Company lands investor

Friday, March 1, 2002 | 11:02 a.m.

Full House Resorts Inc. of Las Vegas announced it signed an agreement to sell half its stake in two tribal casino projects to a privately held company.

Full House said it would sell a 50 percent interest in its projects in Michigan and Southern California to a firm called RAM Entertainment LLC, identified as an investment company. The owners of RAM were not identified; records filed with the Nevada Secretary of State indicate the company was incorporated earlier this month, and had no officers on file.

Full House said it had received a $2.4 million advance from RAM as a loan, which will be negated if the Huron Potawatomi Tribe receives federal approvals to build a casino with Full House near Battle Creek, Mich. Full House had planned to build a casino near Palm Springs, Calif. with the Torres-Martinez Tribe, but this tribe pulled out of the deal last year. Full House is trying to collect its expenses from the tribe -- estimated at $1 million -- and officials at the company say it is still possible a deal there could proceed.

The company bought out its former partner in the casino projects, GTECH Corp., last March for $3 million.

Full House's main business operation currently is a slot machine casino the company operates at a Delaware racetrack.