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Nasdaq:FLL

Full House Resorts Announces First Quarter Results

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– Construction of The Temporary at American Place has Begun,
with an Expected Opening in Fall 2022

– Agreement Reached with Circa Sports for Internet Sports Wagering Throughout Illinois
and On-Site Sportsbooks at The Temporary and American Place

– Construction of Chamonix Casino Hotel Continues, with an Expected Opening in the Second Quarter of 2023

LAS VEGAS, May 09, 2022 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2022.

On a consolidated basis, revenues in the first quarter of 2022 were $41.4 million, a 1.9% decrease from $42.2 million in the prior-year period. Net income for the first quarter of 2022 was $0.1 million, or $0 per diluted common share, which includes $4.4 million of debt modification costs related to the Company’s offering of additional notes in February 2022. In the prior-year period, net loss was $3.4 million, or $(0.13) per diluted common share, reflecting an extinguishment of debt charge and expenses related to the redemption of the Company’s previously-outstanding warrants. Adjusted EBITDA(a) in the 2022 first quarter was $8.4 million versus $10.8 million in the prior-year period, largely due to planned construction disruptions at Bronco Billy’s; adverse hold at Rising Star and Grand Lodge; the launch of online sports wagering in Louisiana, which adversely affected Silver Slipper’s sports wagering revenues; and increases in certain costs. The prior-year’s first quarter was the Company’s strongest in recent years, having benefited from customer-related government subsidy checks due to the COVID-19 pandemic.

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“Our first quarter results were solid, given adverse hold percentages at two of our properties and meaningful – but planned –construction disruptions at Bronco Billy’s to hasten the completion of Chamonix,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Silver Slipper had a solid quarter, though the launch of online sports wagering in nearby Louisiana has resulted in declines in its on-site sports wagering operations. On-site sports wagering operations contributed less than 5% of the property’s Adjusted Segment EBITDA in 2021. Otherwise, our properties continue to perform as expected in recent weeks.”

“More importantly, we made significant progress on our expansion plans,” continued Mr. Lee. “In Waukegan, Illinois, we received approvals last week to begin construction on The Temporary at American Place, and immediately began work on site fencing and erosion control so that excavation for the foundations can begin this week. Fabrication of the Sprung structure is complete and is expected to begin arriving on-site in early June. Additionally, we have begun hiring our senior management team for The Temporary, and continue to progress toward an expected opening later this year. It took longer than expected to begin construction, moving our projected opening date from the summer into the fall.

“At our Chamonix project in Cripple Creek, Colorado, we have ‘topped out’ the elevator towers and are working on the guest room and meeting areas. We believe Chamonix will be the first high-quality casino hotel in Cripple Creek when it opens in the second quarter of 2023. We expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our Company, similar to what has occurred in Black Hawk when higher-quality casinos have been added to that market.”

First Quarter Highlights and Subsequent Events

  • Mississippi. Silver Slipper Casino and Hotel’s revenues were $21.3 million in the first quarter of 2022, a 4.7% decline from $22.4 million in the prior-year period. Adjusted Segment EBITDA was $6.0 million, reflecting the competitive launch of online sports wagering within nearby Louisiana, as well as cost increases for food and other supplies. In the prior-year period, the property had record first quarter results, as it – and all of the Company’s properties – benefited from customer-related government stimulus checks due to the COVID-19 pandemic. Adjusted Segment EBITDA was $7.6 million in the prior-year period.
  • Indiana. Rising Star Casino Resort’s revenues were $8.6 million in each of the first quarters of 2022 and 2021. Adjusted Segment EBITDA was $1.1 million, again for both periods. Results in the recent quarter were adversely affected by a low table games hold percentage of 10.1%, versus the trailing three-year average of 17.2%. Conversely, a table games hold percentage of 26.0% in the first quarter of 2021 was meaningfully higher than the trailing three-year average, which benefited results in the prior-year’s quarter. Table games revenue is less significant to operating results at the property than slot win, which remained stable. The increase in slot revenues from higher volumes in the first quarter of 2022 offset the decrease in the table games hold percentage.
  • Colorado. This segment includes Bronco Billy’s Casino and Hotel and, upon its opening, will include Chamonix Casino Hotel. The Colorado gaming market, including Cripple Creek, has shown significant growth since betting limits were eliminated in May 2021. Nevertheless, due to significant construction disruption, revenues and Adjusted Segment EBITDA declined in the quarter versus the prior-year period. These disruptions include the temporary loss of all of the property’s on-site parking and all on-site hotel rooms, as well as the temporary loss of portions of the casino. To alleviate the lack of on-site parking, Bronco Billy’s currently offers complimentary valet parking, as well as a free shuttle service to an off-site parking lot. Revenues were $4.2 million in the first quarter of 2022, versus $5.9 million in the prior-year period, and Adjusted Segment EBITDA was $(0.3) million, versus $1.7 million.

    As discussed above, construction continues on Chamonix Casino Hotel, located adjacent to Bronco Billy’s. When complete, Chamonix will include a new casino, approximately 300 luxury guest rooms and suites, a parking garage, new surface parking lots, meeting and entertainment space, an outdoor pool, a spa, and a fine-dining restaurant. Construction work is currently being performed on the third floor of the arrival tower and recently began on the meeting and entertainment space. Structural work also recently began on the hotel structure that will sit atop Chamonix’s parking garage. For detailed renderings of the project and two webcams of the construction underway, please visit www.ChamonixCO.com.

    We also recently began the staged refurbishment of Bronco Billy’s itself, so this property’s contribution to earnings will, as expected, be impacted until its new, expanded amenities open, which we expect to be in 2023.

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  • Nevada. This segment consists of the Grand Lodge Casino, which is located within the Hyatt Regency Lake Tahoe luxury resort in Incline Village, and Stockman’s Casino, which is located in Fallon, Nevada. Revenues were $4.4 million in each of the first quarters of 2022 and 2021, despite an adverse table games hold percentage in the 2022 period. Adjusted Segment EBITDA was $0.8 million in the first quarter of 2022, reflecting an increase in labor costs, versus $1.2 million in the prior-year period. Income would have been approximately flat if the table games hold percentage had been comparable with the prior-year period.
  • Contracted Sports Wagering. This segment consists of the Company’s on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana and, upon launch, Illinois. Revenues and Adjusted Segment EBITDA were both $2.8 million in the first quarter of 2022, an increase from $1.0 million in the prior-year period. These results reflect an additional skin that contractually went live on December 1, 2021, as well as an acceleration of deferred revenue for two agreements that will cease operations in May 2022. In the prior-year period, only three skins were in operation. As previously disclosed, in February 2022, one of the Company’s contracted parties for sports wagering informed us of its intent to cease operations on May 15, 2022, which will create one available skin in each of Colorado and Indiana. We are currently negotiating with several potential replacement companies for such skins, but there can be no assurance that we will be able to replace these agreements on similar terms as our existing agreements or at all.

    In May 2022, the Company entered into an agreement whereby affiliates of Full House and Circa Sports will jointly develop and manage on-site sportsbooks at both The Temporary and American Place. Circa Sports currently operates at Circa Resort & Casino in Las Vegas, and offers online sports wagering in several states. In addition to the on-site sportsbook, Circa Sports will utilize Full House’s expected mobile sports skin in Illinois to conduct Internet sports wagering throughout the state, subject to customary regulatory approvals. In exchange for such rights, the Company received a market access fee of $5 million in May 2022 and will also receive payments totaling at least $5 million per year, on an annualized basis, once Circa Sports launches its mobile sports skin in Illinois. The term of the agreement is for eight years, with two four-year extension opportunities at the option of Circa Sports.

  • American Place. In December 2021, Full House was chosen by the Illinois Gaming Board to develop American Place, a new gaming and entertainment destination located in Waukegan, Illinois, a northern suburb of Chicago, subject to customary regulatory approvals. The permanent American Place facility is slated to include a world-class casino with a state-of-the-art sports book; a premium boutique hotel comprised of 20 luxurious villas, each ranging from 1,500 to 2,500 square feet with full butler service; a 1,500-seat live entertainment venue; a gourmet restaurant that will rival the finest restaurants in Chicago; additional eateries and bars; and other amenities that will attract gaming and non-gaming patrons from throughout Chicagoland and beyond. While the larger, more lavish, permanent facility is under construction, the Company will operate a temporary casino facility, aptly named The Temporary by American Place. The Temporary is slated to include approximately 1,000 slot machines, 50 table games, a sportsbook, a fine-dining restaurant, two additional restaurants, and a center bar.

    In March 2022, the Company acquired ten acres of land adjoining approximately 30 acres owned by the City of Waukegan. The Company also recently entered into a lease for nearby office space.

    Last week, the Company entered into a memorandum of understanding (“MOU”) with the City of Waukegan, which documents the material terms of the lease for the approximately 30 acres owned by the City. Upon execution of the MOU, the Company received certain approvals enabling the start of construction for The Temporary. Fabrication of The Temporary’s “Sprung structure” is now complete and is scheduled for arrival beginning in early June. We expect to open The Temporary in Fall 2022, pending customary gaming approvals.

  • Corporate. Corporate expenses increased modestly during the first quarter of 2022, primarily due to additional professional fees and other expenses related to the Company’s growth. Segment expenses were $2.0 million and $1.9 million for the first quarters of 2022 and 2021, respectively.

Liquidity and Capital Resources
As of March 31, 2022, the Company had $319.5 million in cash and cash equivalents (including $210.5 million of cash reserved for the construction of Chamonix) and $410.0 million in outstanding senior secured notes due 2028. In February 2022, the Company closed a private offering of $100.0 million aggregate principal amount of additional 8.25% senior secured notes due 2028 (the “Additional Notes”). The Additional Notes were sold at a price of 102.0% of the principal amount and were issued pursuant to an indenture under which the Company issued $310.0 million of identical senior secured notes in February 2021. The Company also amended its revolving credit agreement to, among other things, increase its borrowing capacity from $15.0 million to $40.0 million. The proceeds from the expansion of the Company’s debt facilities are expected to be used to fund the approximately $100 million needed to construct and outfit The Temporary, as well as the upfront tax payments required to be paid to the State of Illinois when the casino opens. As of May 9, 2022, there were no drawn amounts under the credit facility and an outstanding standby letter of credit of $1 million related to the American Place project.

Conference Call Information
The Company will host a conference call for investors today, May 9, 2022, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2022 first quarter results. Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (844) 826-3035 or, for international callers, (412) 317-5195.

A replay of the conference call will be available shortly after the conclusion of the call through May 23, 2022. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (844) 512-2921 or, for international callers, (412) 317-6671 and using the passcode 10166705.

(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 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. 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.

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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. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

             
    Three Months Ended
    March 31, 
       2022        2021  
Revenues            
Casino   $ 29,084     $ 32,064  
Food and beverage     6,511       6,101  
Hotel     2,179       2,211  
Other operations, including contracted sports wagering     3,649       1,832  
      41,423       42,208  
Operating costs and expenses            
Casino     9,875       10,339  
Food and beverage     6,568       5,360  
Hotel     1,071       1,056  
Other operations     462       395  
Selling, general and administrative     15,393       14,413  
Project development costs     165       47  
Preopening costs     786        
Depreciation and amortization     1,792       1,800  
Loss on disposal of assets, net     8       104  
      36,120       33,514  
Operating income     5,303       8,694  
Other expense            
Interest expense, net of capitalized interest     (6,399 )     (4,456 )
Loss on modification and extinguishment of debt     (4,406 )     (6,134 )
Adjustment to fair value of warrants           (1,347 )
      (10,805 )     (11,937 )
Loss before income taxes     (5,502 )     (3,243 )
Income tax (benefit) provision     (5,612 )     202  
Net income (loss)   $ 110     $ (3,445 )
             
Basic earnings (loss) per share   $     $ (0.13 )
Diluted earnings (loss) per share   $     $ (0.13 )
             
Basic weighted average number of common shares outstanding     34,262       27,357  
Diluted weighted average number of common shares outstanding     36,623       27,357  



Full House Resorts, Inc.

Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)

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    Three Months Ended
    March 31, 
    2022        2021  
Revenues            
Mississippi   $ 21,313     $ 22,356  
Indiana     8,636       8,590  
Colorado     4,233       5,905  
Nevada     4,411       4,368  
Contracted Sports Wagering     2,830       989  
    $ 41,423     $ 42,208  
             
Adjusted Segment EBITDA(1) and Adjusted EBITDA              
Mississippi   $ 5,950     $ 7,630  
Indiana     1,138       1,134  
Colorado     (319 )     1,710  
Nevada     828       1,224  
Contracted Sports Wagering     2,767       976  
Adjusted Segment EBITDA     10,364       12,674  
Corporate     (1,967 )     (1,905 )
Adjusted EBITDA   $ 8,397     $ 10,769  

__________
(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.
Supplemental Information
Reconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA
(In Thousands, Unaudited)

             
    Three Months Ended
    March 31, 
       2022        2021  
Net income (loss)   $ 110     $ (3,445 )
Income tax (benefit) provision     (5,612 )     202  
Interest expense, net of amounts capitalized     6,399       4,456  
Loss on modification and extinguishment of debt     4,406       6,134  
Adjustment to fair value of warrants           1,347  
Operating income     5,303       8,694  
Project development costs     165       47  
Preopening costs     786        
Depreciation and amortization     1,792       1,800  
Loss on disposal of assets, net     8       104  
Stock-based compensation     343       124  
Adjusted EBITDA   $ 8,397     $ 10,769  



Full House Resorts, Inc.

Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)

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Three Months Ended March 31, 2022
                                                        Adjusted
                                      Segment
  Operating   Depreciation   Loss on   Project       Stock-   EBITDA and
  Income   and   Disposal   Development   Preopening   Based   Adjusted
  (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                        
Mississippi $ 5,251     $ 692   $ 7   $   $   $   $ 5,950  
Indiana   558       580                     1,138  
Colorado   (662 )     342     1                 (319 )
Nevada   683       145                     828  
Contracted Sports Wagering   2,767                           2,767  
    8,597       1,759     8                 10,364  
Other operations                                        
Corporate   (3,294 )     33         165     786     343     (1,967 )
  $ 5,303     $ 1,792   $ 8   $ 165   $ 786   $ 343   $ 8,397  

                                   
Three Months Ended March 31, 2021
                                               Adjusted
                              Segment
  Operating   Depreciation   Loss on   Project   Stock-   EBITDA and
  Income   and   Disposal   Development   Based   Adjusted
  (Loss)   Amortization   of Assets   Costs   Compensation   EBITDA
Reporting segments                                  
Mississippi $ 6,948     $ 660   $ 22   $   $   $ 7,630  
Indiana   518       616                 1,134  
Colorado   1,281       347     82             1,710  
Nevada   1,085       139                 1,224  
Contracted Sports Wagering   976                       976  
    10,808       1,762     104             12,674  
Other operations                                        
Corporate   (2,114 )     38         47     124     (1,905 )
  $ 8,694     $ 1,800   $ 104   $ 47   $ 124   $ 10,769  


Cautionary Note Regarding 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 expected construction budget, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including The Temporary; our expectations regarding our ability to receive regulatory approvals for American Place and The Temporary; and our expectations regarding our ability to replace any terminated sports wagering contracts in Colorado and Indiana and the success of any new sports wagering contracts 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 the control of Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic, including the emergence of variants, on our business, construction projects, indebtedness, financial condition and operating results; 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, American Place, and The Temporary on-time and on-budget; various approvals that are required to lease the primary American Place site from the City of Waukegan, including approvals from the Illinois Gaming Board; the successful entry into replacement sports wagering contracts in Colorado and Indiana; 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; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; 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 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 The Temporary at American Place, a new casino in Waukegan, Illinois; and Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado. For further information, please visit www.fullhouseresorts.com.

 

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CONTACT: Contact:
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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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.

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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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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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