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European Gaming Congress 2024

Nasdaq:FLL

Full House Resorts Announces Second Quarter Results

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– Revenues Increased 23.8% to $73.5 Million in the Second Quarter of 2024

– Chamonix Casino Hotel Continued Its Phased Opening, With Its High-End Steakhouse, Rooftop Pool, and
Portions of Its Spa Opening During the Second Quarter

– Extended Grand Lodge Casino Lease by Ten Years to December 31, 2034

LAS VEGAS, Aug. 06, 2024 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2024.

On a consolidated basis, revenues in the second quarter of 2024 were $73.5 million, a 23.8% increase from $59.4 million in the prior-year period. These results reflect the continued ramp-up of operations at American Place, which opened in mid-February 2023, and the phased opening of Chamonix Casino Hotel, beginning in late-December 2023. Net loss for the second quarter of 2024 was $8.6 million, or $(0.25) per diluted common share, which includes $0.8 million of preopening and development costs, as well as depreciation and amortization charges related to our new American Place and Chamonix facilities. Depreciation charges for the temporary American Place casino are larger relative to its earnings than is typically the case for casinos, due to the anticipated temporary nature of much of the property’s assets. In the prior-year period, net loss was $5.6 million, or $(0.16) per diluted common share, reflecting $1.1 million of preopening and development costs. Adjusted EBITDA(a) rose 34.6% in the second quarter of 2024 to $14.1 million from $10.5 million in the prior-year period, reflecting strong growth from American Place and $0.9 million of accelerated revenue from an online sports wagering “skin” that ceased operations in Colorado.

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“Our newest destination casino, Chamonix Casino Hotel in Cripple Creek, Colorado, continues to build its customer base,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Since its opening, hotel occupancy has steadily increased, with occupied room-nights rising from approximately 2,100 in January 2024 to approximately 5,900 in June 2024. Increased visitation corresponds to the unveiling of new amenities at the property, as well as the commencement of the busier summer season. Our steakhouse, 980 Prime, opened in April 2024 and has quickly earned a reputation as one of the finest restaurants in Colorado. In late-May 2024, we opened our rooftop pool and portions of our spa. These amenities joined Chamonix’s 300-guestroom hotel and sunlit casino, which we believe are unparalleled in the region in their quality and beauty. During the third quarter, we expect to complete the opening of Chamonix’s spa and unveil its street-front jewelry store. The early guest response to Chamonix continues to be very good, reinforcing our confidence in its long-term earnings potential.”

The Company also recently announced the promotion of Angi Truebner-Webb to the position of Vice President and General Manager of the Silver Slipper Casino and Hotel, pending customary regulatory approvals. Born in Guben, Germany, Ms. Truebner-Webb received her MBA degree from the University of Applied Science in Dresden, Germany. She joined the Silver Slipper’s finance team in 2010 before transferring to the Company’s Rising Star Casino and Resort as its Executive Director of Finance and Administration in 2019. In 2021, she was promoted to General Manager of Rising Star. When she joins the Silver Slipper, Ms. Truebner-Webb will replace John Ferrucci, who previously announced his planned retirement from the Company in April 2025. The transition will take place this fall, ensuring a smooth handover of responsibilities.

“We are very proud of Angi, who has steadily worked her way up within Full House Resorts,” said Mr. Lee. “She has done an excellent job in building a team and improving results at Rising Star, often amidst challenging competitive conditions. She is now eager and ready to return as the leader of the Silver Slipper. We also thank John Ferrucci for his many years of service. John opened the Silver Slipper in 2006 and has also been our Chief Operating Officer since 2022. We look forward to continuing to work with John over the next several months and we wish him well thereafter in his long-planned and well-earned retirement.”

Second Quarter Highlights and Subsequent Events

  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. Revenues for the segment were $55.5 million in the second quarter of 2024, an 11.1% increase from $49.9 million in the prior-year period. Adjusted Segment EBITDA rose to $12.3 million, a 30.7% increase from $9.4 million in the prior-year period. These results reflect the continued ramp-up of operations at American Place, which opened on February 17, 2023. In the second quarter of 2024, American Place generated $27.2 million of revenue and $7.6 million of Adjusted Property EBITDA, or increases of 34.0% and 83.5%, respectively, compared to the second quarter of 2023.
  • 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 Chamonix Casino Hotel, which began its phased opening on December 27, 2023. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, and are operated by our management team in Colorado as a single entity. Revenues for the segment rose 87.3% to $15.2 million in the second quarter of 2024, versus $8.1 million in the prior-year period. Adjusted Segment EBITDA increased despite the high initial opening costs of Chamonix to $0.9 million in the second quarter of 2024, versus $0.2 million in the prior-year period. Such costs include the training of new employees and additional marketing costs expected to benefit future operations, as well as the cost of operating many amenities at the new resort while continuing to complete construction.

    On July 1, 2024, Gaming Entertainment (Nevada) LLC, the Company’s wholly-owned subsidiary that operates Grand Lodge Casino, entered into a Seventh Amendment to Casino Operations Lease (the “Amendment”) with Incline Hotel LLC (the “Landlord”). Prior to the Amendment, Grand Lodge’s casino lease was scheduled to expire on December 31, 2024. The Amendment extends the term of the lease by ten years to December 31, 2034; increases annual rent from $2,000,000 in 2024 to $2,010,857 for 2025, followed by annual increases of 2% for the remainder of the term; and makes certain other conforming changes. Full House first began operating the Grand Lodge casino under a short-term lease in 2011. That lease had been extended several times, reflecting the ongoing and excellent relationship between Full House and the operators of the hotel.

  • Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA in the second quarter of 2024 were $2.9 million and $2.6 million, respectively. These results reflect $0.9 million of accelerated revenue from an online sports wagering “skin” that ceased operations in Colorado. Additionally, Adjusted Segment EBITDA was adversely affected by a provision for credit losses on sports wagering receivables of $0.3 million, as a contracted party had not yet remitted payments due to the Company. During the third quarter of 2024, such party and two of the Company’s subsidiaries entered into a settlement agreement, which provides for an approximately $2.1 million payment to the Company due in the third quarter of 2024, and a reduction of certain future annual minimums due to the Company under the related agreements.

Liquidity and Capital Resources
As of June 30, 2024, we had $44.7 million in cash and cash equivalents, including $13.6 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 became callable at specified premiums 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 6, 2024, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2024 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.

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A replay of the conference call will be available shortly after the conclusion of the call through August 20, 2024. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13746753.

(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 condensed 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, certain 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, certain 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.

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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
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)

                         
    Three Months Ended   Six Months Ended
    June 30,    June 30, 
       2024      2023      2024      2023
Revenues                            
Casino   $ 54,685     $ 45,359     $ 106,358     $ 81,346  
Food and beverage     10,403       8,673       20,172       16,333  
Hotel     3,742       2,348       6,594       4,492  
Other operations, including contracted sports wagering     4,662       3,002       10,292       7,317  
      73,492       59,382       143,416       109,488  
Operating costs and expenses                         
Casino     20,719       16,990       41,294       30,334  
Food and beverage     10,714       9,030       20,474       16,485  
Hotel     2,383       1,228       4,546       2,447  
Other operations     990       705       1,781       1,187  
Selling, general and administrative     25,285       21,577       50,220       39,806  
Project development costs     3       17       3       24  
Preopening costs     757       1,086       2,420       11,583  
Depreciation and amortization     10,326       8,155       20,951       14,014  
Loss on disposal of assets                 18        
      71,177       58,788       141,707       115,880  
Operating income (loss)     2,315       594       1,709       (6,392 )
Other (expense) income                        
Interest expense, net     (11,023 )     (5,633 )     (21,273 )     (10,452 )
Gain on insurance settlement                       355  
      (11,023 )     (5,633 )     (21,273 )     (10,097 )
Loss before income taxes     (8,708 )     (5,039 )     (19,564 )     (16,489 )
Income tax (benefit) provision     (79 )     561       337       526  
Net loss   $ (8,629 )   $ (5,600 )   $ (19,901 )   $ (17,015 )
                         
Basic loss per share   $ (0.25 )   $ (0.16 )   $ (0.57 )   $ (0.49 )
Diluted loss per share   $ (0.25 )   $ (0.16 )   $ (0.57 )   $ (0.49 )
                         
Basic weighted average number of common shares outstanding     34,710       34,496       34,650       34,453  
Diluted weighted average number of common shares outstanding     34,710       34,496       34,650       34,453  
                                 


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, 
       2024
  2023
  2024
  2023
Revenues                        
Midwest & South   $ 55,458     $ 49,911     $ 110,088     $ 90,713  
West     15,151       8,089       28,185       16,213  
Contracted Sports Wagering     2,883       1,382       5,143       2,562  
    $ 73,492     $ 59,382     $ 143,416     $ 109,488  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 12,275     $ 9,391     $ 24,958     $ 20,077  
West     865       177       731       234  
Contracted Sports Wagering     2,577       1,361       4,512       2,522  
Adjusted Segment EBITDA     15,717       10,929       30,201       22,833  
Corporate     (1,576 )     (422 )     (3,651 )     (2,201 )
Adjusted EBITDA   $ 14,141     $ 10,507     $ 26,550     $ 20,632  
                                 

__________
(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)

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    Three Months Ended         Six Months Ended      
    June 30,    Increase /   June 30,    Increase /
Reporting segments      2024      2023      (Decrease)      2024      2023      (Decrease)
Midwest & South                                    
Midwest & South
same-store total revenues(1)
  $ 28,212   $ 29,584   (4.6 ) %   $ 57,037   $ 59,966   (4.9 ) %
American Place     27,246     20,327   34.0   %     53,051     30,747   72.5   %
Midwest & South total revenues   $ 55,458   $ 49,911   11.1   %   $ 110,088   $ 90,713   21.4   %
                                     
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 4,690   $ 5,258   (10.8 ) %   $ 9,991   $ 12,372   (19.2 ) %
American Place     7,585     4,133   83.5   %     14,967     7,705   94.3   %
Midwest & South
Adjusted Segment EBITDA
  $ 12,275   $ 9,391   30.7   %   $ 24,958   $ 20,077   24.3   %
                                     
Contracted Sports Wagering                                    
Contracted Sports Wagering
same-store total revenues(2)
  $ 550   $ 1,382   (60.2 ) %   $ 1,375   $ 2,562   (46.3 ) %
Accelerated revenues due to
contract terminations(3)
    893       N.M.         893       N.M.    
Illinois     1,440       N.M.         2,875       N.M.    
Contracted Sports Wagering
total revenues
  $ 2,883   $ 1,382   108.6   %   $ 5,143   $ 2,562   100.7   %
                                     
Contracted Sports Wagering same-store
Adjusted Segment EBITDA(2)
  $ 281   $ 1,361   (79.4 ) %   $ 827   $ 2,522   (67.2 ) %
Accelerated revenues due to
contract terminations(3)
    893       N.M.         893       N.M.    
Illinois     1,403       N.M.         2,792       N.M.    
Contracted Sports Wagering
Adjusted Segment EBITDA
  $ 2,577   $ 1,361   89.3   %   $ 4,512   $ 2,522   78.9   %
                                         

__________
N.M. Not meaningful.
(1) Same-store operations exclude results from American Place, which opened on February 17, 2023.
(2) Same-store operations exclude results from Illinois, which contractually commenced on August 15, 2023. For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations.
(3) For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations. Such adjustments reflect one sports skin that ceased operations in the second quarter of 2024.

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, 
  2024
  2023
  2024
  2023
Net loss $ (8,629 )   $ (5,600 )   $ (19,901 )   $ (17,015 )
Income tax (benefit) provision   (79 )     561       337       526  
Interest expense, net   11,023       5,633       21,273       10,452  
Gain on insurance settlement                     (355 )
Operating income (loss)   2,315       594       1,709       (6,392 )
Project development costs   3       17       3       24  
Preopening costs   757       1,086       2,420       11,583  
Depreciation and amortization   10,326       8,155       20,951       14,014  
Loss on disposal of assets               18        
Stock-based compensation   740       655       1,449       1,403  
Adjusted EBITDA $ 14,141     $ 10,507     $ 26,550     $ 20,632  
                               


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, 2024
                                  Adjusted
                                  Segment
    Operating   Depreciation   Project       Stock-   EBITDA and
    Income   and   Development   Preopening   Based   Adjusted
       (Loss)      Amortization      Costs      Costs      Compensation      EBITDA
Reporting segments                                        
Midwest & South   $ 6,233     $ 6,042   $   $   $   $ 12,275  
West     (4,148 )     4,256         757         865  
Contracted Sports Wagering     2,577                       2,577  
      4,662       10,298         757         15,717  
Other operations                                        
Corporate     (2,347 )     28     3         740     (1,576 )
    $ 2,315     $ 10,326   $ 3   $ 757   $ 740   $ 14,141  
                                         

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  
                                         


Full House Resorts, Inc. and Subsidiaries

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

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Six Months Ended June 30, 2024
                                        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                                               
Midwest & South   $ 12,043     $ 12,778   $ 18   $   $ 119   $   $ 24,958  
West     (9,685 )     8,115             2,301         731  
Contracted Sports Wagering     4,512                           4,512  
      6,870       20,893     18         2,420         30,201  
Other operations                                               
Corporate     (5,161 )     58         3         1,449     (3,651 )
    $ 1,709     $ 20,951   $ 18   $ 3   $ 2,420   $ 1,449   $ 26,550  
                                               

                                     
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  
                                         

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 its permanent facility; and our expectations regarding the operation and performance of our other properties and segments. 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; our ability to finance the construction of the permanent American Place facility; 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 the amenities at Chamonix; our ability to complete construction at 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; cyber events and their impacts to our operations; 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 American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino 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. 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

Full House Resorts Announces Third Quarter Results

Published

on

full-house-resorts-announces-third-quarter-results

– Revenues Increased Significantly Compared to the Third Quarter of 2023

– Chamonix Casino Hotel Celebrated Its Official Grand Opening This Past Weekend

– American Place Casino Continued Its Expected Ramp-Up of Operations,
With Revenues Rising 17.7% in the Third Quarter of 2024

– Agreed to Sell Stockman’s Casino for $9.2 Million

LAS VEGAS, Nov. 06, 2024 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2024.

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On a consolidated basis, revenues in the third quarter of 2024 were $75.7 million. Revenues in the prior-year period were $71.5 million, which included $5.8 million from the accelerated recognition of deferred revenue from two sports wagering agreements. Net loss for the third quarter of 2024 was $8.5 million, or $(0.24) per diluted common share, which includes $0.1 million of preopening and development costs, a $2.0 million gain on the sale of Stockman’s Casino, and depreciation and amortization charges related to our new American Place and Chamonix facilities. In the prior-year period, net income was $4.6 million, or $0.13 per diluted common share, reflecting $1.1 million of preopening and development costs and $5.8 million related to the accelerated recognition of deferred revenue. Adjusted EBITDA(a) of $11.7 million in the third quarter of 2024 reflects strong continued growth at American Place, as well as elevated costs at Chamonix as it continues to ramp-up its operations. In the prior-year period, Adjusted EBITDA was $20.6 million, benefiting from the accelerated recognition of deferred revenue noted above.

“American Place continued its meaningful growth during the third quarter of 2024,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “This still relatively-new property, which opened in February 2023, grew revenues and Adjusted Property EBITDA by 17.7% and 13.6%, respectively. We look forward to further growth at American Place in 2025 and beyond.

“At our expanded operations in Cripple Creek, Colorado,” continued Mr. Lee, “gaming revenues continued to set new monthly records, resulting in a 115% increase during the current quarter when compared to the prior-year period. Hotel occupancy rose dramatically during the third quarter, reaching 88.5% in September 2024 as guests discover – and revisit – our new casino hotel. For comparison, hotel occupancy averaged approximately 52% in the second quarter of 2024. Total revenues from our Colorado operations rose 178% from the third quarter of 2023.

“These revenue gains were despite the lack of a large-scale marketing campaign. Such a campaign was largely on hold until recently, when construction was complete. Accordingly, awareness of Chamonix remains in the early stages in the key markets of Colorado Springs and Denver. This past weekend, we celebrated Chamonix’s official Grand Opening with a VIP party, complete with major celebrity entertainment. This week, as political ad spending wanes, we will commence our first post-opening awareness campaign for Chamonix. We believe Chamonix is an unparallelled casino for the region. We remain confident in its earnings potential over the coming quarters and in the longer-term.

“We also remain excited for our future permanent American Place facility. Construction of such casino is on hold, pending litigation that we believe will be resolved in the next few quarters.

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“While our temporary casino is performing very well, we think the permanent casino will perform much better. Another gaming company in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to our market in Lake County. That temporary casino recently transitioned into a permanent facility and the early results have been very strong. In September 2024, for example, the Illinois Gaming Board reported that the permanent Rockford casino’s gaming revenues were $13.7 million, a 139% increase from $5.7 million produced in September 2023 in a temporary facility. Their revenue growth reinforces our excitement for our own transition from our temporary American Place casino, which we are currently permitted to operate until August 2027, into a permanent casino facility.”

Third Quarter Highlights and Subsequent Events

  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. Revenues for the segment were $54.5 million in the third quarter of 2024, a 3.7% increase from $52.6 million in the prior-year period. Adjusted Segment EBITDA was $10.2 million, a 12.8% decrease from $11.8 million in the prior-year period. These results reflect continuing growth at American Place, but an active storm season in the Silver Slipper’s Mississippi Gulf Coast area, where several significant storms during the third quarter of 2024 adversely impacted visitation to the property. In the third quarter of 2024, American Place generated $28.1 million of revenue and $7.7 million of Adjusted Property EBITDA, or increases of 17.7% and 13.6%, respectively, compared to the third quarter of 2023.

    As noted in the press, we recently began exploring the potential relocation of our Rising Star Casino Resort from Rising Sun to other locations within Indiana. Any potential relocation requires the state legislature’s approval and would require several years to take effect.

  • 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 Chamonix Casino Hotel, which began its phased opening on December 27, 2023. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, and are operated as a single entity. Revenues for the segment rose 74.9% to $19.4 million in the third quarter of 2024, versus $11.1 million in the prior-year period. Reflecting the high operating expenses of our new casino in Colorado that was not yet fully open, Adjusted Segment EBITDA was $1.2 million in the third quarter of 2024, versus $2.3 million in the prior-year period. Such opening costs include the training of new employees, as well as the cost of operating many amenities at the new resort while continuing to complete construction. As noted above, Chamonix recently celebrated its official Grand Opening last weekend and its broader advertising program is just commencing.

    On July 1, 2024, Gaming Entertainment (Nevada) LLC, our wholly-owned subsidiary that operates Grand Lodge Casino, entered into a Seventh Amendment to Casino Operations Lease (the “Amendment”) with Incline Hotel LLC (the “Landlord”). Prior to the Amendment, Grand Lodge’s casino lease was scheduled to expire on December 31, 2024. The Amendment extends the term of the lease by ten years to December 31, 2034; increases annual rent from $2,000,000 in 2024 to $2,010,857 for 2025, followed by annual increases of 2% for the remainder of the term; and makes certain other conforming changes. The new longer-term lease can be cancelled prior to its expiration on terms specified in the lease. We first began operating the Grand Lodge casino under a short-term lease in 2011. That lease had been extended several times, reflecting the ongoing and excellent relationship between us and the operators of the hotel.

    On August 28, 2024, we entered into an agreement with privately-owned Clarity Game LLC (“Clarity”) to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain expected working capital adjustments at closing. The asset sale was designed to be completed in two phases: the sale of Stockman’s real property for $7.0 million, which closed on September 27, 2024; and the sale of certain remaining operating assets for $2.2 million (excluding any expected positive adjustments for working capital), upon the receipt of customary gaming approvals. Upon completion of the second phase, we will transfer all of Stockman’s daily operations to Clarity. During the third quarter of 2024, we recognized a $2.0 million gain from the sale of Stockman’s real property.

  • Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA in the third quarter of 2024 were $1.8 million and $2.0 million, respectively. Results during the current quarter reflect the absence of a sports wagering agreement that ceased operating in Colorado after April 2024, as well as the recapture of earnings from prior period losses due to a settlement agreement in Indiana in July 2024. In the third quarter of 2023, revenues and Adjusted Segment EBITDA were both $7.9 million, reflecting $5.8 million of accelerated revenues related to two sports wagering agreements that ceased operations during that quarter.

Liquidity and Capital Resources
As of September 30, 2024, we had $33.6 million in cash and cash equivalents, including $7.7 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 became callable at specified premiums 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, November 6, 2024, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2024 third 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 November 13, 2024. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13748672.

(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 condensed consolidated financial statements, all of which should be considered when evaluating our performance.

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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 sales and 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 sales and 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
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)

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    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2024   2023   2024   2023
Revenues                        
Casino   $ 56,116     $ 50,240     $ 162,474     $ 131,586  
Food and beverage     11,100       9,086       31,272       25,419  
Hotel     4,693       2,560       11,287       7,052  
Other operations, including contracted sports wagering     3,778       9,657       14,070       16,974  
      75,687       71,543       219,103       181,031  
Operating costs and expenses                        
Casino     22,582       19,437       63,876       49,771  
Food and beverage     11,561       8,330       32,035       24,815  
Hotel     3,160       1,164       7,706       3,611  
Other operations     610       691       2,391       1,878  
Selling, general and administrative     26,738       22,017       76,958       61,823  
Project development costs     52       21       55       45  
Preopening costs     42       1,051       2,462       12,634  
Depreciation and amortization     10,493       8,468       31,444       22,482  
Loss on disposal of assets           7       18       7  
Gain on sale of Stockman’s     (2,000 )           (2,000 )      
      73,238       61,186       214,945       177,066  
Operating income     2,449       10,357       4,158       3,965  
Other (expense) income                        
Interest expense, net     (11,047 )     (5,867 )     (32,320 )     (16,319 )
Gain on settlements           29             384  
      (11,047 )     (5,838 )     (32,320 )     (15,935 )
(Loss) income before income taxes     (8,598 )     4,519       (28,162 )     (11,970 )
Income tax (benefit) provision     (126 )     (74 )     211       452  
Net (loss) income   $ (8,472 )   $ 4,593     $ (28,373 )   $ (12,422 )
                         
Basic (loss) earnings per share   $ (0.24 )   $ 0.13     $ (0.82 )   $ (0.36 )
Diluted (loss) earnings per share   $ (0.24 )   $ 0.13     $ (0.82 )   $ (0.36 )
                         
Basic weighted average number of common shares outstanding     34,944       34,583       34,749       34,497  
Diluted weighted average number of common shares outstanding     34,944       36,673       34,749       34,497  
                                 


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

                         
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
       2024    2023    2024    2023
Revenues                        
Midwest & South   $ 54,510     $ 52,553     $ 164,599     $ 143,267  
West     19,387       11,085       47,571       27,297  
Contracted Sports Wagering     1,790       7,905       6,933       10,467  
    $ 75,687     $ 71,543     $ 219,103     $ 181,031  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 10,249     $ 11,750     $ 35,206     $ 31,830  
West     1,198       2,308       1,928       2,538  
Contracted Sports Wagering     2,037       7,852       6,549       10,373  
Adjusted Segment EBITDA     13,484       21,910       43,683       44,741  
Corporate     (1,742 )     (1,280 )     (5,391 )     (3,479 )
Adjusted EBITDA   $ 11,742     $ 20,630     $ 38,292     $ 41,262  

__________
(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)

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    Three Months Ended         Nine Months Ended      
    September 30,    Increase /     September 30,    Increase /  
Reporting segments    2024    2023    (Decrease)      2024    2023    (Decrease)  
Midwest & South                                            
Midwest & South
same-store total revenues(1)
  $ 26,385     $ 28,663       (7.9 ) %   $ 83,422     $ 88,629       (5.9 ) %
American Place     28,125       23,890       17.7   %     81,177       54,638       48.6   %
Midwest & South total revenues   $ 54,510     $ 52,553       3.7   %   $ 164,599     $ 143,267       14.9   %
                                                 
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 2,543     $ 4,966       (48.8 ) %   $ 12,533     $ 17,341       (27.7 ) %
American Place     7,706       6,784       13.6   %     22,673       14,489       56.5   %
Midwest & South
Adjusted Segment EBITDA
  $ 10,249     $ 11,750       (12.8 ) %   $ 35,206     $ 31,830       10.6   %
                                                 
Contracted Sports Wagering                                                
Contracted Sports Wagering
same-store total revenues(2)
  $ 315     $ 1,370       (77.0 ) %   $ 1,690     $ 3,932       (57.0 ) %
Accelerated revenues due to
contract terminations(3)
          5,794       N.M.         893       5,794       (84.6 ) %
Illinois     1,475       741       99.1   %     4,350       741       487.0   %
Contracted Sports Wagering
total revenues
  $ 1,790     $ 7,905       (77.4 ) %   $ 6,933     $ 10,467       (33.8 ) %
                                                 
Contracted Sports Wagering same-store
Adjusted Segment EBITDA(2)
  $ 620     $ 1,336       (53.6 ) %   $ 1,448     $ 3,857       (62.5 ) %
Accelerated revenues due to
contract terminations(3)
          5,794       N.M.         893       5,794       (84.6 ) %
Illinois     1,417       722       96.3   %     4,208       722       482.8   %
Contracted Sports Wagering
Adjusted Segment EBITDA
  $ 2,037     $ 7,852       (74.1 ) %   $ 6,549     $ 10,373       (36.9 ) %

__________
N.M. Not meaningful.
(1) Same-store operations exclude results from American Place, which opened on February 17, 2023.
(2) Same-store operations exclude results from Illinois, which contractually commenced on August 15, 2023. For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations.
(3) For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations. Such adjustments reflect one sports skin that ceased operations in the second quarter of 2024, and two sports skins that ceased operations in the third quarter of 2023.

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

                       
  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2024   2023   2024   2023
Net (loss) income $ (8,472 )   $ 4,593     $ (28,373 )   $ (12,422 )
Income tax (benefit) provision   (126 )     (74 )     211       452  
Interest expense, net   11,047       5,867       32,320       16,319  
Gain on settlements         (29 )           (384 )
Operating income   2,449       10,357       4,158       3,965  
Project development costs   52       21       55       45  
Preopening costs   42       1,051       2,462       12,634  
Depreciation and amortization   10,493       8,468       31,444       22,482  
Loss on disposal of assets         7       18       7  
Gain on sale of Stockman’s   (2,000 )           (2,000 )      
Stock-based compensation   706       726       2,155       2,129  
Adjusted EBITDA $ 11,742     $ 20,630     $ 38,292     $ 41,262  
                               


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

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Three Months Ended September 30, 2024
                                              Adjusted
                                              Segment
    Operating   Depreciation   Gain on   Project       Stock-   EBITDA and
    Income   and   Sale of   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   Stockman’s   Costs   Costs   Compensation   EBITDA
Reporting segments                                                
Midwest & South   $ 4,091     $ 6,158     $     $     $     $     $ 10,249  
West     (1,141 )     4,297       (2,000 )           42             1,198  
Contracted Sports Wagering     2,037                                     2,037  
      4,987       10,455       (2,000 )           42             13,484  
Other operations                                                
Corporate     (2,538 )     38             52             706       (1,742 )
    $ 2,449     $ 10,493     $ (2,000 )   $ 52     $ 42     $ 706     $ 11,742  

Three Months Ended September 30, 2023
                                                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                                                
Midwest & South   $ 4,156     $ 7,828     $ 7     $     $ (241 )   $     $ 11,750  
West     406       610                   1,292             2,308  
Contracted
Sports Wagering
    7,852                                     7,852  
      12,414       8,438       7             1,051             21,910  
Other operations                                                
Corporate     (2,057 )     30             21             726       (1,280 )
    $ 10,357     $ 8,468     $ 7     $ 21     $ 1,051     $ 726     $ 20,630  
                                                         


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

                                                           
Nine Months Ended September 30, 2024
                                                        Adjusted
                                                        Segment
    Operating   Depreciation   Loss on   Gain on   Project       Stock-   EBITDA and
    Income   and   Disposal   Sale of   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Stockman’s   Costs   Costs   Compensation   EBITDA
Reporting segments                                                        
Midwest & South   $ 16,134     $ 18,935     $ 18     $     $     $ 119     $     $ 35,206  
West     (10,827 )     12,412             (2,000 )           2,343             1,928  
Contracted
Sports Wagering
    6,549                                           6,549  
      11,856       31,347       18       (2,000 )           2,462             43,683  
Other operations                                                        
Corporate     (7,698 )     97                   55             2,155       (5,391 )
    $ 4,158     $ 31,444     $ 18     $ (2,000 )   $ 55     $ 2,462     $ 2,155     $ 38,292  

Nine Months Ended September 30, 2023
                                              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                                                    
Midwest & South   $ 1,322     $ 20,640     $ 7     $     $ 9,861     $     $ 31,830  
West     (1,985 )     1,750                   2,773             2,538  
Contracted Sports Wagering     10,373                                     10,373  
      9,710       22,390       7             12,634             44,741  
Other operations                                                    
Corporate     (5,745 )     92             45             2,129       (3,479 )
    $ 3,965     $ 22,482     $ 7     $ 45     $ 12,634     $ 2,129     $ 41,262  
                                                         


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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 its permanent facility; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the potential relocation of Rising Star to another location in Indiana, including the legislative and approval processes; and our expectations regarding the operation and performance of our other properties and segments. 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; our ability to finance the construction of the permanent American Place facility; 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 construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place or the potential relocation of Rising Star; 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; cyber events and their impacts to our operations; 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 American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino 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. 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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Full House Resorts Announces Third Quarter Earnings Release Date

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LAS VEGAS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its third quarter 2024 financial results on Wednesday, November 6, 2024, followed by a conference call at 4:30 p.m. ET (1:30 p.m. PT). 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 (201) 689-8470.

A replay of the conference call will be available shortly after the conclusion of the call through November 13, 2024. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13748672.

Forward-looking Statements
This press release may contain statements by Full House Resorts, Inc. 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. 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. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the SEC, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the SEC. 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, except as otherwise required by law. Actual results may differ materially from those indicated in the 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 American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino, both 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. 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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Full House Resorts Announces Sale of Stockman’s Casino for $9.2 Million

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LAS VEGAS, Sept. 03, 2024 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL), through its wholly-owned subsidiary Stockman’s Casino, Inc. (the “Company”), has entered into an agreement with privately-owned Clarity Game LLC (“Clarity”) to sell the land, building, and certain other operating assets of Stockman’s Casino in Fallon, Nevada (“Stockman’s”) for total gross proceeds of approximately $9.2 million. The asset sale is expected to occur in two transactions: the sale of Stockman’s real property for $7.0 million, expected to close in late-September 2024; and the sale of certain remaining operating assets for $2.2 million, upon the receipt of customary gaming approvals. The Company will temporarily pay monthly rent of $50,000 to Clarity – and will continue to operate Stockman’s Casino – until the closing of the second transaction. Upon the second closing, the Company will transfer all of Stockman’s daily operations to Clarity.

“We are pleased to announce the sale of Stockman’s Casino to Michael Gaughan III, David Ross, and the rest of their team,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “As we have continued to grow in size, we find it prudent to focus on our larger properties in our portfolio, including our newly-opened Chamonix and American Place casinos. We are proud of our transformation of Stockman’s Casino over the years, and know that Michael and David will drive continued improvement under their ownership.”

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 the expected timing to complete the sale of Stockman’s real property and certain of its operating assets. 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, legal or regulatory restrictions, delays, or challenges related to the sale of Stockman’s Casino; and general macroeconomic conditions. 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 American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino 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. 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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