Full House Resorts Announces Three And Six Months Results For The Period Ended June 30, 2012

Liquidity and Capital Resources

As of June 30, 2012, Full House had $27.9 million in cash and no outstanding debt on its balance sheet. In addition, the Company has funded a $2.5 million deposit on the impending $70 million purchase of the Silver Slipper Casino.

Conference Call Information

The Company will host a conference call and webcast today at 11:00 AM EDT. Both the call and webcast are open to the general public.

The conference call number is 888-677-8816; international callers can access the call by dialing 1-913-312-1466. 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 www.fullhouseresorts.com (select Investors 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 institutional 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 877-870-5176 or 1-858-384-5517 and providing passcode 6949213.

Selected unaudited Statements of Operations data for the three months ended June 30,
2012			Casino Operations - Nevada				Casino Operations - Midwest				Development/ Management				Corporate				Consolidated
	Revenues		$	5,179,224			$	22,261,377			$	399,898			$	-			$	27,840,499
	Selling, general & administrative expense			1,569,599				4,644,795				-				1,497,985				7,712,379
	Depreciation & amortization			246,693				1,273,862				-				2,015				1,522,570
	Operating gains			-				-				438,084				-				438,084
	Operating income (loss)			722,701				1,536,388				748,564				(1,584,474	)			1,423,179
	Net income (loss) attributable to the Company			475,649				1,450,433				(150,200	)			(1,043,403	)			732,479
2011			Casino Operations - Nevada				Casino Operations - Midwest				Development/ Management				Corporate				Consolidated
	Revenues		$	2,021,239			$	23,190,637			$	5,912,294			$	-			$	31,124,170
	Selling, general & administrative expense			484,098				5,203,444				130,958				1,170,950				6,989,450
	Depreciation & amortization			236,135				1,220,183				593,147				2,676				2,052,141
	Operating gains			-				-				661,270				-				661,270
	Operating income (loss)			255,590				1,984,787				5,849,459				(1,259,685	)			6,830,151
	Net income (loss) attributable to the Company			168,773				470,033				2,426,110				(1,668,396	)			1,396,520

Selected unaudited Statements of Operations data for the six months ended June 30,
2012			Casino Operations - Nevada				Casino Operations - Midwest				Development/ Management				Corporate				Consolidated
	Revenues		$	10,065,477			$	44,891,594			$	6,209,768			$	-			$	61,166,839
	Selling, general & administrative expense			3,137,142				9,661,805				136,386				3,337,674				16,273,007
	Depreciation & amortization			488,384				2,302,028				593,052				4,401				3,387,865
	Operating gains			-				-				41,200,089				-				41,200,089
	Operating income			1,080,587				3,598,691				46,559,835				(3,492,433	)			47,746,680
	Net income (loss) attributable to the Company			709,285				412,459				29,958,606				(4,499,538	)			26,580,812
2011			Casino Operations - Nevada				Casino Operations - Midwest				Development/ Management				Corporate				Consolidated
	Revenues		$	4,001,078			$	23,190,637			$	12,276,681			$	-			$	39,468,396
	Selling, general & administrative expense			946,062				5,203,444				283,197				2,210,455				8,643,158
	Depreciation & amortization			474,950				1,220,183				1,186,343				22,409				2,903,885
	Operating gains			-				-				2,181,167				-				2,181,167
	Operating income (loss)			539,421				1,984,787				12,988,307				(2,850,731	)			12,661,784
	Net income (loss) attributable to the Company			356,184				470,033				5,035,078				(2,857,331	)			3,003,964

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended June 30,
																											Net of Non-Controlling Interest
2012		Casino Operations Nevada			Casino Operations Midwest			Development/ Management				Corporate				Consolidated				GEM			50%				Development/ Management				Consolidated
Operating income (loss)		$	722,701		$	1,536,388		$	748,564			$	(1,584,474	)		$	1,423,179			$	-		$	-			$	748,564			$	1,423,179
Add Back:
Stock based compensation expensed			-			-			-				310,401				310,401				-			-				-				310,401
Silver Slipper acquisition costs expensed			-			-			89,417				-				89,417				-			-				89,417				89,417
Depreciation and amortization			246,693			1,273,862			-				2,015				1,522,570				-			-				-				1,522,570
Deduct:
(Gain) Loss on sale of joint venture			-			-			(438,084	)			-				(438,084	)			-			-				(438,084	)			(438,084	)
		$	969,394		$	2,810,250		$	399,897			$	(1,272,058	)		$	2,907,483			$	-		$	-			$	399,897			$	2,907,483
																											Net of Non-Controlling Interest
2011		Casino Operations Nevada			Casino Operations Midwest			Development/ Management				Corporate				Consolidated				GEM			50%				Development/ Management				Consolidated
Operating income (loss)		$	255,590		$	1,984,787		$	5,849,459			$	(1,259,685	)		$	6,830,151			$	5,350,940		$	2,675,470			$	3,173,989			$	4,154,681
Add Back:
Stock based compensation expensed			-			-			-				103,470				103,470				-			-				-				103,470
Rising Star acquisition costs expensed			-			-			12,424				-				12,424				-			-				12,424				12,424
Unrealized loss on notes receivable, tribal governments			-			-			32,439				-				32,439				-			-				32,439				32,439
Depreciation and amortization			236,135			1,220,183			593,147				2,676				2,052,141				431,120			215,560				377,587				1,836,581
		$	491,725		$	3,204,970		$	6,487,469			$	(1,153,539	)		$	9,030,625			$	5,782,060		$	2,891,030			$	3,596,439			$	6,139,595

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the six months ended June 30,
																											Net of Non-Controlling Interest
2012		Casino Operations Nevada			Casino Operations Midwest			Development/ Management				Corporate				Consolidated				GEM			50%				Development/ Management				Consolidated
Operating income (loss)		$	1,080,587		$	3,598,691		$	46,559,835			$	(3,492,433	)		$	47,746,680			$	4,773,279		$	2,386,640			$	44,173,195			$	45,360,040
Add Back:
Stock based compensation expensed			-			-			-				620,802				620,802				-			-				-				620,802
Silver Slipper acquisition costs expensed			-			-			-				120,583				120,583				-			-				-				120,583
Depreciation and amortization			488,384			2,302,028			593,052				4,401				3,387,865				431,025			215,513				377,539				3,172,352
Deduct:
(Gain) Loss on sale of joint venture			-			-			(41,200,089	)			-				(41,200,089	)			-			-				(41,200,089	)			(41,200,089	)
		$	1,568,971		$	5,900,719		$	5,952,798			$	(2,746,647	)		$	10,675,841			$	5,204,304		$	2,602,153			$	3,350,645			$	8,073,688
																											Net of Non-Controlling Interest
2011		Casino Operations Nevada			Casino Operations Midwest			Development/ Management				Corporate				Consolidated				GEM			50%				Development/ Management				Consolidated
Operating income (loss)		$	539,421		$	1,984,787		$	12,988,307			$	(2,850,731	)		$	12,661,784			$	11,133,091			5,566,546			$	7,421,761			$	7,095,238
Add Back:
Stock based compensation expensed			-			-			-				103,470				103,470				-			-				-				103,470
Rising Star acquisition costs expensed			-			-			-				482,079				482,079				-			-				-				482,079
Unrealized loss on notes receivable, tribal governments			-			-			7,864				-				7,864				-			-				7,864				7,864
Depreciation and amortization			474,950			1,220,183			1,186,343				22,409				2,903,885				862,290			431,145				755,198				2,472,740
		$	1,014,371		$	3,204,970		$	14,182,514			$	(2,242,773	)		$	16,159,082			$	11,995,381		$	5,997,691			$	8,184,823			$	10,161,391

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
			Three months ended June 30,								Six months ended June 30,
				2012				2011				2012				2011
Revenues
Casino			$	25,352,136			$	23,212,583			$	51,067,608			$	24,753,635
Food and beverage				1,414,983				1,373,777				2,741,811				1,786,360
Hotel				135,387				207,173				250,896				207,173
Management fees				399,899				5,912,434				6,209,768				12,276,676
Other operations				538,094				418,203				896,756				444,552
				27,840,499				31,124,170				61,166,839				39,468,396
Operating costs and expenses
Casino				14,551,368				13,011,458				29,322,095				13,533,914
Food and beverage				1,409,446				1,366,867				2,584,469				1,839,641
Hotel				148,490				180,707				292,924				180,707
Other operations				1,337,261				1,268,607				2,488,949				1,268,607
Project development and acquisition costs				173,890				86,059				270,939				617,867
Selling, general and administrative				7,712,379				6,989,450				16,273,007				8,643,158
Depreciation and amortization				1,522,570				2,052,141				3,387,865				2,903,885
				26,855,404				24,955,289				54,620,248				28,987,779
Operating gains
Gain on sale of joint venture				438,084				--				41,200,089				--
Equity in net income of unconsolidated joint venture, and related guaranteed payments				--				693,709				--				2,189,031
Unrealized losses on notes receivable, tribal governments				--				(32,439	)			--				(7,864	)
				438,084				661,270				41,200,089				2,181,167
Operating income				1,423,179				6,830,151				47,746,680				12,661,784
Other income (expense)
Interest expense				--				(917,844	)			(733,150	)			(1,128,478	)
Gain (loss) on derivative instrument				--				(350,343	)			8,472				(350,343	)
Other income (expense), net				1,900				(1,889	)			5,665				(1,502	)
Loss on extinguishment of debt				--				--				(1,719,269	)			--
Other income (expense), net				1,900				(1,270,076	)			(2,438,282	)			(1,480,323	)
Income before income taxes				1,425,079				5,560,075				45,308,398				11,181,461
Income tax expense				692,600				1,457,134				16,546,414				2,863,997
Net income				732,479				4,102,941				28,761,984				8,317,464
Income attributable to non-controlling interest in consolidated joint venture				--				(2,706,421	)			(2,181,172	)			(5,313,500	)
Net income attributable to the Company			$	732,479			$	1,396,520			$	26,580,812			$	3,003,964
Net income attributable to the Company per common share			$	0.04			$	0.08			$	1.42			$	0.17
Weighted-average number of common shares outstanding				18,677,081				18,223,081				18,675,372				18,115,381

About Full House Resorts, Inc.

Full House owns, develops and manages gaming facilities. The Company owns the Rising Star Casino Resort in Rising Sun, Indiana. The Rising Star Riverboat Casino has 40,000 square feet of gaming space with almost 1,300 slot and video poker machines and 37 table games. The property includes a 190-room hotel, a pavilion with five food and beverage outlets, an 18-hole Scottish links golf course and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. In addition, Full House owns 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 Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe under a five-year lease agreement with the Hyatt organization.

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