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Nambe Pueblo signs management agreement for new casino, resort

June 24, 2005

The Nambe Pueblo Gaming Enterprises Board and the Nambe Pueblo governor have signed a gaming management agreement with Full House Resorts Inc. to oversee the tribe's gaming operations.

The Gaming Enterprises Board was recently appointed by the Nambe Pueblo Tribal Council to oversee its gaming operations. The agreement is subject to the approval of the National Indian Gaming Commission in accordance with federal law.

The agreement with Las Vegas-based Full House (OTC BB: FHRI) provides for a management fee of 30 percent of net revenue, payable to Full House over seven years from the opening of the gaming facility. First year gross revenues from the project are forecasted to be $36 million.

Full House has proposed a master plan of economic development for the tribe that includes a 50,000-square-foot facility with 500 slot machines, 12 table games, three food outlets, a gift shop, entertainment lounge and other amenities. Plans also include an indoor amusement park.

Subsequent phases of development include a hotel, convention center and events center. Other plans under discussion could see retail outlets, a movie theater, restaurants and housing. The tribe has an 1,800-acre site 15 miles north of Santa Fe on Highway 84/285. DCSW Architects of Albuquerque is the project architect.

Tom Talache Jr., governor of the pueblo, says Full House worked to create a plan that respects his tribe's history and culture. Members of the Pueblo voted last year to approve plans for a casino.

Full House was recently selected by the Manuelito Chapter of the Navajo Nation to develop and manage a gaming facility near Gallup. It has a management agreement with the Nottawaseppi Huron Band of Potawatomi Indians for the development and management of a casino and resort in Battle Creek, Mich. It also has a gaming management agreement with the Northern Cheyenne Nation of Montana for the development and management of a 25,000-square-foot gaming facility.

Source: New Mexico Business Journal