Document:

Exhibit 10.1

Exhibit 10.1

AMENDMENT TO 

REDUCING REVOLVING LOAN AGREEMENT

THIS
AGREEMENT is made as of the
25th day of June, 2009, by and between FULL
HOUSE RESORTS, INC., a Delaware corporation (the “Borrower”), and NEVADA STATE BANK (the “Lender”).

W I T N E S S E T H:

WHEREAS, the parties executed a Reducing Revolving Loan Agreement dated January 31, 2007 (as
heretofore amended, the “Loan Agreement”), wherein Lender agreed to lend to Borrower certain funds
on a reducing revolving basis, not to exceed the principal amount of $16,000,000.00, for the
purpose of assisting the Borrower in purchasing all of the issued and outstanding shares in
Stockman’s Casino, a Nevada corporation, and to provide the Borrower with working capital;

WHEREAS, the maximum committed amount under the Loan has heretofore been reduced to
$8,110,000.00;

WHEREAS, at Borrower’s request, Lender has agreed to increase the maximum committed amount
under the Loan and otherwise amend the terms of the Loan; and

WHEREAS, the parties desire to amend the Loan Agreement as hereinafter set forth.

NOW, THEREFORE, for valuable consideration, the parties hereby agree as follows:

1. Any capitalized words or terms used but not otherwise defined herein shall have the
meanings given to such words or terms in the Loan Agreement.

2. The maximum committed amount under the Loan is hereby increased from $8,110,000.00 to
$8,860,000.00.

3. Section A.3 of the Loan Agreement is hereby amended to provide as follows:

A.3 Reductions in Commitment. The maximum committed amount under the
Loan shall be reduced by the following amounts: (a) $533,000.00 semi-annually on
the first day of January and July of each year commencing on the first day of July,
2007, until the first day of July, 2008; (b) $312,000.00 semi-annually on the first
day of January and July of each year commencing on the first day of July, 2008,
until the first day of January, 2010; and (c) $329,000.00 on the first day of
January and July of each year commencing on the first day of January, 2010.

Holland & Hart LLP

Reno, Nevada

 

 

 

4. Section B.4(c) of the Loan Agreement is hereby amended to provide as follows:

(c) maintain a Minimum Tangible Net Worth (defined as net
worth minus all intangible assets, including without limitation, shareholder loans,
affiliate loans and investments, goodwill, and financing costs) as determined at
the close of acquisition of the Shares, to be increased annually by an amount equal
to twenty percent (20%) of Stockman’s Casino’s net income (minus distributions for
applicable income tax liability and interest expenses) each fiscal year end
commencing with the fiscal year ending on December 31, 2007, to be measured
annually by Lender;

5. To induce Lender to enter into this Agreement, Borrower hereby represents,
covenants and warrants as follows;

(a) As of the date of this Agreement, each and every representation, covenant and warranty of
Borrower contained in the Loan Agreement is, to the best of Borrower’s knowledge, true and correct
in all material respects;

(b) As of the date of this Agreement, to the best of Borrower’s knowledge, there exists no
Event of Default, or event which, with notice and/or the passage of time, would constitute an
Event of Default under the Loan Agreement; and

(c) As of the date of this Agreement, Borrower is aware of no facts or circumstances which
would constitute a defense to the performance of Borrower’s or the Guarantor’s obligations under
the Loan Documents.

6. This Agreement is conditioned upon the following:

(a) The execution of this Agreement and such other documents and instruments as Lender may
reasonably require to amend or modify the terms of the Loan and to insure the continued perfection
of Lender’s lien upon the Property and any other security for the Loan;

(b) The receipt by Lender of evidence acceptable to Lender that the Subordinated Debt has
been paid in full;

(c) The receipt by Lender of an endorsement to Lender’s policy of title insurance, in all
respects acceptable to Lender, insuring that the Deed of Trust, as modified to evidence this
Agreement and that certain Amendment to Reducing Revolving Promissory Note, of even date herewith,
continues to be a first lien upon the Property subject only to exceptions to title as Lender may
approve; and

(d) Borrower shall promptly pay upon demand by Lender any and all costs and fees incurred by
Lender in connection with the subject matter of this Agreement, including, without limitation, reasonable attorneys’ fees and costs, title insurance premiums, and a loan fee
in the amount of $1,000.00.

Holland & Hart llp

Reno, Nevada

 

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7. Except as hereby amended, the Loan Agreement remains in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Agreement the date first above written.

	 	 	 	 	 	 	 
	 	 	FULL HOUSE RESORTS, INC., a
	 	 	Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Mark J. Miller
	 	 	 	 	 
	 

	 	 	 	Its:
	 	CFO and COO
	 
	 	 	 	 	 	 
	 	 	“Borrower”
	 
	 	 	 	 	 	 
	 	 	NEVADA STATE BANK
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard Thomas
	 	 	 	 	 
	 	 	 	 	RICHARD THOMAS
	 

	 	 	 	Its:
	 	Vice President
	 
	 	 	 	 	 	 
	 	 	“Lender”

Holland & Hart LLP

Reno, Nevada

 

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CONSENT

The undersigned Guarantor hereby consents to the foregoing Amendment To Reducing Revolving
Loan Agreement and acknowledges and agrees that its obligations under that certain Guarantee dated
January 31, 2007, executed in connection with the Loan remain in full force and effect and include
the increase in the maximum committed amount thereunder.

	 	 	 	 	 	 	 
	 	 	STOCKMAN’S CASINO, a Nevada corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Mark J. Miller
	 	 	 	 	 
	 

	 	 	 	Its:
	 	CFO and COO

Holland & Hart LLP

Reno, Nevada

 

4Exhibit 10.2

Exhibit 10.2

AMENDMENT TO REDUCING REVOLVING
 PROMISSORY NOTE

THIS AGREEMENT is made as of the 25th day of June, 2009, by and between FULL HOUSE RESORTS,
INC., a Delaware corporation (the “Borrower”), and NEVADA STATE BANK (the “Lender”).

W I T N E S S E T H:

WHEREAS, Borrower executed and delivered its Reducing Revolving Promissory Note to Lender
dated January 31, 2007, in the original principal amount of $16,000,000.00 (as heretofore amended,
the “Note”);

WHEREAS, the payment of Borrower’s obligations under the Note has been guaranteed by
Stockman’s Casino, a Nevada corporation (the “Guarantor”), pursuant to the terms of a Guarantee
dated January 31, 2007, executed by Guarantor in favor of Lender (the “Guarantee”);

WHEREAS, the Guarantor’s obligations under the Guarantee are secured by a Deed of Trust and
Security Agreement and Fixture Filing with Assignment of Rents (as heretofore, modified, the “Deed
of Trust”) dated January 31, 2007, and recorded January 31, 2007, as Document No. 389089, Official
Records of Churchill County, Nevada, encumbering certain real property described therein;

WHEREAS, the maximum committed amount under the Note has heretofore been reduced to
$8,110,000.00;

WHEREAS, there is presently due on account of the Note the principal sum of $8,110,000.00 with
interest paid to June, 01, 2009;

WHEREAS, at Borrower’s request, Lender has agreed to increase the maximum committed amount
under the Note and otherwise amend the terms of the Note; and

WHEREAS, it is appropriate to modify the terms of the Note.

NOW, THEREFORE, for valuable consideration, Borrower and Lender agree as follows:

1. Any capitalized words or terms used but not otherwise defined herein shall have the
meanings given to such words or terms in the Note.

2. The maximum committed amount under the Note is hereby increased from $8,110,000.00 to
$8,860,000.00.

Holland & Hart LLP

Reno, Nevada

 

 

 

3. The provisions in the Note for the payment of principal and interest are hereby amended to
provide as follows:

During the term of the Loan, principal and interest shall be due as follows:

(i) interest only on the first day of each and every month commencing
on the first day of March, 2007;

(ii) principal in the amount required, if any, to reduce the
outstanding principal balance consistent with Borrower’s obligation under
the Loan Agreement to reduce the maximum committed amount under the Loan by
the amount of: (a) Five Hundred Thirty Three Thousand and No/l00ths Dollars
($533,000.00) semi-annually on the first day of January and July of each
year commencing on the first day of July, 2007, until the first day of July,
2008; (b) Three Hundred Twelve Thousand and No/l00ths Dollars ($312,000.00)
semi-annually on the first day of January and July of each year commencing
on the first day of July, 2008, until the first day of January, 2010; and
(c) Three Hundred Twenty Nine Thousand and No/100ths Dollars ($329,000.00)
semi-annually on the first day of January and July of each year commencing
on the first day of January 2010; and.

(iii) any balance of principal and accrued and unpaid interest shall be
due and payable in full on January 31, 2022 (the “Maturity Date”).

4. Except as hereby amended, the Note remains in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	FULL HOUSE RESORTS, INC., a
Delaware corporation

 	 
	 	By:  	/s/ Mark J. Miller
 	 
	 	 	Its: COO & CFO 	 
	 	 	
“Borrower” 	 

Holland & Hart LLP

Reno, Nevada

 

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	 	NEVADA STATE BANK

 	 
	 	By:  	/s/ Richard Thomas
 	 
	 	 	RICHARD THOMAS	 
	 	 	Its:  Vice President

“Lender” 	 

CONSENT

The undersigned hereby consents to the foregoing Amendment To Reducing Revolving Promissory
Note and acknowledges and agrees that its obligations under that certain Guarantee dated January
31, 2007, executed in connection with the Loan remain in full force and effect and include the
increase in the maximum committed amount thereunder.

	 	 	 	 	 
	 	STOCKMAN’S CASINO, a Nevada corporation
 	 

	 
	 	By:  	/s/  Mark J. Miller
 	 
	 	 	Its: Treasurer	 

Holland & Hart LLP

Reno, Nevada

 

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