Pueblo Signs Casino Management Agreement With Full House Resorts
VEGAS, Nevada - Full House Resorts, Inc. announced today
that the Nambe Pueblo Gaming Enterprise Board, which was recently
appointed by the Nambe Pueblo Tribal Council to oversee its
gaming operations, and the Tribe's Governor, have signed a Gaming
Management Agreement with Full House, subject to the approval
of the National Indian Gaming Commission in accordance with
Management Agreement provides for a management fee of 30% of
net revenue, payable to Full House over seven years from the
opening of the gaming facility. Net revenue is a measurement
of profitability that is defined by the National Indian Gaming
Commission. First year gross revenues from the project are forecasted
to be $36 million.
Violette, Chief Operating Officer of Full House, stated "The
team at Full House is looking forward to working with the Tribe
and its Gaming Enterprise Board to make a reality of the vision
that these leaders have to achieve economic prosperity for their
people. Full House will assist the tribe with the implementation
of all phases of its economic development plan, so that we can
share in a mutually beneficial relationship."
Andre Hilliou, Chief Executive Officer of Full House, stated,
"We are pleased to report this agreement to our shareholders.
We have promised to grow the company and this project will provide
additional management fee revenues to the company and be accretive
House has proposed a multi-phased Master Plan of Economic Development
for the Tribe. The first phase development of a full-scale casino
will include a 50,000 square foot facility with 500 slot machines,
twelve table games, three food outlets, gift shop, entertainment
lounge and other amenities. An indoor amusement park to allow
for family entertainment is also planned for the first phase.
Plans for subsequent phases of development include a hotel,
convention center and events center. Other future development
that has been discussed for the tribe's 1,800 acre site on Highway
84/285 fifteen miles north of Santa Fe includes retail outlets,
a movie theatre, restaurants and housing.
Architects of Albuquerque was selected as the project architect.
DCSW, headed by Marc Schiff, brings over 28 years' experience
in the planning, design, development and construction supervision
of hotels, restaurants, cultural centers, public buildings and
other commercial developments.
Talache, Jr., Governor of the Nambe Pueblo Tribe, stated, "Full
House Resorts has shown itself to be a worthy partner in our
economic development plan. They have worked with us for the
past fourteen months to formulate a plan that respects our history
and culture and will be exciting and entertaining to the public.
We appreciate the efforts to date of both Full House and DCSW,
which has shown great vision in its preliminary design work.
We anticipate great things from this economic development process
and look forward to long-lasting gains. I am especially excited
about being affiliated with Mr. Lee Iacocca. He has been an
inspiration to me in the pursuit of my professional goals, since
I first read his autobiography while I was serving in the U.S.
McKenna, Chairperson of the Nambe Pueblo Gaming Enterprise Board,
stated "I am looking forward to a successful partnership
with Full House and the beginning of a new business, political
and social era for Nambe Oweenge."
Mirage finalizes deal to develop, manage N.Y. casino
reported by the Las Vegas Sun
New York - MGM Mirage said it has signed a definitive
agreement to develop and manage a $170 million casino
at the Aqueduct
horse racing track in Queens, N.Y., and expects to open
the casino by mid-2006.
Mirage announced the deal more than two years ago, but
several developments have hampered the project.
appeals court in 2004 struck down a 2001 law allowing
slot revenue to go to horse breeders and purses. In April,
New York Gov. George Pataki approved a bill paving the
way for slots to be installed at New York racetracks and
a method by which slot revenue would be divvied up between
tracks, horsemen, breeders and the state.
2003, federal prosecutors charged New York Racing Association
officials with conspiring to evade taxes on $19 million
in bets. NYRA is the nonprofit operator of the Aqueduct
and other New York tracks. MGM Mirage, which had signed
a contract with NYRA earlier that year, abruptly halted
work on the casino amid rumors of the indictments.
allege NYRA track tellers skimmed money from bettors,
leaving them short. NYRA then deducted the differences
from employees' pay and treated it as a business expense,
they said. NYRA avoided prosecution by paying $3 million
in fines and agreeing to reforms as well as oversight
from an independent monitor.
then, track owners, breeders and horse owners have been
squabbling over how much of the slot revenue they will
receive once the state gets its cut. MGM Mirage also raised
the cost of the project by about $70 million.
state tax rate at Aqueduct
is expected to be about 75 percent, leaving relatively
little for operators, Deutsche Bank stock analyst Mark
Falcone said in a research note to investors.
casino will have 4,500 video lottery terminals, which
are essentially slot machines with centralized computer
systems. State regulators still need to approve the casino
deal, MGM Mirage said today.
Falcone said he expects the casino to generate from $10
million to $15 million per year in cash flow for MGM Mirage,
translating into annual earnings per share of 2 cents
to 3 cents.
Mirage would still be able to operate the casino even
if NYRA is stripped of its state franchise to operate
Aqueduct, a contract that expires in December 2007, Falcone
look forward to being a positive factor in the state of
New York and New York City for years to come," MGM
Mirage Chief Executive Terry Lanni said in a statement.
a separate research note, Susquehanna Financial Group
stock analyst Eric Hausler said the casino is expected
to be a slot machine facility with limited amenities and
will "drain some day trip business" from nearby
Atlantic City for slot players looking for something more