And I shouldn't forget arguably the most popular franchise of all time is IGT's Wheel of Fortune slots which are apparently still the most popular games out there according to a study. They always get what they want! Gem Heat has prepared a fascinating journey into the world of gambling classics. Regarding slot games that are exclusive to online casinos, check out the incredibly popular Thunderstruck slot and one of the best-looking movie slots ever developed, Playtech's movie-themed Gladiator slot. About Us Background Now in its 43 rd year year of operation, the Delaware State Lottery continues its winning tradition.
The token in the pictures is the token you will receive. The coin features the picture of a Thunderbird on the back that reads Las Vegas Nevada with the date On the reverse side it shows a picture of the Thunderbird on top of the hotel sign with the hotel in the background.
Immaculate, four 4 coins each contained in a hard plastic shell and then enclosed in a black velveteen display case. Get them before they are gone forever! As you can see in the pictures below, this token is in excellent, uncirculated condition, as shown and has a more polished appearance in person, due to the angle of lighting.
As you can see in the pictures below, this token is in excellent, uncirculated condition as shown and has a more polished appearance in person, due to the angle of lighting. Up for bids is a lot of 15 used gaming and misc. All tokens are metal. You must notify us within 48 hours of receipt that an item does not function as described.
It's sold mainly for repair or parts. Limited edition ten dollar gaming token. In plastic case, never been opened. Mary's See photos for details. Please pay within 2 days of purchase. Please leave positive feedback upon receipt. Las Vegas, Nevada and many more. Could be riverboat casinos, out of state, Indian casinos. Flag our site if you would. We usually have over lots going up each week. Tokens are slightly larger than a US Quarter - they will function in most machines - if you are using a coin acceptor - you will need one that accepts.
Could stand to use a professional cleaning. Good collection in one place! This is the strike you will receive. Photo taken with strike out of case. Case has small scratches. The closest competing casino is located approximately 90 miles from North Bend and operates approximately devices, a card room, bingo and keno. Two other facilities, which are and miles from North Bend, are located closer to Portland, Oregon.
We entered into a series of agreements in January with the Nottawaseppi Huron Band of Potawatomi, a Michigan Indian Tribe, to develop and manage gaming and non-gaming commercial opportunities for the Tribe. If developed, the facility will target the Ft. Wayne, Indiana and Lansing and Detroit, Michigan metropolitan areas. In December , the Tribe applied to have its existing reservation lands, as well as additional land in its ancestral territory, taken into trust by the Bureau of Indian Affairs.
A Full House-GTECH joint venture company had the exclusive right to provide financing and casino management expertise to the Tribe in exchange for a defined percentage of net profits and certain other considerations from any future gaming or related activities of the Tribe.
The Tribe achieved final federal recognition as a tribe in April The Michigan Legislature ratified the Compact by resolution in December , along with compacts for three other tribes.
The lawsuit challenges the constitutionality of the approval process of these gaming compacts. Houk ruled that the compacts must be approved by a legislative bill rather than by resolution.
We joined in the appeal filing as an intervening defendant. The appeal is still pending and oral arguments have not yet been scheduled. Full House, along with the Tribe, continues to move forward with casino development plans while working toward a favorable resolution of the current litigation. In December , the management agreements, along with the required licensing applications were submitted to the National Indian Gaming Commission, which we refer to as the NIGC.
The parties have selected a parcel of land for the gaming enterprise. The land is under option, and we have completed a Fee-to-Trust application that was sent by the Minneapolis regional office of the Bureau of Indian Affairs to the national office in Washington, D. We are awaiting the notice of the intent to take the land into trust.
We met with the NIGC in January to review suggested revisions to the management agreements and are currently working with the Tribe to incorporate the appropriate changes. On November 5, , Michigan voters approved licenses for three gaming facilities within the City of Detroit, approximately miles from the Battle Creek area.
Two temporary facilities began operations in , and the third opened in We do not believe that operation of three gaming facilities in Detroit will have a material adverse impact on the proposed Huron Potawatomi casino. The agreements give us certain rights to develop, manage, and operate gaming activities for the Tribe and the right to receive a defined percentage of the net revenues from gaming activities.
Our right to receive a percentage of the revenues is subject to our obligation to arrange or provide financing for the development. In , a new Gaming Management Agreement was signed, further defining the rights and obligations of the Tribe and Full House.
Additionally, the Tribe will have the right to select up to 11, acres of new reservation land to be taken into trust in replacement for the same quantity of land, which was flooded by the rising level of the Salton Sea. That settlement, which required legislative enactment, was approved by the U. House of Representatives and the Senate in December The settlement allows the Tribe to acquire land in a specifically defined area generally in the Palm Springs, California area for purposes of conducting a gaming enterprise.
The Tribe asked the California governor to negotiate a compact allowing them to conduct gaming on their current reservation. To date the request has not been honored. In February , an action was filed in U. District Court by several Card Club owners challenging the Tribal compacts.
The litigation claims that awarding exclusive rights to Indian Tribes violates federal statutory and constitutional law. We understand that the governor is awaiting action by the courts before taking any further action with respect to our request and other pending compact requests. In August , we received a notice from the Tribe purporting to sever our relationship. We are discussing an appropriate resolution of this matter including reimbursement for costs that we incurred on their behalf.
The land is near the interchange of Beach Blvd. The agreements give us the right to develop and operate a Hard Rock Casino in Biloxi. Paulson formed a limited liability company, equally owned, for the purpose of developing this project.
In June , we agreed to dissolve this company with each party retaining their respective rights and assets. Hard Rock was to be a partner with us in a Management and Development Agreement for an ongoing management fee.
In February , we entered into various option agreements with several owners of the adjacent properties needed for our project. We also started discussions with investment bankers concerning the financing for the project, and started preparing our offering materials.
During those discussions, it became clear that the expected capital market requirements for the project financing were not acceptable to either Hard Rock or us.
By mutual agreement we ended the Management and Development Agreement which relieved Hard Rock of its obligation to co-manage the facility. Additionally, the parties amended certain portions of the Licensing Agreement. While negotiating to amend the agreements, we entered into discussions with potential equity partners. Discussions with potential partners ended in November without a definitive agreement. After being unable to find an equity partner, we were faced with expiring, but extendible, purchase options and deposits.
In addition in , we also expensed the costs incurred for preparing the draft offering documents. Although we no longer had agreements in place to control the development site, we continued communications with the various landowners and potential equity partners to assist in the development and management of the project.
During the third quarter of , our discussions with various potential partners for the development of the Hard Rock - Biloxi project concluded with no agreement.
Because of the timing requirements in our agreements with Hard Rock, and the current conditions in the tourism industry we do not believe we can develop this project as planned.
These laws, regulations and ordinances are different in each jurisdiction, but mostly deal with the responsibility, financial stability and character of the owners and managers of gaming operations as well as persons financially interested or involved in gaming operations. Neither Full House nor any subsidiary may own, manage or operate a gaming facility unless they obtain proper licenses, permits and approvals.
Applications for a license, permit or approval may be denied for reasonable cause. Most regulatory authorities license, investigate, and determine the suitability of any person who has a material relationship with us. Persons having material relationships include officers, directors, employees, and security holders. Once obtained, licenses, permits, and approvals must be renewed from time to time and generally are not transferable. Regulatory authorities may at any time revoke, suspend, condition, limit, or restrict a license for reasonable cause.
License holders may be fined and in some jurisdictions and under certain circumstances gaming operation revenues can be forfeited. We cannot guarantee that we will obtain any licenses, permits, or approvals, or if obtained, will be renewed or not revoked in the future.
In addition, a rejection or termination of a license, permit, or approval in one jurisdiction may have a negative effect in other jurisdictions. Some jurisdictions require gaming operators licensed in that state to receive their permission before conducting gaming in other jurisdictions. The political and regulatory environment for gaming is dynamic and rapidly changing.
The laws, regulations, and procedures dealing with gaming are subject to the interpretation of the regulatory authorities and may be amended. Any changes in such laws, regulations, or their interpretations could have a negative effect on Full House.
Certain specific provisions applicable to us are described below. Gaming on Indian Lands lands over which Indian tribes have jurisdiction and which meet the definition of Indian Lands under the Indian Gaming Regulatory Act of , which we refer to as the Regulatory Act , is regulated by federal, state and tribal governments. The regulatory environment regarding Indian gaming is always changing. Changes in federal, state or tribal law or regulations may limit or otherwise affect Indian gaming or may be applied retroactively and could then have a negative effect on Full House or its operations.
The terms and conditions of management contracts or other agreements, and the operation of casinos on Indian Land, are subject to the Regulatory Act, which is implemented by NIGC.
The contracts also are subject to the provisions of statutes relating to contracts with Indian tribes, which are supervised by the Secretary of the U. Department of the Interior.
Penalties for Regulatory Act violators include fines, and possible temporary or permanent closing of gaming facilities. The Department of Justice may also impose federal criminal sanctions for illegal gaming on Indian Lands and for theft from Indian gaming facilities.
Such ordinances are approved only if they meet certain requirements relating to: The Regulatory Act also regulates Indian gaming and management contracts. The NIGC must approve management contracts and collateral agreements, including agreements like promissory notes, loan agreements and security agreements. A management contract can be approved only after determining that the contract provides for: Under the Regulatory Act, we must provide the NIGC with background information, including financial statements and gaming experience, on: The NIGC will not approve a management company and may void an existing management contract if a director, key employee or an interested person of the management company: Contracts may also be voided if: The Regulatory Act divides games that may be played on Indian Land into three categories.
Class I Gaming includes traditional Indian games and private social games and is not regulated under the Regulatory Act. Class II Gaming includes bingo, pull tabs, lotto, punch boards, tip jars, instant bingo, and other games similar to bingo, if those games are played at a location where bingo is played. Class III Gaming includes all other commercial forms of gaming, such as video casino games e. Class II Gaming is allowed on Indian Land if performed according to a tribal ordinance which has been approved by the NIGC and if the state in which the Indian Land is located allows such gaming for any purpose.
Class II Gaming also must comply with several other requirements, including a requirement that key management officials and employees be licensed by the tribe.
Class III Gaming is permitted on Indian Land if the same conditions that apply to Class II Gaming are met and if the gaming is performed according to the terms of a written agreement between the tribe and the host state. The Regulatory Act requires states to negotiate in good faith with Indian tribes that seek to enter into tribal-state compacts, and gives Indian tribes the right to get a federal court order to force negotiations.
The negotiation and adoption of tribal-state compacts is vulnerable to legal and political changes that may affect our future revenues and securities prices. Full House cannot predict: Therefore, persons engaged in gaming activities, including Full House, are subject to the provisions of tribal ordinances and regulations on gaming. Tribal-State Compacts have been litigated in several states, including California and Michigan.
In addition, many bills have been introduced in Congress that would amend the Regulatory Act. If the Regulatory Act were amended, the governmental structure and requirements by which Indian tribes may perform gaming could be significantly changed.
The gaming industry is highly competitive. Gaming activities include traditional land-based casinos; river boat and dockside gaming; casino gaming on Indian land; state-sponsored lotteries and video poker in restaurants, bars and hotels; pari-mutuel betting on horse racing, dog racing and jai alai; sports bookmaking; and card rooms. The Indian-owned casinos that we developed and operate compete with all these forms of gaming, and will compete with any new forms of gaming that may be legalized in additional jurisdictions, as well as with other types of entertainment.
Midway Slots and Simulcast is one of three facilities currently operating in Delaware. In Oregon, the Mill Casino is one of several Indian casinos operating in that state.
The State of Michigan, a potential development site for Full House, currently has three gaming facilities operating in Detroit and numerous Indian casinos. Additionally, we are in constant competition with other companies in the industry to acquire other legal gaming sites and for opportunities to manage casinos on Indian land.
Many of our competitors are larger in terms of potential resources and personnel. Such competition in the gaming industry could adversely affect our ability to attract customers and thus, adversely affect operating results.
In addition, further expansion of gaming into new jurisdictions could also adversely affect our business by diverting customers from its managed casinos to competitors in such jurisdictions. In addition to factors discussed elsewhere in this Form KSB, the following are important factors that could cause actual results or events to differ materially from those contained in any forward-looking statement made by or on behalf of Full House. The Gaming Industry is Highly Regulated.
These laws, regulations and ordinances are different in each jurisdiction but generally deal with the responsibility, financial stability and character of the owners and managers of gaming operations and persons financially interested or involved in gaming operations. The change of these laws, regulations or ordinances could affect our performance. We Currently Have Pending Litigation. Full House and some of our current and former directors and officers are defendants in a lawsuit with Lone Star Casino regarding the potential acquisition of a riverboat casino on the Mississippi Gulf Coast.
We cannot guarantee the results of such litigation. We believe we have enough revenue to finance present operations. We will, however, need substantial additional funding to pursue gaming opportunities in Michigan and California.
We may not be able to get such financing if needed. However, if we get such financing, you should know that any additional equity financings may be dilutive to Company shareholders, and any debt financing may involve additional restrictions.
An inability to raise such funds when needed might require us to delay, scale back or eliminate some of our expansion and development goals, and might require us to cease its operations entirely. We Have Numerous Competitors. We are prohibited under the Regulatory Act from having an ownership interest in any casino we manage for Indian tribes.
Our management contract for Midway Slots and Simulcast ends in August If a management contract is not renewed we will lose the revenues from such contract which would have a negative effect on our results of operations. There can be no assurance that our current management contracts will be renewed. The NIGC has the power to require modifications to Indian management contracts under some circumstances or to void such contracts or secondary agreements including loan agreements if we fail to obtain the required approvals or to comply with the necessary laws and regulations.
While we believe that our management contracts meet the requirements of the Regulatory Act, NIGC has the right to review each contract and has the authority to reduce the term of a management. Such changes would have a negative effect on our profitability. Development of our gaming opportunities will require us to make substantial loans to tribes for the construction, development, equipment and operations.
Our only recourse for collection of indebtedness from a tribe or money damages for breach or wrongful termination of a management contract is from revenues, if any, from casino operations.
We Depend Heavily on Key Personnel. We currently have only four full time employees, and therefore we rely heavily on the efforts of each of these employees. The loss of any of our personnel would have a negative impact on Full House. We Have a Limited Base of Operations.
Our principal operations currently consist of the management of two facilities Midway Slots and Simulcast and The Mill Casino. The combination of the relatively small number of facilities and the potentially significant investment associated with any new managed facilities may cause our operating results to fluctuate significantly and adversely affect our profits. Since we only operate two facilities, poor operation results from either facility greatly impact our profitability.
Additionally, delays in the opening or non-opening of any future casinos could also significantly affect our profitability. Future growth in revenues and profits will depend on our ability to continue to increase the number of our managed casinos and facilities or develop new business opportunities. There is no guarantee that we will be able to increase the number of managed casinos. The opening of each of the proposed facilities will depend on, among other things, the completion of construction, hiring and training of sufficient personnel and obtaining all regulatory licenses, permits, allocations and authorizations.
The number of the approvals needed to construct and open new facilities is extensive, and the failure to obtain such approvals could prevent or delay the completion of construction or opening of all or part of such facilities or otherwise affect the design and features of the proposed casinos.
Construction, equipment or stalling problems or difficulties in obtaining any of the requisite licenses, permits, allocations and authorizations from regulatory authorities could increase the total cost, delay or prevent the construction or opening or any of these planned casino developments or otherwise affect their design.
In addition, once developed, we cannot guarantee that we will be able to manage these casinos on a profitable basis or to attract a sufficient number of guests, gaming customers and other visitors to make the various operations profitable independently. Our joint venture operations have approximately full time employees, and management believes that its relationship with its employees is good.
None of our employees are currently represented by a labor union, although such representation could occur in the future. We sublease the land on which the casino is located back to the Tribal entity. Should the sublease not be renewed, the master lease will automatically terminate. The lease encumbers the revenues of the gaming facility. Full House bought a one-acre parcel of land in Biloxi, Mississippi in February , which is intended to be a portion of a future gaming development site.
In October , we filed an action for declaratory relief in Mississippi, seeking a determination by the court that no relationship exists between us and Lone Star Casino Corporation regarding the potential acquisition of a riverboat casino on the Mississippi gulf coast Full House Resorts, Inc. Lone Star Casino Corporation v. Lone Star filed a counterclaim alleging breaches of fiduciary duty, breach of contract, conspiracy to breach contract and to breach fiduciary duty and common law fraud.
The trial court granted summary judgment in favor of all defendants on that counterclaim, and Lone Star appealed that judgment to the Mississippi appellate court. In January , LS Capital, successor entity to Lone Star Casino Corporation, announced that it had retained counsel to pursue the two remaining claims it had alleged against us which were not already dismissed by the Mississippi appellate courts. Lone Star appealed that ruling and the Mississippi State Court of Appeals reversed the dismissal, and in late again remanded the claims against the Company for breach of contract, back to the trial court for further proceedings.
In January , we were advised that the Securities and Exchange Commission was conducting an inquiry into trading of our stock by our former President, Gregg R.
Giuffria, for a period beginning prior to his association with Full House and continuing for a period after he became a consultant to Full House. The SEC has admonished that this inquiry is not to be construed as an indication that any violations of federal securities laws have occurred. Giuffria voluntarily provided all information requested, and cooperated fully with the SEC in its investigation.
We believe that Mr. Giuffria has reached a settlement agreement with the SEC, which does not involve the Company, and that the matter will be concluded upon the consummation of that settlement. The Company believes it has meritorious defenses and intends to vigorously defend the claim. Submission of Matters to a Vote of Security Holders. Year Ended December 31, The quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.
We believe that there are over 1, beneficial owners. We have never paid dividends on our common stock or Preferred Stock since our inception. Holders of common stock are entitled to receive such dividends as may be declared by the Board of Directors out of funds legally available therefor. Since we are in default in declaring, setting apart for payment or paying dividends on the Preferred Stock, we are restricted from paying any dividend or making any other distribution or redeeming any stock ranking junior to the Preferred Stock.
We intend to retain future earnings, if any, to provide funds for the operation of our business, retirement of our debt and payment of preferred stock dividends and, accordingly, do not anticipate paying any cash dividends on our common stock in the near future. The Private Securities Litigation Reform Act of provides a safe harbor for forward-looking statements.
We note that many factors could cause our actual results and experience change significantly from the anticipated results or other expectations expressed in our forward-looking statements. When words and expressions such as: Various risks and uncertainties may affect the operation, performance, development and results of our business and could cause future outcomes to change significantly from those set forth in our forward-looking statements, including the following factors: We undertake no obligation to publicly update or revise any forward-looking statements as a result of future developments, events or conditions.
New risk factors emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ significantly from those forecast in any forward-looking statements.
As disclosed therein, the preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes.
Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates and such differences may be material to the financial statements. Various assumptions and other factors underlie the determination of these significant estimates. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions.
We constantly re-evaluate these significant factors and make adjustments where facts and circumstances dictate. Historically, actual results have not significantly deviated from those determined using the estimates described above.
The majority of these costs were due to increased activities related to the Michigan venture with the Huron Potawatomi Tribe in Battle Creek. These costs were primarily for legal and consulting fees to assist the Tribe in obtaining suitable land and complying with the requirements of the Indian Gaming Regulatory Act, as well as land option payments.
General and Administrative Expenses. This decrease is primarily due to reduced payroll expenses and legal fees. Interest and Other Income. Interest and other income was comparable to the prior year and is primarily due to earnings on invested cash balances. Income Tax Benefit Provision.
The income tax benefit for the current year period is primarily a result of the expected tax benefit from the realization of the Impairment provision recorded in the third quarter. The effective tax rate reflects a combination of state taxes on joint venture earnings combined with the tax effect of non-deductible amortization expenses. The loss carryforwards expire in The availability of the loss carryforwards may be limited in the event of a significant change in ownership of Full House or our subsidiaries.
This increase was due to the improved operating results from the Delaware and Oregon joint ventures. This increase was primarily due to the May expansion of the facility, which increased the number of gaming units from to 1, This increase was due to continued market growth, which offset the reduction in the development fee.
Joint Venture Preopening Costs. This increase is primarily due to increased activity in Michigan. During , the joint venture incurred legal, consulting, payroll, and land costs associated with the planned development of a tribal casino in Battle Creek.
In December of , the Michigan legislature ratified the tribal compact and as a result, the joint venture has significantly increased its active pursuit of this project. This increase was due to expenses associated with approval of the land settlement agreement. Our negotiations with a potential joint venture partner broke off in November , and as a result, we had no reasonable expectation of being able to consummate the land transaction prior to a later expiration of the available extension periods.
This decrease is primarily due to reduced legal, professional and consulting costs related to the investigation, due diligence and pre-development of various ongoing expansion opportunities. Interest Expense and Debt Issue Costs. This increase is primarily due to increased borrowing on our credit line coupled with an increase in interest rates. The loss carryforwards expire in through Cumulative Effect of Change in Accounting Principle.
The increase is primarily due to the increased cash flow from Oregon as a result of acquiring the additional ownership. The line bears interest adjustable daily at one-half percent above prime 5.
Full House was a party to a series of agreements with GTECH Corporation, a leading supplier of computerized systems and services for government-authorized lotteries, to jointly pursue certain gaming opportunities.
Full House agreed to guarantee one-half of the obligations of the joint venture companies to GTECH under these loans, all of which have been repaid. The loan conversion clause expired without exercise. In addition, Full House has been reimbursed by one of the joint venture companies for certain advances and expenditures made by Full House relating to the gaming development agreements.
The parties are no longer required to present gaming opportunities to the other for joint development. The loan bears interest adjustable daily at prime and requires interest payments monthly. As a result of our agreement with GTECH, receipt by Full House of revenues from the Delaware venture is governed by the terms of the joint venture agreement.
While Full House does not believe that this arrangement will adversely impact its liquidity, our continuing cash flow is dependent on the operating performance of this joint venture, and the ability to receive monthly distributions. Our future cash needs will primarily be to fund general and administrative expenses. The Oregon contract will expire in August of , leaving the Delaware joint venture as our sole source of operating cash thereafter.
We believe that adequate financial resources will be available to execute our current business plans. As part of the Michigan and California management agreements with the tribes, we have advanced funds for tribal operations and the construction of a tribal community center. In August , we received a notice from the Torres-Martinez Tribe in California purporting to sever our relationship. We are in the process of discussing an appropriate resolution of this matter that includes reimbursement for costs that we incurred on their behalf.