U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
         ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000.

                                       OR

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________
         TO______________.

                                                     Commission File No. 0-20630
                                                                        --------

                            FULL HOUSE RESORTS, INC.
              -----------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Delaware                                            13-3391527
 --------------------------                              --------------------
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                            Identification No.)

        2300 W. Sahara Ave.
         Suite 450,  Box 23
        Las Vegas,  Nevada                                      89102
------------------------------------                         -----------
(Address of principal executive offices)                      (zip code)

                                 (702) 221-7800
                         -------------------------------
                         (Registrant's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                               Yes [X]         No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of November 10, 2000, Registrant had 10,340,380 shares of its $.0001 par
value common stock outstanding.


<PAGE>

                            FULL HOUSE RESORTS, INC.
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                      Page
                                                                                      ----
<S>                                                                                    <C>

PART I.  Financial Information

         Item 1. Unaudited Condensed Consolidated Financial Statements

                 Unaudited Condensed Consolidated Balance Sheets as of
                 September 30, 2000 and December 31, 1999                               3

                 Unaudited Condensed Consolidated Statements of Operations
                 for the three months ended September 30, 2000 and 1999                 4

                 Unaudited Condensed Consolidated Statements of Operations
                 for the nine months ended September 30, 2000 and 1999                  5

                 Unaudited Condensed Consolidated Statements of Cash Flows
                 for the nine months ended September 30, 2000 and 1999                  6

                 Notes to Unaudited Condensed Consolidated Financial Statements         7

         Item 2. Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                                   10

PART II. Other Information                                                             13

         Signatures                                                                    13
</TABLE>

                                      -2-
<PAGE>

<TABLE>
<CAPTION>
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
-----------------------------------------------------------------------------------------------------------------
                                                                          SEPTEMBER  30,            DECEMBER 31,
ASSETS                                                                         2000                     1999
                                                                          -------------            --------------
<S>                                                                       <C>                      <C>
CURRENT ASSETS:
  Cash and cash equivalents                                               $   323,071               $   438,800
  Income tax refund receivable                                                     --                    34,057
  Prepaid expenses                                                            166,044                    87,590
                                                                          ------------             -------------
    Total current assets                                                      489,115                   560,447

LAND HELD FOR DEVELOPMENT                                                   4,621,670                 4,621,670
FIXTURES AND EQUIPMENT                                                         50,866                    69,413
GOODWILL - net                                                                506,280                   885,981
NOTE RECEIVABLE - JOINT VENTURE                                             1,035,726                   839,580
INVESTMENTS IN JOINT VENTURES                                               3,762,741                 3,672,175
DEFERRED TAX ASSET                                                            407,282                   614,083
DEPOSITS AND OTHER ASSETS                                                   2,776,344                 2,620,487
                                                                          ------------             -------------

TOTAL                                                                     $13,650,024             $  13,883,836
                                                                          ============             =============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                                                        $    17,322             $      19,238
  Current portion of long-term debt                                         3,350,000                        --
  Payable to joint ventures                                                   120,285                    60,077
  Accrued expenses                                                            231,761                   190,332
                                                                          ------------             -------------
    Total current liabilities                                               3,686,368                   269,647
                                                                          ------------             -------------

LONG-TERM DEBT, net of current portion                                             --                 3,750,000
                                                                          ------------             -------------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
  Cumulative preferred stock, par value $.0001, 5,000,000
    shares authorized; 700,000 shares issued and outstanding;
    aggregate liquidation preference of $3,832,500 and $3,675,000                  70                        70
  Common stock, par value $.0001, 25,000,000 shares authorized;
    10,340,380 shares issued and outstanding                                    1,034                     1,034
  Additional paid in capital                                               17,416,029                17,374,449
  Accumulated deficit                                                      (7,486,477)               (7,511,364)
                                                                          ------------             -------------
    Total stockholders' equity                                              9,930,656                 9,864,189
                                                                          ------------             -------------
TOTAL                                                                     $13,650,024              $ 13,883,836
                                                                          ============             =============
</TABLE>
See notes to unaudited condensed consolidated financial statements.


                                      -3-
<PAGE>

<TABLE>
<CAPTION>
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------------
                                                                                        THREE MONTHS ENDED
                                                                                          SEPTEMBER  30,
                                                                                     2000                1999
                                                                               --------------        -------------
<S>                                                                            <C>                    <C>
OPERATING REVENUES:
  Joint ventures                                                               $   1,132,115          $   955,684

OPERATING COSTS AND EXPENSES:
  Joint venture pre-opening costs                                                    255,188               92,139
  General and administrative                                                         464,314              539,567
  Depreciation and amortization                                                      132,634              132,687
                                                                               --------------        -------------
           Total operating costs and expenses                                        852,136              764,393
                                                                               --------------        -------------
INCOME FROM OPERATIONS                                                               279,979              191,291

Interest expense and debt issue costs                                                (84,257)             (62,371)
Interest and other income                                                              2,460              265,085
                                                                               --------------        -------------

INCOME BEFORE INCOME TAXES                                                           198,182              394,005

INCOME TAX PROVISION                                                                (137,989)             (60,891)
                                                                               --------------        -------------

NET INCOME                                                                            60,193              333,114

Less, undeclared dividends on cumulative preferred stock                              52,500               52,500
                                                                               --------------        -------------

NET INCOME APPLICABLE TO COMMON SHARES                                          $      7,639          $   280,614
                                                                               ==============        =============


NET INCOME PER COMMON SHARE, Basic and Diluted                                  $       0.00         $       0.03
                                                                               ==============        =============


Weighted average shares, Basic and Diluted                                        10,340,380           10,340,380
                                                                               ==============        =============
</TABLE>

See notes to unaudited condensed consolidated financial statements.


                                      -4-
<PAGE>
<TABLE>
<CAPTION>
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------------
                                                                                       NINE MONTHS ENDED
                                                                                         SEPTEMBER 30,
                                                                                    2000                 1999
                                                                               --------------        -------------
<S>                                                                            <C>                   <C>
OPERATING REVENUES:
  Joint ventures                                                               $   2,899,428         $  2,784,249


OPERATING COSTS AND EXPENSES:
  Joint venture pre-opening costs                                                    512,781              157,245
  General and administrative                                                       1,389,301            1,606,047
  Depreciation and amortization                                                      398,249              395,339
                                                                               --------------        -------------
           Total operating costs and expenses                                      2,300,331            2,158,631
                                                                               --------------        -------------
INCOME FROM OPERATIONS                                                               599,097              625,618

Interest expense and debt issue costs                                               (249,563)            (187,230)
Interest and other income                                                              8,364              283,210
                                                                               --------------        -------------

INCOME BEFORE INCOMES TAXES AND CUMULATIVE
    EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE                                         357,898              721,598

INCOME TAX PROVISION                                                                (333,011)            (186,467)
                                                                               --------------        -------------

NET INCOME BEFORE CUMULATIVE EFFECT OF CHANGE
    IN ACCOUNTING PRINCIPLE                                                           24,887              535,131

CUMULATIVE EFFECT OF ACCOUNTING CHANGE, net of tax                                        --             (543,870)
                                                                               --------------        -------------

NET INCOME (LOSS)                                                                     24,887               (8,739)

Less, undeclared dividends on cumulative preferred stock                             157,500              157,500
                                                                               --------------        -------------

NET LOSS APPLICABLE TO COMMON SHARES                                           $    (132,613)        $   (166,239)
                                                                               ==============        =============
Income (loss) per common share before cumulative effect of change in
accounting principle, Basic and Diluted                                        $       (0.01)        $       0.04
Change in accounting principle, Basic and Diluted                                         --                (0.05)
                                                                               --------------        -------------
NET LOSS PER COMMON SHARE, Basic and Diluted                                   $       (0.01)        $      (0.01)
                                                                               ==============        =============

Weighted average shares; Basic and Diluted                                        10,340,380           10,340,380
                                                                               ==============        =============
</TABLE>

See notes to unaudited condensed consolidated financial statements.


                                      -5-
<PAGE>
<TABLE>
<CAPTION>
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
------------------------------------------------------------------------------------------------------------------
                                                                                       NINE MONTHS ENDED
                                                                                         SEPTEMBER 30,
                                                                                    2000                 1999
                                                                               --------------        -------------
<S>                                                                            <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                                            $      24,887          $    (8,739)
  Adjustments to reconcile net income (loss) to net cash
    provided by operating activities:
     Depreciation and amortization                                                   398,249              395,339
     Amortization of deferred compensation expense                                    41,580              117,288
     Cumulative effect of change in accounting principle, net of tax                      --              543,870
     Equity in income of joint ventures                                           (2,386,647)          (2,627,004)
     Distributions from joint ventures                                             2,296,079            2,549,285
Changes in assets and liabilities:
     Receivables                                                                      34,057               35,871
     Prepaid expenses                                                                (78,454)             (30,173)
     Other assets                                                                    (80,857)            (442,661)
     Deferred taxes                                                                  206,801                   --
     Accounts payable and accrued expenses                                            39,514               58,065
                                                                               --------------        -------------

        Net cash provided by operating activities                                    495,209              591,141
                                                                               --------------        -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                                                     --              (42,037)
  Deposits on purchase options                                                       (75,000)          (1,125,000)
  Change in receivables from joint ventures                                         (135,938)              20,398
                                                                               --------------        -------------

        Net cash used in investing activities                                       (210,938)          (1,146,639)
                                                                               --------------        -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from line of credit                                                            --            1,000,000
  Repayment of debt                                                                 (400,000)          (1,000,000)
                                                                               --------------        -------------

        Net cash used in financing activities                                       (400,000)                  --
                                                                               --------------        -------------

NET DECREASE IN CASH AND CASH EQUIVALENTS                                           (115,729)            (555,498)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                       438,800            1,092,178
                                                                               --------------        -------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                       $     323,071          $   563,680
                                                                               ==============        =============
</TABLE>

See notes to unaudited condensed consolidated financial statements.


                                      -6-
<PAGE>


FULL HOUSE RESORTS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Interim Condensed Consolidated Financial Statements - The interim
         condensed consolidated financial statements of Full House Resorts, Inc.
         (the "Company") included herein reflect all adjustments which are, in
         the opinion of management, necessary to present fairly the financial
         position and results of operations for the interim periods presented.
         All such adjustments are of a normal recurring nature. Certain
         information and note disclosures normally included in financial
         statements prepared in accordance with accounting principles generally
         accepted in the United States of America have been omitted pursuant to
         the rules and regulations of the Securities and Exchange Commission.

         These unaudited condensed consolidated financial statements should be
         read in conjunction with the consolidated financial statements and
         notes thereto included in the Company's Annual Report on Form 10-KSB
         for the year ended December 31, 1999. The results of operations for the
         three and nine month periods ended September 30, 2000 are not
         necessarily indicative of the results to be expected for the year
         ending December 31, 2000.

         Consolidation - The unaudited condensed consolidated financial
         statements include the accounts of the Company and all its
         majority-owned subsidiaries. All material intercompany accounts and
         transactions have been eliminated.

         Reclassifications - Certain prior year amounts have been reclassified
         to conform with the current year presentation.

2.       RECENTLY ISSUED ACCOUNTING STANDARDS

         In June 1998, the Financial Accounting Standards Board issued SFAS No.
         133, "Accounting for Derivative Investments and Hedging Activities."
         This statement establishes accounting and reporting standards for
         derivative investments, including certain derivative investments
         embedded in other contracts, and hedging activities. It requires that
         an entity recognizes all derivatives either as assets or liabilities in
         the statement of financial position, and measures those instruments at
         fair value, and is effective for all fiscal quarters of the fiscal
         years beginning after June 15, 2000. This is a complex accounting
         standard; however, the Company does not expect the adoption of this
         statement to have a material impact on the consolidated financial
         statements of the Company.

         In December 1999, the Securities and Exchange Commission issued Staff
         Accounting Bulletin No, 101, "Revenue Recognition in Financial
         Statements" ("SAB 101"). SAB 101 clarifies existing accounting
         principles related to revenue recognition in financial statements. The
         Company is required to comply with the provisions of SAB 101 by the
         fourth quarter of 2000. Due to the nature of the Company's operations,
         management does not believe that SAB 101 will have a significant impact
         on the Company's consolidated financial statements.


                                      -7-
<PAGE>

3.       SEGMENT INFORMATION

         The Company has two primary business segments. The Joint Venture
         segment includes the ventures with GTECH Corporation ("GTECH"), and the
         Corporate segment reflects the administrative and development expenses
         of the Company's other business.

       SUMMARY INFORMATION FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30,
<TABLE>
<CAPTION>
                  2000                               Joint
                                                   Ventures               Corporate          Consolidated
                                                --------------          -------------        ------------
<S>                                               <C>                    <C>                  <C>
         Revenues                                 $ 1,132,115            $        --          $1,132,115
         Pre-opening costs                            255,188                     --             255,188
         Income (loss) from operations                735,360               (455,381)            279,979
         Net income (loss)                        $   525,535            $  (465,342)         $   60,193

<CAPTION>
                  1999                               Joint
                                                   Ventures               Corporate          Consolidated
                                                --------------          -------------        ------------
<S>                                               <C>                    <C>                  <C>
         Revenues                                 $   955,684            $        --          $  955,684
         Pre-opening costs                             92,139                     --              92,139
         Income (loss) from operations                736,978               (545,687)            191,291
         Net income (loss)                        $   614,607            $  (281,493)         $  333,114
</TABLE>

       SUMMARY INFORMATION FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30,

<TABLE>
<CAPTION>
                  2000                               Joint
                                                   Ventures               Corporate          Consolidated
                                                --------------          -------------        ------------
<S>                                               <C>                    <C>                  <C>
         Revenues                                 $ 2,899,428            $         --         $2,899,428
         Pre-opening costs                            512,781                      --            512,781
         Income (loss) from operations              1,961,946              (1,362,849)           599,097
         Net income (loss)                        $ 1,423,599            $ (1,398,712)        $   24,887

<CAPTION>
                  1999                               Joint
                                                   Ventures               Corporate          Consolidated
                                                --------------          -------------        ------------
<S>                                               <C>                    <C>                  <C>
         Revenues                                 $ 2,784,249           $          --         $2,784,249
         Pre-opening costs                            157,245                      --            157,245
         Income (loss) from operations              2,427,303              (1,621,685)           625,618
         Net income (loss) before cumulative
           effect of change in accounting
           principle                                1,884,636              (1,349,505)           535,131
         Accounting change, net                      (543,870)                     --           (543,870)
         Net income (loss)                        $ 1,340,766            $ (1,349,505)           $(8,739)
</TABLE>


                                       -8-
<PAGE>

4.       JOINT VENTURE INVESTMENTS

         The Company has four joint ventures with GTECH. The Delaware venture
         manages a slot operation at Harrington Raceway in Harrington. The
         Oregon venture developed the Mill Casino in North Bend for the Coquille
         Indian Tribe. The Michigan venture, which has a management agreement
         with a Tribe in Battle Creek, and the California venture, which has an
         agreement with a Tribe in Thermal are both still in the development
         stage. Successful development and, ultimately, sustaining profitable
         operations is dependent upon future events, including appropriate
         regulatory approvals and adequate market demand. These two ventures
         have not generated any revenues, and the costs incurred to date relate
         to pre-opening expenses such as payroll, legal, and consulting.

       SUMMARY INFORMATION FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30,
<TABLE>
<CAPTION>
                  2000                         Delaware          Oregon          Michigan        California
                                            ------------      ----------        ----------       ----------
<S>                                         <C>               <C>               <C>               <C>
         Revenues                           $ 4,376,355       $  655,602        $        --       $      --
         Income (loss) from operations        1,612,829          651,402           (465,159)        (45,218)
         Net income (loss)                  $ 1,612,829       $  651,402        $  (465,159)      $ (45,218)


<CAPTION>
                  1999                          Delaware        Oregon           Michigan        California
                                            ------------      ----------        ----------       ----------
<S>                                         <C>               <C>               <C>               <C>
         Revenues                           $ 3,218,788       $  650,846        $        --       $      --
         Income (loss) from operations        1,271,218          640,148           (188,458)          4,180
         Net income (loss)                  $ 1,271,218          640,148        $  (188,458)      $   4,180
</TABLE>

       SUMMARY INFORMATION FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30,
<TABLE>
<CAPTION>
                  2000                         Delaware          Oregon          Michigan        California
                                            ------------      ----------        ----------       ----------
<S>                                         <C>               <C>               <C>               <C>
         Revenues                           $11,341,554       $1,799,978        $        --      $       --
         Income (loss) from operations        4,009,667        1,789,189           (936,307)        (89,256)
         Net income (loss)                  $ 4,009,667       $1,789,189        $  (936,307)     $  (89,256)

<CAPTION>
                  1999                          Delaware        Oregon           Michigan        California
                                            ------------      ----------        ----------       ----------
<S>                                         <C>               <C>               <C>               <C>
         Revenues                           $ 9,185,334       $1,774,225        $        --      $       --
         Income (loss) from operations        3,836,590        1,731,907           (278,598)        (35,892)
         Cumulative effect of change
           in accounting principle               (9,157)        (137,351)        (1,260,818)       (240,765)
         Net income (loss)                  $ 3,827,433       $1,594,556        $(1,539,416)     $ (276,657)
</TABLE>


         These joint venture entities are treated as partnerships for tax
         purposes and consequently, no tax provision / benefit is recognized at
         the venture level.


                                       -9-
<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

Three and Nine Months Ended September 30, 2000 Compared to Three and Nine Months
Ended September 30, 1999.

         Joint Ventures Income. Joint Venture income increased $176,431, or
18.5% for the three month period and $115,179 or 4.1% for the nine month period
as compared to the same periods in 1999. These increases are primarily due to
the opening of an expansion at Midway Slots in Delaware.

         Oregon Joint Venture. The Company's share of income, before the
cumulative effect of the change in accounting principle, from the Oregon joint
venture was $325,701, an increase of 1.8% for the three month period, and
$894,595, an increase of 3.3% for the nine month period. These increases were
achieved despite a reduction in the venture's fee structure from 13% of revenue
to 12%, in accordance with the management agreement. The continued growth in the
market, along with the opening of a small hotel, contributed to revenue
increases at the facility that more than offset the fee percentage reduction.

         Delaware Joint Venture. The Company's share of income, before the
cumulative effect of the change in accounting principle, from the Delaware joint
venture was $806,414, an increase of 26.9%, for the three month period, and
$2,004,833, an increase of 4.5% for the nine month period. The increase for the
quarter was driven by the expansion of gaming capacity from 742 units to 1,150
units. The resulting revenue and operating income increases translated into
higher management fees for the venture. For the nine month period, the current
quarter increase more than offset the declines of the earlier part of the year
which were primarily caused by inclement weather, expansion expenses, and legal
costs.

         California and Michigan Joint Ventures. The Company's share of
pre-opening costs from the California and Michigan joint ventures increased by
$163,049 and $355,536 for the respective three and nine month periods ended
September 30, 2000. The majority of these increases was due to increased
activities related to the Huron Potawatomi Tribe in Battle Creek, primarily for
land options, payroll, legal, licensing and other expenses in connection with
assisting the Tribe in obtaining suitable land for its gaming facility, and
applying for the necessary licenses and approvals. The California venture has
also incurred higher costs this year as the parties worked toward Congressional
approval of a land settlement agreement and began efforts to obtain a gaming
compact. These joint venture companies are still in the development stage and do
not have operating revenues.

         General and Administrative Expenses. General and administrative
expenses decreased by $75,253 and $216,746 for the respective three and nine
month periods ended September 30, 2000. These decreases are primarily due to
decreased legal and professional fees associated with the Company's efforts to
develop the Biloxi, Mississippi project.

         Interest Expense. Interest expense increased by $21,886 and $62,333 for
the three and nine month periods, respectively, due to an increase in
outstanding indebtedness, coupled with an increase in interest rates.

         Interest and Other Income. The significant decrease in interest and
other income for the three and nine month periods is primarily due to proceeds
received during the third quarter of 1999 from the settlement of outstanding
litigation in connection with the Company's land in Mississippi.


                                      -10-
<PAGE>

         Income Tax Provision. Income tax expense increased by $77,098 and
$146,544 for the respective three and nine month periods primarily due to
changes in deferred tax balances. The effective tax rate reflects a combination
of state taxes on joint venture earnings and the tax effect off non-deductible
amortization expenses. For federal tax purposes the Company has net operating
loss carryforwards of approximately $4,100,000, which may be carried forward to
offset future taxable income. The loss carryforwards expire in 2009 through
2019. The availability of the loss carryforwards may be limited in the event of
a significant change in ownership of the Company or its subsidiaries.

         Cumulative Effect of Change in Accounting Principle. In April 1998, The
Accounting Standards Executive Committee of the American Institute of Public
Accountants issued Statement of Position 98-5, "Reporting on the Costs of Start
- Up Activities." It requires that the costs of start-up activities that had
been previously capitalized, be expensed as incurred. During the first quarter
of 1999, the Company expensed $824,045 of such costs that had been previously
incurred by its joint venture investments, net of the related tax benefit of
$280,175.

         Quantitative And Qualitative Disclosure About Market Risk. Market risk
is the risk of loss from changes in market rates or prices, such as interest
rates and commodity prices. We are exposed to market risk in the form of changes
in interest rates and the potential impact such changes may have on our variable
rate debt. The Company has not invested in derivative based financial
instruments.

         Liquidity and Capital Resources

         At September 30, 2000, the Company had cash and cash equivalents of
$323,071. For the nine months ended September 30, 2000, cash of $495,209 was
provided by operating activities, as compared to $591,141 in the prior year
period. The decline is primarily due to the non recurring litigation settlement
received in 1999. Net cash used in investing activities was $210,938, primarily
for purchase option deposits related to the Biloxi project, and advances to the
joint ventures. In the prior year period, investing activities used $1,146,639
primarily for purchase option deposits related to the Biloxi project. Financing
activities used $400,000 during the current year period for repayment of bank
borrowings, while during the prior year period a temporary draw on the line of
credit was also repaid As a result of these factors, there was a net decrease in
cash and cash equivalents of $115,729 during the nine months ended September 30,
2000.

         The current portion of long term debt represents the $3,000,000 balance
on the GTECH note as well as $350,000 due under the bank line of credit. The
Company expects to repay the bank line in full prior to year-end with cash from
operations. We have also begun discussions concerning the refinancing or
extension of the GTECH note and expect a favorable resolution.

         The Michigan joint venture, as part of its management agreement with
the tribe, has advanced funds for tribal operations and the construction of a
tribal community center. The increase in notes receivable - joint venture is
primarily attributable to this funding, and the repayment obligation is
dependent on the future profitable operation of the tribe's gaming enterprise.

         Full House is a party to a series of agreements with GTECH Corporation,
a leading supplier of computerized systems and services for
government-authorized lotteries, to jointly pursue certain gaming opportunities.
Pursuant to the agreements, joint venture companies equally owned by GTECH and
Full House have been formed. Full House has contributed its rights to the North
Bend, Oregon facility and the rights to develop the Torres Martinez,
Nottawaseppi Huron Band of Potawatomi and Delaware State Fair projects to the
joint venture companies. GTECH has contributed cash and other intangible assets
and has


                                      -11-
<PAGE>

agreed to loan the joint venture entities up to $16.4 million to complete the
North Bend, Oregon and Delaware facilities. Full House has agreed to guarantee
one-half of the obligations of the joint venture companies to GTECH under these
loans and has guaranteed to GTECH one-half of a $2.0 million loan to the North
Bend, Oregon Indian Tribe. GTECH also provides project management, technology
and other expertise to analyze and develop/manage the implementation of
opportunities developed by the joint venture entities. GTECH has also loaned
Full House $3 million, which loan was convertible, until January 1998 into
600,000 shares of Full House Common Stock. The loan conversion clause expired
without exercise. The note bears interest at prime. Interest is paid monthly and
the unpaid principal and interest are due on January 25, 2001. In addition, Full
House has been reimbursed by one of the joint venture companies for certain
advances and expenditures made by Full House relating to the gaming development
agreements. As part of this transaction, Allen E. Paulson, William P. McComas
and Lee Iacocca have granted to GTECH an option, which expires December 29,
2000, to purchase their shares should they propose to transfer the same. The
parties are no longer required to present gaming opportunities to the other for
joint development.

         As a result of its agreements with GTECH, receipt by Full House of
revenues from the joint venture projects is governed by the terms of the related
agreements applicable to such projects. These contracts provide that net cash
flow (after certain deductions) is to be distributed monthly to Full House and
GTECH. While Full House does not believe that this arrangement will adversely
impact its liquidity, the Company's continuing cash flow is dependent on the
operating performance of its joint ventures, and the ability to receive monthly
distributions.

         The Company has a $2 million line of credit with Coast Community Bank
in Mississippi. The line bears interest at prime plus 1/2%, with interest
payable monthly. Any outstanding principal is due at maturity in February 2001.
At September 30, 2000, there was $350,000 outstanding at a rate of 9.75%.

         In November 1998, the Company executed a series of agreements with Hard
Rock Cafe International related to the proposed development project in Biloxi,
Mississippi. Pursuant to a licensing agreement, the Company has the right to
develop and operate a Hard Rock Casino in Biloxi. The Company has paid a
territory fee of $2,000,000.

         In September 1998, the Company and Allen E. Paulson formed a limited
liability company, equally owned, for the purpose of developing this project.
Mr. Paulson agreed to contribute a gaming vessel (the former Treasure Bay barge
in Tunica, MS.), and the Company agreed to contribute its rights to the Hard
Rock agreements. This entity plans to develop the Hard Rock - Biloxi and is
currently exploring various financing alternatives. The project, as currently
envisioned, is expected to cost between $250 and $300 million. Substantial
additional financing will be required for the Company to effect its business
strategy and no assurance can be given that such financing will be available
upon commercially reasonable terms, or at all.

         As of September 30, 2000, Full House had cumulative undeclared and
unpaid dividends in the amount of $1,732,500 on the 700,000 outstanding shares
of its 1992-1 Preferred Stock. Such dividends are cumulative whether or not
declared, and are currently in arrears.

         This report contains certain forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "intend," and similar expressions identify forward-looking statements.
These statements are subject to risks and uncertainties discussed in this report
and in our other filings with the Securities and Exchange Commission.


                                      -12-
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         In the Allen E. Paulson vs. Jefferies & Company litigation, (more fully
         described in the 10-QSB for the period ended March 30, 2000), which
         includes a Third Party Complaint filed by Jefferies against the Company
         on the basis of actions taken by Mr. Paulson, we filed our Answer and
         Counterclaims with the court on August 24, 2000, denying all claims. We
         also filed claims against Mr. Paulson for indemnification in the
         Jeffries litigation, among other claims.

Item 3.  Defaults upon Senior Securities

         As of September 30, 2000, cumulative dividends were $1,732,500, which
         were undeclared, unpaid and were in arrears, with respect to the
         Company's Series 1992-1 Preferred Stock, which class ranks prior to the
         Company's Common Stock with regard to dividend and liquidation rights.

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits.
                    27.1   Financial Data Schedule

         (b)      Reports on Form 8-K;
                    None



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Company has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

                                  FULL HOUSE RESORTS, INC.

Date:  November 11, 2000

                                  By /s/  MICHAEL P. SHAUNNESSY
                                    --------------------------------------------
                                  Michael P. Shaunnessy, Executive V.P.- Finance
                                  (Principal Accounting and Financial Officer)


                                      -13-
<PAGE>

                                  EXHIBIT INDEX

Exhibit                  Description
-------                  -----------

 27.1              Financial Data Schedule


                                      -14-