Full House Resorts posts earnings

Net for the latest quarter included a $262,767 gain from settlement of litigation related to purchase of land in Biloxi, Miss., where the company plans to build a Hard Rock hotel-casino.

Full House said joint venture revenue fell $77,759 due to increased costs involved in its efforts to help an Indian tribe in Battle Creek, Mich., buy land for a hotel-casino.

Full House also said it has modified its agreement with Hard Rock Cafe International regarding the proposed Biloxi casino. Full House said the new licensing agreement calls for Hard Rock to receive a flat $2.5 million annual fee rather than 5 percent of net casino revenue.

Full House said it and Hard Rock also have agreed to relieve Hard Rock of its obligation to co-manage the facility. Full House is seeking an equity partner to fill that role and assist in financing the project.

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