Free Writing Prospectus
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Investor Presentation
Investor Presentation
November/December 2006
November/December 2006
Free Writing Prospectus
Filed pursuant to Rule 433
Registration Statement No. 333-136341
The
issuer
has
filed
a
registration
statement
(including
a
prospectus)
with
the
SEC
for
the
offering
to
which
this
communication relates. 
Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC
for more complete information about the issuer and this offering.  You may obtain these documents for free by visiting EDGAR on the
SEC
website
at www.sec.gov.
Additionally,
further
copies
of
the
prospectus
may
be
obtained
from
the
underwriter,
Sterne,
Agee &
Leach, Inc., by calling W. Barry McRae at (205) 949-3555.


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“The issuer has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates.  Before you invest, you should read
the prospectus in that registration statement and other
documents the issuer has filed with the SEC for more
complete information about the issuer and this offering.  You
may obtain these documents for free by visiting EDGAR on
the SEC website at www.sec.gov.  Additionally, further
copies of the prospectus may be obtained from the
underwriter, Sterne, Agee & Leach, Inc., by calling W. Barry
McRae at (205) 949-3555.”
Full House Resorts, Inc.
Full House Resorts, Inc.


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The following statements are made pursuant to the safe harbor for forward-looking statements described
in the Private Securities Litigation Reform Act of 1995.
In these presentations, we may make certain statements that are forward-looking, such as statements
regarding Full House’s future results and plans and anticipated trends in the industries and economies in
which Full House operates.
These forward-looking statements are the Company’s current expectations and the Company will make
no
effort
to
update
these
expectations
based
on
subsequent
events
or
knowledge.
These
forward-looking
statements are subject to a number of risks, uncertainties, and assumptions, including that our revenues
may differ from that projected, that governmental and court approvals may not be forthcoming or may be
delayed:
·
Our growth strategies may not be realized;
·
Our development and potential acquisition of new facilities may not occur;
·
Trends in the gaming industries may be negative;
·
We may not have access to capital, including the ability to finance future business   
requirements;
·
There may be adverse changes in federal, state and local laws and regulations, including
environmental and gaming license legislation and regulations; and
·
Other risks detailed in our documents filed with the SEC.
Should one or more of these risks or uncertainties materialize, or should our underlying assumptions
prove incorrect, actual results may differ significantly from results expressed or implied in any forward-
looking statements made by the Company in these communications
Safe Harbor Statement
Safe Harbor Statement


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Full House Resorts, Inc. is an established gaming
company with a two-pronged business model:
FLL develops, manages and operates local casinos for
American Indian Tribes and other independent gaming companies
FLL acquires, improves and operates independent local casinos
Full House manages and owns independent casinos which
target local
customers living and working in healthy demographic
areas across the United States


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Issuer:
Full House Resorts, Inc.
Ticker/ Listing:
FLL / AMEX
Shares Offered:
6,000,000
Over-allotment:
15%
Shares Outstanding post-offering:
17,708,380
Price (as of 11/22/06):
$3.29
Expected Pricing:
Week
of
December
11
Underwriter:
Sterne, Agee & Leach, Inc.
Use of Proceeds:
Acquisition, Working Capital,      
Debt Repayment
th


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USE OF PROCEEDS
USE OF PROCEEDS
Stockman's Casino
10,500,000
            
Indian Gaming Development
2,500,000
               
1992 Preferred Dividend
3,000,000
               
Transaction Expenses
2,000,000
               
General Corporate Purposes
4,000,000
               
22,000,000
$          


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Historical Stock Appreciation
Historical Stock Appreciation
FLL = Blue
AMEX = Red
NASDAQ = Green
Midway Expansion
Nambe selects FLL as Manager
Northern Cheyenne select FLL as Manager
FLL begins trading on the AMEX
Stockman’s Announcement


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Management Vision Statement
Management Vision Statement
To provide:
superior return to its investors
security to its employees
opportunity to its partners and vendors and
support to our host communities


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Strategy
Strategy
Provide superior development and
management services to well-placed and
successful Native American gaming operations
Acquire at reasonable multiples, and operate
well-managed and successful local casinos
Look for greenfield opportunities in the local
casino arena


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Business Model
Business Model
Two areas of development:
Development and Management Services: Indian and Other Gaming
Opportunity: Revenue and Earnings Growth
Challenge:  Development Projects have long lead time
Acquisition and Operation: Commercial Casinos
Opportunity: 
Quickly accretive to earnings
Operations benefit from our experience
Challenge: 
Competition for good properties
The mix of limited term management contracts and direct ownership
spreads risk and allows continuing operations to fund development.


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Board of Directors
Board of Directors
LEE
A.
IACOCCA
-DIRECTOR
since
April,
1998.
He
founded
EV
Global
Motors
and
is
former
Chief  
Executive Officer and Chairman of the Board of Directors of Chrysler Corporation. He is Chairman of the
Iacocca Foundation and Chairman of the Committee for Corporate Support of Joslin Diabetes Foundation. 
Mr. Iacocca is also Chairman Emeritus of the Statue of Liberty Foundation.
J.
MICHAEL
PAULSON-
CHAIRMAN
and
he
has
been
involved
in
the
real
estate
development  
and
investment
business
since
1986,
as
the
Founder,
Owner
and
President
of
Nevastar
Investments
Corp. 
and Construction Specialist of Nevada, Inc. Mr. Paulson has been a director, president and general                
manager of Gold River Resort and Casino, Inc. and Gold River Operating Corporation since 2000.
WILLIAM
P.
McCOMAS-
DIRECTOR
since
November,
1992.
He
has
been
President
of
McComas
Properties, Inc.. Mr. McComas, and companies controlled by him, have developed several hotels and 
resorts.
DR.
CARL
G.
BRAUNLICH-
DIRECTOR
and
an
Associate
Professor
in
the
William
F.
Harrah
College   
of  Hotel Administration
at University of Nevada, Las Vegas.
He has been on the faculties of the hotel
management
programs
at
Cornell
and
Purdue
Universities.
He
has
held
executive
positions
at
several  
casinos. He has been a consultant to Wynn Las Vegas, Harrah’s Entertainment, Inc., Showboat Hotel, etc.
He was on the Board of Directors of the National Council on Problem Gambling.
MARK
J.
MILLER-
DIRECTOR
and
has
served
as
Executive
Vice
President
and
Chief
Financial
Officer 
of Aero Products International. Mr. Miller was Executive Vice President and Chief Financial Officer of
American Skiing Company, owner and operator of seven well-known ski resorts. He was an Executive Vice  
President of Showboat, Inc.
ANDRE
M.
HILLIOU,
CHIEF
EXECUTIVE
OFFICER
AND
DIRECTOR.
With
over
25
years
experience in the gaming industry, he was tapped to
operate the Showboat Atlantic City,
where he took the company from $30 million in net revenue to $130 million within two years.
Andre was chosen as Showboat's senior manager for its Sydney Harbour Casino project. He
has served as President and CEO of other gaming companies.


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Strategy to Obtain Tribal
Strategy to Obtain Tribal
Management Contracts
Management Contracts
1) Initial contacts with Tribes are based on referrals from lenders, contractors,
1) Initial contacts with Tribes are based on referrals from lenders, contractors,
architects and others.
architects and others.
2) A Letter of Intent is secured from the Tribe after making a presentation on the
2) A Letter of Intent is secured from the Tribe after making a presentation on the
qualifications of Full House.
qualifications of Full House.
3) An independent market study is performed to determine the viability of the project.
3) An independent market study is performed to determine the viability of the project.
4) Budgets, based on the market study,
4) Budgets, based on the market study,
and architectural renderings are presented to the
and architectural renderings are presented to the
Tribal authority in a formal presentation to secure approval of Full House as the
Tribal authority in a formal presentation to secure approval of Full House as the
developer and manager.
developer and manager.
5)
5)
Lee Iacocca's involvement in the process includes the following:
Lee Iacocca's involvement in the process includes the following:
a) He is featured in the marketing brochures and promotional materials that are
a) He is featured in the marketing brochures and promotional materials that are
given to the Tribe
given to the Tribe
during the first
during the first
introductions.
introductions.
b) Mr. Iacocca
b) Mr. Iacocca
gives the opening and closing remarks (on video) in our formal
gives the opening and closing remarks (on video) in our formal
power point presentations.
power point presentations.
c) He has entertained tribal leaders in his home.
c) He has entertained tribal leaders in his home.
d) Occasionally he
d) Occasionally he
writes letters,
writes letters,
sends autographed copies of his books, and
sends autographed copies of his books, and
personally meets with tribal officials.
personally meets with tribal officials.


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Acquisition Strategy
Acquisition Strategy
Accretive to Earnings
Strong Pattern of Revenue Growth
Strong Management willing to remain
Market Leader
Strong Operational Base
Expansion Opportunities
Availability of operations for training Indian Casino Employees


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Management Team
Management Team
Full House Resorts, Inc.
Full House Resorts, Inc.
Andre
Hilliou
-
over
25
years
gaming
experience.
Turn
around
experience.
Senior
positions with public companies. Opened and operated major casino
developments in Atlantic City and Sydney Australia.
Greg
Violette
-
14
years
executive
experience
in
Native
American
&
commercial
gaming development and operations including start-ups and a turn-around.
Wes
Elam
-
27
years
executive
experience
in
every
major
aspect
of
casino
operations
and
start-up.  Has managed casinos from Atlantic City to Louisiana and Ontario, Canada and
opened the premier facility in Australia, the Star City Casino.
Jim
Meier
-
CPA
with
a
Master’s
in
Hotel
Administration.
Experienced
in
both 
property and corporate accounting of both public and private gaming companies.
Jim
Dacey
serves
as
the
company's
liaison
to
the
tribal
governments.
He
has
extensive
experience in project and contract management, customer relationship management, as
well as implementation of the business process.
Barth
Aaron
-
Over
18
years
experience
as
a
gaming
regulator
and
legal
officer
for
public and private major gaming operators and equipment suppliers.


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Team Accomplishments
Team Accomplishments
Increased annual earnings growth by improving current operations.
Currently
three
projects
in
development
anticipated
to
open
in
2007
or
early
2008.
Recovery
of
$1
million
from
Torres
Martinez
tribe
on
project
previously
thought unrecoverable.
Company in aggressive growth mode with marketing plan, web site and
associated increase in historical stock price
Successfully located a commercial casino in Fallon, Nevada to acquire at an
EBITDA multiple within our guidelines.
Increased stock price from $0.75 to over $3.00
Obtained listing on American Stock Exchange


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Management Team
Management Team
Andre M. Hilliou
President, CEO
and Director
Barth F. Aaron
Secretary &
General Counsel
T. Wesley Elam
VP Operations &
Project Management
James D. Meier
CFO &
Treasurer
Greg Violette
Executive VP of
Development
James P. Dacey
VP Development
Accounting Staff


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Full House
Resorts, Inc.
AMEX:FLL
Gaming Management
Projects
Developer/Manager
Company Owned
Gaming
Projects
Owner/ Operator
Harrington
Raceway’s
Midway Slots,
Harrington, DE
Firekeepers
Casino,
Battle Creek, MI
Nambe Casino,
Santa Fe, NM
Tongue River
Casino,
Decker, MT
Stockman’s
Casino,
Fallon, NV
Organizational Structure
Organizational Structure



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Experienced Management Team
Experienced Management Team
Full House’s operating expertise and proven track record of financing, developing and
managing gaming facilities, including overseeing significant expansion efforts will be
invaluable to future projects
Full House has successfully developed, financed and managed Midway Slots and Simulcast
in Harrington, Delaware:
Midway Slots and Simulcast
Facility Opened with:
Completed Expansions:
Announced Expansion to include:
35,000 square feet                    75,000 square feet   
Expand to 142,000 square feet
500 gaming devices                  1,581 gaming devices   
2,000 gaming devices
Simulcast parlor                       450 seat buffet
Gourmet Restaurant
Small buffet                            
50
seat diner
Entertainment lounge areas


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Firekeepers’
Firekeepers’
Casino, Michigan
Casino, Michigan



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Marketing the Firekeepers’
Marketing the Firekeepers’
Casino Financing
Casino Financing
Battle Creek, Michigan
Battle Creek, Michigan
City Center
Population
(1)
Median Household
Income
(2)
1
Ann Arbor (Washtenaw County)
341,847
$51,990
2
Battle Creek (Calhoun County)
139,191
$38,918
3
Birmingham (Oakland County)
1,214,361
$61,907
4
Brighton (Livingston County)
181,517
$67,400
5
Grand Haven (Ottawa County)
255,406
$52,347
6
Grand Rapids (Kent County)
596,666
$45,980
7
Kalamazoo (Kalamazoo County)
240,536
$42,022
8
Lansing (Ingham County)
278,592
$40,774
9
Fort Wayne, IN (Allen County)
344,006
$42,671
(1)Source:U.S.Census Bureau, 2005 Estimates
(2)Source:U.S.Census Bureau, 2000


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Situation Overview
Situation Overview
Close Proximity to Chicago and Detroit in addition to other major Michigan metropolitan markets
Closest casino for over a million Michigan Residents
Diverse and strong local economy
Numerous attractions and strong visitation trends
Proposed site is irreplaceable, and provides the Tribe with a competitive advantage vis-à-vis existing
operators and possible new entrants
Assembling a comparable site in such a location likely to be extraordinarily challenging & time
consuming
Size of site provides Tribe with significant development/growth pipeline
Excellent road access to all major highways, especially I-94 and I-69
The Tribe’s casino will be a major competitor to the existing Native American casino operators
Most other Native American casinos are located in the Northern part of the state
Generally dated facilities offering less than 2,000 gaming positions
Given the superior location of the Project, the developmental
potential of the site and the superior relative position of the
Project, we believe the Company can develop a world class
property.


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Project Status
Project Status
CONTRUCTION BEGIN:
1Q-2Q/07
GRAND OPENING:
3Q/08
STATUS:
4Q 2006
3Q 2007
1Q-2Q 2007
Yes
   Expected
Yes
Yes
Expected
Expected
MICHIGAN  PROJECT
FIREKEEPERS CASINO
Compact
Signed
Land In Trust
Financing
Complete
NIGC 
Approval
Environmental
Assessment
Management
Agreement


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Industry Comparables
Industry Comparables
Greektown
Motor City
MGM Grand
Detroit
Blue Chip Casino
Owner
Sault Ste. Marie
Tribe of Chippewa
Indians
Marian Bayoff
Ilitch
MGM
Boyd Gaming
Corporation
Slots
2,422
2,463
2,840
2,171
Tables
80
88
72
54
Positions
2,902
2,991
3,272
2,495
Win Per Position Per Day, net
$317
$395
$385
$322
Net Revenue($mm)
$335.6
$432.2
$460.7
$293.4
Source: Michigan and Indiana Gaming Boards and www.casinocity.com
Note: Michigan Calander Year 2005 Revenue; Indiana Fiscal Year 2006 Revenue




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Project Status
Project Status
CONTRUCTION BEGIN:
1Q-2Q/2007
GRAND OPENING
4Q/2007
STATUS:
Yes
Yes
Expected
Yes
Expected
Expected
4Q 2006
1Q-2Q 2007
1Q-2Q 2007
Environmental
Assessment
NAMBE PROJECT
SANTA FE, NEW MEXICO
Compact
Signed
Land In Trust
Management
Agreement
Financing
Complete
NIGC
Approval


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Industry Comparables
Industry Comparables
Casino
Tribe/Pueblo
Slots
Tables
Positions
Win (1)
Win per Day
Cities of Gold (1)
Pojoaque
717
12
801
18,248,007
$   
84.38
$                  
OhKay Casino Resort
San Juan
690
5
725
26,993,695
$   
102.01
$                
Big Rock Casino
Santa Clara
350
7
399
18,739,488
$   
128.67
$                
Camel Rock Casino
Tesuque
674
7
723
30,526,799
$   
115.68
$                
Source: New Mexico Gaming Control and www.casinocity.com
(1) 3Q05 - 2Q06, except Pojoaque 4Q05-2Q06
Note: Pojoaque operate two facilities and report on a combined basis




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Project Status
Project Status
CONTRUCTION BEGIN:
2Q/2007
GRAND OPENING
4Q/2007
STATUS:
Yes
Yes
Expected
Yes
Expected
Expected
4Q 2006
1Q-2Q  2007
2Q 2007
NORTHERN CHEYENNE PROJECT
DECKER, MONTANA
TONGUE RIVER CASINO
Land In
Trust
Environmental
Assessment
Management
Agreement
Financing
Complete
NIGC
Approval
Compact
Signed


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Industry Comparables
Industry Comparables
County
Jurisdiction
Establishments
Positions
2004 Gaming
Tax Renenues
Annual Gaming
Revenue
Annual
Revenue/
Machine
Win/Machine
Big Horn
County
3
20
$33,725
$224,833
$11,242
$31
Hardin
10
126
$466,138
$3,107,587
$24,663
$68
Yellowstone
County
28
266
$713,298
$4,755,320
$17,877
$49
Billings
133
1955
$8,295,356
$55,302,373
$28,288
$78
Broadview
2
3
$1,695
$11,300
$3,767
$10
Laurel
10
150
$486,032
$3,240,213
$21,601
$59
Source: Montana Department of Justice, Gaming Control Division


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Acquisition of Stockman’s Hotel and Casino
Acquisition of Stockman’s Hotel and Casino


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Acquisition: Stockman’s Casino
Acquisition: Stockman’s Casino
On April 6, 2006, FLL signed an agreement to acquire Stockman’s Casino and Holiday
Inn Express in Fallon, Nevada.
Closing expected on or before January 31, 2007 upon obtaining of regulatory approvals.
Stockman’s Casino consists of
Approximately 8,400 square feet of gaming space
280 slot machines
4 blackjack tables
Keno game
Only casino in town with a player’s club and rating system.
Fine dining restaurant, 24-hour coffee shop and a bar.
The Holiday Inn Express
98 guest rooms
Indoor and outdoor swimming pools, sauna, fitness club
Meeting room and business center.
Of 7 non-restricted gaming licensees in Fallon, Stockman’s maintains 26% of the slot
market and 35% of the total market revenue.
(1)
(1)
Source: Nevada Gaming Control Board Monthly Reports


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Acquisition Strategy
Acquisition Strategy
Accretive to Earnings
Strong Pattern of Revenue Growth
Strong Management willing to remain
Market Leader
Strong Operational Base
Expansion Opportunities


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Stockman’s Casino
Stockman’s Casino


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Stockman’s Financial Summary
Stockman’s Financial Summary
9-months
12-months
12-months
Unaudited
Audited
Audited
Sept 2006
2005
2004
Revenues
8,866,085
$              
11,256,964
$        
10,578,839
$        
EBITDA - adjusted
3,516,746
$              
4,418,377
$          
4,223,892
$          
EBITDA - adj. %
40%
39%
40%
Note:
Financial EBITDA is adjusted as outlined in purchase agreement.


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