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Full House Resorts Announces Three Month And Full Year Results For The Period Ended December 31, 2012

Full Year 2012 Results

For the full year ended December 31, 2012, the Company reported casino, food and beverage, and other revenue (other than management fees) of $121.6 million, an increase from $81.3 million in the prior year, primarily due to a full year contribution from Rising Star Casino Resort and the Grand Lodge Casino and the addition of the Silver Slipper on October 1, 2012. In addition, during the full year ended December 31, 2012, the Company recorded GEM management fees of $5.3 million for FireKeepers Casino, compared to management fees of $23.3 million for the prior year. The Company also recorded equity in net income in the prior year from its Delaware management agreement, which expired in August 2011, of $3.3 million.

Operating expenses for the full year ended December 31, 2012 were $120.3 million compared to $84.7 million in the prior year, primarily due to the addition of the Rising Star Casino Resort, Grand Lodge Casino and Silver Slipper Casino. The Company also recorded $1.2 million of stock compensation expense for the full year ended December 31, 2012, compared to $0.7 million in the prior year.

Operating income for the full year ended December 31, 2012 was $49.6 million, compared to operating income of $19.2 million in the prior year, due to a $41.2 million gain on sale of joint venture related to the sale of the Company’s interest in GEM. Excluding the gain on sale, operating income for the full year ended December 31, 2012 was $8.4 million. Adjusted EBITDA, as defined below, was $15.9 million for the full year ended December 31, 2012, versus $21.2 million in the prior year.

The Company reported net income attributable to the Company per common share of $1.49 and $0.13 for the full years ended December 31, 2012 and 2011, respectively. Excluding the $41.2 million gain on sale of joint venture, a $1.7 million pre-tax loss on debt extinguishment, $1.8 million of Silver Slipper Casino transaction-related costs, $0.3 million of severance costs for the full year ended December 31, 2012, $4.9 million in non-cash impairment charges, and $0.7 million in acquisition costs and other one-time expenses for the full year ended December 31, 2011, net income attributable to the Company per common share would have been $0.19 and $0.31 for the full years ended December 31, 2012 and 2011, respectively.

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