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Nasdaq:FLL

Full House Resorts Unveils “American Place,” Its Proposed Gaming and Entertainment Destination for Terre Haute, Indiana

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LAS VEGAS, Sept. 23, 2021 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) has submitted a proposal to the Indiana Gaming Commission (“IGC”) to develop and operate a new casino hotel in Terre Haute, Indiana. This proposal was in response to an application process launched by the IGC on June 24, 2021, for a new casino in Vigo County, Indiana, with yesterday as the deadline for applications. Terre Haute is the county seat of Vigo County.

The Company’s proposal – a $250 million gaming and entertainment destination named American Place – would be developed on 32 acres of land that it currently has under contract. The site is highly visible from Interstate 70 and convenient to the I-70/SR 46 interchange. The site is approximately one hour west of Indianapolis and within 100 miles of Champaign-Urbana and Decatur, Illinois, as well as Lafayette, Indiana.

Full House’s proposed design is unique in several respects. The hotel is elevated above an interior greenscape, in a shape resembling a “happy smile.” A majority of the guest rooms are on upper levels and enjoy extended views. Atop the hotel is a pool deck and restaurant, overlooking the Wabash Valley. Along the busy neighboring freeway, Full House plans to build a large greenhouse, offering a lush interior environment. Within the greenhouse, the project would have two restaurants that offer “outdoor” dining, even in winter, as well as venues for weddings and other group events. The world-class casino would be located between the hotel and the greenhouse and offer approximately 1,000 slot machines, 50 table games, and a state-of-the-art sportsbook. Atop the casino, the Company has planned for a solar energy farm, which would provide green, sustainable energy for a portion of the complex’s electrical needs.

“After several years of studying Terre Haute and nearby communities, we believe we have designed a unique destination that will make Indiana residents proud,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “American Place was designed to be a world-class entertainment facility, one that will bring new jobs and revenues to Terre Haute, Vigo County and the State of Indiana.   

“We have been licensed in good standing in Indiana for many years, where we own and operate the Rising Star Casino Resort and Golf Course in Rising Sun, which opened in 1996,” Mr. Lee noted. “This project would allow us to leverage our experience and database in Indiana, with cross-marketing opportunities with Rising Star. It will also provide career advancement opportunities within Indiana for our Rising Sun team members, while allowing us to seed the new Terre Haute team with experienced Indiana gaming personnel.”

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Added Alex J. Stolyar, Senior Vice President and Chief Development Officer, “Since we first started exploring gaming opportunities five years ago, we have seen how eager the citizens of Terre Haute and Vigo County have been to attract a world-class gaming destination. We are excited to propose our revolutionary development to the residents and community leaders who have so patiently waited and supported us.”

About Full House Resorts, Inc.
Full House Resorts owns, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman’s Casino in Fallon, Nevada. Full House is currently building Chamonix Casino Hotel and Spa, which will adjoin its Bronco Billy’s casino in Cripple Creek, Colorado. The Company also operates Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada under a lease agreement.

Principals in Full House Resorts have been involved in the development of numerous iconic and successful casinos, including: Treasure Island, Bellagio and Park MGM in Las Vegas, Nevada; Beau Rivage in Biloxi, Mississippi; The Borgata in Atlantic City, New Jersey; the L’Auberge and Golden Nugget casino hotels in Lake Charles, Louisiana; and the River City and Lumiere Place casino hotels in St. Louis, Missouri.

Further information about Full House Resorts can be viewed on its website at www.fullhouseresorts.com and on its Facebook page at www.facebook.com/FHResorts.

Forward-looking Statements
This press release contains statements by Full House and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expectations regarding the Vigo County proposal, including its proposed budged and planned amenities, our ability to obtain the casino license and, if we are awarded such license, to obtain financing. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, the potential for additional adverse impacts from the COVID-19 pandemic, including the emergence of variants, on our business, construction projects, proposed casino projects, indebtedness, financial condition and operating results; potential actions taken by government officials at the federal, state or local level in connection with the COVID-19 pandemic including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in-place orders; our ability to effectively manage and control expenses as a result of the pandemic; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; inflation and its potential impacts on labor costs and the prices of construction and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

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Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ff3b2ed-a575-4dc1-88db-c4388d11b211

https://www.globenewswire.com/NewsRoom/AttachmentNg/a9050fdf-1d86-44c5-925e-1102bc1ad74d

https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2f8a4d-a273-4787-abd7-4042e741551d

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e022667-cdd2-4c80-8455-7cd8df6e2393

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https://www.globenewswire.com/NewsRoom/AttachmentNg/31987179-9da9-4a82-b7b1-3477e8d36de6

CONTACT: FOR FURTHER INFORMATION:
Media
Alex Stolyar, Chief Development Officer
Full House Resorts, Inc.
(702) 612-2342
[email protected]

Investors
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
(702) 221-7800
www.fullhouseresorts.com

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Nasdaq:FLL

Chamonix, Colorado’s Newest and Most Luxurious Casino Hotel, Opens at Noon on Wednesday, December 27, 2023

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Located in charming Cripple Creek, Chamonix is conveniently located less than an hour from Colorado Springs and approximately two hours from Denver

CRIPPLE CREEK, Colo., Dec. 26, 2023 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced the opening details for its newest gaming destination – Chamonix Casino Hotel. Chamonix’s stylish new casino and luxurious 300-guestroom hotel effortlessly blend Colorado comfort with classic European elegance. It is located in historic Cripple Creek, approximately 45 miles from Colorado Springs and 80 miles from Denver’s southern suburbs. Chamonix is adjacent to – and integrated with – Bronco Billy’s Casino, also owned by Full House Resorts.

Chamonix features an elegant casino floor, with a wide variety of the newest slot machines, a high-limit slot salon, and the state’s most elegant table games area. Many of Chamonix’s hotel guestrooms and suites offer balconies and sweeping views of Cripple Creek, Pikes Peak and the spectacular Sangre de Cristo mountains.

On Wednesday at noon, Chamonix will open its entire casino, a portion of its 300-guestroom hotel, and its convenient valet, garage and surface parking. It will operate a temporary restaurant (Chamonix Bistro) and buffet in its elegant meeting room area. Within a week, the Company expects to open the balance of its guestrooms. In approximately one month, Chamonix plans to open its high-end 980 Prime restaurant, featuring the cuisine and supervision of Las Vegas celebrity chef Barry Dakake. Shortly thereafter, Chamonix will unveil Ore and Alloy, its freestanding jewelry and luxury retail store, and its opulent Chamonix Spa. The spa features a rooftop pool and deck; winter garden; large workout room with modern exercise equipment; eight massage rooms; and an assortment of saunas, steam rooms and other amenities. The spa also offers a full-service salon with hairdressers, barbers, and manicure and pedicure capabilities. In the spring, the adjoining Bronco Billy’s Casino will introduce its new Italian restaurant, Firenze.

Chamonix is named after the “Queen of Alpine” resorts in France, located at the foot of Mont Blanc and site of the first Winter Olympics in 1924. The name is particularly appropriate, as Colorado Springs is home to the U.S. Olympic Committee and Training Center. Our Chamonix destination in Colorado will add to the region’s century of high-end hospitality, which includes the world’s longest-running Forbes Five-Star and AAA Five-Diamond resort.

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“Chamonix is a special place, unlike any other casino hotel in the state. It offers a high-end, Las Vegas experience in our beautiful Colorado mountain setting,” said Baxter Lee, General Manager of Chamonix Casino Hotel. “We are overjoyed to open Chamonix’s doors on December 27 and to welcome our friends from Colorado and beyond.”

For more information on Chamonix Casino Hotel or to reserve a room, please visit www.ChamonixCO.com.

About Full House Resorts, Inc.
Full House Resorts (Nasdaq: FLL) owns, leases, develops and operates gaming facilities throughout the country. Our properties include Chamonix Casino Hotel and Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com.

Forward-looking Statements
This press release may contain statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding the opening timeline for Chamonix and its expected amenities. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

CONTACT: Media:
Tyler Rabel
Two by Four
[email protected]
(312) 445-4728

Investors:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
(702) 221-7800

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Nasdaq:FLL

Chamonix Casino Hotel Announces Reservations Are Now Open

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The Casino and Hotel will officially open on December 26, 2023

CRIPPLE CREEK, Colo., Nov. 03, 2023 (GLOBE NEWSWIRE) — Chamonix Casino Hotel announced today that hotel reservations for Colorado’s newest casino destination are now open. The 300-room hotel will feature the first luxury guest rooms in the Cripple Creek market, skillfully blending the comfort and charm of Colorado with European elegance. Both the casino and hotel are scheduled to open to the public on December 26, 2023.

Located adjacent to our existing Bronco Billy’s Casino, Chamonix will feature a spacious, new, stylish and exciting casino gaming area; a fine-dining restaurant operated by Barry Dakake, a celebrated chef known for leading several steakhouses in Las Vegas; a rooftop pool and high-end spa; entertainment and meeting space, including a 5,100-square-foot ballroom; and approximately 300 luxurious guest rooms and VIP suites. Fireplaces, soaking tubs, and balconies with spectacular views of The Rockies are just some of the highlights awaiting discovery in many of Chamonix’s guest rooms.

Guests can also experience Pikes Peak and the surrounding area’s natural beauty by hiking, mountain biking, rock climbing, fishing, fossil hunting, and exploring local gold-mining operations and historic railways.

“We are so incredibly proud and excited to unveil this beautiful property,” said Baxter Lee, General Manager of Chamonix Casino and Hotel. “Cripple Creek is an area with a rich history that we wanted to honor with this new property. We set out to create a casino and hotel that the residents of this town can be proud of. I’m excited to officially open our doors in December and show off all our hard work. Reserve your room today; this will be a special place you will want to visit.”

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For more information on Chamonix Casino and Hotel or to reserve a room, please visit www.ChamonixCO.com.

About Chamonix Casino and Hotel
Scheduled to open on December 26, 2003, Chamonix Casino and Hotel will feature a stylish new casino, extensive entertainment and meeting space, and a new fine dining steakhouse. Guests will also be able to enjoy a luxurious hotel that will include a variety of guest rooms, including several two-story suites, rooftop pool, and soon-to-open spa. Located in historic Cripple Creek, Colorado, the property blends the comfort of Colorado with European elegance creating a unique experience unlike anything else in the state. For more information, visit www.ChamonixCO.com.

About Full House Resorts, Inc.
Full House Resorts (Nasdaq: FLL) owns, leases, develops and operates gaming facilities throughout the country. Our properties include The Temporary by American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. We are currently constructing Chamonix Casino Hotel, a new luxury hotel and casino scheduled to open in December 2023 in Cripple Creek, Colorado. For further information, please visit www.fullhouseresorts.com.

Forward-looking Statements
This press release may contain statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding Chamonix’s expected opening date and expected amenities. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to complete Chamonix on-time and on-budget. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Media Contact
Tyler Rabel
Two by Four
[email protected]
(312) 445-4728

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Nasdaq:FLL

Full House Resorts Announces Second Quarter Results

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– Revenues Increased 33.8% to $59.4 Million

– The Temporary by American Place Completes Its First Full Quarter of Operations;
Illinois Sportsbook Expected to Commence Operations Shortly

– Opening of Chamonix Casino Hotel in Colorado Slated for December 26, 2023

LAS VEGAS, Aug. 08, 2023 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2023, including updates regarding its growth pipeline.

“The Temporary by American Place completed its first full quarter of operations, recording $20.3 million in revenue and $4.1 million in Adjusted Property EBITDA,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “The trends at The Temporary are similar to those of many other successful casinos. The number of visitors surged at opening in mid-February and then, after a short lull, has grown steadily since April. Meanwhile, its win per admission, while still less than more-established casinos in Illinois, has grown steadily since opening, as regular players replace people who were more tourists than gamblers. Note that in July, our fifth full month of operations, the property’s reported gaming revenues ranked sixth out of the 13 casinos in operation in Illinois. Our expenses relative to revenues have been higher than we expect them to be at ‘maturity,’ reflecting primarily our costs to train new personnel, especially dealers, and additional advertising and marketing costs. We currently have 48 table games on the casino floor, of our planned 50 tables. Due to staffing challenges, however, we are currently operating only approximately 30 of those tables on a typical weekend evening. The shortage of dealers also affects the number of tables that we operate in non-peak periods. We continue to operate our own dealer school, where potential dealers are paid during their several weeks of training, which affects margins and profitability, but is necessary to reach the property’s potential. Our marketing expenses are also expected to gradually become more efficient over time, as we build a database and achieve broader brand recognition.

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“The Temporary initially opened to the public on February 17, 2023, just 14 months after we were selected by the Illinois Gaming Board to develop the Waukegan opportunity. It opened with limited food service, limited hours of operation, and low table game limits. We currently operate two restaurants on most days, one in the evenings and the other for lunch. The property’s high-end restaurant, North Shore Steaks and Seafood, is expected to open later this year. Our casino is now open 24 hours per day on weekends and from 8:00 a.m. to 4:00 a.m. during the week. As of May 13, we have been able to set our own table game betting limits, which are now up to $5,000 per hand. Table limits may increase further as our casino staff gains greater experience. As noted, we continue to hire and train dealers, which will allow us to operate more table games during busy periods. Our on-site sportsbook, which will be operated in partnership with Circa Sports, is expected to open shortly. Circa Sports is also expected to begin online sports betting in Illinois soon, with the first payment under our agreement due in mid-August.”

Continued Mr. Lee, “At our Chamonix project in Cripple Creek, Colorado, meaningful construction continues, with exteriors now largely complete. Within the main hotel tower, our contractor is completing guest rooms and we anticipate beginning the installation of furniture shortly. The extensive millwork in the casino and high-end restaurant is also underway. We expect to begin taking hotel reservations for Chamonix at www.ChamonixCO.com shortly. We look forward to welcoming guests to our Chamonix Casino Hotel on December 26, 2023. It will be the first luxury casino hotel in the Colorado Springs area, and we believe it will be one of the best casino hotels in the entire Midwest.”

On a consolidated basis, revenues in the second quarter of 2023 were $59.4 million, a 33.8% increase from $44.4 million in the prior-year period. Net loss for the second quarter of 2023 was $5.6 million, or $(0.16) per diluted common share, which includes $1.1 million of preopening and development costs, primarily related to our Chamonix construction project, and significant depreciation and amortization charges related to The Temporary. In the prior-year period, net loss was $4.4 million, or $(0.13) per diluted common share, reflecting $1.6 million of preopening and development costs, Rising Star’s sale of “free play” (which also occurred during 2023, though in the first quarter instead of the second quarter), and the acceleration of deferred revenue for two sports wagering agreements that ceased operations in May 2022. Adjusted EBITDA(a) was $10.5 million in the 2023 second quarter, versus $12.1 million in the prior-year period, reflecting the items mentioned above, plus elevated marketing, training expenses, and other ramp-up costs for the newly-opened Temporary.

For project renderings and live construction webcams of our Chamonix project, please visit www.ChamonixCO.com

Second Quarter Highlights and Subsequent Events

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  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and The Temporary by American Place. Revenues for the segment were $49.9 million in the second quarter of 2023, a 51.5% increase from $32.9 million in the prior-year period. Adjusted Segment EBITDA rose to $9.4 million, a 2.6% increase from $9.1 million in the prior-year period. These results reflect the February 17, 2023 opening of The Temporary, our newest casino located in Waukegan, Illinois. In the second quarter of 2023, The Temporary generated $20.3 million of revenue and $4.1 million of Adjusted Property EBITDA. We expect The Temporary’s results to increase in the coming quarters, as the property’s database continues to expand and marketing, labor and other early costs normalize. Additionally, results for the prior-year’s second quarter include Rising Star’s sale of “free play,” which resulted in $2.1 million of revenue and income. Rising Star also sold its “free play” for $2.1 million during 2023, though in the first quarter instead of the second quarter.

    Excluding results from The Temporary, same-store revenues declined to $29.6 million from $32.9 million, largely due to the sale of “free play” at Rising Star, as noted above. Same-store Adjusted Segment EBITDA declined to $5.3 million from $9.1 million, due largely to the “free play” sale and increases in labor expenses and insurance costs at Silver Slipper.

  • West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino, Bronco Billy’s Casino and Hotel and, upon its expected opening in December 2023, will include Chamonix Casino Hotel. Revenues for the segment were $8.1 million in the second quarter of 2023 versus $9.3 million in the prior-year period. Adjusted Segment EBITDA was $0.2 million versus $1.7 million. Results in both periods reflect the temporary loss of all on-site parking and on-site hotel rooms at Bronco Billy’s to accommodate the construction of neighboring Chamonix. Additionally, the current period reflects heavy winter snowfall in the Lake Tahoe region, which delayed the return of seasonal residents to Incline Village.
  • Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana and, upon launch, Illinois. Revenues and Adjusted Segment EBITDA were both $1.4 million in the second quarter of 2023, reflecting all three of our permitted skins now contractually live in Colorado and two of our three skins live in Indiana. Revenues and Adjusted EBITDA were both $2.2 million in the prior-year period, reflecting an acceleration of deferred revenue for two agreements that ceased operations in May 2022, when one of our contracted parties ended its online operations.

    The results of this segment do not yet include income contribution from our Illinois sports skin. For this sports skin, we will receive a percentage of revenues, as defined in the contract, subject to a minimum amount of $5 million per year. Under the agreement, we begin to receive revenue payments for our Illinois sports skin in August 2023, irrespective of whether online sports wagering operations have begun. The total annualized minimum amount for all six of our current sports wagering agreements will be $10 million once this Illinois skin is live.

Liquidity and Capital Resources
As of June 30, 2023, we had $113.6 million in cash and cash equivalents, including $78.1 million of cash reserved under our bond indentures to complete the construction of Chamonix. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which become callable at specified premiums beginning in February 2024, and $27.0 million outstanding under our revolving credit facility.

Conference Call Information
We will host a conference call for investors today, August 8, 2023, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2023 second quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.

A replay of the conference call will be available shortly after the conclusion of the call through August 22, 2023. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13739434.

(a) Reconciliation of Non-GAAP Financial Measures
Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

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Same-store Adjusted Segment EBITDA. Same-store Adjusted Segment EBITDA is Adjusted Segment EBITDA further adjusted to exclude the Adjusted Property EBITDA of properties that have not been in operation for a full year. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.

Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

Full House Resorts, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)

                         
    Three Months Ended   Six Months Ended
    June 30,    June 30, 
       2023      2022      2023      2022
Revenues                            
Casino   $ 45,359     $ 29,488     $ 81,346     $ 58,572  
Food and beverage     8,673       6,933       16,333       13,444  
Hotel     2,348       2,407       4,492       4,586  
Other operations, including contracted sports wagering     3,002       5,555       7,317       9,204  
      59,382       44,383       109,488       85,806  
Operating costs and expenses                          
Casino     16,990       10,106       30,334       19,981  
Food and beverage     9,030       6,752       16,485       13,320  
Hotel     1,228       1,197       2,447       2,268  
Other operations     705       545       1,187       1,007  
Selling, general and administrative     21,577       14,184       39,806       29,577  
Project development costs     17       17       24       182  
Preopening costs     1,086       1,534       11,583       2,320  
Depreciation and amortization     8,155       1,834       14,014       3,626  
(Gain) loss on disposal of assets           (5 )           3  
      58,788       36,164       115,880       72,284  
Operating income (loss)     594       8,219       (6,392 )     13,522  
Other (expense) income                        
Interest expense, net     (5,633 )     (6,988 )     (10,452 )     (13,387 )
Loss on modification of debt           (19 )           (4,425 )
Gain on insurance settlement                 355        
      (5,633 )     (7,007 )     (10,097 )     (17,812 )
(Loss) income before income taxes     (5,039 )     1,212       (16,489 )     (4,290 )
Income tax provision (benefit)     561       5,567       526       (45 )
Net loss   $ (5,600 )   $ (4,355 )   $ (17,015 )   $ (4,245 )
                         
Basic loss per share   $ (0.16 )   $ (0.13 )   $ (0.49 )   $ (0.12 )
Diluted loss per share   $ (0.16 )   $ (0.13 )   $ (0.49 )   $ (0.12 )
                         
Basic weighted average number of common shares outstanding     34,496       34,364       34,453       34,313  
Diluted weighted average number of common shares outstanding     34,496       34,416       34,453       34,358  
                                 

Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)

                         
    Three Months Ended   Six Months Ended
    June 30,    June 30, 
       2023      2022      2023      2022
Revenues                        
Midwest & South   $ 49,911     $ 32,936     $ 90,713     $ 62,882  
West     8,089       9,278       16,213       17,924  
Contracted Sports Wagering     1,382       2,169       2,562       5,000  
    $ 59,382     $ 44,383     $ 109,488     $ 85,806  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 9,391     $ 9,149     $ 20,077     $ 16,239  
West     177       1,684       234       2,191  
Contracted Sports Wagering     1,361       2,196       2,522       4,964  
Adjusted Segment EBITDA     10,929       13,029       22,833       23,394  
Corporate     (422 )     (943 )     (2,201 )     (2,911 )
Adjusted EBITDA   $ 10,507     $ 12,086     $ 20,632     $ 20,483  

__________

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(1)   The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level.

  

Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Same-store Revenues and Adjusted Segment EBITDA
(In thousands, Unaudited)

                                   
    Three Months Ended       Six Months Ended      
    June 30,    Increase /   June 30,    Increase /
       2023      2022      (Decrease)      2023      2022      (Decrease)
Midwest & South same-store total revenues(1)   $ 29,584   $ 32,936   (10.2 )%   $ 59,966   $ 62,882   (4.6 )%  
The Temporary by American Place     20,327       N.M.       30,747       N.M.    
Midwest & South total revenues   $ 49,911   $ 32,936   51.5   $ 90,713   $ 62,882   44.3  %  
                                   
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 5,258   $ 9,149   (42.5 )%   $ 12,372   $ 16,239   (23.8 )%  
The Temporary by American Place     4,133       N.M.       7,705       N.M.    
Midwest & South Adjusted Segment EBITDA   $ 9,391   $ 9,149   2.6 %   $ 20,077   $ 16,239   23.6  %  

__________

N.M. Not meaningful.
(1)   Same-store operations exclude results from The Temporary by American Place, which opened on February 17, 2023.

Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Net Loss and Operating Income (Loss) to Adjusted EBITDA
(In thousands, Unaudited)

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  Three Months Ended   Six Months Ended
  June 30,    June 30, 
  2023      2022      2023      2022
Net loss $ (5,600 )   $ (4,355 )   $ (17,015 )   $ (4,245 )
Income tax provision (benefit)   561       5,567       526       (45 )
Interest expense, net   5,633       6,988       10,452       13,387  
Loss on modification of debt         19             4,425  
Gain on insurance settlement               (355 )      
Operating income (loss)   594       8,219       (6,392 )     13,522  
Project development costs   17       17       24       182  
Preopening costs   1,086       1,534       11,583       2,320  
Depreciation and amortization   8,155       1,834       14,014       3,626  
(Gain) loss on disposal of assets         (5 )           3  
Stock-based compensation   655       487       1,403       830  
Adjusted EBITDA $ 10,507     $ 12,086     $ 20,632     $ 20,483  
 

Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)

                                     
Three Months Ended June 30, 2023
                                  Adjusted
                                  Segment
    Operating   Depreciation   Project       Stock-   EBITDA and
    Income   and   Development   Preopening   Based   Adjusted
       (Loss)      Amortization      Costs      Costs      Compensation      EBITDA
Reporting segments                                        
Midwest & South   $ 1,830     $ 7,556   $   $ 5   $   $ 9,391  
West     (1,473 )     569         1,081         177  
Contracted Sports Wagering     1,361                       1,361  
      1,718       8,125         1,086         10,929  
Other operations                                        
Corporate     (1,124 )     30     17         655     (422 )
    $ 594     $ 8,155   $ 17   $ 1,086   $ 655   $ 10,507  

                                           
Three Months Ended June 30, 2022
                                        Adjusted
                                      Segment
    Operating   Depreciation   Gain on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                               
Midwest & South   $ 7,003     $ 1,281   $     $   $ 865   $   $ 9,149  
West     496       524     (5 )         669         1,684  
Contracted Sports Wagering     2,196                             2,196  
      9,695       1,805     (5 )         1,534         13,029  
Other operations                                               
Corporate     (1,476 )     29           17         487     (943 )
    $ 8,219     $ 1,834   $ (5 )   $ 17   $ 1,534   $ 487   $ 12,086  
 

Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)

                                     
Six Months Ended June 30, 2023
                                  Adjusted
                                  Segment
    Operating   Depreciation   Project       Stock-   EBITDA and
    Income   and   Development   Preopening   Based   Adjusted
       (Loss)      Amortization      Costs      Costs      Compensation      EBITDA
Reporting segments                                        
Midwest & South   $ (2,836 )   $ 12,812   $   $ 10,101   $   $ 20,077  
West     (2,389 )     1,141         1,482         234  
Contracted Sports Wagering     2,522                       2,522  
      (2,703 )     13,953         11,583         22,833  
Other operations                                        
Corporate     (3,689 )     61     24         1,403     (2,201 )
    $ (6,392 )   $ 14,014   $ 24   $ 11,583   $ 1,403   $ 20,632  

                                           
Six Months Ended June 30, 2022
                                      Adjusted
                Loss (gain)                     Segment
    Operating   Depreciation   on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
       (Loss)      Amortization      of Assets      Costs      Costs      Compensation      EBITDA
Reporting segments                                                 
Midwest & South   $ 12,028     $ 2,552   $ 8     $   $ 1,651   $   $ 16,239  
West     515       1,012     (5 )         669         2,191  
Contracted Sports
Wagering
    4,964                             4,964  
      17,507       3,564     3           2,320         23,394  
Other operations                                                 
Corporate     (3,985 )     62           182         830     (2,911 )
    $ 13,522     $ 3,626   $ 3     $ 182   $ 2,320   $ 830   $ 20,483  
 

Cautionary Note Regarding Forward-looking Statements
This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including The Temporary; and our expectations regarding the success and commencement dates of any new sports wagering contracts or operations in Colorado, Indiana or Illinois. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay our substantial indebtedness; inflation and its potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; our ability to complete Chamonix or other construction projects, including American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

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About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. Our properties include The Temporary by American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. We are currently constructing Chamonix Casino Hotel, a new luxury hotel and casino expected to open in December 2023 in Cripple Creek, Colorado. For further information, please visit www.fullhouseresorts.com.  

CONTACT: Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com

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