EXHIBIT 10.63
ECONOMIC DEVELOPMENT
AGREEMENT
This Agreement is made this 24 day
of May 2005 by and between FULL HOUSE RESORTS, INC., located at
4670 So. Fort Apache Ro d, Suite 190, Las Vegas, Nevada 89147
(hereinafter “FHRI”) and NORTHERN CHEYENNE TRIBE
located at P.O. Box 128, Lame Deer, Montana 59043 (hereinafter
“Tribe”)
WHEREAS, the Tribe desires to pursue
economic development for the purpose of enhancing the Tribe’s
economic self-sufficiency and self-determination; and
WHEREAS, the Tribe seeks the
financial, development and operational expertise to pursue these
economic development opportunities, and
WHEREAS, FHRI desires to assist the
Tribe in enhancing the Tribe’s economic self-sufficiency and
self-determination; and
WHEREAS, FHRI has access to the
financial, development and operational expertise to pursue these
economic development opportunities, and
WHEREAS, the Tribe and FHRI desire
to join together to pursue certain economic development projects in
accordance with the terms of this Agreement;
NOW, THEREFORE, for and in
consideration of the mutual promises and obligations made herein
and other good and valuable consideration the adequacy of which is
admitted, the parties agree as follows:
1. The statements of the Preamble
are incorporated herein by reference.
2. The Tribe hereby retains FHRI as
its exclusive consultant for economic development. Consultants
currently working with the Tribe report to FHRI, and their
compensation will determined by FHRI.
3. FHRI agrees to provide the
financing, development, construction and management of any mutually
agreed upon economic development opportunity or project presented
to it by the Tribe, provided that (a) FHRI determines that
such a venture or project has economic viability; and
(b) sufficient financial, personnel, technological and
physical resources are available to make the venture or project
economically viable.
4. The compensation or other
remuneration to paid to FHRI for the financing, development,
construction and/or management of any for-profit economic
development project, and the obligations and involvement of FHRI in
such project, shall subject to the same terms and compensation as
agreed upon in the Gaming Management Agreement - 30% of net revenue
for seven years unless the term is unsatisfactory to the NIGC.
Non-profit development projects wilt include a 10% development fee
and/or a 5% financing fee to FHRI, which will be included in the
project financing.
5.
