Tuesday, casino operator Full House Resorts Inc. (FLL), said it settled a pending litigation filed by RAM Entertainment, LLC and Robert Mathewson. Full House also provided an updated on its share repurchase program.
The Las Vegas, Nevada-based company said it settled a litigation related to the distribution of an award previously obtained by Gaming Entertainment (California) LLC, a consolidated investor of the company.
Pursuant to an Investor Agreement, Full House Resorts and RAM entered into a mediation process and agreed to settle and resolve all of the claims between them. Under the terms of the settlement, RAM and Mathewson agreed to dismiss their claims against Full House and certain of its officers with prejudice in exchange for Full House's agreement to pay RAM $225,000 on or before December 19, 2008 and a second payment of $275,000 on or before December 15, 2009.
Commenting on the share repurchase program, as of December 29, 2008, Full House said that it has purchased a total of 1,207,014 shares of its common stock at a cost of $1,464,305 or an average price per share of $1.21. Full House also noted that it has authorization of $535,695 remaining for additional purchases under its $2 million common stock repurchase program.
Full House Resorts closed Tuesday's regular trading at $1.05, down $0.04 or 3.98%, on a volume of 38,475 shares on the AMEX.
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