Full House Resorts appoints new CEO

Mr. Lee was previously the Chairman and Chief Executive Officer of Pinnacle Entertainment, a large regional casino company. In that role, he oversaw successful properties in each of the principal markets where Full House operates. Prior to that, during the 1990s, he was the Chief Financial Officer and Senior Vice President of Finance and Development of Mirage Resorts. In various roles, he has participated in the development of numerous major casinos throughout his career, all of which have been successful. 

These include L’Auberge and the soon-to-open Golden Nugget in Lake Charles, Louisiana; River City and Lumiere Place in St. Louis, Missouri; Casino Magic in Neuquen, Argentina; Bellagio, Treasure Island and Monte Carlo in Las Vegas; and The Borgata in Atlantic City, New Jersey. He worked on Wall Street earlier in his career, as a Chartered Financial Analyst specializing in the casino and hotel industries. Mr. Lee has a Bachelors’ degree in Hotel Administration and a Masters degree in Business Administration, both from Cornell University.

In connection with his appointment as the company’s Chief Executive Officer, the compensation committee of the board of directors approved the grant to Mr. Lee of a stock option to purchase 943,834 shares of the company’s common stock at an exercise price per share equal to the closing price of company’s common stock on the grant date. Mr. Lee’s option is scheduled to vest over a four-year period, with 25% vesting on the first anniversary of the grant date and the remaining 75% vesting in substantially equal installments over the following three years (subject to full or partial accelerated vesting on a qualifying termination of employment or a change in control of the company). The stock option was granted as a material component of Mr. Lee’s compensation and decision to enter into employment with the Company and was granted as an employment inducement award pursuant to NASDAQ Listing Rule 5635(c)(4).

As part of the agreement, Mr.. Lee, Mr. Tirpak and Mr.Thomas have withdrawn their solicitation statement calling for a special meeting of shareholders and will cease all further solicitation efforts. The settlement document will be filed with the Securities and Exchange Commission.

The company believes that the settlement agreement is in the best interest of stockholders and resolves the issues raised by the concerned stockholder group in a favorable manner for all parties. The company looks forward to working with the new members of the Board and management in its continued efforts to maximize stockholder value. Accordingly, and with the concurrence of the reconstituted board, the company looks forward to continuing to work with its financial advisers to evaluate all strategic alternatives for the company.

“I would like to thank the incumbent Full House Board for working with us to position the company for future success,” stated Full House’s new CEO, Daniel R. Lee. “I would also like to thank Andre and Mark for their many years of service with the Company and wish them well in their future endeavors. Finally, I look forward to meeting all of the Full House employees and to working together to make Full House Resorts into a strong and successful company building value for shareholders.”