Six-year-old lawsuit dismissed

Wednesday, April 12, 2000 | 10:37 a.m.

Full House Resorts Inc. of Las Vegas said a breach of contract lawsuit filed against it six years ago in Mississippi was dismissed.

In 1994, Lone Star Casino Corp. of Dublin, Ireland, sued Full House and major shareholder Allen Paulson in Mississippi state court, alleging the company breached a joint venture with Lone Star to acquire a barge for gaming purposes. Most of the counts were dismissed, but the Mississippi Court of Appeals ordered further proceedings on two counts in April 1998.

Since Lone Star did not act on these claims within 18 months of this order, the final two counts have now been dismissed, Full House said. Company officials say the dismissal will remove "confusion" in Mississippi as it attempts to proceed with plans to develop a Hard Rock hotel-casino in Biloxi.

Full House also reported a loss of $1.5 million, or 17 cents per share, for the year ending Dec. 31, 1999. In 1998, the company reported net income of $725,000. Full House reported revenues of $3.6 million for the year, up less than $18,000 from 1998.

The loss was caused by the company's efforts to assist the Huron Potawatomi Tribe in Battle Creek, Mich. and the Torres Martinez Tribe in Thermal, Calif., with their efforts to receive permission to conduct gaming operations on tribal land. Full House is partners with both tribes.