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<SEC-DOCUMENT>0001362310-08-002800.txt : 20080515
<SEC-HEADER>0001362310-08-002800.hdr.sgml : 20080515
<ACCEPTANCE-DATETIME>20080514175808
ACCESSION NUMBER:		0001362310-08-002800
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080515
DATE AS OF CHANGE:		20080514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FULL HOUSE RESORTS INC
		CENTRAL INDEX KEY:			0000891482
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				133391527
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32583
		FILM NUMBER:		08833242

	BUSINESS ADDRESS:	
		STREET 1:		4670 S. FORT APACHE ROAD
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89147
		BUSINESS PHONE:		7022217800

	MAIL ADDRESS:	
		STREET 1:		4670 S. FORT APACHE ROAD
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89147
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>c73399e10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>Form&nbsp;10-Q</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(Mark One)

</DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B> QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B><B>For the quarterly period ended March&nbsp;31, 2008</B>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>or</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B><B>For the transition period from </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>to</B> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commission File No.&nbsp;1-32583</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-3391527</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or other jurisdiction</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>of incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Identification No.)</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>4670 S. Fort Apache, Ste. 190</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>89147</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Las Vegas, Nevada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Zip Code)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Address of principal executive offices)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>(702)&nbsp;221-7800</B><BR>
<I>(Registrant&#146;s telephone number, including area code)</I></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be filed
by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer, or smaller reporting company. See definition of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;small reporting company&#148; in Rule&nbsp;12b-2 of the Exchange
Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large Accelerated Filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated Filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non Accelerated Filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Smaller reporting company <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><font style="white-space: nowrap">Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of
the Exchange Act). Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT></FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;10, 2008, there were 19,342,276 shares of Common Stock, $.0001 par value per share,
outstanding.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>INDEX</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>
    <TR><TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PART I. Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Item&nbsp;1. Condensed Consolidated Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#101">Balance Sheets as of March&nbsp;31, 2008 (unaudited), and December&nbsp;31, 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#102">Unaudited Statements of Operations for the three months ended March&nbsp;31, 2008 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#103">Unaudited Statements of Cash Flows for the three months ended March&nbsp;31, 2008 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#104">Notes to Unaudited Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">Item&nbsp;3. Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Item&nbsp;4T. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">PART II. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Item&nbsp;1. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">Item&nbsp;6. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73399exv10w1.htm">Exhibit 10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73399exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73399exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73399exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73399exv32w2.htm">Exhibit 32.2</A></FONT></TD></TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC. AND SUBSIDIARIES</B>
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt"><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,199,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,975,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319,865</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of notes receivable from tribal governments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,254,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assets held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,960,762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,336,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,780,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,237,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,227,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term assets related to tribal casino projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,864,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,178,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contract rights, net of accumulated amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,752,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,761,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,616,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,939,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,308,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,308,520</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,186,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,176,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,377,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,123,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,663,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">259,124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,411</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,014,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364,293</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,234,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,897,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt to joint venture affiliate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,188,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,693,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,462,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,222,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noncontrolling interest in consolidated joint venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,996,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,232,775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $.0001 par value, 25,000,000 shares
authorized; 19,342,276 shares issued and outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,934</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,702,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,702,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(934,253</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,145,329</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,851,959</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,890,849</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,918,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,668,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,377,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,123,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See notes to unaudited condensed consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC. AND SUBSIDIARIES</B>
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt"><B>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenues</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Casino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,965,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,348,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Food and beverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">583,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
   <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,569,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,669,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
   <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating costs and expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Casino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Food and beverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Project development costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,752,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,100,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,925,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating gains</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in net income of unconsolidated joint venture and
management fee income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gains on notes receivable, tribal governments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,898,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,061,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from continuing operations before other income
(expense)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,530,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other income (expense)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest and other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,894</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(260,839</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from continuing operations before noncontrolling
interest in net income of consolidated joint venture and
income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,409,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Noncontrolling interest in net income of
consolidated joint venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(763,681</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,926</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from continuing operations before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,646,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(645,295</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,571</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from discontinued operations, net of tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,038,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,971</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from continuing operations per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income from discontinued operations per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Weighted-average number of common shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,342,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,207,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See notes to unaudited condensed consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC. AND SUBSIDIARIES</B>
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt"><B>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by operating activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">572,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">77,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits and other cash costs of the Stockman&#146;s Casino
acquisition, net of cash acquired of $1,020,824</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,217,493</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of contract rights and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,180</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,792</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(282,733</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances to tribal governments, net of $2,125 and $33,217 expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,367</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161,613</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of hotel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,961,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash provided by (used in) investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,624,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,484,898</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,042,084</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,101,356</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds
from borrowings from joint venture affiliate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,542</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash used in financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,973,856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,076,626</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net decrease in cash</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(776,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,484,030</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,975,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,117,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,199,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,633,452</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See notes to unaudited condensed consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>FULL HOUSE RESORTS, INC. AND SUBSIDIARIES</B>
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt"><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</B></DIV>



<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>BASIS OF PRESENTATION</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The interim condensed consolidated financial statements of Full House Resorts, Inc. and its
subsidiaries (collectively, the Company) included herein reflect all adjustments that are,
in the opinion of management, necessary to present fairly the financial position and results
of operations for the interim periods presented. Certain information normally included in
annual financial statements prepared in accordance with accounting principles generally
accepted in the United States of America has been omitted pursuant to the interim financial
information rules and regulations of the United States Securities and Exchange Commission.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">These unaudited interim condensed consolidated financial statements should be read in
conjunction with the annual audited consolidated financial statements and notes thereto
included in the Company&#146;s Annual Report on Form 10-KSB/A for the year ended December&nbsp;31,
2007, from which the balance sheet information as of that date was derived. Certain minor
reclassifications to amounts previously reported have been made to conform to the current
period presentation, none of which affected previously reported net income or earnings per
share. The results of operations for the period ended March&nbsp;31, 2008, are not necessarily
indicative of the results to be expected for the year ending December&nbsp;31, 2008.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The condensed consolidated financial statements include the accounts of the Company and its
wholly-owned subsidiaries, including Stockman&#146;s Casino (&#147;Stockman&#146;s&#148;), which included the
Holiday Inn Express when it was acquired on January&nbsp;31, 2007 that was subsequently sold in
February&nbsp;2008. Gaming Entertainment (Michigan), LLC (&#147;GEM&#148;), a 50%-owned investee of the
Company that is jointly owned with RAM Entertainment, LLC (&#147;RAM&#148;), has been consolidated
pursuant to the guidance in Financial Accounting Standards Board (&#147;FASB&#148;) Interpretation No.
46R, <I>Consolidation of Variable Interest Entities</I>. The Company accounts for its investment in
Gaming Entertainment (Delaware), LLC (&#147;GED&#148;) (Note 3) using the equity method of accounting.
All material intercompany accounts and transactions have been eliminated.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SHARE-BASED COMPENSATION</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the three months ended March&nbsp;31, 2008 and 2007, the Company recognized share-based
compensation expense of $211,076 and $368,311, respectively, related to the amortization of
restricted stock grants, which is included in selling, general and administrative expenses.
At March&nbsp;31, 2008, the Company has recorded deferred share-based compensation of $934,253,
which is expected to be amortized through February&nbsp;2010 using the straight-line method.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INVESTMENT IN UNCONSOLIDATED JOINT VENTURE</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s investment in unconsolidated joint venture is comprised of a 50% ownership
interest in GED, a joint venture between the Company and Harrington Raceway Inc. (&#147;HRI&#148;).
GED has a management agreement with Harrington Raceway and Casino (formerly known as Midway
Slots and Simulcast), which is located in Harrington, Delaware. GED has no non-operating
income or expenses, is treated as a partnership for income tax purposes and consequently
recognizes no federal or state income tax provision. As a result, income from operations
for GED is equal to net income for each period presented, and there are no material
differences between its income for financial and tax reporting purposes.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">On June&nbsp;18, 2007, the Company restructured its joint venture agreement with HRI to allow HRI
greater flexibility in GED&#146;s management of the facility while providing the Company with
guaranteed growth in its share of GED&#146;s management fee for the remaining term of the
management contract. Under the terms of the restructured joint venture agreement, the
Company is to receive the greater of its share of GED&#146;s management
fees as prescribed in the original joint venture agreement, or an 8% increase in its share
of GED&#146;s management fees beginning in 2008, which takes into account the expansion at
Harrington that was completed in February&nbsp;2008. The guaranteed growth factor reverts to 5%
in 2009 through the expiration of the GED management contract in 2011.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unaudited summary information for GED&#146;s operations is as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
    <TR><TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management fee revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,284,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,223,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,180,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,094,954</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>FAIR VALUE MEASUREMENTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">On January&nbsp;1, 2008, the Company adopted the methods of fair value accounting as described in
Statement of Financial Accounting Standards No.&nbsp;157<I>, Fair Value Measurements </I>(&#147;SFAS No.
157&#148;), to value its financial assets. The adoption of SFAS No.&nbsp;157 in the first quarter of
2008 did not impact net income.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s financial instruments that are measured at estimated fair value use inputs
from among the three levels of the fair value hierarchy set forth in SFAS No.&nbsp;157 as
follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or
liabilities, which prices are available at the measurement date.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 2 inputs: Include quoted prices for similar assets and liabilities in active
markets, quoted prices for identical or similar assets and liabilities in markets that
are not active, inputs other than quoted prices that are observable for the asset or
liability (<I>i.e. </I>interest rates, yield curves, <I>etc.</I>) and inputs that are derived
principally from or corroborated by observable market data by correlation or other means
(marked corroborated inputs).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 3 inputs: Unobservable inputs that reflect management&#146;s estimates about the
assumptions that market participants would use in pricing the asset or liability.
Management develops these inputs based on the best information available, including
internally-developed data.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In estimating fair value, the Company utilizes valuation techniques that maximize the use of
observable inputs and minimize the use of unobservable inputs to the extent possible.
However, as discussed below, none of the Company&#146;s financial assets are measured using level 1 or 2 inputs.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Due to the absence of observable market quotes on the Company&#146;s notes receivable from tribal
governments, the Company utilizes valuation models that rely exclusively on Level 3 inputs,
including those that are based on management&#146;s estimates of expected cash flow streams,
future interest rates, casino opening dates and discount rates. The estimated casino opening
dates used in the valuations take into account project-specific circumstances such as
ongoing litigation, the status of required regulatory approvals, construction periods and
other factors. Factors considered in the determination of an appropriate discount rate
include discount rates typically used by gaming industry investors and appraisers to value
individual casino properties outside of Nevada, and discount rates produced by the
widely-accepted Capital Asset Pricing Model (CAPM). The following key assumptions are used
in the CAPM:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">S&#038;P 500, average benchmark investment returns (medium-term horizon risk
premiums);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Risk free investment return equal to the rolling 10-year average for 90-day
treasury bills</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investment beta factor equal to the average of a peer group of similar entities
in the hotel and gaming industry;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Project-specific adjustments based on the status of the project (<I>i.e.</I>
litigation, regulatory approvals, tribal politics, <I>etc.</I>), and typical size premiums
for &#147;micro-cap&#148; and &#147;low-cap&#148; companies</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 5 for a tabular
summary of the current period activity related to notes receivable
from tribal governments, the fair value of which is estimated utilizing Level 3 inputs.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>NOTES RECEIVABLE, TRIBAL GOVERNMENTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has advanced funds directly to tribes to fund tribal operations and for
development expenses related to potential projects. The repayment of these notes is
contingent upon the development of the projects, and ultimately, the successful operation of
the facilities. The Company&#146;s agreements with the tribes provide for the reimbursement of
these advances plus applicable interest either from the proceeds of any outside financing of
the development, the actual operation itself or in the event that the Company does not
complete the development, from the revenues of the tribal gaming operation following
completion of development activities undertaken by others.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of March&nbsp;31, 2008 and December&nbsp;31, 2007, the Company has advances receivable from tribal
governments as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contractual (stated)&nbsp;amount
(including interest):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Firekeepers
Development
Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,254,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,250,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,390,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,308,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,645,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,559,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated fair value of notes
receivable related to tribal
casino projects:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Firekeepers
Development
Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,053,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,189,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,065,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">989,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,119,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,178,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contractual amounts as of December&nbsp;31, 2007, have been revised to conform to the current
year presentation, and now include accrued interest of $1,475,574. However, the inclusion
of interest for comparability did not result in any change in previously recorded net income
since the related notes receivable are presented at their estimated fair values.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In March&nbsp;2008, the Company formally decided to no longer pursue the Namb&#233; Pueblo project.
However, the Pueblo has affirmed its responsibility to repay reimbursable development
advances of approximately $662,000 out of any future gaming revenues. Management currently
believes that the Namb&#233; Pueblo intend to develop a slot machine parlor with approximately
200 devices, which would be attached to a travel center currently under development, and
would provide the Namb&#233; Pueblo the financial wherewithal to repay the amounts owed to the
Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of March&nbsp;31, 2008, $9.3&nbsp;million of tribal notes receivable, which was collected in May
2008, are classified as current assets in the accompanying balance sheet. See also Note 10.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following table summarizes the changes in fair market value of notes receivable from
tribal governments, determined using Level 3 fair value inputs, from January&nbsp;1, 2008 to
March&nbsp;31, 2008:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Michigan Tribe</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Other tribes</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balances, January&nbsp;1, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,178,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,189,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">989,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances allocated to contract rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,180</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,180</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances expensed as period costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized
gains included in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,898,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,862,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balances, March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,119,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,053,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,065,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>CONTRACT RIGHTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contract rights are comprised of the following as of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>March 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michigan project, initial cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,155,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,155,213</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michigan project, additional</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,141,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(690,079</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,451,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,442,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(690,079</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,752,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Cost</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michigan project, initial cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,155,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,155,213</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michigan project, additional</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,141,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(670,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,470,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,432,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(670,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,761,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the fourth quarter of 2007, the Company recorded impairment write-downs of $200,000 and
$207,534 related to the Navajo Nation (Manuelito) and Namb&#233; Pueblo projects, respectively,
based on information obtained during the fourth quarter of 2007 and the first quarter of
2008, indicating that these projects would not be developed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>LONG-TERM DEBT</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At March&nbsp;31, 2008 and December&nbsp;31, 2007, long-term debt consists of the following:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
    <TR><TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-term debt, joint venture affiliate:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Promissory note, expected to mature in
2011, interest at 1% above the prime
rate (6.25% at March&nbsp;31, 2008 and
8.25% at December&nbsp;31, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,382,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,255,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-term debt, other:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reducing revolving loan agreement,
$16.0&nbsp;million limit on January&nbsp;31,
2007, due January&nbsp;31, 2022, interest at
2.1% above the five year LIBOR/Swap
rate, adjusted annually (7.41% at March
31, 2008 and December&nbsp;31, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,405,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,401,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term obligation related to the
acquisition of additional contract
rights related to the Michigan project,
payable in full within 30&nbsp;days after
Michigan project financing is obtained</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Promissory note, $1.25&nbsp;million on
January&nbsp;31, 2007, due February&nbsp;1, 2012,
interest at a fixed annual rate of
7.44%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,851,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,952,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,663,038</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(259,124</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,188,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,693,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Reducing Revolving Loan. </B>The maximum amount permitted to be outstanding under the reducing
revolving loan decreases $312,000 semiannually on January 1 and July 1 of each year and any
outstanding amounts above such reduced maximum must be repaid on each such date. The
reducing revolving loan is payable over 15&nbsp;years at a variable interest rate based on the
five year LIBOR/Swap rate plus 2.1%. This rate adjusts annually based on the funded debt to
EBITDA ratio of Stockman&#146;s with adjustments based on the five-year LIBOR/Swap rates.
Stockman&#146;s assets are pledged as collateral for the loan. The loan agreement also contains
certain customary financial representations and warranties and requires that Stockman&#146;s
maintain specified financial covenants, including a fixed charge coverage ratio, a funded
debt to EBITDA ratio and a minimum tangible net worth. In addition, the loan agreement
provides restrictions on certain distributions and capital expenditures by Stockman&#146;s, and
also provides for customary events of default including payment defaults and covenant
defaults. Management is not aware of any covenant violations through the date of preparation
of these financial statements. Net proceeds from the sale of the Holiday Inn Express were
applied to the Company&#146;s revolving loan. The balance on the loan was reduced from $10.9
million to $3.9&nbsp;million and the Company&#146;s availability under the facility increased to
approximately $4.8&nbsp;million. In addition, periodic payment requirements were reduced on a
pro-rata basis, with no required principal payments due on the facility until January&nbsp;2016.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Peters&#146; Family Trust Promissory Note. </B>The promissory note in the amount of $1.25&nbsp;million,
payable to the seller of Stockman&#146;s, is payable in 60&nbsp;monthly installments of principal and
interest and is secured by a second interest in the real estate of Stockman&#146;s.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Green Acres. </B>Effective May&nbsp;15, 2007, GEM entered into an agreement with Green Acres Casino
Management, Inc. (Green Acres) whereby GEM acquired all of Green Acres&#146; interests in the
Nottawaseppi Huron Band of Potawatomi casino project in Michigan for $10&nbsp;million. GEM&#146;s
members equally funded an initial deposit of $500,000. The remaining obligation of $9.5
million, although unsecured, was recorded as a long-term liability once the management
agreement between GEM and the FireKeepers Development Authority (the &#147;Authority&#148;) was
approved in December&nbsp;2007. As of March&nbsp;31, 2008, the remaining balance is classified as a
current liability, which was repaid in full in May&nbsp;2008. See also Note 10.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As reflected in the schedule below, there are no scheduled maturities in 2013, as the
Peters&#146; promissory note will be paid in full in 2012 and there are no required principal
payments due on the reducing revolver until January&nbsp;2016. Scheduled maturities of long-term
debt (including obligations to joint venture affiliate) are as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Annual periods ending March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,663,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,651,724</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,405,275</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,234,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INCOME TAXES</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">FASB Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes </I>(FIN 48), was adopted
by the Company in the first quarter of 2007. Based on management&#146;s assessment of its tax
positions in accordance
with FIN 48, there was no impact on its opening retained earnings or the current periods&#146;
results of operations as a result of the adoption of FIN 48.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the periods ended March&nbsp;31, 2008 and 2007, the difference between the Company&#146;s
estimated effective and the federal statutory tax rate was primarily due to a state tax
provision applicable to GED, net of the federal benefit, as well as the treatment of
share-based compensation.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SEGMENT REPORTING</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Since the acquisition of Stockman&#146;s in January&nbsp;2007, the Company is comprised of three
primary business segments. The operations segment includes Stockman&#146;s casino operation in
Fallon, Nevada. The hotel was sold in February&nbsp;2008. Accordingly, the operating results of
the hotel are included in discontinued operations in all periods presented, and are
therefore not included in the table below. The development/management segment includes costs
associated with our tribal casino projects and our Delaware joint venture. The Corporate
segment includes administrative expenses of the Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following tables reflect selected segment information for the three months ended March
31, 2008 and 2007.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Selected unaudited statement of operations data (from continuing operations) for the three months
ended March&nbsp;31,
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Development/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Casino Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Management</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Corporate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,569,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,569,624</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,061,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,061,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income(loss) from continuing
operations before other
income(expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,985,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,192,396</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,530,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income(loss) from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,346,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,130,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,749</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Development/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Casino Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Management</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Corporate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,669,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,669,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,752,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income(loss) from continuing operations
before other income(expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,444,353</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income(loss) from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,128,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,565,796</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,553</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Selected unaudited balance sheet data (related to continuing operations) as of March&nbsp;31,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Development/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Casino Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Management</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Corporate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,811,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,129,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,436,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,377,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,014,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,237,634</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,308,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,308,520</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,927,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,933,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,462,994</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Development/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Casino Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Management</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Corporate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,956,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,445,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,482,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,884,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,654,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,666,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,041,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,041,669</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,795,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,262,187</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUBSEQUENT EVENTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Project financing for Michigan casino. </B>On May&nbsp;6, 2008, the Authority closed on the sale of
$340&nbsp;million of Senior Secured Notes and a $35&nbsp;million equipment financing facility to fund
the development and construction of the tribe&#146;s FireKeepers Casino in Michigan. On the same
date, GEM received a payment of $9.3&nbsp;million on its notes receivable from the Authority,
with the remaining $5.0&nbsp;million to be paid 180&nbsp;days following the opening of the casino,
subject to there being adequate funds remaining in the construction disbursement account. If
there are insufficient funds to repay the remaining balance, the Authority will be obligated
to repay the balance in 60&nbsp;monthly installments, plus interest at prime plus 1%.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In connection with the Michigan project financing and substantial repayment on the notes
receivable, the estimated fair value of the notes receivable from the Authority has been
adjusted as of March&nbsp;31, 2008, to reflect the amount received in May&nbsp;2008. As a result, a
gain on the receivable valuation in the amount of $1,862,095 was realized in the first
quarter of 2008.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Payment of the Green Acres obligation. </B>On May&nbsp;6, 2008, in conjunction with the above
discussed financing of the FireKeepers Casino, the Company applied the proceeds of the $9.3&nbsp;million
tribal receivable reimbursement to pay off the remaining balance of the $9.5&nbsp;million Green Acres
liability.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2. Management&#146;s Discussion and Analysis or Plan of Operation.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Overview</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Full House Resorts, Inc. (&#147;Full House&#148; or the &#147;Company&#148;), develops, manages and/or invests in
gaming related opportunities. The Company continues to actively investigate, individually and with
partners, new business opportunities including commercial and tribal gaming operations. The Company
seeks to expand through acquiring, managing, or developing casinos in profitable markets. We are
currently a 50% investor in Gaming Entertainment (Delaware), LLC (&#147;GED&#148;), a joint venture with
Harrington Raceway, Inc. (&#147;HRI&#148;), which has a management contract through 2011 with Harrington
Raceway and Casino, formerly known as Midway Slots and Simulcast, at the Delaware State Fairgrounds
in Harrington, Delaware (&#147;Harrington Casino&#148;). Harrington Casino has approximately 2,100 gaming
devices, a 450-seat buffet, a 50-seat diner, a gourmet steakhouse and an entertainment lounge area.
In February&nbsp;2008, an expansion and renovation of Harrington Casino was completed increasing the
number of gaming devices from 1,580 to approximately 2,100, and improved the pre-existing food and
beverage outlets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On June&nbsp;18, 2007, the Company restructured its joint venture agreement with HRI relating to
Harrington Casino, to allow HRI greater flexibility in the management of the facility while
providing the Company with guaranteed growth in its share of the management fee for the remaining
term of the management contract. Under the terms of the restructured joint venture agreement, the
Company is to receive the greater of its share of GED&#146;s management fees as prescribed in the
original agreement, or an 8% increase in management fees in 2008, which takes into account an
expansion at Harrington that was completed in February&nbsp;2008. The guaranteed growth rate reverts to
5% in 2009 through the expiration of the management contract in 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Through our 50%-owned Michigan joint venture, Gaming Entertainment (Michigan), LLC (&#147;GEM&#148;),
with RAM Entertainment, LLC (&#147;RAM&#148;), a privately held investment company, we have a management
agreement with the Nottawaseppi Huron Band of Potawatomi Indians (&#147;the Michigan tribe&#148;), for the
development and management of the FireKeepers Casino in the Battle Creek, Michigan area. An
initial version of the management agreement was approved by the National Indian Gaming Commission
(&#147;NIGC&#148;) on December&nbsp;14, 2007, and an amended version containing provisions required by the project
financing investors was approved by the NIGC on April&nbsp;21, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Effective May&nbsp;15, 2007, GEM entered into a purchase and sale agreement with Green Acres Casino
Management, Inc. (Green Acres) to acquire all of Green Acres&#146; interests in the Michigan tribe&#146;s
FireKeepers Casino project for $10&nbsp;million. Prior to the execution of the agreement, Green Acres
had a right to receive royalty payments based on numerous metrics, which would approximate in
excess of 15% of the total management fee to be received by GEM from the operation of the
FireKeepers Casino. GEM&#146;s members (RAM and the Company), equally funded an initial deposit of
$500,000 and the remainder became due once financing was obtained as part of the project funding
for the casino. On May&nbsp;6, 2008, the FireKeepers Development Authority of the Nottawaseppi Huron
Band of Potawatomi Michigan tribe (the Authority) closed on the sale of $340&nbsp;million of Senior
Secured Notes and a $35&nbsp;million F &#038; E facility to fund the development and construction of the
tribe&#146;s Firekeeper Casino. In connection with the Michigan project financing, GEM received partial
reimbursement of its tribal receivable in the amount of $9.3&nbsp;million, which was used to repay the
remaining obligation to Green Acres of $9,450,000. With financing in place, construction has
commenced and we expect the casino to open in the summer of 2009. The planned casino is expected
to have more than 3,000 gaming positions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On January&nbsp;31, 2007, we acquired all of the outstanding shares of capital stock of Stockman&#146;s
Casino, located in Fallon, Nevada, which has approximately 8,400 square feet of gaming space with
approximately 260 slot machines, four table games and keno, a bar, fine dining restaurant and a
coffee shop. On October&nbsp;1, 2007, we entered into an agreement to sell the Holiday Inn Express
hotel, which was acquired as part of the stock purchase. The sale was consummated in February
2008, resulting in net cash proceeds of approximately $7.0&nbsp;million, which was used to repay
long-term debt.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In addition, the Company has development and management agreements with the Northern Cheyenne
Nation of Montana (the &#147;Montana tribe&#148;) for the development and management of a 25,000 square foot
gaming facility to be built approximately 28 miles north of Sheridan, Wyoming. The management
agreement is subject to approval by the NIGC, while the development agreement obligates the Montana
tribe to reimburse any development advances in the event the management agreement is not approved.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Critical accounting estimates and policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Although our financial statements necessarily make use of certain accounting estimates by
management, we believe that, except as discussed below, no matters that are the subject of such
estimates are so highly uncertain or susceptible to change as to present a significant risk of a
material impact on our financial condition or operating performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The significant accounting estimates inherent in the preparation of our financial statements
primarily include management&#146;s fair value estimates related to notes receivable from tribal
governments, and the related evaluation of the recoverability of our investments in contract
rights. Various assumptions, principally affecting the timing and, to a lesser extent, the
probability of completing our various projects under development and getting them open for
business, and other factors underlie the determination of these significant estimates. The process
of determining significant estimates is fact and project specific and takes into account factors
such as historical experience and current and expected legal, regulatory and economic conditions.
We regularly evaluate these estimates and assumptions, particularly in areas, if any, where changes
in such estimates and assumptions could have a material impact on our results of operations,
financial position and, generally to a lesser extent, cash flows. Where recoverability of these
assets or planned investments are contingent upon the successful development and management of a
project, we evaluate the likelihood that the project will be completed, the prospective market
dynamics and how the proposed facilities should compete in that setting in order to forecast future
cash flows necessary to recover the recorded value of the assets or planned investment. In most
cases, we engage independent valuation consultants to assist management in preparing and
periodically updating market and/or feasibility studies for use in the preparation of forecasted
cash flows. Our conclusions are reviewed as warranted by changing conditions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Assets related to tribal casino projects</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We account for the advances made to tribes as in-substance structured notes at estimated fair
value in accordance with the guidance contained in EITF Issue No.&nbsp;96-12, <I>Recognition of Interest
Income and Balance Sheet Classification of Structured Notes</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Because our right to recover our advances and development costs with respect to Indian gaming
projects is limited to, and contingent upon, the future net revenues of the proposed gaming
facilities, we evaluate the financial opportunity of each potential service arrangement before
entering into an agreement to provide financial support for the development of an Indian project.
This process includes (1)&nbsp;determining the financial feasibility of the project assuming the project
is built, (2)&nbsp;assessing the likelihood that the project will receive the necessary regulatory
approvals and funding for construction and operations to commence, and (3)&nbsp;estimating the expected
timing of the various elements of the project including commencement of operations. When we enter
into a service or lending arrangement, management has concluded, based on feasibility analyses and
legal reviews, that there is a high probability that the project will be completed and that the
probable future economic benefit is sufficient to compensate us for our efforts in relation to the
perceived financial risks. In arriving at our initial conclusion of probability, we consider both
positive and negative evidence. Positive evidence ordinarily consists not only of project-specific
advancement or progress, but the advancement of similar projects in the same and other
jurisdictions, while negative evidence ordinarily consists primarily of unexpected, unfavorable
legal, regulatory or political developments such as adverse actions by legislators, regulators or
courts. Such positive and negative evidence is reconsidered at least quarterly. No asset,
including notes receivable or contract rights, related to an Indian casino project is recorded on
our books unless it is considered probable that the project will be built and will result in an
economic benefit sufficient for us to recover the asset.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In initially determining the financial feasibility of the project, we analyze the proposed
facilities and their location in relation to market conditions, including customer demographics and
existing and proposed competition for the project. Typically, independent consultants are also
hired to prepare market and financial feasibility reports. These reports are reviewed by
management and updated periodically as conditions change.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We also consider the status of the regulatory approval process including whether:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Federal Bureau of Indian Affairs (&#147;BIA&#148;) recognizes the tribe;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the tribe has the right to acquire land to be used as a casino site;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Department of the Interior has put the land into trust as a casino site;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the tribe has a gaming compact with the state government;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the NIGC has approved a proposed management agreement; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">other legal or political obstacles exist or are likely to occur.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The development phase of each relationship commences with the signing of the respective
agreements and continues until the casinos open for business. Thereafter, the management phase of
the relationship, governed by the management contract, continues for a period of up to seven years.
We make advances to the tribes, recorded as notes receivable, primarily to fund certain portions
of the projects, which bear no interest or below market interest until operations commence.
Repayment of the notes receivable and accrued interest is only required if the casino is
successfully opened and distributable profits are available from the casino operations. Under the
management agreement, we typically earn a management fee calculated as a percentage of the net
operating income of the gaming facility. In addition, repayment of the loans and the manager&#146;s
fees are subordinated to certain other financial obligations of the respective operations.
Generally, the order of priority of payments from the casinos&#146; cash flows is as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a certain minimum monthly priority payment to the tribe;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">repayment of various senior debt associated with construction and equipping of the
casino with interest accrued thereon;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">repayment of various debt with interest accrued thereon due to us;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">management fee to us;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">other obligations; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the remaining funds distributed to the tribe.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Notes receivable</B>. We account for our notes receivable from and management contracts with the
tribes as separate assets. Under the contractual terms, the notes do not become due and payable
unless and until the projects are completed and operational. However, if our development activity
is terminated prior to completion, we generally retain the right to collect in the event of
completion by another developer. Because the stated rate of the notes receivable alone is not
commensurate with the risk inherent in these projects (at least prior to commencement of
operations), the estimated fair value of the notes receivable is generally less than the amount
advanced. At the date of each advance, the difference between the estimated fair value of the note
receivable and the actual amount advanced is recorded as either an intangible asset, contract
rights, or expensed as period costs of retaining such rights if the rights were acquired in a
separate unbundled transaction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Subsequent to its effective initial recording at estimated fair value, the note receivable
portion of the advance is adjusted to its current estimated fair value at each balance sheet date
using typical market discount rates for prospective Indian casino operations, and expected
repayment terms as may be affected by estimated future interest rates and opening dates, with the
latter affected by changes in project-specific circumstances such as on-going litigation, the
status of regulatory approvals and other factors previously noted. The notes receivable are not
adjusted to an estimated fair value that exceeds the face value of the note plus accrued interest,
if any. Due to the uncertainties surrounding the projects, no interest income is recognized during
the development period, but changes in estimated fair value of the notes receivable are recorded as
unrealized gains or losses in our statement of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Upon opening of the casino, the difference, if any, between the then recorded estimated fair
value of the notes receivable, subject to any appropriate impairment adjustments pursuant to
Statement of Financial Accounting Standards No.&nbsp;114, <I>Accounting by Creditors for Impairment of a
Loan</I>, and the amount contractually due under the notes would be amortized into income using the
effective interest method over the remaining term of the note.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Contract rights</B>. Intangible assets related to the acquisition of the management agreements
are periodically evaluated for impairment based on the estimated cash flows from the management
contract on an undiscounted basis and amortized using the straight-line method over the lesser of
seven years or contractual lives of the agreements, typically beginning upon commencement of casino
operations. In the event the carrying value of the intangible assets were to exceed the
undiscounted cash flow, the difference between the estimated fair value and carrying value of the
assets would be charged to operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The cash flow estimates for each project were developed based upon published and other
information gathered pertaining to the applicable markets. We have many years of experience in
making these estimates and also utilize independent appraisers and feasibility consultants in
developing our estimates. The cash flow estimates are initially prepared (and periodically
updated) primarily for business planning purposes with the tribes and are secondarily used in
connection with our impairment analysis of the carrying value of contract rights, land held for
development, and other capitalized costs, if any, associated with our tribal casino projects. The
primary assumptions used in estimating the undiscounted cash flow from the projects include the
expected number of Class&nbsp;III gaming devices, table games, and poker tables, and the related
estimated win per unit per day. For the second through fifth year of operations, we estimate that
our cash flow from management fees from the Michigan project will increase 4% to 10% annually.
Generally, within reasonably possible operating ranges, our impairment decisions are not
particularly sensitive to changes in these assumptions because estimated cash flow greatly exceeds
the carrying value of the related intangibles and other capitalized costs. We believe that the
primary competitors to our Michigan project are five Northern Indiana riverboats and three downtown
Detroit casinos whose published win per device per day has consistently averaged above $300, as
compared to $210 used in our undiscounted cash flow analysis. Our Michigan project is located
approximately 120 miles west of Detroit and less than 100 miles northeast of another Michigan
tribal casino project which opened at the beginning of July&nbsp;2007 near New Buffalo.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Summary of assets related to tribal casino projects</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At March&nbsp;31, 2008 and December&nbsp;31, 2007, assets associated with tribal casino projects are
summarized as follows, with notes receivable presented at their estimated fair value:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michigan project:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, tribal governments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,053,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,189,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contract rights, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,606,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,625,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,660,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,815,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other projects:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, tribal governments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,065,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">989,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contract rights, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,124,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,871,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,939,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As previously noted, the Michigan project comprises the majority of long-term assets related
to Indian casino projects. We have an approved management agreement with the Michigan tribe for the
development and operation of the FireKeepers casino near Battle Creek, Michigan which provides that
we will receive, only from the operations and financing of the project, reimbursement for all
advances we have made to the Authority and a management fee equal to 26% of the net revenues of the
casino (defined effectively as net income prior to management fees) for a period of seven years.
The terms of an amended management agreement were approved by the NIGC in April&nbsp;2008. In
connection with the funding of project financing, $9.3&nbsp;million of the notes receivable was repaid.
The remaining $5&nbsp;million receivable is expected to be repaid 180&nbsp;days following opening of the
casino provided there are sufficient funds remaining in the construction disbursement account. If
the remaining receivable is not repaid from remaining construction funds, the balance is payable in
60 equal monthly installments, plus interest at prime plus 1% beginning after the 180-day period
has expired.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In arriving at the estimated opening date for the Michigan project, which we believe will be
in the second quarter of 2009, we considered the status of the following conditions and estimated
the time necessary to obtain the required approvals, secure financing and complete the
construction:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the tribe is federally recognized;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">adequate land for the proposed casino resort has been placed in trust;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the tribe has a valid gaming compact with the State of Michigan;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the NIGC has approved the management agreement;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the BIA issued a record of decision approving the final environmental impact statement in
September&nbsp;2006;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">project financing was obtained in May&nbsp;2008;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">construction has commenced, with an anticipated construction period of approximately 15
months; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">we expect the casino to open in the summer of 2009.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">There were no changes to the estimated opening date of the Michigan project during the first
quarter of 2008. However, the discount rate was reduced from 17.5% to 17.0% due to the effect of
evolving market conditions on the capital asset pricing model, which did not materially impact the
estimated fair value of the notes receivable related to the Michigan project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At March&nbsp;31, 2008 and December&nbsp;31, 2007, the sensitivity of changes in the key assumptions
(discussed in greater detail below) related to the Michigan project are illustrated by the
following increases (decreases)&nbsp;in the estimated fair value of the note receivable:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount rate increases 2.5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(137,984</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(347,790</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount rate decreases 2.5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forecasted opening date delayed one quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(146,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(442,085</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forecasted opening date accelerated one quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,273</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On March&nbsp;19, 2008, we announced that we are no longer pursuing the Namb&#233; Pueblo project. No
tribal advances or payment of costs have been made since January&nbsp;2008. Pursuant to the terms of the
development agreement, the Pueblo has recognized its obligation to reimburse all of the Company&#146;s
development advances for the project. To date, we have advanced approximately $661,600 for the
development of the project, all of which is expected to be reimbursed by the Pueblo on yet to be
negotiated terms. In addition, the Company expects to negotiate payment from the Pueblo or its new
developer for the value of the exclusive gaming rights granted to the Company by the Pueblo.
However, as of December&nbsp;31, 2007, the Company fully reserved contract rights of $207,534 pending a
resolution with the Pueblo. The receivable from the Pueblo is now valued based on the present value
of a five-year collection period and a 21% discount rate. The collectability ultimately depends on
what project the tribe develops.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table reflects selected key assumptions and information used to estimate the
fair value of the notes receivable for all projects at March&nbsp;31, 2008 and December&nbsp;31, 2007:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate face amount of the notes
receivable (including interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,645,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,559,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated years until opening of
casino:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Michigan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Montana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount rate:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Michigan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Montana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated probability rate of casino
opening:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Michigan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Montana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Contractual amounts as of December&nbsp;31, 2007, have been revised to conform to the current year
presentation, and now include accrued interest of $1,475,574. However, the inclusion of interest
for comparability did not result in any change in previously recorded net income since the related
notes receivable are presented at their estimated fair values.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the portion of the notes not repaid prior to the commencement of operations, management
estimates that the stated interest rates during the loan repayment terms will be commensurate with
the inherent risk at that time. The estimated probability rates have been re-evaluated and
modified accordingly, based on project specific risks such as delays of regulatory approvals for
the projects and review of the financing environment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Factors that we consider in arriving at a discount rate include discount rates typically used
by gaming industry investors and appraisers to value individual casino properties outside of Nevada
and discount rates produced by the widely accepted Capital Asset Pricing Model, or CAPM, using the
following key assumptions:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">S&#038;P 500, 10 and 15-year average benchmark investment returns (medium-term horizon risk
premiums);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Risk-free investment return equal to the rolling 10-year average for 90-day Treasury
Bills;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investment beta factor equal to the unlevered five-year average for the hotel/gaming
industry; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Project specific adjustments based on typical size premiums for &#147;micro-cap&#148; and
&#147;low-cap&#148; companies using 10 and 15-year averages, and the status of outstanding required
regulatory approvals and/or litigation, if any.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Management believes that under the circumstances, essentially three critical dates and events
that impact the project specific discount rate adjustment when using CAPM are: (1)&nbsp;the date that
management completes its feasibility assessment and decides to invest in the opportunity; (2)&nbsp;the
date that construction financing has been obtained after all legal obstacles have been removed; and
(3)&nbsp;the date that operations commence.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Advances to tribes are expected to be repaid prior to commencement of operations, or within
the repayment term of seven years, commencing 30 to 180&nbsp;days after the opening of the project. At
March&nbsp;31, 2008 and December&nbsp;31, 2007, we estimate the potential exposure resulting from a project
never reaching completion is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>March 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Michigan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>New Mexico</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Montana</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,053,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">508,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">557,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,119,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contract rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,606,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,752,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,660,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">508,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">702,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,871,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Michigan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>New Mexico</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Montana</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,189,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">487,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">501,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,178,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contract rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,625,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,761,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,815,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">487,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">637,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,939,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Amortization of contract rights is expected to be provided on a straight-line basis over the
contractual lives of the assets. The contractual lives may include, or not begin until after a
development period and/or the term of the subsequent management agreement. Because the development
period may vary based on evolving events, the estimated contractual lives may require revision in
future periods. The contract rights are owned solely by us and are expected to be assigned to the
appropriate operating subsidiary when the related project is operational and, therefore, the
contract rights are not currently included in the balance of noncontrolling interests.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Due to our current financing arrangement for the development of the Michigan project through a
50%-owned joint venture, we believe we are exposed to the majority of risk of economic loss from
the joint venture&#146;s activities. Therefore, in accordance with Financial Accounting Standards Board
(&#147;FASB&#148;) Interpretation No.&nbsp;46 (Revised), <I>Consolidation of Variable Interest Entities </I>(FIN 46(R)),
we consider the joint venture to be a variable interest entity that requires consolidation into our
financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Recently issued accounting pronouncements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In December&nbsp;2007, the FASB issued SFAS No.&nbsp;160, <I>Noncontrolling Interests in Consolidated
Financial Statements-an amendment of ARB No.&nbsp;51 (&#147;SFAS No.&nbsp;160&#148;), </I>which establishes accounting and
reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of
a subsidiary. SFAS No.&nbsp;160 is effective for fiscal years beginning after December&nbsp;15, 2008, and
early adoption is prohibited. We are currently evaluating the
potential impact SFAS No.&nbsp;160 will have on our financial statements
when adopted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In December&nbsp;2007, the FASB issued SFAS No.&nbsp;141 (Revised 2007), <I>Business Combinations</I>. SFAS No.
141(R) will significantly change the accounting for business combinations. Under SFAS No.&nbsp;141(R),
an acquiring entity will be required to recognize all the assets acquired and liabilities assumed
in a transaction at the acquisition-date fair value with limited exceptions. SFAS No.&nbsp;141(R) will
change the accounting treatment for certain specific acquisition-related items including: (1)
expensing acquisition-related costs as incurred; (2)&nbsp;valuing non-controlling interests at fair
value at the acquisition date; and (3)&nbsp;expensing restructuring costs associated with an acquired
business. SFAS No.&nbsp;141(R) is to be applied prospectively to business combinations for which the
acquisition date is on or after January&nbsp;1, 2009. We expect SFAS No.&nbsp;141(R) will have an impact on
our accounting for future business combinations, if any, once adopted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In March&nbsp;2008, the Financial Accounting Standards Board (FASB)&nbsp;issued Statement of Financial
Accounting Standards (SFAS)&nbsp;161, <I>Disclosures about Derivative Instruments and Hedging Activities
- -an amendment of SFAS 133</I>. SFAS 161 seeks to improve financial reporting for derivative instruments
and hedging activities by requiring enhanced disclosures regarding the impact on financial
position, financial performance, and cash flows. To achieve this increased transparency, SFAS 161
requires: (1)&nbsp;the disclosure of the fair value of derivative instruments and gains and losses in a
tabular format; (2)&nbsp;the disclosure of derivative features that are credit risk-related; and (3)
cross-referencing within the
footnotes. SFAS 161 is effective for us on January&nbsp;1, 2009. We are in the process of
evaluating the new disclosure requirements under SFAS 161.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Results of continuing operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Three Months Ended March&nbsp;31, 2008 Compared to Three Months Ended March&nbsp;31, 2007</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Operating revenues. </B>For the three months ended March&nbsp;31, 2008, total operating revenues from
continuing operations increased by $900,032, or 53.9%, as compared to the prior year, due to
revenues generated by Stockman&#146;s, which was acquired on January&nbsp;31, 2007. On a comparative basis
to the same three-month period in the prior year, Stockman&#146;s revenues were below the prior year
primarily due to a decrease in slot revenue of $107,613 or 5.2% resulting from a decline in the
market of approximately 3.5%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Operating costs and expenses from continuing operations. </B>For the three months ended March&nbsp;31,
2008, total operating costs and expenses increased $174,790, or 6.0%, as compared to the prior
year, primarily due to Stockman&#146;s operating expenses from continuing operations of $1,831,949 and a
decrease in employee-related expenses at the corporate level, which is discussed in more detail
below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Project development costs. </B>For the three months ended March&nbsp;31, 2008, project development
costs decreased by $150,389, or 81.3%, as compared to the prior year, due to lower expenses related
to new business development and reduced expenses for the tribal projects resulting from the bridge
financing facility obtained by the Michigan tribe in the second quarter of 2007, which provided
alternative funding of project development costs for the Michigan project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Selling, general and administrative expense. </B>For the three months ended March&nbsp;31, 2008,
selling, general and administrative expenses decreased by $157,633, or 9.0%, as compared to 2007.
The decrease is primarily due to decreased employee-related expenses at the corporate level offset
by an increase of $113,994, or 42.0%, in expenses at Stockman&#146;s. Corporate expenses decreased by
$233,786, or 16.5%, due to a decrease in stock compensation of $157,235, or 42.7%, and a decrease
in bonus expense of $97,623, or 29.0%, as compared to the prior-year period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Operating gains. </B>For the three months ended March&nbsp;31, 2008, operating gains increased by
$1,609,241. The increase is primarily due to unrealized gains of $1.8&nbsp;million related to the notes
receivable from the Michigan Tribe, the estimated fair value of which was adjusted upward due to
the Michigan Tribe obtaining construction financing for the project, and repaying $9.3&nbsp;million of
notes receivable in May&nbsp;2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Other income (expense). </B>For the three months ended March&nbsp;31, 2008, other expenses increased by
$45,808, or 60.8%, due to interest expense related to the debt utilized to fund the Stockman&#146;s
acquisition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Income taxes. </B>For the three months ended March&nbsp;31, 2008, the effective income tax rate is
approximately 40%, compared to 46% for the same period in 2007. The decrease in the effective tax
rate from the prior year is due primarily to share-based compensation expense related to restricted
stock grants in 2007 and the impact of unrealized gains on notes receivable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity and capital resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Delaware joint venture and Stockman&#146;s Casino operation are currently our primary source of
recurring income and significant positive cash flow. Distributions from the Delaware operation are
governed by the terms of the applicable joint venture agreement and management reorganization
agreement. We will continue to receive management fees as currently prescribed under the joint
venture agreement, with a minimum guaranteed growth factor of 8% in 2008 and 5% in years 2009
through 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On a consolidated basis, for the three months ended March&nbsp;31, 2008, cash provided by
operations increased by $495,047 from $77,494 from the same period in 2007, primarily due to
positive cash flows generated by the Stockman&#146;s operation. Cash provided by investing activities
was $6,624,520, an increase of $15,109,418 from the same three-month period of last year, primarily
consisting of cash proceeds generated from the sale of the Holiday Inn Express in February&nbsp;2008.
In the prior-year period, the primary use of cash for investing activities related to the
acquisition of Stockman&#146;s casino. Cash used in financing activities increased $4,897,230,
primarily due to repayment of long-term debt using the proceeds from the sale of the Holiday Inn
Express.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At March&nbsp;31, 2008, the Company has a cash balance of $7.2&nbsp;million. Our future cash
requirements include the payment of the Green Acres acquisition (which was repaid in full in May
2008), payment of our share of the construction financing fees related to the Michigan project
(which was paid in May&nbsp;2008), funding the remaining near and long-term cash requirements of our
development expenses for the Michigan and Montana projects, our selling, general and administrative
expenses, capital expenditures primarily at Stockman&#146;s and debt service. We believe that adequate
financial resources will be available to execute our current growth plan from a combination of
operating cash flows and external debt and equity financing. A decrease in our cash receipts or
the lack of available funding sources would limit our development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On February&nbsp;20, 2008, we sold the Holiday Inn Express in Fallon, Nevada, for $7.2&nbsp;million. Net
cash proceeds of approximately $7.0&nbsp;million were used to reduce the outstanding principal balance
on the Nevada State Bank loan discussed below to $3.9&nbsp;million, which increased the Company&#146;s
availability under the facility to approximately $4.8&nbsp;million. In addition, periodic payment
requirements were reduced on a pro-rata basis, with no required principal payments until January
2016.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In connection with the acquisition of Stockman&#146;s, we executed a promissory note payable to the
seller which bears interest at 7.44% per annum, is payable in 60&nbsp;monthly installments of principal
and interest and is secured by a second interest in the real estate of Stockman&#146;s
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Long-term debt also includes a reducing revolving loan from Nevada State Bank. The maximum
amount permitted to be outstanding under the reducing revolving loan decreases $312,000
semiannually on January 1 and July&nbsp;1, and any outstanding amounts above such reduced maximum must
be repaid on each such date. The reducing revolving loan is payable over 15&nbsp;years at a variable
interest rate based on the five-year LIBOR/Swap rate plus 2.1%. This rate, which was 7.41% per
annum as of March&nbsp;31, 2008 versus 7.39% for the same period last year, adjusts annually based on
the funded debt to EBITDA ratio of Stockman&#146;s, with adjustments based on the five-year LIBOR/Swap
rate occurring every five years. With the sale of the Holiday Inn Express in February&nbsp;2008, the
balance on the loan was reduced from $10.9&nbsp;million to $3.9&nbsp;million, and the Company&#146;s availability
under the facility increased to approximately $4.8&nbsp;million. In addition, periodic payment
requirements were reduced on a pro-rate basis, with no required principal payments until January
2016.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Michigan project</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our Michigan joint venture has the exclusive right to arrange the financing and provide casino
management services to the Michigan tribe in exchange for a management fee of 26% of net revenues
(defined effectively as net income before management fees) for seven years. The terms of our
management agreement were approved by the NIGC in December&nbsp;2007 and a revised management agreement
was approved in April&nbsp;2008 to incorporate the terms of the project financing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Effective May&nbsp;15, 2007, GEM acquired all of Green Acres&#146; interests in the casino project in
Michigan for $10.0&nbsp;million. GEM&#146;s members equally funded an initial deposit of $500,000 in the
second quarter of 2007, and the remaining balance was paid in May&nbsp;2008. The repayment was funded
with $9.3&nbsp;million of proceeds received from a partial payment on the notes receivable related to
the Michigan project, which was tied to the construction financing for the Michigan project. The
remaining $5&nbsp;million of notes receivable from the Michigan Tribe are now expected to be paid from
the construction disbursement account 180&nbsp;days after the opening of the casino. However, if there
are insufficient funds in the construction disbursement account, the Michigan tribe is obligated to
repay the $5&nbsp;million in 60 equal monthly installments, with interest at prime plus 1%, beginning
180&nbsp;days after the casino opens.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In February&nbsp;2002, in exchange for funding a portion of the development costs, RAM advanced us
$2,381,260, which was partially convertible into a capital contribution to the Michigan joint
venture upon federal approval of the land into trust application and federal approval of the
management agreement with the Michigan tribe and accordingly,
RAM exercised its conversion option on its $2,381,260 loan to the Company. As a result, $2.0
million of the loan was converted to a capital contribution to the Michigan joint venture, and the
loan balance of $381,260, plus $611,718 of accrued interest on the original loan, became a
liability of GEM. At March&nbsp;31, 2008, total long-term liabilities to RAM were approximately $1.4
million, which bear interest at prime plus 1%, and are expected to mature in 2011.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Other projects</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In May&nbsp;2005, we entered into development and management agreements with the Northern Cheyenne
Tribe of Montana for a proposed casino to be built approximately 28 miles north of Sheridan,
Wyoming. The Northern Cheyenne Tribe currently operates the Charging Horse casino in Lame Deer,
Montana, consisting of 125 gaming devices, a 300-seat bingo hall and restaurant. As part of the
agreements, we have committed on a best efforts basis to arrange financing for the costs associated
with the development and furtherance of this project up to $18,000,000. Our agreements with the
tribe provide for the reimbursement of these advances either from the proceeds of the financing of
the development, the actual operation itself or, in the event that we do not complete the
development, from the revenues of the tribal gaming operation undertaken by others. The management
agreement and related contracts have been submitted to the NIGC for approval.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In June&nbsp;2005, we signed gaming development and management agreements with the Namb&#233; Pueblo of
New Mexico to develop a 50,000 square foot facility including gaming, restaurants, entertainment
and other amenities as part of the tribe&#146;s multi-phased master plan of economic development. On
March&nbsp;19, 2008, the Company announced that it was no longer pursuing the Namb&#233; Pueblo project.
Pursuant to the terms of the development agreement, the Pueblo has recognized the obligation to
reimburse all of the Company&#146;s development advances for the project. Full House currently has
advanced approximately $661,600 for the development of the project, all of which is expected to be
reimbursed by the Pueblo on yet to be negotiated terms. In addition, the Company expects to
negotiate payment from the Pueblo or its new developer for the value of the exclusive gaming rights
granted to the Company by the Pueblo. The receivable from the Pueblo is valued based on the present
value of a five-year collection period and a 21% discount rate. The collectability ultimately
depends on what project the tribe develops.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Additional projects are considered based on their forecasted profitability, development
period, regulatory and political environment and the ability to secure the funding necessary to
complete the development, among other considerations. As part of our agreements for tribal
developments, we typically fund costs associated with projects which may include legal, civil
engineering, environmental, design, training, land acquisition and other related advances while
assisting the tribes in securing financing for the construction of the project. The majority of
these costs are advanced to the tribes and are reimbursable to us, pursuant to management and
development agreements, as part of the financing of the project&#146;s development. While each project
is unique, we forecast these costs when determining the feasibility of each opportunity. Such
agreements to finance costs associated with the development and furtherance of projects are typical
in this industry and have become expected of tribal gaming developers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our agreements with the various Indian tribes contain limited waivers of sovereign immunity
and, in many cases, provide for arbitration to enforce the agreements. Generally, our only recourse
for collection of funds under these agreements is from revenues, if any, of prospective casino
operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Presently, we do not generate sufficient internal cash flow to fund the construction phase of
our tribal casino projects. If we were to discontinue any or all of these projects, the related
receivables and intangibles would then be evaluated for impairment. At March&nbsp;31, 2008, the notes
receivable from Indian tribes have been discounted approximately $1.53&nbsp;million below the
contractual value of the notes (including accrued interest) and the related contract rights are
valued substantially below the anticipated cash flow from the management fees of the projects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Because we have received financing proposals for our tribal casino projects, we expect to
successfully obtain third-party funding for the construction stage of our tribal casino projects.
However, if the Montana tribe is unable to obtain funding on acceptable terms, we believe we could
either sell our rights to one or more projects, find a partner with funding, or abandon the project
and have our receivables reimbursed from the gaming operations, if any, developed by another party.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3. Quantitative and qualitative disclosures about market risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Market risk is the risk of loss from changes in market rates or prices, such as interest rates
and commodity prices. We are exposed to market risk in the form of changes in interest rates and
the potential impact such changes may have on our variable rate debt. We have not invested in
derivative based financial instruments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Of our total outstanding debt of approximately $15.2&nbsp;million at March&nbsp;31, 2008, $4.79&nbsp;million
is subject to variable interest rates, which averaged 7.5% during the current quarter. The
applicable interest rates are based on the prime lending rate or the five-year LIBOR/Swap rate; and
therefore, the interest rate will fluctuate as the index lending rates change. Based on our
outstanding variable rate debt at March&nbsp;31, 2008, a hypothetical 100 basis point (1%) change in
rates would result in an annual interest expense change of approximately $47,883. At this time, we
do not anticipate that either inflation or interest rate variations will have a material impact on
our future operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Safe harbor provision</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of
Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, relating to our financial
condition, profitability, liquidity, resources, business outlook, market forces, corporate
strategies, contractual commitments, legal matters, capital requirements and other matters. The
Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements. We note that many factors could cause our actual results and experience to change
significantly from the anticipated results or expectations expressed in our forward-looking
statements. When words and expressions such as: &#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;estimates,&#148;
&#147;plans,&#148; &#147;intends,&#148; &#147;objectives,&#148; &#147;goals,&#148; &#147;aims,&#148; &#147;projects,&#148; &#147;forecasts,&#148; &#147;possible,&#148; &#147;seeks,&#148;
&#147;may,&#148; &#147;could,&#148; &#147;should,&#148; &#147;might,&#148; &#147;likely,&#148; &#147;enable,&#148; or similar words or expressions are used in
this Form 10-Q, as well as statements containing phrases such as &#147;in our view,&#148; &#147;there can be no
assurance,&#148; &#147;although no assurance can be given,&#148; or &#147;there is no way to anticipate with
certainty,&#148; forward-looking statements are being made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">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:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our growth strategies;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our development and potential acquisition of new facilities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">risks related to development and construction activities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">anticipated trends in the gaming industries;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">patron demographics;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">general market and economic conditions;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">access to capital, including our ability to finance future business
requirements;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the availability of adequate levels of insurance;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in federal, state, and local laws and regulations, including
environmental and gaming license legislation and regulations;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">regulatory approvals;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">competitive environment;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">risks, uncertainties and other factors described from time to time in this and
our other SEC filings and reports.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">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 our 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.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;4(T). Controls and Procedures.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Evaluation of Disclosure Controls and Procedures </B>&#151; As of March&nbsp;31, 2008, we completed an
evaluation, under the supervision and with the participation of our management, including our Chief
Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule
13a-15(e) and 15d-15(e)). Based upon that evaluation, the Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures are effective at a
reasonable assurance level in timely alerting them to material information relating to us which is
required to be included in our periodic Securities and Exchange Commission filings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Changes in Internal Control Over Financial Reporting </B>&#151; There have been no changes during the
last fiscal quarter that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II &#151; OTHER INFORMATION</B>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1. Legal Proceedings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">There are no material legal proceedings currently pending or threatened involving the Company
or any subsidiary.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6. Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Management Agreement between the
Notawaseppi Huron Band of Potawatomi Indians, FireKeepers Development
Authority and Gaming Entertainment (Michigan), LLC*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal executive officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal financial officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal executive officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal financial officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>FULL HOUSE RESORTS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:  May 14, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ MARK MILLER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>Chief Financial Officer<BR>
(on behalf of the Registrant and
as principal financial officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Management Agreement between the
Notawaseppi Huron Band of Potawatomi Indians, FireKeepers Development
Authority and Gaming Entertainment (Michigan), LLC*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal executive officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal financial officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal executive officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of principal financial officer pursuant to 18 U.S.C.
section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002*</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c73399exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit  10.1</B></div>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">THIRD
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">AMENDED AND RESTATED MANAGEMENT AGREEMENT

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">BETWEEN THE

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">NOTTAWASEPPI HURON BAND OF POTAWATOMI INDIANS,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">FIREKEEPERS DEVELOPMENT AUTHORITY

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">AND

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">GAMING ENTERTAINMENT (MICHIGAN), LLC

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">April&nbsp;11, 2008
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>THIRD AMENDED AND RESTATED<BR>
MANAGEMENT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>THIS THIRD AMENDED AND RESTATED MANAGEMENT AGREEMENT </B>has been entered into as of the 11th day
of April, 2008, by and between the <B>NOTTAWASEPPI HURON BAND OF POTAWATOMI INDIANS</B>, a federally
recognized Indian tribe (the &#147;Tribe&#148;), <B>FIREKEEPERS DEVELOPMENT AUTHORITY, </B>an unincorporated
instrumentality and political subdivision of the Tribe created under tribal law to develop and
operate the Tribe&#146;s gaming enterprise (the &#147;Authority&#148;), <B>and GAMING ENTERTAINMENT (MICHIGAN), LLC</B>,
a Delaware limited liability company (&#147;Manager&#148;) (jointly and severally the &#147;Parties&#148; or &#147;Party&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;Recitals
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.1 The Tribe and Green Acres Casino Management Company, Inc. (&#147;Green Acres&#148;) entered into
management agreements, dated June&nbsp;11, 1994, for class II and class III gaming, as amended by an
addendum dated January&nbsp;4, 1995, which addendum, inter alia, added Full House Resorts, Inc. (&#147;FHRI&#148;)
as part of the management (collectively, the &#147;Original Agreements&#148;). Green Acres and FHRI have
made all payments and, together with the Tribe, have otherwise performed all of their obligations
required under the Original Agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.2 Manager and the Tribe entered into an Amended and Restated Class&nbsp;III management agreement on
November&nbsp;18, 1996, superseding the Original Agreements, and making certain other changes as set
forth therein. The Parties made further changes and executed a Temporary Facility Management
Agreement and Second Amended and Restated Management Agreement on June&nbsp;9, 1999. The Temporary
Facility Management Agreement was subsequently revised by later agreements between the Parties
dated November&nbsp;3, 2002, and June&nbsp;12, 2006, each was forwarded to the National Indian Gaming
Commission (NIGC)&nbsp;for review and approval. The Parties now desire to make further changes to the
agreement between them, including the joinder of the Authority as a party hereto as the Tribe&#146;s
designated gaming enterprise development authority, and as set forth in this Amended and Restated
Management Agreement (hereafter &#147;Management Agreement&#148; or this &#147;Agreement&#148;). This Agreement
supersedes any prior agreement between either or both of the Tribe and the Authority on the one
hand and the Manager on the other.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.3 The Tribe has established the Authority as an unincorporated instrumentality and political
subdivision of the Tribe formed under the Tribe&#146;s laws, and delegated the exclusive right to
develop and operate the Tribe&#146;s gaming Enterprise. In addition, the Tribe has appointed
Firekeepers Development Authority to act as its representative and exclusive agent under this
Management Agreement, to exercise the rights and perform the obligations of the Tribe hereunder,
and to provide or withhold any consent or approval required from the Tribe under this Management
Agreement. The Tribe is a party to this Management Agreement to (i)&nbsp;give effect Articles 17 and 19
hereof and (ii)&nbsp;effect the necessary modifications to its prior agreements with Manager, but, as
hereinafter further provided, the Manager shall henceforth look solely to the
Authority with respect to the performance of this Management Agreement in the interest, and on
behalf of the Tribe.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.4 The Authority, with the assistance of Manager, has obtained an Interim Credit Facility from IGT
(the &#147;Interim Credit Facility&#148;) to continue design and development of a Gaming Facility, and has
engaged Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated to facilitate the Loan, that will permit
the Authority, as representative and agent of the Tribe, (i)&nbsp;to construct a Gaming Facility (as
that term is herein defined) suitable for conducting Gaming (as that term is herein defined) on
Indian lands in the State of Michigan pursuant to the Tribe&#146;s recognized powers of self-government
and the Constitution, statutes and ordinances of the Tribe, as well as (ii)&nbsp;for other purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.5 The Tribe has delegated to the Authority the authority and responsibility to establish an
Enterprise (as herein defined) to conduct Gaming on the Property to serve the social, economic,
educational and health needs of the Tribe, to increase Tribal revenues and to enhance the Tribe&#146;s
economic self-sufficiency and self-determination. This Agreement sets forth the manner in which
the Enterprise will be established and managed in the Gaming Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.6 The Authority is seeking assistance and expertise from Manager concerning the financing,
development, and construction of the Gaming Facility, and technical experience and expertise for
the management and operation of the Enterprise, and instruction for members of the Tribe in the
operation of the Enterprise. The Manager is willing and able to provide such assistance,
experience, expertise, and instruction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.7 The Authority, as the Tribe&#146;s representative and agent, grants the Manager the exclusive right
and obligation to develop, manage, operate and maintain the Enterprise and to train Tribal members
and others in the operation and maintenance of the Enterprise during the term of this Agreement, in
accordance with the provisions of this Agreement. The Manager wishes to perform these functions
exclusively for the Authority, on behalf of the Tribe, as limited in Section&nbsp;3.3 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.8 This Agreement will be submitted to the NIGC for approval pursuant to IGRA and terminates and
supersedes all prior written agreements between either or both the Tribe and the Authority on one
hand and the Manager on the other.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.9 Manager has previously made nonrefundable payments to the Tribe in the aggregate amount of Six
Hundred and Sixty Thousand ($660,000), Ninety Three Thousand Five Hundred and Twenty-Seven Dollars
($93,527) for professional services, and Three Hundred Thousand ($300,000) for the Tribe&#146;s
Community Center. These payments constitute gifts to the Tribe and shall not be considered
Pre-Financing Costs or reimbursed to the Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2 Definitions. As they are used in this Agreement, the terms listed below shall have the meaning
assigned to them in this Section&nbsp;2:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.1 Authority Board. &#147;Authority Board&#148; means the Authority&#146;s Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.2 BIA. &#147;BIA&#148; is the Bureau of Indian Affairs of the Department of the Interior of the United
States of America.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.3 Budgets. &#147;Budgets&#148; shall mean the Operating Budget and the Capital Expense Budget for the
Gaming Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.4 Capital Expenses. &#147;Capital Expenses&#148; shall mean the cost of construction, alteration or
rebuilding of the Gaming Facility and any furniture, trade fixtures and equipment and other
tangible or intangible property of the Gaming Facility, the costs of which are required by GAAP to
be capitalized and depreciated or amortized. For purposes of this definition, any property costing
less than $5,000 shall be an Operating Expense of the Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.5 Capital Expense Budget. &#147;Capital Expense Budget&#148; shall mean the budget for Capital Expenses
adopted in accordance with Section&nbsp;4.9.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.6 Capital Reserve Fund. &#147;Capital Reserve Fund&#148; shall mean the reserve fund established in
accordance with Section&nbsp;4.13.6 to pay Capital Expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.7 Chairman. &#147;Chairman&#148; shall mean the Chairman from time to time of the NIGC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.8 Charter. &#147;Charter&#148; shall mean the Charter of the Authority, adopted on March&nbsp;21, 2007, as the
same may be amended from time to time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.9 Class&nbsp;II Gaming. &#147;Class&nbsp;II Gaming&#148; shall mean Class&nbsp;II Gaming as defined in IGRA and its
implementing regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.10 Class&nbsp;III Gaming. &#147;Class&nbsp;III Gaming&#148; shall mean Class&nbsp;III Gaming as defined in IGRA and its
implementing regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.11 Collateral. &#147;Collateral&#148; shall mean (a)&nbsp;the Authority&#146;s share of future Net Revenues, before
distribution pursuant to Section&nbsp;6 of this Agreement, from the Enterprise and/or Gaming Facility,
or other future undistributed Net Revenues arising or generated after the termination of this
Agreement; and (b)&nbsp;undistributed gaming and related Net Revenues from the Gaming Facility arising
or generated after the date that a matter in dispute is referred to arbitration, pursuant to
Section&nbsp;17, up to the amount of money, if any, in dispute.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.12 Commencement Date. &#147;Commencement Date&#148; shall mean the first date that the Gaming Facility is
substantially complete, open to the public and that Gaming is conducted in the Gaming Facility
pursuant to the terms of this Agreement. The Manager shall memorialize the Commencement Date in a
writing signed by the Manager and delivered to the Authority, the Tribe, and the Area Director,
Minneapolis Area Office, BIA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.13 Compact. &#147;Compact&#148; shall mean a Tribal-State Compact between the Tribe and the State of
Michigan regarding Class&nbsp;III Gaming, as now in effect and as the same may, from time to time, be
amended.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.14 Constitution. &#147;Constitution&#148; shall mean the Constitution of the Tribe adopted September,
1979, and as the same may, from time to time, be amended.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.15 Development and Construction Costs. &#147;Development and Construction Costs&#148; shall mean the sum
of all costs incurred in developing, designing and constructing the Gaming Facility and other
Improvements that are required for the Gaming Facility&#146;s initial operation, including,
without limitation, any costs related to acquisition of the Property, obtaining any Government
Agency approvals, architect and engineering services, and other professional services.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.16 Effective Date. The &#147;Effective Date&#148; shall mean the date of written approval by the Chairman
of (i)&nbsp;this Agreement, as executed by the Parties, (ii)&nbsp;any other documents collateral thereto that
require approval by the Chairman or the BIA, as the case may be, and (iii)&nbsp;a Tribal Gaming
Ordinance, whichever occurs latest.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.17 Enterprise. The &#147;Enterprise&#148; is:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any commercial gaming enterprise of the Authority, developed
and operated on behalf of the Tribe, authorized under the Indian Gaming
Regulatory Act (IGRA), conducted in the Gaming Facility that is or was operated
and managed by Manager in accordance with the terms and conditions of this
Agreement,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Automatic Teller Machines (&#147;ATM&#148;) within the Gaming Facility,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the sale of food, beverages (including alcoholic beverages),
within the Gaming Facility,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">gifts and souvenirs and the sale of tobacco conducted within
the Gaming Facility.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.18 Enterprise Employees. &#147;Enterprise Employees&#148; shall mean those employees working at the Gaming
Facility other than the General Manager. Enterprise Employees are deemed employees of the
Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.19 Enterprise Employee Policies. &#147;Enterprise Employee Policies&#148; shall have the meaning given to
it in Subsection 4.6.2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.20 Financial Institution. &#147;Financial Institution&#148; shall mean a financial institution, syndicate
of financial institutions, institutional purchaser(s) of debt securities, or a trustee for any such
institution, as may be approved by the Authority and the necessary federal authorities, which
provides the Loan to the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.21 Furniture and Equipment. &#147;Furniture and Equipment&#148; shall mean all furniture, furnishings, and
equipment required in the operation of the Gaming Facility in accordance with the Plans and
Specifications.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.22 Gaming. &#147;Gaming&#148; shall mean any and all activities defined as Class&nbsp;II or Class&nbsp;III Gaming
under IGRA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.23 Gaming Commission. &#147;Gaming Commission&#148; shall mean the body created pursuant to the Tribal
Gaming Ordinance to regulate Gaming in accordance with the Compact, IGRA and the Tribal Gaming
Ordinance.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.24 GAAP. &#147;GAAP&#148; shall mean United States generally accepted accounting principles consistently
applied applicable to Tribal government operations as set out in Governmental
Accounting Standards Board (GASB)&nbsp;Statements. For purposes of this Agreement, the Enterprise
elects, as authorized under GASB Statement 20, paragraph 7, to apply all Financial Standards Board
Statements (FASB)&nbsp;pronouncements issued after November&nbsp;30, 1989, except for those that conflict
with or contradict GASB pronouncements. Notwithstanding treatment under GAAP, for the purposes of
this Agreement, interest expenses will be included in the computation of Operating Expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.25 Gaming Facility. &#147;Gaming Facility&#148; shall mean the buildings, improvements, and fixtures
hereafter constructed on the Property pursuant to this Management Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.26 General Manager. &#147;General Manager&#148; shall mean the person employed by Manager and licensed by
the Gaming Commission to direct the operation of the Gaming Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.27 General Contractor. &#147;General Contractor&#148; shall mean the contractor or contractors selected by
the Manager, with the Authority&#146;s approval, not to be unreasonably withheld, to construct the
Improvements and any additions thereto in accordance with the Plans and Specifications.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.28 Gross Revenues. &#147;Gross Revenues&#148; shall mean all revenues of any nature derived directly or
indirectly from the Enterprise including, without limitation, the total amount of cash wagered on
class II and class III games and admissions fees (including table or card fees), food and beverage
sales, net ATM proceeds, and rental from lessees, sublessees, licensees or concessionaires (but not
the gross receipts of such lessees, sublessees, licensees or concessionaires), business
interruption insurance proceeds, temporary condemnation awards, and proceeds from litigation and
other claims against third parties. Gross Revenues shall not include revenues constituting (i)
proceeds of any indebtedness, (ii)&nbsp;any contributions by or on behalf of Tribe, (iii)&nbsp;proceeds of
condemnation or, exclusive of proceeds of business interruption insurance, proceeds of insurance
not reimbursing any costs previously treated as an Operating Expense, (iv)&nbsp;Promotional Allowances
and (v)&nbsp;any interest or other earnings that accrues on the Tribal Distribution Account. Unless
otherwise agreed by the Parties, lessees, sublessees, licensees, or concessionaires which are
subsidiaries or affiliates of the Authority, the Tribe, or the Manager shall be required to pay a
fair market rental.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.29 IGRA. &#147;IGRA&#148; shall mean the Indian Gaming Regulatory Act of 1988, PL 100- 497, 25 U.S.C. &#167;
2701 et seq. as it may, from time to time, be amended.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.30 Improvements. Subject to Section&nbsp;4.1.1 herein, &#147;Improvements&#148; shall mean the improvements
constructed and to be constructed (including but not limited to the Gaming Facility) or installed
on the Property and on adjacent areas for the benefit of the Property, including without
limitation, the Facility access ways and roadways, parking areas, drainage improvements, utility
lines, and landscaping, all of which will be constructed in accordance with the Plans and
Specifications approved by the Tribe.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.31 Legal Requirements. &#147;Legal Requirements&#148; shall mean singularly and collectively all
applicable laws and regulations including without limitation the Tribal Gaming Ordinance, IGRA, the
Compact, and applicable Tribal, federal and state statutes, regulations and ordinances.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.32 Loan. &#147;Loan&#148; shall mean any debt financing, loan or loans made to the Authority to finance
the cost of the Improvements and the Furniture and Equipment, to provide Working Capital, to fund
Start-up Expenses and pay costs associated with the Loan, as provided in Section&nbsp;3, and to fund
such other costs as are specified in this Agreement to be part of the Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.33 Loan Agreement. &#147;Loan Agreement&#148; shall mean the loan agreement(s), indenture(s), credit
agreement(s) or other agreement that set forth the terms of any Loan, as the same may be amended,
and any substitutions therefor, with respect to the Loan(s), to be executed by the Authority and a
Financial Institution (or one or more trustees or agents acting on behalf of a Financial
Institution); provided that no agreement or document shall constitute a Loan Agreement if that
agreement or document, either alone or with other agreements or documents, or grants any
proprietary interest in the Enterprise within the meaning of IGRA or regulations promulgated
thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.34 Loan Documents. &#147;Loan Documents&#148; shall mean the Loan Agreement, promissory note(s) evidencing
the Loan, the security agreement securing the Loan and such other documents as may be executed from
time to time with respect to the Loan and any amendments thereto and substitutions therefor;
provided that no agreement or document shall constitute a Loan Document if that agreement or
document, either alone or with other agreements or documents, constitutes a management contract or
grants any proprietary interest in the Enterprise within the meaning of IGRA or regulations
promulgated thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.35 Loan Payments. &#147;Loan Payments&#148; shall mean the principal and other payments due under the Loan
Documents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.36 Management Fee. &#147;Management Fee&#148; shall mean the management fee as provided in Section&nbsp;6.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.37 Minimum Guaranteed Monthly Payment. &#147;Minimum Guaranteed Monthly Payment&#148; shall mean that
payment due the Tribe as described in Section&nbsp;6.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.38 NIGC. &#147;NIGC&#148; shall mean the National Indian Gaming Commission established pursuant to 25
U.S.C. &#167; 2704, or any amendment to that Section.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.39 Net Revenues. &#147;Net Revenues&#148; shall mean Gross Revenues from the Enterprise less:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(i)&nbsp;amounts paid out as, or paid-for, prizes and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(ii)&nbsp;total Operating Expenses, excluding the Management Fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.40 Operating Budget. &#147;Operating Budget&#148; shall mean the budget for Operating Expenses adopted in
accordance with Section&nbsp;4.9.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.41 Operating Expenses. Operating Expenses&#148; shall mean all normal and necessary costs and
expenses in the operation of the Enterprise as determined in accordance with GAAP, plus regardless
if constituting an operating expenses, the following: (1)&nbsp;interest expense and all non-operating
expenses of the Enterprise determined in accordance with GAAP; (2)&nbsp;depreciation and amortization;
(3)&nbsp;salaries, wages, and benefits for the Enterprise Employees (other than the General Manager);
(4)&nbsp;materials and supplies; (5)&nbsp;utilities; (6)&nbsp;repairs and maintenance;
(7) accounting fees; (8)&nbsp;interest on installment contract purchases; (9)&nbsp;insurance and bonding; (10)
advertising and marketing, including busing and transportation of patrons; (11)&nbsp;transportation
services to effect the safe transport of daily Enterprise receipts
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"> (12)&nbsp;legal and professional
fees; (13)&nbsp;fees, costs, dues and contributions associated with Tribal and Enterprise membership and
participation in trade associations, political action associations and related associations; (14)
fire, safety and security costs; (15)&nbsp;reasonable travel expenses for officers and employees of the
Enterprise, when such travel is related to the business of the Enterprise, and for the Chairperson,
members and key employees of the Authority, the Tribe, the Authority Board or the Tribal Council
when such travel is related to the business of the Enterprise (16)&nbsp;trash removal; (17)&nbsp;costs of
goods and services sold; (18)&nbsp;the costs of the Gaming Commission pursuant to Section&nbsp;4.6.6; (19)
Enterprise recruiting and training expenses; (20)&nbsp;fees due to the NIGC under IGRA or the State of
Michigan or local governments pursuant to the Compact; (21)&nbsp;lease payments for personal property;
(22)&nbsp;internal audit and surveillance costs; (23)&nbsp;property costing less than $5,000 as provided in
section 2.3 herein; and (24)&nbsp;other costs and expenditures permitted to be treated as an expense of
the Enterprise in accordance with GAAP. Operating Expenses shall not include: (1)&nbsp;distributions to
the Authority or the Tribe (other than reasonable payments that if not made to the Tribe or an
affiliate of the Tribe would be treated as an Operating Expense); (2)&nbsp;principal payments on debt;
or (3)&nbsp;for purposes of calculations under Section&nbsp;6, the Manager&#146;s Fee. In determining
depreciation as an Operating Expense, the useful life of gaming equipment shall not exceed five (5)
years, other furnishings and fixtures shall not exceed seven (7)&nbsp;years, and of the Gaming Facility
shall not exceed thirty-nine (39)&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.42 Pre-Financing Costs. &#147;Pre-Financing Costs&#148; shall mean those costs incurred by Manager by or
on behalf of the Tribe during the period prior to the Authority securing the Interim Credit
Facility, which are to be repaid by the Authority under the terms of this Agreement and any other
project-related costs or advances for Tribal government services incurred by Manager in accordance
with this Management Agreement until the Commencement Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.43 Plans and Specifications. &#147;Plans and Specifications&#148; shall mean the plans and specifications
specified in Section&nbsp;3.1.6 herein and shall generally refer to the drawings (graphic and pictorial
portions showing the design, location and dimensions, including plans, schedules and diagrams) and
specifications (written requirements for materials, equipment, systems, standards and workmanship
and performance of related services) for the Project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.44 Preferred Payment. &#147;Preferred Payment&#148; shall mean that payment due the Authority as described
in Section&nbsp;6.4.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.45 Project. &#147;Project&#148; shall mean the Property, the Improvements, Furniture and Equipment and the
Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.46 Project Costs. &#147;Project Costs&#148; shall mean all costs necessary to develop and open the
Project, including Development and Construction Costs, furniture, fixtures and equipment, Working
Capital, Pre-Financing Costs, Start-Up and Pre-opening Costs, costs associated with the Loan
(including interest due in respect of the Loan), and the Tribal Operations Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.47 Promotional Allowances. &#147;Promotional Allowances&#148; shall mean the retail value of complimentary
food and beverage, merchandise, entertainment and tokens for gaming, provided to patrons as
promotional items.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.48 Property. &#147;Property&#148; shall mean the land held in trust by the United States for the benefit
of the Tribe, located in the Charter Township of Emmett, Calhoun County, Michigan on which the
Gaming Facility is planned to be located.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.49 Recoupment Payment. &#147;Recoupment Payment&#148; shall mean the repayment from the Authority&#146;s share
of Net Revenues of: (a)&nbsp;any advance made by the Manager to the Authority of a Minimum Guaranteed
Payment as contemplated by Section&nbsp;6.3; or (b)&nbsp;any portion of the Management Fee which is not paid
to the Manager as provided in Section&nbsp;6.7<B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.50 Reserve Funds. &#147;Reserve Funds&#148; shall mean the Capital Reserve Fund and such additional
reserve funds as the parties, by mutual consent, may agree to create.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.51 Site. &#147;Site&#148; shall mean the location of the Gaming Facility. Attached hereto as Exhibit&nbsp;A is
the legal description of the Site.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.51 &#147;Start-Up and Pre-Opening Costs&#148; shall mean all those costs incurred for the Enterprise during
the six month period prior to the scheduled Commencement Date necessary to prepare the Gaming
Facility for opening.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.52 Term. &#147;Term&#148; shall mean the seven-year term of this Agreement as specified in Section&nbsp;3.2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.53 Tribal Council. &#147;Tribal Council&#148; shall mean the Tribal Council created pursuant to the
Tribe&#146;s Constitution or, at the option of the Tribal Council, a designee committee created pursuant
to resolution or ordinance of the Tribal Council.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.54 Tribal Distribution Account. &#147;Tribal Distribution Account&#148; shall mean the account established
pursuant to 4.13.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.55 Tribal Gaming Ordinance. The &#147;Tribal Gaming Ordinance&#148; is the ordinance and any amendments
thereto enacted by the Tribe, which authorizes and regulates Gaming on Indian lands within the
jurisdiction of the Tribe.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.56 Authority&#146;s Project Coordinator. The &#147;Authority&#146;s Project Coordinator&#148; shall mean the
individual hired by the Authority Board to act as the liaison between the Authority and the Manager
and Architect, and assist the Authority Board in providing Authority approvals to Manager and
Architect that are necessary for the design and construction of the Improvements, as more fully set
forth in section 3.1.7.1 herein and under the 2002 Architect Agreement between Manager and the
Architect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.57 Authority&#146;s Share of Net Revenues. The &#147;Authority&#146;s Share of Net Revenues&#148; shall mean 100% of
the Net Revenues less the Management Fee as that term is defined in Section&nbsp;6.7 herein. Such
Authority share of Net Revenues shall be subject to the deduction and payments for debt service
constituting principal repayments, capital expenses, and the reserving of funds as provided in
Section&nbsp;6 herein.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3 Covenants. In consideration of the mutual covenants contained in this Agreement, the Parties
agree and covenant as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1 Engagement of Manager. The Authority, acting as representative and exclusive agent of the
Tribe, hereby retains and engages Manager as an independent contractor for the Term, and Manager
accepts such engagement. The Authority retains the Manager to manage the Enterprise and train
Tribal members and others in the management of the Enterprise in accordance with the terms of this
Agreement. The Manager hereby accepts such retention and engagement. The Authority, acting as
representative and exclusive agent of the Tribe, shall have the sole proprietary interest in the
Enterprise. Nothing contained herein grants or is intended to grant Manager a titled interest to
the Gaming Facility or to the Enterprise. Pursuant to its engagement by the Authority, Manager
shall undertake the duties as set forth herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.1 Community Center Contribution. The Manager has contributed the sum of Three Hundred Thousand
Dollars ($300,000) towards the construction of a Tribal Community Center, and assisted the Tribe in
supervising the design and completion of construction of the Tribal Community Center. Such
contribution shall constitute a gift from Manager to the Tribe and shall not be included in the
Pre-Financing Costs to be reimbursed to the Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.1.1 Manager&#146;s Payment of Pre-Financing Costs. Notwithstanding anything to the contrary, upon
execution of this Agreement, the Parties acknowledge that the Manager has advanced all reasonable
costs related to obtaining Government Agency approvals, architect and engineering services, and
other professional services as were required by the Parties to advance the Project prior to the
Interim Loan Facility, and shall be repaid by the Authority from the Loan, or as otherwise provided
herein at Sections&nbsp;3.1.8 and 6.8. Manager shall provide the Authority monthly statements, which
shall be audited by the Authority, of all Pre-Financing Costs incurred by or on the Tribe&#146;s or the
Authority&#146;s behalf for review and acceptance by the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.1.2 Tribe&#146;s advances for costs associated with governmental approvals in the approximate amount
of $66,000. The parties agree that the Tribe has advanced some of its own funds in its efforts to
secure necessary governmental approvals, which has not been repaid or reimbursed, and upon
presentation of a statement of such costs, the Tribe shall be repaid from the Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.2 Development and Construction Costs. The Manager shall have the responsibility to supervise,
in accordance with the Project Design and Construction Management Agreement entered into between
the Authority and Manager contemporaneously with this Management Agreement, and through an
architect already engaged by the Authority (the &#147;Architect&#148;), the design and completion of all
construction, development, improvements and other activities related to the Project undertaken
pursuant to the terms and conditions of the contract(s) with the General Contractor and will
require the General Contractor and its subcontractors to furnish appropriate payment and
performance bonds. The Development and Construction Costs shall be paid through the Loan. The
Manager shall, upon submission of invoices and certification by the General Contractor and by the
Architect to the Manager and the Authority, reimburse the General Contractor and Architect for
their services, subject to the provisions of the Loan Documents<B>.</B>
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.3 Equipment Costs. The Manager shall purchase or lease on behalf of the Enterprise the
necessary Furniture and Equipment, with the approval of the Authority, which Furniture and
Equipment, when purchased, shall be owned by the Authority. The Manager agrees to assist the
Authority to obtain a Loan to the Authority of the funds necessary for the purchase or lease of
such Furniture and Equipment as may reasonably be required for a Gaming Facility of the size and
quality agreed upon by the Parties; it is the Parties&#146; intent to construct a 226,044 square foot
structure in which Gaming Facility will be located. The Manager may, upon securing lease
financing, lease on behalf of the Enterprise all or a portion of such Furniture and Equipment,
subject to the Authority approving the terms of the lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.4 Working Capital. The Manager shall assist the Authority to secure the Loan necessary for
working capital on or before the Commencement Date for the operation of the Enterprise on a sound
business basis and in accordance with an approved Operating Budget. The amount provided for
Working Capital and additional working capital shall be included in Project Costs and shall not
increase the total Project Cost above that stated in section 3.1.7. After the Commencement Date,
any additional Working Capital shall be provided by the Authority,
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.5 Start-Up and Pre-Opening Expenses. Prior to the Commencement Date, the Manager shall assist
the Authority to secure a Loan to provide to the Enterprise the funds necessary for Startup and
Pre-Opening expenses that are required for the operation of the Enterprise on a sound business
basis and in accordance with an approved Operating Budget.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.6 Plans and Specifications. The Manager and the Authority, through the Authority Board, shall
agree to Plans and Specifications for the Gaming Facility, defining all activities, materials, and
services necessary for the Improvements and the Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.7 Project Costs. The Manager and the Authority agree that the total project cost shall not
exceed $425 Million Dollars ($425,000,000) without the Authority&#146;s written approval in its sole
discretion, and that Manager shall assist the Authority to secure a Loan to fund all Project Costs
for the Project in accordance with the terms and conditions herein not to exceed $425 Million
Dollars ($425,000,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.7.1. Hiring of the Authority&#146;s Project Coordinator. The Parties agree that, in order for the
Authority Board to timely review the Plans and Specifications and provide necessary approvals to
Manager and Architect under the terms of the Architect Agreement, the Authority may hire a Project
Coordinator. The cost of the Project Coordinator position shall be a Project Cost from the date of
the Project Coordinator&#146;s hiring until the Commencement Date. The Authority has sole discretion to
fill the Project Coordinator position as a consultant to the Authority, a full-time Authority
employee, or combination thereof. For the period that the Project Coordinator may be a full-time
employee of the Authority, the Parties agree that the Tribe&#146;s or Authority&#146;s standard fringe
benefits package will also constitute a Project Cost until the Commencement Date. Thereafter, the
costs of the Project Coordinator will be borne solely by the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1.8 Loan Advances. With the Manager&#146;s assistance, the Authority shall secure a Loan to provide
all funds required to pay costs in Sections&nbsp;3.1.1.1, 3.1.1.2, 3.1.2, 3.1.3, 3.1.4, 3.1.5, 3.1.6,
3.1.7, 3.1.7.1, and 6.13 other than those paid through advances of Pre-Financing Costs by Manager
which shall in turn be repaid to Manager in accordance with this Agreement from the proceeds of the
Loan. Except as otherwise provided herein, advances under said Sections shall be made only upon
adequate documentation that an obligation has been incurred and such obligation is currently due
and owing and after review by the Manager and by the Tribe or Authority. With the consent of any
Financial Institution whose consent is so required, any funds advanced by Manager under this
Section&nbsp;3.1 as Pre-Financing Costs shall only be repayable from
the Loan and from the Collateral and shall not otherwise be an obligation of the Tribe. In the
event the Manager is not repaid the advance of Pre-Financing Costs from the Loan, Manager shall be
repaid in accordance with Paragraph&nbsp;6.8. The Loan shall be secured by a first lien on the
Collateral to the extent set forth in any applicable Loan Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.2 Term. The Term of this Agreement shall begin on the Effective Date and continue for a period
of seven (7)&nbsp;years after the Commencement Date, except as provided in Section&nbsp;4.5.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.3 Exclusivity of Operations. During the Term, neither the Manager, the Tribe, nor the Authority
will establish or operate any other Gaming within fifty (50)&nbsp;miles of the Property without the
express written consent of the other Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4 Parties&#146; Compliance with Law; Licenses. The Manager, the Authority, and the Tribe will at all
times comply with all Legal Requirements. All Gaming covered by this Agreement shall be conducted
in accordance with all Legal Requirements. Manager shall take no action or engage in any activity
that would cause the Authority or Tribe to be in violation of any Legal Requirements, and the
Authority or Tribe shall take no action or engage in any activity that (i)&nbsp;would cause Manager or
the members of Manager to be in violation of any Legal Requirements or (ii)&nbsp;could result in the
revocation of any gaming license held by Manager or the members of Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4.1 Conflicting Legal Requirements. The Manager shall not be obligated to comply with any Tribal
Ordinance or other Tribal law if to do so would cause the Manager to violate any applicable
non-Tribal law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4.2 Licenses. The Manager, Manager&#146;s executive officers and all other persons required by
applicable law shall seek a license to operate the Enterprise pursuant to the Tribal Gaming
Ordinance. The Gaming Commission shall act upon all such license applications promptly and may not
arbitrarily or capriciously deny any license sought under this Subsection 3.4.2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4.3 Indian Civil Rights Act. The Tribe shall take no action that violates the Indian Civil
Rights Act (25 U.S.C. &#167;&#167; 1301-1303) or the Tribe&#146;s Constitution.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4.4 Internal Revenue Code and Bank Secrecy Act. The Manager shall comply with all applicable
provisions of the Internal Revenue Code and the Bank Secrecy Act including, but not limited to, the
prompt filing of any cash transaction reports and W-2G reports that may be required by the Internal
Revenue Service of the United States or under the Compact.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4.5 Compliance with the National Environmental Policy Act. The Authority shall supply the NIGC
with all information requested by the NIGC to comply with any regulations of the NIGC issued
pursuant to the National Environmental Policy Act (NEPA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.5 Management Fee. Subject to the terms of this Agreement, the Authority agrees to pay the
Manager the Management Fee as provided in Section&nbsp;6.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.6 Fire and Safety. The Gaming Facility shall be constructed and maintained in compliance with
the standard uniform BOCA code concerning fire and safety, provided that nothing in this
Agreement shall grant any jurisdiction to any state government or any political subdivision thereof
over the Property or the Gaming Facility.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.6.1 Fire Protection. The Manager shall have the responsibility to provide the Gaming Facility
with adequate fire protection services and equipment, including sprinklers. The Authority shall
have the responsibility for obtaining cooperative agreements under which the BIA, and/or local
municipalities with volunteer fire departments, shall agree to provide fire fighting services in
the event of a fire at the facility. The costs of fire protection under this Section shall be an
Operating Expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.6.2 Public Safety Services. The Manager shall provide appropriate security and public safety
services for the operation of the Enterprise. All aspects of the Gaming Facility security shall be
the responsibility of the Manager. Any security officer shall be bonded and insured in an amount
commensurate with his or her enforcement duties and obligations. The cost of any charge for
security and increased public safety services, including police protection and emergency medical
services, shall be an Operating Expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.7 Uniform Commercial Code. Subject to the requirements of this Agreement and the Loan Documents,
the parties agree that Articles I, II, III, IV, V, VI, VII, and IX of the Uniform Commercial Code,
as adopted by the State of Michigan, shall govern this Agreement and all activities and contracts
involving the Enterprise. All filings for perfection pursuant to Article&nbsp;IX shall be done with the
Secretary of State for the State of Michigan unless the Tribe shall establish an office to receive
such filings. Nothing in this Section shall constitute a waiver of tribal sovereign immunity,
written notification requirements, or constitute consent of the Tribe to the regulatory,
adjudicatory or other jurisdiction of the State of Michigan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.8 Property. The Parties agree that the purchase price of the Property shall be treated as a
Pre-Financing Cost and repaid by the Authority to the Manager from the proceeds of the Loan to be
secured by the Authority or otherwise in accordance with Paragraph&nbsp;3.1.8.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4 Business Affairs in Connection with Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.1 Manager&#146;s Authority and Responsibility. All business and affairs in connection with the
day-to-day operation, management, maintenance, and improvement of the Gaming Facility, including
the establishment of operating days and hours, consistent with the Tribal Gaming Ordinance, shall
be the responsibility of the Manager. The Manager is hereby granted the necessary power and
authority to act, through the General Manager, in order to fulfill its responsibilities under this
Agreement. The General Manager shall be a person selected by the Manager, subject to the approval
of the Authority, which approval shall not be unreasonably withheld.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.1.1 Manager&#146;s Authority and Responsibility Regarding Additional improvements. The Parties agree
that Manager&#146;s share of revenues derived from additional improvements which the Authority may
choose to build on or near the Property after the Commencement Date shall be dependent on Manager&#146;s
involvement in financing such improvement(s), and the level of Manager&#146;s duties and
responsibilities associated with the planning, design, construction, operation and maintenance of
any such improvement(s), or the activities occurring in the improvement(s), all as the Authority or
Tribe may delegate to Manager, and the Parties agree
upon through subsequent negotiation.
Nothing herein shall deny Manager the exclusive right, during
the term of this Agreement, to operate any and all Gaming activities on the Property on the
Authority&#146;s or the Tribe&#146;s behalf as may be permitted under IGRA and the Tribe-State compact. It
is understood that approval by the NIGC of this Agreement does not constitute an approval by the
NIGC, if any such approval is necessary under the Legal Requirements, to any future improvements
the Parties may subsequently plan or construct on or near the Property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.2 Duties of the Manager. In managing, operating, maintaining, improving and repairing the Gaming
Facility, the cost of which shall be either an Operating Expense or Capital Expense, the Manager&#146;s
duties shall include, without limitation, the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.2.1 Management. The Manager shall use reasonable measures for the orderly administration,
management, and operation of the Enterprise including without limitation cleaning, painting,
decorating, plumbing, carpeting, grounds care and such other maintenance and repair and improvement
work as is reasonably necessary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.2.2 Contracts in Enterprise&#146;s Name and at Arm&#146;s Length. Contracts for the operations of the
Enterprise shall be entered into in the name of the Enterprise and be signed by the General
Manager. Except in the event of an emergency, any contract requiring an expenditure in any year in
excess of Twenty-Five Thousand Dollars ($25,000) shall be approved by the Authority. The
Authority, in its sole discretion, may raise this threshold amount for contract approval to $50,000
by providing written notice to the Manager, and in such event any contract requiring an expenditure
in any year in excess of Fifty Thousand Dollars ($50,000) shall be approved by the Authority. No
contracts for the supply of goods or services to the Enterprise shall be entered into with parties
affiliated with the Manager or its officers or directors unless the affiliation is disclosed to the
Authority in writing, and the contract terms are determined by the Authority to be no less
favorable for the Enterprise than could be obtained from a non-affiliated contractor.
Notwithstanding anything to the contrary contained herein, contracts for the supply of any goods or
services paid for entirely by the Manager may be provided by parties affiliated with the Manager or
its officers or directors, provided that payments on such contracts shall not constitute Operating
Expenses and shall be the sole responsibility of the Manager. Absent the prior written approval of
the Tribal Council or Authority Board, as the case may be, no contract entered into by Manager or
entered into in the name of the Enterprise shall contain as a provision a waiver of the Tribe&#146;s or
the Authority&#146;s sovereign immunity from suit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.2.3 Culturally Sensitive Material. The Manager agrees that the choices involving the Enterprise
and the Gaming Facility including but not limited to the Enterprise Employees&#146; uniforms, interior
design, promotions and marketing shall be culturally appropriate and shall in no way denigrate
Indian history or culture by the use of stereotyped images, symbols and language. If, at any time,
the Manager is notified by the Authority or the Tribe that any such activity is not culturally
appropriate, the Manager shall have thirty (30)&nbsp;days to cease such activity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.3 Damage, by fire, war casualty, Act of God, Condemnation.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.3.1 If, during the Term, the Gaming Facility is damaged or destroyed by fire, war, Act of God or
other casualty, or if the Property or the Gaming Facility is partially condemned, the Manager
agrees to carry sufficient insurance to rebuild the Gaming Facility and shall reconstruct
the Gaming Facility to a condition at least comparable to that before the casualty or partial
condemnation occurred. Except to the extent otherwise required to be reserved or applied to pay
amounts with respect to a Loan under any Loan Document, insurance or condemnation proceeds shall be
applied to that reconstruction, which shall be completed as soon as possible. If the insurance or
condemnation proceeds are insufficient to reconstruct the Gaming Facility to such condition where
Gaming can once again be conducted, the Authority, at its option and with the assistance of
Manager, may secure such additional funds as are necessary to reconstruct the Gaming Facility to
such condition and such funds may be secured by the revenues from the Enterprise as Collateral.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.3.2 Total Condemnation. In the event that the Enterprise or the Property is condemned in total
by a governmental agency with the lawful authority to carry out such an action, except to the
extent otherwise required to be reserved or applied to pay amounts with respect to a Loan under any
Loan Document, the proceeds from any such condemnation award shall be applied (i)&nbsp;to retire any
amounts due under the Loan Agreement, and, if any sums remain, (ii)&nbsp;to pay the Authority or Tribe,
as owner for the value of the land, buildings, and fixtures; provided, however, that any
condemnation award that includes lost profits shall be shared between the Parties, with the
allocation to Manager calculated on the basis of Manager&#146;s remaining term and its percentage share
of Net Revenues. The Parties shall retain all money previously paid under Section&nbsp;6 of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.4 Manager&#146;s Obligation; Suspension of Manager&#146;s Duties. The Manager&#146;s obligations under this
Agreement, except for its obligation under Sections&nbsp;3.1.1.1 and 6.13, are conditioned on (i)&nbsp;NIGC
approval of this Agreement and (ii)&nbsp;the timely issuance of all required approvals for the
construction of the Gaming Facility. If during the Term, Gaming on the Property is: (i)&nbsp;legally
prohibited or (ii)&nbsp;rendered economically unfeasible as a result of the Authority&#146;s or Tribe&#146;s
default under this Agreement or the adoption of a Tribal Ordinance or other Tribal law, the Manager
may suspend its duties under this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.5 Tolling of the Agreement. If, after a period of cessation of Gaming on the Property because of
damage, destruction or condemnation or because Gaming on the Property is: (i)&nbsp;legally prohibited or
(ii)&nbsp;rendered economically unfeasible as a result of the Authority&#146;s or Tribe&#146;s default under this
Agreement or the adoption of a Tribal Ordinance or other Tribal law, the recommencement of Gaming
shall be legally and commercially feasible in the sole judgment of the Manager, and if the Manager
has not terminated this Agreement, the period of such cessation shall not be deemed to have been
part of the Term and the date of expiration of the Term shall be extended by the number of days of
such cessation period; provided that the extension shall not exceed twelve months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6 Employees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.1 Manager&#146;s Responsibility. Manager shall have, subject to licensing by the Gaming Commission
and the terms of this Agreement, the exclusive responsibility and authority to hire, direct,
select, control and discharge all Enterprise Employees, including security personnel, performing
regular services for the Enterprise in connection with the maintenance, operation, and management
of the Enterprise and the Gaming Facility and any activity upon the Property; and the sole
responsibility for determining whether a prospective employee is qualified and the
appropriate level of compensation to be paid. Manager will make all reasonable efforts to hire
members of the Tribe into management positions for the Enterprise and to provide training of such
personnel as required under sections 4.6.8 and 9.18.3 of this Agreement. Such efforts will include
without limitation hiring qualified members of the Tribe in the management positions for the
Enterprise.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.2 Enterprise Employee Policies. The Manager shall prepare a draft of personnel policies and
procedures (the &#147;Enterprise Employee Policies&#148;), including a job classification system with salary
levels and scales, which policies and procedures the Manager shall submit to the Authority Board
for its approval. The Enterprise Employee Policies shall include a grievance procedure in order to
establish fair and uniform standards for the employees of the Authority engaged in the Enterprise
as required by NIGC regulations. The grievance procedure shall be administered by a Grievance
Committee comprised of the General Manager, a person appointed by the Authority Board, and a third
member agreed on by the Manager and the Authority Board. Any revisions to the Enterprise Employee
Policies shall not be effective unless they are approved in the same manner as the original
Enterprise Employee Policies. All such actions shall comply with applicable Tribal law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.3 Manager&#146;s Employee. The Manager shall employ the person holding the position of General
Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.4 Enterprise Employees. Employees of the Enterprise will be designated as employees of the
Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.5 No Manager Wages or Salaries. Except for the Management Fee, neither the Manager nor any of
its officers, directors, shareholders, or employees shall be compensated by wages from or contract
payments other than the Management Fee by the Enterprise for their efforts or for any work which
they perform under this Agreement. Nothing in this subsection shall restrict the ability of an
employee of the Enterprise to purchase or hold stock in the Manager, its parents, subsidiaries or
affiliates where (i)&nbsp;such stock is publicly held, and (ii)&nbsp;such employee acquires, on a cumulative
basis, less than five percent (5%) of the outstanding stock in the corporation, provided that no
member of the Authority Board or elected member of the Tribal Council shall be permitted to have
any financial interest in Manager. The Manager is prohibited from hiring consultants to perform
Manager&#146;s responsibilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.6 Access of Gaming Commission and Appointed Agents. The Gaming Commission or its appointed
agents shall have the full access to inspect all aspects of the Enterprise, including the daily
operations of the Enterprise, and to verify daily Gross Revenues and all income of the Enterprise,
at any time without notice. The Enterprise shall reimburse the Tribe for the reasonable costs of
operation of the Gaming Commission as an Operating Expense of the Enterprise up to a maximum annual
amount of two million dollars ($2,000,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.7 Employee Background Checks. A background investigation shall be conducted in compliance with
all Legal Requirements, to the extent applicable, on each applicant for employment as soon as
reasonably practicable. No individual whose prior activities, criminal record, if any, or
reputation, habits and associations are known to pose a threat to the public interest, the
effective regulation of Gaming, or to the gaming licenses of the Manager or any of its affiliates,
or to create or enhance the dangers of unsuitable, unfair or illegal practices and
methods and activities in the conduct of Gaming, shall be employed by the Manager, the Authority,
or the Tribe.
The background investigation procedures employed shall be formulated in consultation
between the Authority, the Tribe, and the Manager and shall satisfy all regulatory requirements
independently applicable to the Manager. Any cost associated with obtaining such background
investigations shall constitute an Operating Expense, provided, however, the costs of background
investigations relating to shareholders, officers, directors or employees of the Manager shall not
constitute an Operating Expense, but shall be paid by the Manager.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.8 Indian Preference in Employment. In order to maximize benefits of the Enterprise to the
Tribe, the Manager shall, during the term of this Agreement, to the extent permitted by applicable
law, give preference in recruiting, training and employment to qualified members of the Tribe and
their spouses and children in all job categories of the Enterprise, including management positions.
The Manager shall provide training programs for Tribal members and their spouses and children.
Such training programs shall be available to assist Tribal members in obtaining necessary skills
and qualifications relating to all job categories. Final determination of the qualifications of
Tribal members and all other persons for employment shall be made by Manager, subject to licensing
by the Gaming Commission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.6.9 Removal of Employees. The General Manager will act in accordance with the Enterprise
Employee Policies with respect to the discharge, demotion, or discipline of any Enterprise
Employee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.7 Marketing and Advertising. Manager shall have the responsibility for setting the advertising
budget and placing advertising and promoting the Enterprise, the budget for which shall be included
in the annual budget approved by the Tribe as described in Section&nbsp;4.9. Manager may utilize sales
and promotional campaigns and activities involving complimentary rooms, food, beverage, shows,
chips and tokens, provided that Manager shall receive no compensation, other remuneration or
in-kind benefit from any marketing, advertising, sales or promotional campaign. In recognition
that Manager or its affiliates manage or operate other gaming facilities, Manager shall be
authorized to utilize cross-marketing promotions, strategies and techniques with the prior consent
of the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.8 Start-Up and Pre-Opening. Prior to the scheduled Commencement Date, Manager shall commence
implementation of a Start-Up and Pre-Opening program which shall include all activities necessary
to financially and operationally prepare the Gaming Facility for opening. To implement the
Start-Up and Pre-Opening program, Manager shall prepare a comprehensive Start-Up and Pre-Opening
budget which shall be submitted to the Authority for its approval sixty (60)&nbsp;days after the
Effective Date (&#147;Pre-Opening Budget&#148;). All costs and expenses of the Pre-Opening program shall be
paid from a special bank account(s) pursuant to terms mutually agreed upon by the Manager and the
Authority (&#147;Pre-Opening Bank Account(s)&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.9 Operating and Capital Expense Budgets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.9.1 Approval of Budgets. Manager shall, at least sixty (60)&nbsp;days prior to the scheduled
Commencement Date, submit to the Authority, for its approval, a proposed Operating Budget and
Capital Expense Budget for the remainder of the current fiscal year. Thereafter, Manager shall,
not less than sixty (60)&nbsp;days prior to the commencement of each full or partial fiscal year, submit
to the Authority, for its approval, proposed Budgets for the ensuing full or partial fiscal
year, as the case may be. Manager shall meet with the Authority to discuss the proposed Budgets
and the Authority&#146;s approval of the Budgets shall not be unreasonably withheld.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.9.2 Budget Revisions. Manager may submit to the Authority revisions in the Budgets from time to
time, as necessary, to reflect any unpredicted significant changes, variables or events or to
include significant, additional, unanticipated items of income or expense. With approval of the
Authority, Manager may reallocate part or all of the amount budgeted with respect to any line item
to another line item and to make such other modifications to the Budget as Manager deems necessary.
The Manager shall not make any expenditures from funds or assets of the Enterprise except as set
forth in the Budgets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.10 Contracting. In entering contracts for the supply of goods and services for the Enterprise,
the Manager shall give preference to qualified members of the Tribe, their spouses and children,
and qualified business entities certified by the Tribe to be controlled by members of the Tribe so
long as the prices and/or rates are competitive. &#147;Qualified&#148; shall mean a member of the Tribe, a
Member&#146;s spouse or children, or a business entity certified by the Tribe to be controlled by
members of the Tribe, who or which is able to provide goods and/or services at competitive prices
and/or rates, has demonstrated skills and abilities to perform the tasks to be undertaken in an
acceptable manner, in the Manager&#146;s opinion, can meet the reasonable bonding requirements of the
Manager, and if a vendor is licensed by the Gaming Commission. The Manager shall provide written
notice to the Authority in advance of all such contracting, subcontracting, and construction
opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.11 Litigation. If the Enterprise, the Authority, the Tribe, the Manager, or any employee of the
Enterprise or any employee of Manager is sued by any person who is not a party to this Agreement,
including claims involving tort or breach of contract, or is alleged by any such person to have
engaged in unlawful or discriminatory acts in connection with the operation of the Enterprise, the
Authority, the Tribe, or the Manager, as appropriate, shall defend such action. Any cost of such
litigation shall constitute an Operating Expense, or, if incurred prior to the Commencement Date,
shall be a start-up expense. Nothing in this Section&nbsp;4.11 shall be construed to waive or limit the
Authority&#146;s or the Tribe&#146;s sovereign immunity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.12 Internal Control Systems. The Manager shall install systems for monitoring the Enterprise
(the &#147;Internal Control Systems&#148;) prior to the Commencement Date as required by 25 C.F.R. Part&nbsp;542
of the NIGC Minimum Internal Control Standards (&#147;MICS&#148;) for Tier C gaming operations. The Internal
Control Systems shall comply with all Legal Requirements. The Manager shall submit the Internal
Control Systems to the Gaming Commission and any other governmental agency required to approve such
systems prior to their implementation. Any significant changes to the Internal Control Systems
shall be subject to review and approval by the Gaming Commission, the Authority Board, and the
Tribal Council prior to implementation. The Gaming Commission shall have the right, at any time,
to inspect and review the Internal Control Systems and to retain an auditor to (i)&nbsp;review the
adequacy of the Internal Control Systems and (ii)&nbsp;perform internal audit functions at a minimum to
meet the requirements of 25 C.F.R. Part&nbsp;542 of the NIGC MICS. To the extent not covered above,
Manager shall also install such other security system(s) as are standard in the gaming industry to
prevent theft, fraud or other illegal activity by either employees or Gaming patrons so as to
ensure the integrity of the Enterprise&#146;s Gaming activities.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.12.1 The Manager shall install and maintain a closed circuit television system to be used to
provide surveillance over Gaming areas, including all cash handling activities of the Enterprise to
meet all Legal Requirements. Manager shall also install surveillance systems over non-gaming
areas, including parking areas, to better ensure the safety of the public. The Gaming Commission
shall have full access to the closed circuit television system for use in monitoring the activities
of the Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13 Banking and Bank Accounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.1 Bank Accounts. The Authority and Manager shall agree upon a bank or banks for the deposit
and maintenance of funds and shall establish such bank accounts insured by the FDIC as they deem
appropriate and necessary in the course of business and as consistent with this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.2 Daily Deposits to Depository Account. The Manager with the Authority&#146;s approval shall
establish for the benefit of the Enterprise in the Enterprise&#146;s name a Depository Account. The
Manager shall collect all Gross Revenues and other proceeds connected with or arising from the
operation of the Enterprise, the sale of all products, food and beverage, and all other activities
of the Enterprise, except for funds deposited into other authorized accounts, including the Capital
Reserve Account, and any interest earned on such authorized accounts, and deposit the related cash
daily into the Depository Account at least once during each 24-hour period except where deposit
cannot be made during a 24 hour period because (1)&nbsp;it is a Bank holiday or (2)&nbsp;an Act of God
prevents the deposit of proceeds in the place designated for deposit in which case the deposit
shall be made on the next business day; and except cash required to maintain sufficient vault, cage
and other readily assessable funds to meet the daily operating needs of the Enterprise (including
non-gaming activities). All money received by the Enterprise on each day that it is open must be
counted at the close of operations for that day or at least once during each 24-hour period except
to the extent that slot machine drop for that day is insufficient to warrant daily drops and count,
and no payment or other distribution out of Gross Revenues shall be made before their deposit. The
Parties agree to obtain a bonded transportation service to effect the safe transportation of the
daily receipts to the bank, which expense shall constitute an Operating Expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.3 Disbursement Account. The Manager with the Authority&#146;s approval shall establish for the
benefit of the Enterprise in the Enterprise&#146;s name one or more disbursement accounts (collectively,
the &#147;Disbursement Accounts&#148;). Separate Disbursement Accounts shall be maintained for the various
Reserve Funds. The Manager shall, consistent with and pursuant to the Budgets, have responsibility
and authority for transferring funds from the Depository Account to the Disbursement Accounts and
for making all payments for Operating Expenses, Capital Expenses, debt service, the Management Fee
and disbursements to the Authority or the Tribe, or the Tribal Distribution Account from the
Disbursement Accounts to the extent not prohibited by any Loan Documents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.4 No Cash Disbursements. The Manager shall not make any cash disbursements from the bank
accounts. The Manager shall not make any cash disbursements to itself from any Enterprise fund or
account for any reason. Except as provided in Section&nbsp;4.13.5, any other
payments or disbursements by the Manager shall be made by check drawn against a Disbursement
Account.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.5 Minimum Casino Bank Roll. Manager shall establish and maintain sufficient cash operating
funds in the Enterprise vault and cage or other readily accessible funds to meet the daily
operating needs of the Enterprise (including non-gaming activities). The size of these funds shall
be determined with due regard to the Operating Budget and applicable Federal regulations setting
minimum internal control standards for Class&nbsp;II and Class&nbsp;III devices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.6 Capital Reserve Fund. The Manager shall establish and maintain for the benefit of and in
the name of the Enterprise a Capital Reserve Fund to pay Capital Expenses in accordance with the
Capital Expense Budget. To the extent that Gross Revenues are available, the Manager shall deposit
monthly in the Capital Reserve Fund an amount equal to two percent (2%) of the Net Revenues,
provided that without the consent of the Authority the Capital Reserve Fund balance shall not
exceed Four Million Dollars ($4,000,000). Any interest earned on the Capital Reserve Fund shall be
added to the Capital Reserve Fund, subject to the Four Million Dollar ($4,000,000) cap, and
otherwise distributed to the Tribal Distribution Account, on a monthly basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.7 Tribal Distribution Account. The Authority shall establish an account in its Name for the
deposit of moneys pursuant to Section&nbsp;6.10. All proceeds of the Tribal Distribution Account shall
be distributable to the Tribe at the direction of the Authority, and without consent or approval of
Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.13.8 Investments. The Manager may invest any of the funds in the Reserve Funds in bank accounts,
treasury bills or other instruments guaranteed or insured by the United States with a term not to
exceed three months unless the Manager and the Authority agree otherwise. All bank accounts shall
be insured by the FDIC or other mutually agreed upon commercial insurance or shall be adequately
collateralized by the bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14 Insurance. The Manager, on behalf of the Authority, shall obtain and maintain, or cause its
agents to obtain and maintain, with responsible insurance carriers licensed to do business in the
State of Michigan, insurance satisfactory to the Authority covering the Property and the
Enterprise, and naming the Authority, the Tribe, the Enterprise, the Manager, its parent and other
affiliates as insured parties, as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.1 During the course of any new construction or substantial remodeling, builder&#146;s risk
insurance on an &#147;all risk&#148; basis (including collapse) on a non-reporting form for full replacement
value covering the interest of the Authority and Tribe in all work associated with the
Improvements, all materials and equipment on or about the Gaming Facility, and any new construction
or substantial remodeling of the Gaming Facility. All materials and equipment in any off-site
storage location intended for permanent use in the Gaming Facility, or incident to the construction
thereof, shall be insured on an &#147;all risk&#148; basis as soon as the same have been acquired for the
Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.2 Commercial general liability insurance in an amount not less than Twenty-Five Million
Dollars aggregate for all activities on, about or in connection with the Improvements. The
commercial general liability insurance shall include premises liability, contractor&#146;s protective
liability on the operations of all subcontractors, completed operations and blanket contractual
liability. The automobile liability insurance shall cover owned, non-owned and hired vehicles.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.3 Upon completion of the construction of the Improvements &#147;all risk&#148; insurance on the Gaming
Facility against loss by fire, lightning, earthquake, or other natural disasters, extended coverage
perils, collapse, water damage, vandalism, malicious mischief and all other risks and
contingencies, in an amount equal to the actual replacement costs thereof, without deduction for
physical depreciation, with coverage for demolition and increased costs of construction, and
providing coverage in an &#147;agreed amount&#148; or without provision for co-insurance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.4 Worker&#146;s Compensation and Employer&#146;s Liability Insurance subject to the statutory limits of
the State of Michigan in respect of any work or other operations on, about or in connection with
the Enterprise, provided that nothing in the Agreement shall grant any jurisdiction over the
Enterprise or its employees to the State of Michigan or any political subdivision thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.5 Business interruption insurance in an amount to cover the projected Operating Expenses, Loan
Payments and Minimum Guaranteed Payment and Preferred Payment for not less than twelve (12)&nbsp;months
or such greater amounts as to which the Manager and Authority may agree.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.6 Such other insurance with respect to the Enterprise and in such amounts as the Parties from
time to time may reasonably agree upon against such other insurable hazards which at the time are
commonly insured against in respect of businesses and property similar to the Enterprise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.7 The insurance policies required under Subsections 4.14.1, 4.14.3, 4.14.5 and 4.14.6 above
all have a standard noncontributory endorsement naming Manager as an additional loss payee. The
insurance required under Subsection 4.14.2 above shall name the Manager as an additional insured.
All insurance required hereunder shall contain a provision requiring at least sixty (60)&nbsp;days&#146;
prior written notice to the Manager and the Authority before any cancellation, material changes or
reduction shall be effective. Any deductibles must be approved by Manager and the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.14.8 Each policy as to which the Authority and the Tribe is named as an insured shall provide
that the insurer shall not plead or assert the defense of sovereign immunity within the policy
limits. The Authority and the Tribe shall not be liable beyond those limits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.15 Accounting and Books of Account.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.15.1 Financial Statements. The Manager shall prepare and provide monthly, quarterly, and annual
financial reports and operating statements to the Authority Board and the Gaming Commission and to
such other governmental agencies as the Loan Documents, Compact or applicable law may require. The
Financial Statements shall comply with all Legal Requirements and shall include balance sheets,
income statements, and statements of cash flow (statement of changes in financial position) for the
Enterprise, including a breakdown by gaming activity. Such statements shall include the Operating
Budget and Capital Budget projections (the Annual Plan) as comparative statements, and, after the
first full year of operation, shall include comparative statements from the comparable period for
the prior year of all revenues, and all
other amounts collected and received and all deductions and disbursements made therefrom in
connection with the Enterprise. The Operating Statements shall include, at a minimum, game
statistical reports. All such statements shall be prepared in accordance with GAAP consistently
applied.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.15.2 Books of Account. The Manager shall maintain full and accurate books of account and records
at the Property. The Gaming Commission, and any tribal government official authorized by law to
have such access, shall have immediate access to the daily operations of the Enterprise, including
the books and records, and shall have the unlimited right to inspect, examine, and copy all such
books and supporting business records, and the right to verify the daily Gross Revenues and income
from the Enterprise and shall have access to any other gaming related information the Authority or
the Tribe deems appropriate. Such rights may be exercised through a duly authorized agent,
employee, attorney, or independent accountant acting on behalf of the Gaming Commission or the
authorized tribal government agency, provided that the authority of said individual is first
presented in writing to the Manager.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.15.3 Accounting and Audit Standards. Manager shall establish and maintain satisfactory
accounting systems and procedures which comply with all applicable Legal Requirements, including
NIGC regulations establishing Minimum Internal Control Standards for internal audit for Tier C
gaming operations. Such accounting systems and procedures, at a minimum, shall (i)&nbsp;include an
adequate system of internal accounting controls; (ii)&nbsp;permit the preparation of financial
statements in accordance with GAAP; (iii)&nbsp;be susceptible to audit; (iv)&nbsp;permit the calculation and
payment of the Management Fee; (v)&nbsp;allow the Enterprise, the Tribe and the NIGC to calculate the
annual fee under 25 C.F.R. &#167; 514.1, and such other payments as may be due any other governmental
entity; and (vi)&nbsp;provide for any appropriate allocation of Operating Expenses or overhead expenses
among the Authority, the Enterprise, the Manager and any other user of shared facilities and
services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.15.4 Annual Audit. An independent certified public accounting firm which is registered with the
Public Accounting Oversight Board shall be selected by the Authority Board and approved by the
Gaming Commission for the purpose of performing an annual audit of the books and records of the
Enterprise. Said audit shall meet all Legal Requirements including NIGC audit standards as set out
in applicable regulations, including 25 C.F.R. &#167; 571.12 and 542.3(f) and shall, unless otherwise
authorized by Authority Board resolution, be separate and distinct from any audit required by the
Single Audit Act of 1984, 31 U.S.C. &#167; 750 et seq. The Gaming Commission, the NIGC and any other
legally authorized government agency shall also have the right to perform special audits of the
Enterprise on any aspect of the Enterprise and its operations at any time without restrictions.
Copies of such audits shall be provided by the Authority or the Tribe to all applicable federal
(including the NIGC, within 120&nbsp;days after the end of each fiscal year of the gaming operation) and
state agencies, as may be required by law or the Compact, and may be used by the Manager for
reporting purposes under federal and state securities laws, if required. The fees for the services
of the independent auditor shall be an Operating Expense.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5 Liens. The Authority specifically warrants and represents to the Manager that during the Term
the Authority shall not act in any way whatsoever, either directly or indirectly, to cause any
party to become an encumbrancer or lienholder of the Property or the Enterprise, other than
pursuant to or permitted by all Loan Documents, or to allow any party to obtain any interest in
this Agreement without the prior written consent of the Manager, and where applicable, the consent
of the United States. The Manager specifically warrants and represents to the Authority and the
Tribe that during the Term the Manager shall not act in any way, directly or indirectly, to cause
any party to become an encumbrancer or lienholder of the Property or the Enterprise, other than
pursuant to Loan Documents, or to obtain any interest in this Agreement without the prior written
consent of the Tribe, and, where applicable, the consent of the United States. The Authority and
the Manager shall keep the Enterprise and Property free and clear of all enforceable mechanics&#146; and
other enforceable liens resulting from the construction of the Gaming Facility and all other
enforceable liens which may attach to the Enterprise or the Property, which shall at all times
remain the property of the United States in trust for the Tribe. If any such lien is claimed or
filed, it shall be the duty of the Party responsible for the lien to discharge the lien within
thirty (30)&nbsp;days after having been given written notice of such claim, either by payment to the
claimant, by the posting of a bond or the payment into the court of the amount necessary to relieve
and discharge the Property from such claim, or in any other manner which will result in the
discharge of such claim. Notwithstanding the foregoing, security interests in personal property
may be granted with the prior written consent of the Authority and, when necessary, the BIA, United
States Department of the Interior and/or the NIGC as appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6 Calculation and Distribution of Funds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.1 Calculation and Revenues and Payment of Operating Expenses. On or before the twentieth (20)
day after the end of each calendar month of operations during the Term, the Manager shall calculate
and report to the Authority the Gross Revenues, Operating Expenses, and Net Revenues, together with
the distributions made under this section, for such month and the year to date. From the Gross
Revenues, Manager shall pay all Operating Expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.2 Distribution of Net Revenues. Except to the extent otherwise required to be reserved or
applied to pay amounts with respect to a Loan under any Loan Document, after Operating Expenses for
a calendar month have been paid or provided for, an amount equal to the Net Revenues for the
preceding calendar month determined as set forth in Section&nbsp;6.1 shall be distributed in the order
of priority set out in the following Sections&nbsp;6.3 through 6.10 (to the extent Gross Revenues for
the current month are available for such purpose).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.3 Minimum Guaranteed Monthly Payment. On or before the twentieth (20th) day of each calendar
month following the first full calendar month after the Commencement Date, Manager shall pay the
Tribe a Minimum Guaranteed Monthly Payment in the amount of Fifty Thousand Dollars ($50,000) (the
&#147;Minimum Guaranteed Monthly Payment&#148;), and such payment shall have priority over the retirement of
any Development and Construction Costs. Minimum Guaranteed Monthly Payments shall be charged
against the Authority&#146;s distribution of Net Revenues and, if there are insufficient Net Revenues in
a given month to make the distribution, Manager shall advance the funds necessary to compensate for
the deficiency; and shall be reimbursed by the Authority in the next succeeding month or months as
a Recoupment Payment as provided in Section&nbsp;6.6 herein. No Minimum Guaranteed Monthly Payment
shall be owed for any full months during which Gaming is suspended or terminated at the Gaming
Facility pursuant to Sections&nbsp;4.3 or 4.4, but shall be prorated based on the number of days that
Gaming is conducted
during any such month. The obligation shall cease upon termination of this Agreement for any
reason.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.4 Payment of Authority&#146;s Preferred Payment. In addition to the payment of the Tribe&#146;s Minimum
Guarantee, on or before the twentieth (20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day of each month following the first
calendar month after the Commencement Date, Manager shall next make a second distribution to the
Tribe constituting a Preferred Payment in the amount of $200,000 per month, charged against the
Authority&#146;s distribution of Net Revenues. In the event that there are insufficient Net Revenues in
a given month to make the distribution, then the shortfall shall be paid to the Tribe in the next
succeeding month or months. No payment of the Tribe&#146;s Preferred Payment shall be owed for any full
months during which Gaming is suspended or terminated at the Gaming Facility pursuant to Sections
4.3 or 4.4 but shall be prorated based on the number of days that Gaming is conducted during any
such month. The obligation shall cease upon termination of this Agreement for any reason.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.5 Repayment of Loan Principal. The Manager will then make any payments of principal required
pursuant to the Loan Documents entered into by the Authority. Such payments due shall be paid out
of the Authority&#146;s share of Net Revenue. Notwithstanding anything herein to the contrary, in the
event that the Parties are required to pay points, a loan origination fee, a placement agent fee,
or similar compensation to any Financial Institution or agent, as a condition for receipt of the
Loan for the Project, the Parties agree to share such fee based on their respective shares of Net
Revenues under this Agreement. The Parties will contribute their share of the fee at closing of
the Loan unless otherwise mutually agreed, provided that such fee may be financed from and added to
the principal of the Loan, subject to the Manager&#146;s delivery of a promissory note in form and
substance satisfactory to the Authority in the principal amount of the Manager&#146;s share of such fee,
with a term and principal amortization schedule not in excess of the Term of this Agreement, and
bearing interest at a rate equivalent to the rate payable on the Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.6 Recoupment Payments. Next, until paid in full, the Manager shall be entitled to any
Recoupment Payments that may be owed. No interest shall accrue or be paid on any Recoupment
Payment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.7 Management Fee. Next, to pay the Manager a Management Fee in an amount equal to twenty-six
percent (26%) of the Net Revenues determined for the preceding calendar month; provided that if
there are insufficient funds in any month to pay the Management Fee in full, because the
Authority&#146;s Share of Net Revenues is insufficient to pay the principal due under Section&nbsp;6.5 (and
therefore, the principal is paid from funds that would have otherwise paid the Management Fee),
then the shortfall shall be paid to the Manager in the next succeeding month or months as a
Recoupment Payment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.8 Development and Construction and Pre-Financing Costs. Next, in the event that (a)&nbsp;Development
and Construction Costs and (b)&nbsp;the Pre-Financing Costs are not repaid in full from the proceeds of
the Loan, to pay the Manager any balance of (a)&nbsp;the Development and Construction Costs and (b)&nbsp;the
Pre-Financing Costs in an amount equal to 1/60 of the original outstanding balance of these costs
per month until such costs are repaid in full.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.9 Capital Reserve Fund. Next, to fund the Capital Reserve Fund in accordance with Section
4.13.6. In the event of a Total Condemnation, the Capital Reserve Fund shall be distributed to the
Tribe.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.10 Tribal Disbursements. For each month any Gross Revenues deposited into the Depository
Account, which remain after paying or providing for operating expenses and all other applications
of Net Revenues required by Section&nbsp;4.13.3 and this Section&nbsp;6, shall be distributed to the Tribal
Distribution Account.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.11 Payment of Total Condemnation Proceeds. Finally, as provided in section 4.3.2 herein, in the
event that the Enterprise or the Property is condemned in total by a governmental agency with the
lawful authority to carry out such an action, the proceeds from any such condemnation award shall
be applied (i)&nbsp;to retire any amounts due under the Loan Agreement, and, if any sums remain, (ii)&nbsp;to
be paid to the Parties in accordance with the requirements of section 4.3.2 of this Agreement. The
Parties shall retain all money previously paid under Section&nbsp;6 of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.12 Operative Dates. For purposes of this Section&nbsp;6, the first year of operations shall begin on
the Commencement Date and continue until the first day of the month following the first anniversary
of the Commencement Date, and each subsequent year of operations shall be the 12-month period
following the end of the previous year. Notwithstanding the foregoing, except as provided in
Section&nbsp;4.5, the Term shall not extend beyond seven years (7)&nbsp;after the Commencement Date.
Notwithstanding anything to the contrary, the fiscal year for the Enterprise shall coincide with
the Tribe&#146;s fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.13 Tribal Operations Loan. Commencing January&nbsp;1, 1999, through June&nbsp;12, 2006, Manager loaned the
sum of Twenty Thousand Dollars ($20,000) per month to the Tribe, to subsidize Tribal operations
(the &#147;Tribal Operations Loan&#148;). As a result of delays in obtaining governmental approvals,
occasioned by third-party legal challenges, and to meet growing Tribal operational needs, Manager
increased the Tribal Operations Loan to the Tribe after June&nbsp;12, 2006, to the sum of Forty Thousand
Dollars ($40,000) per month. The Manager shall continue to provide the monthly Tribal Operations
Loan to the Tribe until the Commencement Date, except as to any period during which this monthly
sum is available to the Tribe under the Interim Credit Facility or the Loan. Monthly payments to
the Tribe as part of the Tribal Operations Loan shall end upon the Commencement Date. The
outstanding balance of Tribal Operations Loan shall not bear interest until the Effective Date;
provided, however, that the Tribe agrees to pay an annual interest rate of nine and one-quarter
percent (9.25%) on the second payment of $20,000 per month from the date on which such additional
Tribal Operations Loan is made to the Tribe through the Effective Date. Following the Effective
Date, the outstanding balance of the total Tribal Operations Loan shall bear interest at the
interest rate of nine and one-quarter percent (9.25%), with the interest rate calculated as of the
Effective Date. The Tribal Operations Loan shall be treated as a Pre-Financing Cost under this
Agreement and shall be repaid out of available Loan proceeds upon closing of the Loan.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.14 Year-end Adjustment. Within thirty (30)&nbsp;days after the receipt of the audit for each fiscal
year of the Enterprise, Manager shall determine in consultation with the Authority the correct
amount of the Management Fee for such fiscal year based on twenty-six percent (26%) of the Net
Revenues for such year and either remit to the Authority or the Tribe at the Authority&#146;s direction,
or deduct from the next distribution to the Authority or Tribe the amount of the over or
underpayment of the Management Fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7 Trade Names, Trade Marks, and Service Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.1 Enterprise Name. The Enterprise shall be operated under such business name as the Tribe may
select (the &#147;Enterprise Name&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.2 Trade Names, Trade Marks and Service Marks. Prior to the Commencement Date, the Parties shall
determine the other trade names, trade marks and service marks to be used by the Enterprise (the
&#147;Tribe&#146;s Marks&#148;) and from time to time during the term hereof, Manager agrees to erect and install,
in accordance with local codes and regulations, all signs Manager deems necessary in, on or about
the Gaming Facility, including, but not limited to, signs bearing the Tribe&#146;s Marks. The costs of
purchasing, leasing, transporting, constructing, maintaining and installing the required signs and
systems shall be an Operating Expense of the Enterprise and accounted for in accordance with GAAP.
The Enterprise will be primarily identified with the Tribe&#146;s Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.3 Manager&#146;s Marks. The Authority and Tribe agree to recognize the exclusive right of ownership
of Manager or its parents to all of Manager&#146;s service marks, trademarks, copyrights, trade names,
patents or other similar rights or registrations now or hereafter held or applied for in connection
therewith (collectively, the &#147;Manager&#146;s Marks&#148;). The Authority and the Tribe hereby disclaim any
right or interest therein, regardless of any legal protection afforded thereto. The Authority and
the Tribe acknowledge that all of Manager&#146;s Marks might not be used in connection with the
Enterprise, and Manager shall have sole discretion to determine which of Manager&#146;s Marks shall be
so used. The Authority and the Tribe covenant that in the event of termination, cancellation or
expiration of this Agreement, whether as a result of a default by Manager or otherwise, neither the
Authority nor the Tribe shall hold itself out as, or continue operation of the Enterprise as a
Manager&#146;s casino nor will it utilize any of Manager&#146;s Marks or any variant thereof in the operation
of the Gaming Facility. The Authority and the Tribe agree that Manager or its parent or their
respective representative may, at any time thereafter, enter the Gaming Facility and may remove all
signs, furniture, printed material, emblems, slogans or other distinguishing characteristics which
are now or hereafter may be connected or identified with Manager or which carry any Manager&#146;s Mark.
The Authority and the Tribe shall not use the Manager&#146;s or its parent&#146;s name, or any variation
thereof, directly or indirectly, in connection with (a)&nbsp;a private placement or public sale of
security or other comparable means of financing or (b)&nbsp;press releases and other public
communications, without the prior written approval of Manager or its parent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.4 Litigation Involving Manager&#146;s Marks. The Enterprise and Manager hereby agree that in the
event the Enterprise and/or Manager is (are)&nbsp;the subject of any litigation or action brought by
anyone seeking to restrain the use, for or with respect to the Enterprise or the Manager of any
Manager&#146;s Mark used by Manager for or in connection with the Enterprise, any such litigation or
action shall be defended entirely at the expense of Manager, notwithstanding that Manager may not
be named as a party thereto.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8 Taxes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.1 State and Local Taxes. The Parties agree that the State of Michigan and its local governments
have no authority to impose any possessory interest, property, or sales tax on any Party to this
Agreement or upon the Enterprise, except as expressly provided in the Tax Agreement between the
Tribe and the State of Michigan, and that the Parties and the Enterprise shall take all reasonable
steps to resist any such unauthorized tax. The reasonable costs of such action and the
compensation of legal counsel shall be an Operating Expense of the Enterprise. Any tax paid and
determined lawful by a court of competent jurisdiction shall constitute an Operating Expense of the
Enterprise. This Section shall in no manner be construed to imply that any Party to this Agreement
or the Enterprise is liable for any such tax.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.2 Tribal Taxes. The Tribe agrees that neither it nor any agent, agency, affiliate or
representative of the Tribe will impose any taxes, fees, assessments, or other charges of any
nature whatsoever on payments of any debt service to Manager or to any lender furnishing financing
for the Property, the Gaming Facility or for the Enterprise, or on the Enterprise, the Gaming
Facility, Furniture and Equipment, the revenues therefrom or on the Management Fee; provided,
however, the Tribe may impose license fees reflecting reasonable out-of-pocket regulatory costs
paid by the Tribe. The Tribe further agrees that neither it nor any agent, agency, affiliate or
representative will impose any taxes, fees, assessments or other charges of any nature whatsoever
on the salaries or benefits, or dividends paid to, any of the Manager&#146;s stockholders, officers,
directors, or employees. The Parties agree, however, that the Enterprise may be subject to a
general Tribal tax on businesses operating on Tribal lands. If, contrary to this Section&nbsp;8.2, any
taxes, fees or assessments are levied by the Tribe on Manager, Manager&#146;s stockholders, officers,
directors, or its employees, such taxes, fees and assessments shall be paid solely from the
Authority&#146;s and Tribe&#146;s Share of Net Revenues.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;General Provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.1 Governing Law. This Agreement shall be interpreted in accordance with the laws of the State of
Michigan , it being understood by the Parties that this clause in no way constitutes any submission
by the Tribe to the jurisdiction of the State of Michigan; and the Parties further expressly
recognize and agree that, except as provided in Section&nbsp;3.4, this Agreement shall be subject to all
Legal Requirements as well as approval by the Chairman of the NIGC where required by IGRA. The
arbitration provisions of this Agreement shall be governed by the Federal Arbitration Act, 9 U.S.C.
&#167; 1, et seq.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.2 Notice. Any notice required to be given pursuant to this Agreement shall be delivered to the
appropriate Party by Certified Mail Return Receipt requested, addressed as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to the Authority:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Firekeepers Development Authority</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2221 1-1/2 Mile Road, Suite&nbsp;301</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fulton, Michigan 49052</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn:&nbsp;Authority Board Chairperson</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">If to the Tribe:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nottawaseppi Huron Band of Potawatomi</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tribal Council</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2221 1-l/2 Mile Road</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fulton, Michigan 49052</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn:&nbsp;Tribal Chairperson</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to Manager:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gaming Entertainment (Michigan) LLC</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Full House Resorts, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4670 South Fort Apache Road</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;190</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Las Vegas, Nevada 89147</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">or to such other different addresses as the Manager, the Authority, or the Tribe may specify in
writing using the notice procedure called for in this Section&nbsp;9.2. Any such notice shall be deemed
given three days following deposit in the United States mail or upon actual delivery, whichever
first occurs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.3 Authority to Execute and Perform Agreement. The Tribe, the Authority, and Manager represent
and warrant to each other that they each have full power and authority to execute this Agreement
and to be bound by and perform the terms hereof. On request, each Party shall furnish the other
evidence of such authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.4 Relationship. Manager, the Authority, and the Tribe shall not be construed as joint venturers
or partners of each other by reason of this Agreement and none shall have the power to bind or
obligate the others except as set forth in this Agreement or, between the Tribe and the Authority,
the Authority&#146;s Charter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.5 Further Actions. The Tribe, the Authority, and Manager agree to execute all contracts,
agreements and documents and to take all actions necessary to comply with the provisions of this
Agreement and the intent hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.6 Defenses. Except for disputes between the Tribe and/or the Authority and Manager, the Tribe,
the Authority, and Manager shall agree upon the bringing and/or defending and/or settling any
claim or legal action brought against the Enterprise, the Manager, the Authority, or the Tribe,
individually, jointly or severally in connection with the operation of the Enterprise, including
the retention and supervision of legal counsel, accountants and other such professionals. Except
as provided in section 7.4 herein, all liabilities, costs, and expenses, including attorneys&#146; fees
and disbursements, incurred in defending and/or settling any such claim or legal action which are
not covered by insurance shall be an Operating Expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.7 Waivers. No failure or delay by Manager, the Authority, or the Tribe to insist upon the strict
performance of any covenant, agreement, term or condition of this Agreement, or to exercise any
right or remedy consequent upon the breach thereof, shall constitute a waiver of any such breach or
any subsequent breach of such covenant, agreement, term or condition. No covenant, agreement, term
or condition of this Agreement and no breach thereof shall be waived, altered or modified except by
written instrument. No waiver of any breach shall affect or alter this Agreement, but each and
every covenant, agreement, term and condition of this Agreement shall continue in full force and
effect with respect to any other existing or subsequent breach thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.8 Captions. The captions for each Article and Section are intended for convenience only.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.9 Interest. Any amount payable to Manager, the Authority, or the Tribe, by the other, which has
not been paid when due, except advances by Manager to make the Minimum Guaranteed Monthly Payment
or other Recoupment Payment because of insufficient Net Revenues, shall accrue interest at the same
rate as calculated under this Section. Unless otherwise agreed by the Parties, such rate shall be a
fluctuating rate equivalent to one percent (1%) over the prime interest rate as published in the
Wall Street Journal, adjusted monthly, with the monthly rate established according to the rate
published on the third Tuesday of the preceding calendar month.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.10 Third Party Beneficiary. This Agreement is exclusively for the benefit of the Parties hereto
and it may not be enforced by any party other than the Parties to this Agreement and shall not give
rise to liability to any third party other than the authorized successors and assigns of the
Parties hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.11 Brokerage. Manager, the Authority, and the Tribe represent and warrant to each other that it
has not sought the services of a broker, finder or agent in this transaction, and has not employed,
nor authorized, any other person to act in such capacity. Manager, the Authority, and the Tribe
each hereby agrees to indemnify and hold the others harmless from and against any and all claims,
loss, liability, damage or expenses (including reasonable attorneys&#146; fees) suffered or incurred by
the other Parties as a result of a claim brought by a person or entity engaged or claiming to be
engaged as a finder, broker or agent by the indemnifying Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.12 Survival of Covenants. Any covenant, term or provision of this Agreement which, in order to
be effective, must survive the termination of this Agreement, shall survive any such termination.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.13 Estoppel Certificate. Manager, the Authority, and the Tribe agree to furnish to the others,
from time to time upon request, an estoppel certificate in such reasonable form as the requesting
Party may request stating whether there have been any defaults under this Agreement known to the
Party furnishing the estoppel certificate and such other information relating to the Enterprise as
may be reasonably requested.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.14 Periods of Time. Whenever any determination is to be made or action to be taken on a date
specified in this Agreement, if such date shall fall on a Saturday, Sunday or legal holiday under
the applicable laws, then in such event said date shall be extended to the next day which is not a
Saturday, Sunday or legal holiday.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.15 Preparation of Agreement. This Agreement shall not be construed more strongly against either
Party regardless of who is responsible for its preparation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.16 Successors, Assigns and Subcontracting. The benefits and obligations of this Agreement shall
inure to and be binding upon the Parties hereto and their respective successors and assigns. The
Authority&#146;s or the Tribe&#146;s consent shall not be required for Manager to assign or subcontract any
of its rights interests or obligations as Manager hereunder to any parent, subsidiary or affiliate
of Manager, or its successor corporation, provided that any such assignee or subcontractor agrees
to be bound by the terms and conditions of this Agreement and provided they are licensed by the
NIGC and the Gaming Commission. The acquisition of Manager or its parent company by a party other
than the parent, subsidiary, or affiliate of Manager, or its
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
successor corporation, shall not constitute an assignment of this Agreement by Manager and this
Agreement shall remain in full force and effect between the Tribe, the Authority, and Manager,
subject only to NIGC completion of its background investigation and licensure by the NIGC of the
purchaser and licensure by the Gaming Commission. Other than as stated above, this Agreement may
not be assigned or subcontracted by the Manager, without the approval by the Tribe, and the
Chairman of the NIGC or his authorized representative after a complete background investigation of
the proposed assignee. The Tribe shall, without the consent of the Manager, but subject to
approval by the Chairman of the NIGC or his authorized representative if required, have the right
to assign this Agreement and the assets of the Enterprise to an instrumentality of the Tribe,
including the Authority, or to a corporation wholly owned by the Tribe organized to conduct the
business of the Enterprise for the Tribe that assumes all obligations herein. Any assignment by
either Party shall not prejudice the rights of the other Party under this Agreement. No assignment
authorized hereunder shall be effective until all necessary government approvals have been
obtained.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.17 Time is of the Essence. Time is of the essence in the performance of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.18 Confidential and Proprietary Information.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.18.1 Confidential Information. Each of the Parties agrees that any information received
concerning the other Parties during the performance of this Agreement, regarding the Parties&#146;
organization, financial matters, marketing plans, or other information of a proprietary nature,
will be treated by all Parties in full confidence and except as required to allow Manager, the
Authority, and the Tribe to perform their respective covenants and obligations hereunder, will not
be revealed to any other persons, firms or organizations except in the course of legal proceedings
including arbitration as permitted by the court, arbitrator or arbitration panel. This provision
shall survive the termination of this Agreement for a period of two (2)&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.18.2 Proprietary Information of Manager. The Tribe and the Authority agree that Manager has the
sole and exclusive right, title and ownership to (i)&nbsp;certain proprietary information, techniques
and methods of operating gaming businesses; (ii)&nbsp;certain proprietary information, techniques and
methods of designing games used in gaming businesses; (iii)&nbsp;certain proprietary information,
techniques and methods of training employees in the gaming business; and (iv)&nbsp;certain proprietary
business plans, projections and marketing, advertising and promotion plans, strategies, and
systems, all of which have been developed and/or acquired over many years through the expenditure
of time, money and effort and which Manager and its affiliates maintain as confidential and as a
trade secret(s) (collectively, the &#147;Confidential and Proprietary Information&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.18.3 Manager agrees that, as part of its duties under this Agreement, Manager shall train
Enterprise Employees in management and operation practices required for the successful operation of
the Enterprise following the expiration of the Term. In return, the Tribe and the Authority agree,
upon the termination of this Agreement, to maintain the confidentiality of such Confidential and
Proprietary Information, including but not limited to, documents, notes, memoranda, lists, computer
programs and any summaries of such Confidential and Proprietary Information for the period required
in Section&nbsp;9.18.1 above and is hereby authorized by Manager
to use such Confidential and Proprietary Information exclusively for Gaming operations conducted by
the Tribe or the Authority beyond the Term of this Agreement.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.19 Employment Solicitation Restriction Upon Termination. The Tribe, the Authority, the Tribal
Council, and the Authority Board hereby agree not to solicit the employment of Manager&#146;s employees,
other than members of the Tribe, their spouses and children, at any time during the Term of this
Agreement without Manager&#146;s prior written approval. Furthermore, the Tribe, the Authority, the
Tribal Council, and the Authority Board agree not to employ such personnel, other than members of
the Tribe, their spouses and children, for a period of twelve (12)&nbsp;months after the termination or
expiration of this Agreement, without Manager&#146;s prior written approval.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.20 Patron Dispute Resolution. Manager shall submit all patron disputes concerning play to the
Tribal Gaming Commission pursuant to the Tribal Gaming Ordinance, and the regulations promulgated
thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.21 Claims Involving Authority, Etc. Manager, the Authority, and the Tribe each hereby agrees to
indemnify and hold the other harmless from and against any and all claims, loss, liability, damage
or expenses (including reasonable attorneys&#146; fees) suffered or incurred by the other Party as a
result of a claim brought by a person or entity claiming that the indemnifying Party has no
authority, power or right to enter into this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.22 Claims brought by Green Acres Casino Management Company, Inc. The Manager hereby agrees to
indemnify and hold harmless the Tribe, the Authority, and/or the Enterprise from and against any
and all claims, loss, liability damages or expenses (including reasonable attorneys&#146; fees) suffered
or incurred by any action brought by Green Acres, Basil Green, Dorothy Green or any other
shareholder, director or officer of Green Acres arising from the termination of the Original
Agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.23 Release by Tribe, etc. The Tribe and the Authority release the Manager, FHRI and Green Acres
from any obligations, claims, expenses, costs and damages that the Tribe may have arising under the
Original Agreements or the Royalty Agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.24 Modification. Any change to or modification of this Agreement must be in writing signed by
both Parties hereto and shall be effective only upon approval by the Chairman of the NIGC, the date
of signature of the Parties notwithstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10 Warranties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.1 Warranties. The Manager, the Authority, and the Tribe each warrant and represent that they
shall not act in any way whatsoever, directly or indirectly, to cause this Agreement to be amended,
modified, canceled or terminated, except pursuant to Section&nbsp;11. The Manager, the Authority, and
the Tribe warrant and represent that they shall take all actions necessary to ensure that this
Agreement shall remain in full force and effect at all times. The parties acknowledge the
existence of various litigation challenging the validity of the Tribe&#146;s compact with the State of
Michigan (<I>Taxpayers of Michigan Against Casinos v. State</I>, 254 Mich.App. 23, 657 N.W.2d 503
(Mich.App. Nov. 12, 2002) <I>aff&#146;d in part, Reversed in part and Remanded by </I>471 Mich. 306, 685 N.W.2d
221 (Mich. July&nbsp;30, 2004) (NO. 122830), <I>cert. denied by
Taxpayers of Michigan Against Casinos v. Michigan, </I>
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">543 U.S. 1146, 125 S.Ct. 1298 (2005) <I>and on Remand to Taxpayers of
Michigan Against Casinos v. State</I>, 268 Mich. App. 226, 708 N.W.2d 115 (Mich.App. Sep. 27, 2005)(NO.
225017); <I>aff&#146;d in part, Reversed in part and Remanded </I>T<I>axpayers of Michigan Against Casinos v.
State</I>, 478 Mich. 99, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>N.W.2d<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (Mich. May&nbsp;30, 2007); together with <I>Laura Baird v. Babbitt</I>, C.A.
No.&nbsp;5:99-CV-14 (United States District Court, Western District, Michigan)(1999), aff&#146;d, 266 F.3d
408 (6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Cir. 2001); and the suit challenging the Interior Department&#146;s determination
the Property is eligible for gaming under IGRA, now pending in the Court of Appeals for the D.C.
Circuit at <I>CETAC v. Kempthorne, </I>06-5354 and any certificate or other representation provided
Manager by the Tribe or the Authority is hereby conditioned upon the existence of any such
litigation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.2 Interference in Tribal Affairs. The Manager agrees not to interfere in or attempt to
influence the internal affairs or governmental decisions of the Tribal government by offering cash
or employment incentives, by making written or oral threats to the personal or financial status of
any person, or by any other action, except for actions in the normal course of business of the
Manager that only affect the activities of the Enterprise. For the purposes of this Section&nbsp;10.2,
if after providing Manager with written notice and a hearing, the Tribe reasonably finds that the
Manager has unduly interfered with the internal affairs of the Tribal government and has not taken
sufficient action to cure and prevent such interference, that finding of interference shall be
grounds for termination of the Agreement by the Tribe and the Authority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.3 Prohibition of Payments to Members of Tribal Government. Manager represents and warrants that
no payments have been or will be made to any member of the Tribal government, any Tribal official,
any relative of a member of Tribal government or Tribal official, or any Tribal government employee
for the purpose of obtaining any special privilege, gain, advantage or consideration.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.4 Definitions. As used in this Section&nbsp;10, the term &#147;member of the Tribal government&#148; means any
member of the Tribal Council, the Gaming Commission or any independent board or body created to
oversee any aspect of Gaming and any Tribal court official; the term &#147;relative&#148; means an individual
residing in the same household who is related as a spouse, father, mother, son or daughter, aunt,
uncle, nephew or niece.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11 Grounds for Termination.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.1 Voluntary Termination. This Agreement may be terminated upon the mutual written consent and
approval of the Parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.2 Termination for Cause.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.2.1 Either Party may terminate this Agreement if the other Party commits or allows to be
committed any material breach of this Agreement. A material breach of this Agreement means a
failure of either Party to perform any material duty or obligation on its part for ten (10)
consecutive days after receiving written notice of breach from the other Party, or a finding by the
Tribe that Manager has violated section 10.2 of this Agreement. Neither Party may terminate this
Agreement on grounds of material breach unless it has provided written notice to the other Party of
its intention to terminate this Agreement and within ten (10)&nbsp;days following receipt of such notice
the defaulting Party fails (a)&nbsp;to cure the default or (b)&nbsp;to commence curing the default and
thereafter diligently to proceed to cure the default. Discontinuance or correction of a material
breach shall constitute a cure thereof.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.2.2 The Tribe and the Authority may also terminate this Agreement where the Manager has had its
license withdrawn because the Manager, or a director or officer of the Manager, has been convicted
of a criminal felony or misdemeanor offense directly related to the performance of the Manager&#146;s
duties hereunder; provided, however the Tribe and the Authority may not terminate this Agreement
based on a director or officer&#146;s conviction where the Manager terminates such individual
immediately after receiving notice of the conviction. Any such director or officer charged with a
criminal felony or misdemeanor offense directly related to the performance of Manager&#146;s duties
shall have no role in the management of the Enterprise until such time as such person is cleared of
the charge or charges.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.2.3 An election to pursue damages or to pursue specific performance of this Agreement or other
equitable remedies while this Agreement remains in effect shall not preclude the injured Party from
providing notice of termination pursuant to this Section&nbsp;11.2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.3 Involuntary Termination Due to Changes in Legal Requirements. It is the understanding and
intention of the Parties that the establishment and operation of the Enterprise conforms to and
complies with all Legal Requirements. If during the term of this Agreement, a final judgment of a
court of competent jurisdiction determines Gaming at the Enterprise is unlawful, and all appeals
from such judgment have been exhausted, the obligations of the Parties hereto shall cease and this
Agreement shall be of no further force and effect except as to (a)&nbsp;accrued liabilities to third
parties, (b)&nbsp;to the provisions of Section&nbsp;12.1 and Section&nbsp;17 and (c)&nbsp;Manager&#146;s rights under the
Loan Documents; provided that (i)&nbsp;the Manager, the Authority, and the Tribe shall retain all money
previously paid to them pursuant to Section&nbsp;6 of this Agreement; (ii)&nbsp;funds of the Enterprise in
any account shall be paid and distributed as provided in Section&nbsp;6 of this Agreement; (iii)&nbsp;any
money loaned by or guaranteed by the Manager or its affiliates to the Tribe or the Authority shall
be repaid to the Manager from the Collateral; and (iv)&nbsp;the Authority shall retain its interest in
the title (and any lease) to all Enterprise fixtures, supplies and equipment, subject to any
requirements of financing arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.4 Consequences of Manager&#146;s Breach. In the event of the termination of this Agreement by the
Tribe for cause under Section&nbsp;11.2, the Manager shall not, prospectively from the date of
termination, have the right to its Management Fee from the Enterprise, but such termination shall
not affect the Manager&#146;s rights under Section&nbsp;12, the Loan Documents or any other agreements
entered pursuant hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.5 Consequences of Tribe&#146;s Breach. In the event of termination of this Agreement by the Manager
for cause under Section&nbsp;11.2, the Manager shall not be required to perform any further services
under this Agreement and the Authority shall indemnify and hold the Manager harmless against all
liabilities of any nature whatsoever relating to the Enterprise arising after the date of
termination, but only insofar as these liabilities result from acts within the control of the
Tribe, the Authority, or their agents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.6 Notice Provision. Except where the Tribal Gaming Ordinance, the Compact, or any other
applicable law or regulation provide for immediate action or action in less than 30&nbsp;days time, the
Tribe or the Gaming Commission shall provide the Manager notice of any alleged violation of
the Tribal Gaming Ordinance and thirty (30)&nbsp;days opportunity to cure before the Gaming Commission
may take any action based on such alleged violation.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12 Conclusion of the Management Term. Upon the conclusion of the Term, or the termination of this
Agreement under other of its provisions, in addition to other rights under this Agreement, the
Manager shall have the following rights:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.1 Undistributed Net Revenues. If the Enterprise has Net Revenues (irrespective of whether such
Net Revenues are known or unknown upon the expiration of the Term or the sooner termination of this
Agreement) which have not been distributed under Section&nbsp;6 of this Agreement, the Manager shall
receive, at such time as such Net Revenues are determined, that portion of such Net Revenues that
it would have received had such Net Revenues been distributed during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13 Consents and Approvals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.1 Tribe or Authority. Where approval or consent or other action of the Authority is required,
such approval shall mean the written approval of the Authority Board evidenced by a resolution
thereof, certified by the Authority&#146;s Secretary as having been adopted, or, if provided by
resolution of the Authority Board, the approval of such other person or entity designated by
resolution of the Authority Board. Where approval or consent or other action of the Tribe is
required, such approval shall mean the written approval of the Tribal Council evidenced by a
resolution thereof, certified by a tribal official as having been duly adopted, or, if provided by
resolution of the Tribal Council, the approval of the Tribal Gaming Commission, or such other
person or entity designated by resolution of the Tribal Council. Any such approval, consent or
action shall not be unreasonably withheld or delayed; provided the foregoing does not apply where a
specific provision of this Agreement allows the Tribe an absolute right to deny approval or consent
or withhold action.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.2 Manager. Where approval or consent or other action of the Manager is required, such approval
shall mean written approval. Any such approval, consent, or other action shall not be unreasonably
withheld or delayed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14 Disclosures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.1 Shareholders and Directors. Manager shall provide to the Tribe and the NIGC on the date that
this Agreement is submitted to the NIGC a list of all persons and entities identified in 25 C.F.R.
537.1(a) and 537.1(c)(1) and the information required under 25 C.F.R. 537.1(b).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.2 Warranties. The Manager further warrants and represents as follows: (i)&nbsp;no person or entity
has any beneficial ownership interest in the Manager other than as shall be identified pursuant to
Section&nbsp;14. 1; (ii)&nbsp;no officer, director or owner of five percent (5%) or more of the stock of the
Manager has been arrested, indicted for, convicted of, or pleaded nolo contendre to any felony or
any gaming offense, or had any association with individuals or entities known to be connected with
organized crime; and (iii)&nbsp;no person or entity disclosed pursuant to Section&nbsp;14.1 of this
Agreement, including any officers and directors of the Manager, has been arrested, indicted for,
convicted of, or pleaded nolo contendre to any felony or any gaming offense, or had any association
with individuals or entities known to be connected with organized crime.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.3 Criminal and Credit Investigation. The Manager agrees that all of its members and its
members&#146; shareholders (owning more than five percent (5%) of the outstanding stock), directors and
officers (whether or not involved in the Enterprise), shall:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;consent to background investigations to be conducted by the Tribe, the State of Michigan,
the Federal Bureau of Investigation (the &#147;FBI&#148;) or any other law enforcement authority to the
extent required by the IGRA or any Compact.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;be subject to licensing requirements in accordance with Tribal law and this Agreement,
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;consent to a background, criminal and credit investigation to be conducted by or for the
NIGC, if required,
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;consent to a financial and credit investigation to be conducted by a credit reporting or
investigation agency at the request of the Tribe,
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;cooperate fully with such investigations, and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;disclose any information requested by the Tribe which would facilitate the background and
financial investigation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Any materially false or deceptive disclosures or failure to cooperate fully with such
investigations by an employee of the Manager or an Enterprise Employee shall result in the
immediate dismissal of such employee. The results of any such investigation may be disclosed by
the Tribe to federal officials as required by law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.4 Disclosure Amendments. The Manager agrees that whenever there is any proposed change with
respect to the persons or entities with a financial interest in, or management responsibility for,
this Agreement, it shall notify the NIGC and the Tribe of such change no later than ten days after
it becomes aware of such change as required by 25 C.F.R. &#167; 537.2. The Manager further agrees to
notify the NIGC and the Tribe of any change with respect to the warranties and representations
contained on Section&nbsp;14.2(ii) or (iii)&nbsp;of this Agreement no later than ten days after it becomes
aware of such change. All of the warranties and agreements contained in this Section&nbsp;14 shall
apply to any person or entity who would be disclosed pursuant to this Section&nbsp;14 as a result of
such changes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.5 Breach of Manager Warranties and Agreements. The material breach of any warranty or agreement
of the Manager contained in this Section&nbsp;14 shall be grounds for immediate termination of this
Agreement; provided that (a)&nbsp;if a breach of the warranty contained in clause (ii)&nbsp;of Section&nbsp;14.2
is discovered, and such breach was not disclosed by any background check conducted by the FBI as
part of the NIGC or other federal approval of this Agreement, or was discovered by the FBI
investigation but all officers and directors of the Manager sign sworn affidavits that they had no
knowledge of such breach, then the Manager shall have thirty (30)&nbsp;days after notice from the Tribe
to terminate the interest of the offending person or entity and, if such termination takes place,
this Agreement shall remain in full force and effect; and (b)&nbsp;if a breach relates to a failure to
update changes in financial position or additional gaming related
activities, then the Manager shall have thirty (30)&nbsp;days after notice from the Tribe to cure such
default prior to termination.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15 Recordation. If applicable, at the option of Manager, the Authority, or the Tribe, any security
agreement related to the Loan Agreement may be recorded in any public records. Where such
recordation is desired in any relevant recording office maintained by the Tribe, and/or in the
public records of the BIA, the Tribe will accomplish such recordation upon the request of the
Manager. Manager shall promptly reimburse the Tribe for all expense, including attorney fees,
incurred as a result of such request. No such recordation shall waive the Tribe&#146;s or the
Authority&#146;s sovereign immunity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">16 No Present Lien, Lease, or Joint Venture. The Parties agree and expressly warrant that neither
this Agreement nor any exhibit thereto is a mortgage or lease and, consequently, does not convey
any such present interest whatsoever in the Gaming Facility or the Property, nor any proprietary
interest in the Enterprise to Manager. The Parties further agree and acknowledge that it is not
their intent, and that this Agreement shall not be construed, to create a joint venture between the
Tribe or the Authority and the Manager; rather, the Manager shall be deemed to be an independent
contractor for all purposes hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17 Arbitration. Either Party may submit any dispute arising under the terms of this Agreement, the
Loan Documents and any other document executed in conjunction with this Agreement to arbitration
under this Section&nbsp;17, including without limitation a claim that a Party has breached this
Agreement and the Agreement should be terminated. Notwithstanding the foregoing sentence, the
following tribal actions shall not be subject to arbitration: (i)&nbsp;approval of budgets; (ii)
licensing decisions; (iii)&nbsp;governmental actions of the Tribal Council (except such actions which
are intended to abrogate provisions of this Agreement); and (iv)&nbsp;Gaming Commission actions taken in
the course of carrying out regulatory duties and responsibilities assigned to the Gaming Commission
pursuant to tribal law. Arbitration shall be the exclusive means of dispute resolution between the
Parties and shall take place under the procedure set forth in this Section&nbsp;17. The arbitrators
shall have the right to grant injunctive relief and specific performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.1 Unless the Parties agree upon the appointment of a single arbitrator, a panel of arbitrators
consisting of three (3)&nbsp;members shall be appointed. One (1)&nbsp;member shall be appointed by the Tribe
and one (1)&nbsp;member shall be appointed by the Manager within ten (10)&nbsp;working days&#146; time following
the giving of notice submitting a dispute to arbitration. The third member shall be selected by
agreement of the other two (2)&nbsp;members. In the event the two (2)&nbsp;members cannot agree upon the
third arbitrator within fifteen (15)&nbsp;working days&#146; time, then the third arbitrator shall be chosen
by the Chief Judge of the United States District Court for the Western District of Michigan. If
for any reason the Chief Judge refuses to choose the third arbitrator, the Dean of the Law School
at the University of Michigan shall make the selection.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.2 Expenses of arbitration shall be shared equally by the Parties unless the arbitrator or
arbitration panel determines that the expenses should be paid by the non prevailing Party under
standards similar to those in Rule&nbsp;11 of the Federal Rules of Civil Procedure. Meetings of the
arbitrators may be in person or, in appropriate circumstances, by telephone. All decisions of any
arbitration panel shall be by majority vote of the panel, shall be in writing, and, together with
any dissenting opinions, shall be delivered to both Parties.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.3 The arbitrator or arbitration panel shall have power to administer oaths to witnesses, to take
evidence under oath, and, by majority vote, to issue subpoenas to compel the attendance of members
of the Tribe, Enterprise Employees or employees, officers and directors of the Manager for the
production of books, records, documents and other relevant evidence by either Party. The Authority
and the Manager agree to comply with such subpoenas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.4 The arbitrator or arbitration panel shall hold hearings in the proceeding before it and shall
give reasonable advance notice to the Authority and the Manager by registered mail not less than
five (5)&nbsp;days before any hearing. Unless otherwise agreed by the Authority and the Manager, all
hearings shall be held at the Tribal Offices on the Huron Band of Potawatomi Reservation.
Appearance at a hearing waives such notice. The arbitrator or arbitration panel may hear and
determine the controversy only upon evidence produced before it and may determine the controversy
notwithstanding the failure of either the Authority or the Manager duly notified to appear. The
Authority and the Manager are each entitled to be heard at all hearings, to present evidence
material to the matter subject to arbitration, to cross-examine witnesses appearing at the hearing,
and to be represented by counsel at its own expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.5 If the matter being submitted to arbitration involves a notice to terminate the Agreement for
material breach, the Party seeking termination may apply to the arbitrator or arbitration panel for
an order suspending performance of the Agreement during the pendency of arbitration, and the
arbitrator or arbitration panel shall promptly hear and decide that application.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.6 The decision of the arbitrator or arbitration panel shall be presumed to be valid, shall be
enforceable in full in any court of competent jurisdiction and may be vacated or modified only by
the United States District Court for the Western District of Michigan on one of the following
grounds; (a)&nbsp;the decision is not supported by substantial evidence; (b)&nbsp;the decision was procured
by corruption, fraud or undue means; (c)&nbsp;there was evident partiality or corruption by the
arbitrator, arbitration panel or any member; (d)&nbsp;the arbitrator, arbitration panel or any member
was guilty of misconduct in refusing to hear the question, or in refusing to hear evidence
pertinent and material to the question, or any other clear misbehavior by which the rights of
either Party have been substantially prejudiced; (e)&nbsp;the arbitrator or arbitration panel or any
member exceeded its authority under the terms of this Agreement; or (f)&nbsp;the arbitrator or
arbitration panel&#146;s decision is contrary to law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.7 The Tribe and the Authority each waives its sovereign immunity only to the extent of allowing
arbitration and judicial review and enforcement under the procedures set forth in this Section&nbsp;17.
This Agreement does not constitute and shall not be construed as a waiver of sovereign immunity by
the Tribe or the Authority except to permit arbitration and judicial review and enforcement under
the procedures set forth in this Section&nbsp;17.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.8 Notwithstanding this or any other provision, the arbitrator(s) may make an award of only
damages against the Authority or interpretation of this Management Agreement and related
agreements, and the only tribal income, assets and property which shall be subject to any claim or
award under this Agreement are (a)&nbsp;the Authority&#146;s interest in any undistributed or future income,
revenues or proceeds from the Enterprise and/or the Gaming Facility, including without
limitation such revenues arising or generated from the Enterprise and/or the Gaming Facility after
the termination of this Agreement, and (b)&nbsp;Gaming and related revenues from the Gaming Facility
arising or generated after the date that the matter in dispute is referred to arbitration.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.9 In no event shall this Section&nbsp;17 Arbitration apply to any governmental function, action or
decision of the Tribe or any of its boards, agencies or commissions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.10 This Section&nbsp;17 shall survive the termination of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">18.&nbsp;Entire Agreement. This Agreement constitutes the entire understanding and agreement of the
Parties hereto with respect to the subject matter hereof and supersedes all other prior agreements
and understandings, written or oral, between the Parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">19.&nbsp;Government Savings Clause. Each of the Parties agrees to execute, deliver and, if necessary,
record any and all additional instruments, certifications, amendments, modifications and other
documents as may be required by the United States Department of the Interior, BIA, the NIGC, the
Office of the Field Solicitor, or any applicable statute, rule or regulation in order to
effectuate, complete, perfect, continue or preserve the respective rights, obligations, liens and
interests of the parties hereto to the fullest extent permitted by law; provided, that any such
additional instrument, certification, amendment, modification or other document shall not
materially change the respective rights, remedies or obligations of the Tribe, the Authority, or
the Manager under this Agreement or any other agreement or document related hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.&nbsp;Execution. This Agreement is being executed in four counterparts, two to be retained by each
Party. Each of the four originals is equally valid. This Agreement shall be binding upon both
Parties when properly executed and approved by the Chairman of the NIGC.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Signatures on following page&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year first above
written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">NOTTAWASEPPI HURON BAND OF POTAWATOMI INDIANS, a
federally recognized tribe</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/&nbsp;Laura W. Spurr</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Laura W. Spurr</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairwoman</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4-11-08</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#091;The Tribe joins in this Agreement only to effect the
assignment and delegation of its authority and duties
concerning development of the Enterprise to the
Authority, and the Manager shall look solely to the
Authority, its assets and revenues concerning the
performance of this Agreement&#093;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">FIREKEEPERS DEVELOPMENT AUTHORITY
an unincorporated instrumentality and political subdivision of the Tribe</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/&nbsp;Laura W. Spurr</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Laura W. Spurr</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairwoman, Board of Directors</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4-11-08</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">GAMING ENTERTAINMENT (MICHIGAN)&nbsp;LLC</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">FULL HOUSE RESORTS, INC., member&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/&nbsp;Andre M. Hillion</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">Andre M. Hillion</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 11, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><B>NATIONAL INDIAN GAMING COMMISSION</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/&nbsp;Philip N. Hogen</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip N. Hogen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Full House Resorts, Inc. joins in this agreement solely for the purpose of consenting to the
provisions of Section&nbsp;9.23 in consideration of the release granted by the Tribe under Section&nbsp;9.24.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">FULL HOUSE RESORTS, INC.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/&nbsp;Andre M. Hillion</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Andre M. Hillion</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">CEO</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">April 11, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT A
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">LEGAL DESCRIPTION OF THE SITE

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Premises situated in the Charter Township of Emmett, County of Calhoun, and State of Michigan:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Commencing at the West % post of Section&nbsp;13, Town 2 South, Range 7 West, Emmett Township, Calhoun
County, Michigan; thence North 00 degrees 03&#146; 28&#148; East along the West line of said Section, 46.99
feet to the Southerly line of the exit ramp for 1-94, as recorded in Liber 898 on page 4, in the
Office of the Register of Deeds for Calhoun County, Michigan; thence North 89 degrees 06&#146; 09&#148; East
along said Southerly line, 214.69 feet; thence 362.37 feet along the arc of a curve to the left
whose radius measures 362.0 feet and whose chord bears North 60 degrees 25&#146;31&#148; East, 347.43 feet;
thence North 31 degrees 44&#146;56&#148; East, 263.62 feet; thence North 59 degrees 52&#146; 54&#148; East, 81.39 feet
to the place of beginning; thence continuing North 59 degrees 52&#146;54&#148; East, 181.87 feet; thence
South 78 degrees 01&#146; 12&#148; East, 472.30 feet; thence South 76 degrees 27&#146; 00&#148; East 1357.31 feet;
thence South 00 degrees 04&#146; 24&#148; West, 205.69 feet to the Northwest comer of Lot 21 of the
Supervisor&#146;s plat of Wagner Acres, as recorded in Liber 11 of plats, on page 21, in the Office of
the Register of Deeds for Calhoun County, Michigan; thence South 00 degrees 4&#146; 24&#148; West along the
West line of said Plat, 1992.58 feet to the centerline of Michigan Avenue; thence North 55 degrees
29&#146;21 &#147; West along said centerline, 2350.98 feet; thence North 00 degrees 03&#146; 28&#148; East, 1 191.07
feet to the place of beginning.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>c73399exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Andre M. Hilliou, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this Quarterly Report on Form 10-Q of Full House Resorts, Inc.;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the small business issuer as of, and for, the periods presented
in this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The small business issuer&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f)) for the small business issuer and have:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the small business issuer, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during
the period in which this report is being prepared;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Evaluated the effectiveness of the small business issuer&#146;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disclosed in this report any change in the small business issuer&#146;s internal
control over financial reporting that occurred during the small business issuer&#146;s most
recent quarter (the small business issuer&#146;s fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially effect the
small business issuer&#146;s internal control over financial reporting; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The small business issuer&#146;s other certifying officer(s) and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the small
business issuer&#146;s auditors and the audit committee of the small business issuer&#146;s board of
directors (or persons performing the equivalent function):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting which are reasonably likely to adversely
affect the small business issuer&#146;s ability to record, process, summarize and report
financial information; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fraud, whether or not material, that involves management of other employees
who have a significant role in the small business issuer&#146;s internal controls over
financial reporting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Dated:  May 14, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ ANDRE M. HILLIOU
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Andre M. Hilliou&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>c73399exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Mark Miller, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this Quarterly Report on Form 10-Q of Full House Resorts, Inc.;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the small business issuer as of, and for, the periods presented
in this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The small business issuer&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f)) for the small business issuer and have:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the small business issuer, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during
the period in which this report is being prepared;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Evaluated the effectiveness of the small business issuer&#146;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disclosed in this report any change in the small business issuer&#146;s internal
control over financial reporting that occurred during the small business issuer&#146;s most
recent quarter (the small business issuer&#146;s fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially effect the
small business issuer&#146;s internal control over financial reporting; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The small business issuer&#146;s other certifying officer(s) and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the small
business issuer&#146;s auditors and the audit committee of the small business issuer&#146;s board of
directors (or persons performing the equivalent function):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting which are reasonably likely to adversely
affect the small business issuer&#146;s ability to record, process, summarize and report
financial information; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fraud, whether or not material, that involves management of other employees
who have a significant role in the small business issuer&#146;s internal controls over
financial reporting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Dated:  May 14, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ MARK MILLER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>c73399exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER<BR>
PURSUANT TO 18 U.S.C. SECTION 1350</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Quarterly Report on Form 10-Q of Full House Resorts, Inc. for the quarter
ended March&nbsp;31, 2008 as filed with the Securities and Exchange Commission (the &#147;Report&#146;), I, Andre
M. Hilliou, Chief Executive Officer of Full House Resorts, Inc., hereby certify pursuant to 18
U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Report fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of Full House Resorts, Inc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Dated:  May 14, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ ANDRE M. HILLIOU
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Andre M. Hilliou&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>c73399exv32w2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

&#096;



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;32.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER<BR>
PURSUANT TO 18 U.S.C. SECTION 1350</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Quarterly Report on Form 10-Q of Full House Resorts, Inc. for the year ended
March&nbsp;31, 2008 as filed with the Securities and Exchange Commission (the &#147;Report&#148;) I, Mark Miller,
Chief Financial Officer of Full House Resorts, Inc., hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Report fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of Full House Resorts, Inc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Dated:  May 14, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ MARK MILLER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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