--------------------------------------------------------------------------------

EXHIBIT 10.1
 
GRAPHIC [logo.jpg]
 
 
T. Wesley Elam
 
November 12, 2012
3750 Royer Ct.
   

Reno, NV 89509
 
Re.:  Cancellation of Employment Agreement
 
Dear Wes:
 
This letter will confirm the agreements between yourself and Full House Resorts,
Inc. (the “Company”). In our discussions, we have agreed to cancel your
Employment Agreement with the Company as of November 12, 2012 and to realign
some of your responsibilities. You will continue as an at-will employee of the
Company. In connection with the cancellation, we have agreed that your base
salary shall remain the same, there will be no further bonus payments for the
2012 year and your bonus for 2013 will be 50% of your base salary.
 
Please sign the acknowledgement below indicating your agreement to the
foregoing.
 

     
Best
 
      graphic [img001.jpg]         Andre M. Hilliou         Chairmen and CEO  

 
 
Acknowledgment
 
I acknowledge and agree to the cancellation of my Employment Agreement with the
Company and the reduction of bonus as outlined above.
 

    graphic [img002.jpg]       T. Wesley Elam  

 
 
 

--------------------------------------------------------------------------------

4670 South Fort Apache Road Suite 190 ♦ Las Vegas Nevada 89147 ♦ (702)221 -
7800 ♦ Fax (702)221-8101