced that they have entered into a Stock Purchase Agreement under which Full House will acquire all of the outstanding shares of Stockman's Casino, Inc. for $25.5 million. An adjustment to the purchase price could occur if the operation exceeds certain financial targets during the 12 months prior to closing. The closing of the transaction is expected to occur later this year and is subject to the receipt of all regulatory approvals. Full House intends to finance the transaction with some combination of cash, debt, and equity.

Stockman's Casino, Inc. owns and operates Stockman's Casino and Holiday Inn Express in Fallon, Nevada, located about one hour East of Reno. Fallon is the location of Naval Air Station Fallon, the home of the Naval Strike and Air Warfare Center. Mr. Peters and his team will continue to operate the business until closing.

T. Wesley Elam, Vice President of Operations and Project Management for Full House, stated, "I am impressed with the quality of the casino and hotel and the professionalism of the staff and management. Their operational excellence and strong financial performance was the key to our final decision. Fallon is a nice area with great growth potential. The Stockman's prime location with plenty of land will allow us to expand easily as the market warrants. I do not anticipate any significant changes in the business, its management or staff once we assume ownership. We look forward in continuing the tradition of Stockman's involvement in the Fallon community."

Andre M. Hilliou, Chief Executive Officer of Full House said, "Pursuant to our business plan, we have been looking for the right operation to acquire in order to balance our Indian gaming development projects with immediate and consistent income for the company. Under Mr. Peters' leadership, Stockman's has been a consistent leader in revenue, market share and customer service. It is just the type of operation that we have been looking for."

James R. Peters said, "Stockman's Casino has been a family owned business since 1969. I have been working here for 31 years and the time has come to slow down a little and enjoy life more fully. My hope is that Full House Resorts, Inc will be responsive to Fallon's needs and will continue growing Stockman's to give the people of Fallon a quality experience to enjoy."

Stockman's Casino is completing a renovation, which will result in almost 8,400 square feet of gaming space with approximately 280 gaming machines, 4 table games and a keno game. The casino has a bar, a fine dining restaurant and a popular coffee shop. The Holiday Inn Express has 98 guest rooms, indoor and outdoor swimming pools, a sauna, fitness club, meeting room and business center.

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