Nasdaq:FLL
Full House Resorts Announces Preliminary Fourth Quarter Results, Provides Updates on American Place and Chamonix Projects
LAS VEGAS, Jan. 19, 2022 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced preliminary results for the fourth quarter ended December 31, 2021. The preliminary results are subject to the completion of the final financial statements and our final closing procedures. The preliminary results have not been audited or reviewed by the Company’s independent registered public accounting firm, Deloitte & Touche LLP, and should not be viewed as a substitute for full financial statements prepared in accordance with generally accepted accounting principles. The Company’s actual results may differ as a result of the Company’s financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company’s results for the fourth quarter and annual period are finalized.
For the fourth quarter of 2021, consolidated total revenues are expected to be in the range of $43.0 million to $43.5 million, compared to $38.3 million for the fourth quarter of 2020. Consolidated operating income for the fourth quarter of 2021 is expected to be in the range of $4.9 million to $6.1 million, compared to operating income of $7.7 million for the fourth quarter of 2020. Net income is expected to be in the range of $4.2 million to $5.9 million for the fourth quarter of 2021, compared to $3.5 million in the fourth quarter of 2020. Adjusted EBITDA(a) is expected to be in the range of $7.3 million to $8.5 million for the fourth quarter of 2021, which reflects adverse hold in the Company’s Nevada and Indiana segments and approximately $1.7 million of expenses related to corporate initiatives that are not expected to recur in future periods. Adjusted EBITDA for the fourth quarter of 2020 was $9.8 million, including the sale of “free play” at Rising Star for $2.1 million. A similar “free play” sale for $2.1 million also occurred during 2021, but in the third quarter. As of December 31, 2021, the Company had approximately $265 million of cash and equivalents, including approximately $177 million of restricted cash dedicated to the construction of its Chamonix Casino Hotel project.
Given the Company’s estimated preliminary results for the fourth quarter, results for the full year are expected to be its highest for at least the past eight years. Consolidated total revenues in 2021 are expected to be in the range of $179.9 million to $180.4 million, compared to $125.6 million in 2020. Consolidated operating income in 2021 is expected to be in the range of $36.9 million to $38.1 million, compared to operating income of $10.5 million in 2020. Net income in 2021 is expected to be in the range of $10.9 million to $12.6 million, compared to $0.1 million in 2020. Adjusted EBITDA in 2021 is expected to be in the range of $46.6 million to $47.8 million, including approximately $2.1 million of expenses related to corporate initiatives that are not expected to recur in future years. Adjusted EBITDA in 2020 was $19.7 million.
Additionally, the Company announced today details regarding its plans for a temporary casino in Waukegan, Illinois. Named The Temporary by American Place, the Company plans to invest approximately $100 million in its temporary facility, which includes significant upfront gaming license payments and the purchase of slot machines that are expected to be transferred to the permanent casino once opened. The Company intends to finance The Temporary with new debt and expects to open the facility in mid-2022 with approximately 1,000 slot machines and 50 table games, subject to regulatory approval. The Company has agreed to purchase approximately ten acres of strategically-important land adjoining the 29-acre casino site to be leased from the City of Waukegan. The temporary casino will be in a “sprung structure” at one end of the combined 39-acre site and will utilize many of the same parking lots that will serve the permanent casino, to be built at the other end. For detailed renderings and a video flythrough of the permanent American Place facility, please visit www.AmericanPlace.com.
The Company also announced today that it has increased the anticipated investment for its luxury Chamonix Casino Hotel, currently under construction in Cripple Creek, Colorado. The revised Chamonix budget is $250 million, reflecting completion of sub-contracting of much of its hard-dollar construction budget. The increased construction costs reflect supply chain issues, inflation, and a difficult construction environment. Management believes that there will not be further budget increases. The Company has sufficient cash and resources to complete the project at the higher budget number and is, accordingly, transferring cash to its restricted construction cash account to fund the increased construction costs, in accordance with its debt covenants.
From July 2021 through November 2021, Colorado’s statewide reported gaming revenues increased 42% versus the prior-year period. During such period, Cripple Creek’s gaming revenues increased 26%, while Black Hawk’s gaming revenues increased 50% when compared to the similar 2020 period. These increases reflect the elimination of betting limits in mid-2021, as well as the opening of a 516-guestroom, four-star hotel in Black Hawk and an approximately 100-guestroom, “comfort style” hotel built by a competitor in Cripple Creek. Reported statewide gaming revenues for all of 2019 were $834 million. Due to the strong recent increases in Colorado’s overall gaming revenues, management remains confident that its high-end Chamonix Casino Hotel project will earn a high return on investment. For detailed renderings of the project and two webcams of the construction underway, please visit www.ChamonixCO.com. The Company continues to expect to open Chamonix in the second quarter of 2023.
(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Segment EBITDA, a financial measure in accordance with generally accepted accounting principles (“GAAP”), as the measure of segment profit 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. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), 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, the Company believes this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. The Company utilizes this metric or measure internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes 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.
A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Full House Resorts, Inc.
Non-GAAP Financial Information
Reconciliation of Net Income and Operating Income to Adjusted EBITDA
(In Millions, Unaudited)
| Preliminary Estimated Results Range(1) | ||||||||||||||
| Fourth Quarter 2021 | Full Year 2021 | |||||||||||||
| Low End | High End | Low End | High End | |||||||||||
| Net income | $ | 4.2 | $ | 5.9 | $ | 10.9 | $ | 12.6 | ||||||
| Income tax expense (benefit) | 0.1 | (0.1 | ) | 0.5 | 0.3 | |||||||||
| Interest expense, net of amounts capitalized | 6.2 | 6.0 | 23.7 | 23.5 | ||||||||||
| (Gain) loss on extinguishment of debt | (5.6 | ) | (5.7 | ) | 0.5 | 0.4 | ||||||||
| Adjustment to fair value of warrants | — | — | 1.3 | 1.3 | ||||||||||
| Operating income | 4.9 | 6.1 | 36.9 | 38.1 | ||||||||||
| Project development costs | 0.3 | 0.3 | 0.8 | 0.8 | ||||||||||
| Depreciation and amortization | 1.8 | 1.8 | 7.2 | 7.2 | ||||||||||
| Loss on disposal of assets, net | — | — | 0.7 | 0.7 | ||||||||||
| Stock-based compensation | 0.3 | 0.3 | 1.0 | 1.0 | ||||||||||
| Adjusted EBITDA | $ | 7.3 | $ | 8.5 | $ | 46.6 | $ | 47.8 | ||||||
__________
(1) Figures presented are projected estimates for the fourth quarter and full year of 2021, respectively.
This press release contains preliminary unaudited and estimated financial results which are subject to the completion of the final financial statements, including the review of those financial statements by the Company’s internal accounting professionals and its audit committee, and the completion of the annual audit by the Company’s independent registered public accounting firm. The preliminary financial results included in the press release have been prepared by, and are the responsibility of, the Company’s management. The Company’s actual financial results for the fourth quarter of 2021 have not yet been finalized by management. These results are not a comprehensive statement of all financial results for the fourth quarter of 2021. The Company is required to consider all available information through the finalization of its financial statements and their possible impact on its financial conditions and results of operations for the period. As a result, subsequent information or events may lead to material differences between the information about the preliminary results of operations described in this press release and the results of operations described in the Company’s subsequent annual report. Accordingly, you should use caution and not place undue reliance on the preliminary financial results.
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 are neither historical facts nor assurances of future performance. Some forward-looking statements in this press release include those regarding our expected results of operations; the expected returns for Chamonix and our other development projects; the expected construction budgets, expected completion dates, and expected amenities for our Chamonix, The Temporary and American Place projects and the ability to obtain debt financing for The Temporary. Such risks include, without limitation, our ability to repay our substantial indebtedness; potential actions 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; our ability to complete Chamonix, The Temporary or American Place on-time and on-budget; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues continue to re-open; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; inflation and its potential impacts on labor costs and the prices 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; 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.
About Full House Resorts, Inc.
Full House Resorts, Inc. owns, leases, 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; 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. The Company is currently constructing Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado. In December 2021, the Company was chosen by the Illinois Gaming Board to develop American Place, a new gaming and entertainment destination to be built in Waukegan, Illinois, subject to final regulatory approvals. 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
Nasdaq:FLL
Chamonix, Colorado’s Newest and Most Luxurious Casino Hotel, Opens at Noon on Wednesday, December 27, 2023
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.
“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
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.”
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
– 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.
“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
- 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.
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 | ||||||||
__________
| (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)
| 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.
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
-
Australia4 weeks agoCrown Approved to Retain its Melbourne Licence
-
GAT Expo4 weeks agoPragmatic Play Prepares for GAT Cartagena Gaming Week 2024
-
Australia3 weeks ago
VGCCC Fines Bookmaker MintBet $100,000 for Repeat Breaches of its Responsible Gambling Code of Conduct
-
Africa2 weeks ago
BMM Testlabs Continues Its Expansion in Africa with New Licenses in Botswana and Nigeria to Test Land-Based and Digital Products
-
Compliance Updates3 weeks ago3 Oaks Gaming extends European reach with Romania licence
-
Press Releases1 week agoOpenBet Powers Record-Breaking 100,000+ Peak Bets per Minute at Grand National 2024
-
Central Europe3 weeks agoGaming Corps makes key European addition with Fortuna Entertainment Group partnership
-
Africa3 weeks agoIESF African Regional Qualifiers Host Announced
