Nasdaq:FLL
Full House Resorts Announces Strong First Quarter Results
– Revenues Rose 36.8% Over Prior-Year Quarter
– Operating Income Improved to $8.7 Million from an Operating Loss of $3.4 Million;
Net Loss Improved to $3.4 Million from a Net Loss of $4.4 Million;
Adjusted EBITDA Increased to $10.8 Million from an Adjusted EBITDA Loss of $1.2 Million
– Company Strengthened Its Balance Sheet and
Fully Funded Its Chamonix Casino Hotel Growth Project in Cripple Creek, Colorado
– Construction of Chamonix Casino Hotel is Underway,
With Its Opening Expected in the Fourth Quarter of 2022
– Two Sports Wagering Providers Launched Operations in April 2021;
Five of Six Permitted “Skins” are Now Operating
LAS VEGAS, May 10, 2021 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2021.
On a consolidated basis, revenues in the first quarter of 2021 were $42.2 million, a 36.8% increase from $30.9 million in the prior-year period. The prior-year period reflected the temporary pandemic-related closure of all of the Company’s properties beginning in mid-March 2020. Net loss for the first quarter of 2021 improved to a net loss of $3.4 million, or $(0.13) per diluted common share, from a net loss of $4.4 million, or $(0.22) per diluted common share, in the prior-year period. Net loss in both periods was affected by adjustments to the fair market value of outstanding warrants, all of which the Company repurchased and retired in February 2021. Net loss in the first quarter of 2021 was also affected by costs related to the early extinguishment of debt. Adjusted EBITDA(a) in the 2021 first quarter was $10.8 million, versus an Adjusted EBITDA loss of $1.2 million in the first quarter of 2020. The strong growth in the 2021 period reflects operational and marketing improvements that bore results beginning in the second half of 2020 and continuing through the first quarter of 2021. Results for the first quarter of 2021 also include $1.0 million of revenue related to a full quarter of operations for three of the Company’s six permitted sports wagering websites. During the second quarter of 2021, two more sports wagering “skins” commenced operations; the last remaining sports skin is expected to begin operations in the coming months.
“Our first quarter results continued to benefit from structural changes that we began to implement before the pandemic-related shutdown,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Revenues in the first quarter of 2021 increased approximately 37% from last year’s first quarter, when all of our properties were required to shut down in mid-March 2020 to help prevent the spread of the pandemic. Adjusted EBITDA increased by more than $12 million to $10.8 million, reflecting labor and marketing improvements, as well as approximately two weeks of lost income in the prior-year period. Our first quarter results are significantly above not only the 2020 period, but also meaningfully above any first quarter in at least the past five years.
“Our 2021 results reflect a change in our operating segments. We now break out our on-site and online sports wagering skins in Colorado and Indiana as their own segment, Contracted Sports Wagering. As we have previously noted, we receive a percentage of defined revenues of each skin, subject to annual minimums. When all six skins are in operation, we should receive a contractual minimum of $7 million per year of sports gaming revenues. The first quarter of 2021 included three of our six permitted skins, resulting in approximately $1.0 million of revenue. Two more skins recently launched in April 2021, and we believe the last remaining skin will launch in the next few months.
“We also significantly strengthened our balance sheet during the first quarter,” continued Mr. Lee. “We issued $310 million of new senior secured notes, completed a $46 million equity offering and entered into a new $15 million revolving credit facility. Those transactions allowed us to fully finance our Chamonix Casino Hotel and to repurchase all of our outstanding warrants. They also created additional liquidity as we contemplate future growth projects, including our American Place proposal in Waukegan, Illinois, and our potential future expansion of the Silver Slipper.
“Regarding Chamonix, we commenced significant construction more than two months ago, beginning with demolition and site preparation work. We have designed Chamonix to bring the luxury of the French Alps to the Rockies, combining ‘European Elegance with Colorado Comfort.’ When complete, Chamonix will feature approximately 300 four-star guest rooms and VIP suites – the first luxury guest rooms in the market – as well as a spacious, new, elegant and exciting casino gaming area. Its fine dining experience is being designed to attract culinary travelers from throughout Colorado, including nearby Colorado Springs, Pueblo and Cañon City, as well as the Denver Metropolitan Area. Chamonix will also feature extensive meeting and convention space that can host concerts and other entertainment, a rooftop pool, a luxurious spa, and a new self-parking garage that can accommodate more than 300 vehicles. We look forward to welcoming guests to Chamonix toward the end of next year.”
First Quarter Highlights and Subsequent Events
- Our Mississippi segment consists of the Silver Slipper Casino and Hotel. Silver Slipper’s operational performance reflects a focus on marketing and labor improvements, as well as the benefit of numerous investments in the property in recent years. Such investments included a substantial renovation of the casino and the buffet, a renovated porte cochere and other sense-of-arrival improvements, the Beach Club, the Oyster Bar, and the introduction of on-site sports betting. We are currently in the process of repainting the exterior of the property with a new color scheme. For the first quarter of 2021, revenues at Silver Slipper increased 48.1% to $22.4 million. Revenues of $15.1 million in the first quarter of 2020 were affected by the pandemic-related closure of the property in mid-March 2020. Adjusted Segment EBITDA grew to $7.6 million in the 2021 first quarter, a 316.7% increase from $1.8 million in the prior-year period. Revenue and Adjusted Segment EBITDA in the first quarter of 2019 were $19.3 million and $3.8 million, respectively.
- Our Indiana segment consists of Rising Star Casino Resort. Rising Star’s revenues were $8.6 million in the first quarter of 2021, an 18.5% increase from $7.2 million in the first quarter of 2020, when efforts to control the pandemic resulted in the closure of the property in mid-March 2020. Adjusted Segment EBITDA increased to $1.1 million in the first quarter of 2021 from a loss of $1.5 million in the prior-year period. These results reflect the positive impact of a new slot marketing system installed in the fourth quarter of 2019, the launch of an improved loyalty program in June 2020, and labor efficiencies from more appropriately matching the operating hours of table games and food and beverage outlets to the demand for such services, as well as two weeks of closed operations during the 2020 first quarter. Revenue and Adjusted Segment EBITDA in the first quarter of 2019 were $10.9 million and $0.4 million, respectively.
- Our Colorado segment includes Bronco Billy’s Casino and Hotel and, upon its opening in late 2022, will include Chamonix Casino Hotel. Revenues for this segment were $5.9 million in the first quarter of 2021, an 18.5% increase from $5.0 million in the first quarter of 2020, when the property was closed in mid-March 2020 due to the ongoing pandemic. Adjusted Segment EBITDA rose to $1.7 million in the first quarter of 2021 from a loss of $0.5 million in the prior-year period. The increase in Adjusted Segment EBITDA was due to an improved customer experience and analytics from Bronco Billy’s new slot marketing system and labor controls (partially offset by certain labor expenses related to the pandemic), as well as a full quarter of operations in the 2021 period. Revenue and Adjusted Segment EBITDA in the first quarter of 2019 were $6.4 million and $0.6 million, respectively.
- In November 2020, Colorado voters approved favorable changes to the state’s gaming laws, including the elimination of betting limits and allowing Colorado casinos to offer new table games, such as baccarat and pai gow poker. To reflect the new opportunity created by those changes, the Company increased the size of its planned Cripple Creek expansion by 67% to approximately 300 luxury guest rooms and suites, from its previously planned 180 guest rooms. Such plans were approved by the Cripple Creek Historic Preservation Commission and Cripple Creek City Council in January and February 2021. Other planned amenities for the new casino hotel – including a new parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine-dining restaurant – remain largely unchanged. The Company fully financed the project through the issuance of new senior secured notes, as further discussed below. In March 2021, the Company began relocating some significant storm sewers and other underground utilities that transit the project site. For detailed renderings of the project, please visit www.ChamonixCO.com.
- The Nevada segment consists of the Grand Lodge and Stockman’s casinos and is historically the smallest of the Company’s segments. This segment of the Company’s operations has been the most negatively affected by the COVID-19 pandemic. Despite this, revenues were $4.4 million and $3.1 million for the first quarters of 2021 and 2020, respectively, reflecting higher slot handle and hold percentages at both casinos and a higher table games hold percentage at Grand Lodge in the 2021 period. Similar to our other properties, these results reflect the temporary closure of Grand Lodge and Stockman’s in mid-March 2020. Adjusted Segment EBITDA was $1.2 million in the first quarter of 2021, versus a loss of $0.4 million in the prior-year period. Revenue and Adjusted Segment EBITDA in the first quarter of 2019 were $3.9 million and $(9,000), respectively.
Grand Lodge Casino is located within the Hyatt Regency Lake Tahoe luxury resort in Incline Village, Nevada. Its customer base includes the local community, as well as visitors to the Hyatt. The pandemic adversely affected visitation to the Hyatt, including visitation for its meeting and convention business. The pandemic also affected the capacity of nearby ski areas this past winter. To ensure social distancing, ski areas were required to operate their lifts at substantially less than full capacity. Many ski areas limited lift ticket sales to attempt to control the resultant lift lines. This affected visitation to the region, including to the Hyatt and our casino.
Stockman’s Casino is in Fallon, Nevada, home to a large Naval Air Station, where Navy pilots and crews visit for training. To protect the health of both its servicemembers and the host community, the Navy has restricted much of its personnel from leaving the base.
- The Contracted Sports Wagering segment consists of the Company’s on-site and online sports wagering skins in Colorado and Indiana. Revenues and Adjusted Segment EBITDA were both approximately $1.0 million in the first quarter of 2021, reflecting a full quarter of operations of three of the Company’s six permitted sports wagering skins. For the first quarter of 2020, when only one sports wagering skin was live, such amounts were both approximately $0.4 million.
On April 1 and April 23, 2021, respectively, the Company’s fourth and fifth sports wagering skins commenced operations. We believe that the Company’s last remaining skin will commence operations in the next few months. We receive a percentage of defined revenues of each skin, subject to annual minimums. When all six skins are in operation, we should receive a contractual minimum of $7 million per year of annualized revenues with minimal related expenses.
- On February 12, 2021, the Company issued $310 million of new 8.25% senior secured notes due 2028 (the “2028 Notes”). The proceeds from the offering were used to redeem all $106.8 million of the Company’s senior secured notes due 2024 and to repurchase all of the Company’s outstanding warrants. Additionally, the proceeds will be used to fund the Company’s Chamonix project in Cripple Creek, Colorado, and for general corporate purposes.
- On March 29, 2021, the Company issued approximately 6.9 million shares of its common stock, resulting in gross proceeds of approximately $46.0 million. The Company intends to use the net proceeds from the offering for development, working capital and general corporate purposes. Management believes that the improvement to the Company’s balance sheet with the net proceeds from this offering significantly strengthens its application for the proposed American Place casino in Waukegan, Illinois. The Illinois Gaming Board has received three applications for such license, each endorsed by the City of Waukegan.
The use of proceeds could also include construction of a new hotel tower and other amenities at the Company’s Silver Slipper Casino and Hotel. Certain regulatory approvals and entitlements are still required to enable such construction and there is no certainty as to the timing or receipt of such approvals.
- On March 31, 2021, the Company entered into an agreement for a five-year, senior secured revolving credit facility. The $15.0 million credit facility may be used for working capital, letters of credit, and other ongoing general purposes, excluding project costs for Chamonix, which was separately funded. Until the completion of the Company’s Chamonix project in Cripple Creek, Colorado, the interest rate per annum applicable to loans under the credit facility will be, at the Company’s option, either (i) LIBOR plus a margin equal to 3.5%, or (ii) a base rate plus a margin equal to 2.5%. After completion of Chamonix (as defined in the credit agreement), the interest rate per annum applicable to loans under the credit facility reduces to, at the Company’s option, either (i) LIBOR plus a margin equal to 3.0%, or (ii) a base rate plus a margin equal to 2.0%. The commitment fee per annum is 0.5% of the unused portion of the credit facility. There are currently no drawn amounts under the credit facility.
Liquidity and Capital Resources
As of March 31, 2021, the Company had $277.9 million in cash and cash equivalents, including $179.9 million of restricted cash dedicated to the construction of Chamonix; $310 million in outstanding 2028 Notes; and $5.6 million in outstanding unsecured loans obtained under the CARES Act. The Company believes that the CARES Act loans will qualify for forgiveness, but there is no certainty that any or all of such loans will be forgiven. The Company also has a $15 million senior secured revolving credit facility, all of which was available to draw upon as of March 31, 2021.
2019 Results
Because of the pandemic closure period in 2020, the Company is also providing the results of the 2019 first quarter as a supplemental disclosure.
Conference Call Information
The Company will host a conference call for investors today, May 10, 2021, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2021 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 (866) 248-8441 or, for international callers, (323) 289-6581.
A replay of the conference call will be available shortly after the conclusion of the call through May 24, 2021. 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 8858326.
(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Segment EBITDA, a financial measure in accordance with generally accepted accounting principles (“GAAP”), as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as Adjusted Segment EBITDA net of corporate-related costs and expenses.
Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. The Company utilizes this metric or measure internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.
A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | ||||||||
| Casino | $ | 32,064 | $ | 20,751 | ||||
| Food and beverage | 6,101 | 6,990 | ||||||
| Hotel | 2,211 | 1,974 | ||||||
| Other operations, including online/mobile sports | 1,832 | 1,138 | ||||||
| 42,208 | 30,853 | |||||||
| Operating costs and expenses | ||||||||
| Casino | 10,339 | 10,333 | ||||||
| Food and beverage | 5,360 | 7,136 | ||||||
| Hotel | 1,056 | 1,173 | ||||||
| Other operations | 395 | 562 | ||||||
| Selling, general and administrative | 14,413 | 12,981 | ||||||
| Project development costs | 47 | 56 | ||||||
| Depreciation and amortization | 1,800 | 2,040 | ||||||
| Loss on disposal of assets, net | 104 | — | ||||||
| 33,514 | 34,281 | |||||||
| Operating income (loss) | 8,694 | (3,428 | ) | |||||
| Other (expense) income, net | ||||||||
| Interest expense, net of capitalized interest | (4,456 | ) | (2,491 | ) | ||||
| Loss on extinguishment of debt | (6,134 | ) | — | |||||
| Adjustment to fair value of warrants | (1,347 | ) | 1,656 | |||||
| (11,937 | ) | (835 | ) | |||||
| Loss before income taxes | (3,243 | ) | (4,263 | ) | ||||
| Income tax provision | 202 | 95 | ||||||
| Net loss | $ | (3,445 | ) | $ | (4,358 | ) | ||
| Basic loss per share | $ | (0.13 | ) | $ | (0.16 | ) | ||
| Diluted loss per share | $ | (0.13 | ) | $ | (0.22 | ) | ||
| Basic weighted average number of common shares outstanding | 27,357 | 27,076 | ||||||
| Diluted weighted average number of common shares outstanding | 27,357 | 27,440 | ||||||
Full House Resorts, Inc.
Supplemental Information
Segment Revenues and Adjusted Segment EBITDA
(In Thousands, Unaudited)
| Three Months Ended March 31, | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Revenues | ||||||||||||
| Mississippi | $ | 22,356 | $ | 15,092 | $ | 19,281 | ||||||
| Indiana(2) | 8,590 | 7,247 | 10,868 | |||||||||
| Colorado(2) | 5,905 | 4,982 | 6,440 | |||||||||
| Nevada | 4,368 | 3,108 | 3,905 | |||||||||
| Contracted Sports Wagering(2) | 989 | 424 | — | |||||||||
| $ | 42,208 | $ | 30,853 | $ | 40,494 | |||||||
| Adjusted Segment EBITDA(1) and Adjusted EBITDA | ||||||||||||
| Mississippi | $ | 7,630 | $ | 1,831 | $ | 3,845 | ||||||
| Indiana(2) | 1,134 | (1,490 | ) | 404 | ||||||||
| Colorado(2) | 1,710 | (471 | ) | 615 | ||||||||
| Nevada | 1,224 | (390 | ) | (9 | ) | |||||||
| Contracted Sports Wagering(2) | 976 | 390 | — | |||||||||
| Adjusted Segment EBITDA | 12,674 | (130 | ) | 4,855 | ||||||||
| Corporate | (1,905 | ) | (1,119 | ) | (1,278 | ) | ||||||
| Adjusted EBITDA | $ | 10,769 | $ | (1,249 | ) | $ | 3,577 | |||||
| (1) | The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profit in assessing performance and allocating resources at the reportable segment level. |
| (2) | The Company made certain minor reclassifications to 2020 amounts to conform to current-period presentation for enhanced comparability. Such reclassifications had no effect on the previously reported results of operations or financial position. |
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, | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Net loss | $ | (3,445 | ) | $ | (4,358 | ) | $ | (1,617 | ) | |||
| Income tax provision | 202 | 95 | 142 | |||||||||
| Interest expense, net of amounts capitalized | 4,456 | 2,491 | 2,703 | |||||||||
| Loss on extinguishment of debt | 6,134 | — | — | |||||||||
| Adjustment to fair value of warrants | 1,347 | (1,656 | ) | 40 | ||||||||
| Operating income (loss) | 8,694 | (3,428 | ) | 1,268 | ||||||||
| Project development costs | 47 | 56 | 133 | |||||||||
| Depreciation and amortization | 1,800 | 2,040 | 2,091 | |||||||||
| Loss (gain) on disposal of assets, net | 104 | — | (1 | ) | ||||||||
| Stock-based compensation | 124 | 83 | 86 | |||||||||
| Adjusted EBITDA | $ | 10,769 | $ | (1,249 | ) | $ | 3,577 | |||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| 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 | |||||||||
| Three Months Ended March 31, 2020 | |||||||||||||||||
| Adjusted | |||||||||||||||||
| Segment | |||||||||||||||||
| Operating | Depreciation | Project | Stock- | EBITDA and | |||||||||||||
| Income | and | Development | Based | Adjusted | |||||||||||||
| (Loss) | Amortization | Costs | Compensation | EBITDA | |||||||||||||
| Reporting segments | |||||||||||||||||
| Mississippi | $ | 988 | $ | 843 | $ | — | $ | — | $ | 1,831 | |||||||
| Indiana | (2,112 | ) | 622 | — | — | (1,490 | ) | ||||||||||
| Colorado | (858 | ) | 387 | — | — | (471 | ) | ||||||||||
| Nevada | (540 | ) | 150 | — | — | (390 | ) | ||||||||||
| Contracted Sports Wagering | 390 | — | — | — | 390 | ||||||||||||
| (2,132 | ) | 2,002 | — | — | (130 | ) | |||||||||||
| Other operations | |||||||||||||||||
| Corporate | (1,296 | ) | 38 | 56 | 83 | (1,119 | ) | ||||||||||
| $ | (3,428 | ) | $ | 2,040 | $ | 56 | $ | 83 | $ | (1,249 | ) | ||||||
| Three Months Ended March 31, 2019 | |||||||||||||||||||||
| Adjusted | |||||||||||||||||||||
| Segment | |||||||||||||||||||||
| Operating | Depreciation | Gain on | Project | Stock- | EBITDA and | ||||||||||||||||
| Income | and | Disposal | Development | Based | Adjusted | ||||||||||||||||
| (Loss) | Amortization | of Assets | Costs | Compensation | EBITDA | ||||||||||||||||
| Reporting segments | |||||||||||||||||||||
| Mississippi | $ | 2,999 | $ | 847 | $ | (1 | ) | $ | — | $ | — | $ | 3,845 | ||||||||
| Indiana | (202 | ) | 606 | — | — | — | 404 | ||||||||||||||
| Colorado | 168 | 447 | — | — | — | 615 | |||||||||||||||
| Nevada | (162 | ) | 153 | — | — | — | (9 | ) | |||||||||||||
| Contracted Sports Wagering | — | — | — | — | — | — | |||||||||||||||
| 2,803 | 2,053 | (1 | ) | — | — | 4,855 | |||||||||||||||
| Other operations | |||||||||||||||||||||
| Corporate | (1,535 | ) | 38 | — | 133 | 86 | (1,278 | ) | |||||||||||||
| $ | 1,268 | $ | 2,091 | $ | (1 | ) | $ | 133 | $ | 86 | $ | 3,577 | |||||||||
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 results of operations; our anticipated use of proceeds from the issuance of the 2028 Notes; our expected construction budget, estimated completion date, expected amenities, and our expected operational performance for Chamonix; our expectations regarding our sports revenue agreements with third-party providers, including the expected revenues and expenses and the expected timing for the launch of the sports betting ‘skins’ related thereto; the details of, and our expectations regarding, the potential future expansion of Silver Slipper; and our expectations regarding the Waukegan proposal, including our ability to obtain the casino license and, if we are awarded such license, to obtain financing. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic on our business, construction projects, indebtedness, financial condition and operating results; actions by government officials at the federal, state or local level with respect to steps to be taken, including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in-place orders, in connection with the COVID-19 pandemic; our ability to effectively manage and control expenses as a result of the pandemic; our ability to complete Chamonix on-time and on-budget; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues continue to re-open; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; 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 Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado, and is one of three finalists for consideration by the Illinois Gaming Board to develop a casino in Waukegan, Illinois. For further information, please visit www.fullhouseresorts.com.
Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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– Revenues Increased 7.3% in the First Quarter of 2025
– American Place Casino Achieved a New Property Record in March 2025,
Reaching $10.9 Million of Monthly Gaming Revenue
– Revenues from Our Colorado Operations Increased 33.9% in the First Quarter of 2025
– Silver Slipper Benefited from New Leadership and Operational Improvements
LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2025.
On a consolidated basis, revenues in the first quarter of 2025 were $75.1 million, a 7.3% increase from $69.9 million in the prior-year period. These results reflect the continued ramp-up of operations at the Company’s two newest properties, American Place Casino and Chamonix Casino Hotel. Net loss for the first quarter of 2025 was $9.8 million, or $(0.27) per diluted common share, which includes $0.1 million of project development costs and a $0.2 million loss on the sale of certain remaining assets at Stockman’s Casino. In the prior-year period, net loss was $11.3 million, or $(0.33) per diluted common share, reflecting $1.7 million of preopening costs, primarily related to Chamonix in advance of its full opening. Adjusted EBITDA(a) was $11.5 million in the first quarter of 2025, reflecting growth at American Place and operational improvements at Silver Slipper, offset by elevated costs at Chamonix as its operations continue to ramp. In the prior-year period, Adjusted EBITDA was $12.4 million.
“Our three largest properties – American Place, Silver Slipper, and Chamonix – all made meaningful strides during the first quarter,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “At American Place, we are pleased with the strong continued ramp of our temporary facility. In March 2025, for example, we not only crossed $10 million of monthly gaming revenue for the first time, but we nearly reached $11 million. Our player database continues to expand at an impressive pace, recently surpassing 100,000 members.
“These milestones underscore American Place’s continuing momentum, as well as its strategic location in a highly attractive and underserved market. Chicago’s northern suburbs have long lacked a premium gaming and entertainment destination, and we believe the luxurious amenities of our planned permanent casino will fill that gap. We anticipate a significant uplift in performance when we transition from the temporary American Place facility to the permanent casino, similar to the results that have been reported in Rockford and other cities after temporary casinos transition into their permanent facilities.
“At Silver Slipper, a new leadership team has helped reinvigorate that property’s operations. Led by operational improvements, operating income improved by $0.6 million despite a $0.7 million decline in revenues. We recently refreshed a large portion of the Silver Slipper’s slot floor, which we believe will further benefit the property’s financial results in the second half of the year.
“We’ve also made numerous management changes in Colorado, where our Chamonix/Bronco Billy’s gaming complex continues to see strong growth in revenues and new player sign-ups. Revenues grew 33.9% year-over-year. Expenses also grew at a large percentage, as we incurred the costs of operating the entire facility, versus the partial operations of the year-ago period. We have increased our focus on cost efficiencies, while continuing to maintain growth, in order to drive profitability. As part of this focus, we welcomed Brandon Lenssen as Chamonix’s new general manager in mid-March. Despite his short tenure, Brandon and his team have already identified several million dollars of annual cost savings that will help Chamonix deliver stronger bottom-line results. Combined with new and enhanced marketing efforts, we expect positive results from our Colorado operations as we move into the seasonally-important spring and summer seasons.”
First Quarter Highlights and Subsequent Events
- Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $57.2 million in the first quarter of 2025, a 4.6% increase from $54.6 million in the prior-year period. Adjusted Segment EBITDA was $13.1 million, a 3.4% increase from $12.7 million in the prior-year period. These results reflect operational improvements at Silver Slipper and continuing growth at American Place, which opened in February 2023. At American Place, expenses reflect production costs for new advertisements expected to run over the next several quarters, an increase in overall advertising versus the prior-year period, and additional labor costs related to expanded food options. Additionally, the gaming tax rate at American Place increased due to its higher casino revenues.
- 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 opened in phases between December 2023 and October 2024. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment rose 19.8% to $15.6 million in the first quarter of 2025, reflecting the full opening of Chamonix, versus $13.0 million in the prior-year period. Adjusted Segment EBITDA was $(2.5) million in the first quarter of 2025, reflecting early inefficiencies related to Chamonix’s new operations and the adverse impacts of snowy weather. In the prior-year period, Adjusted Segment EBITDA was $(0.1) million.
While revenues have grown meaningfully since Chamonix’s opening, our team is now focused on sustainable growth and overall profitability. To support those efforts, in March 2025, we hired a new general manager at Chamonix with extensive gaming experience in Colorado.
On August 28, 2024, we entered into an agreement with a third party to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain 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 in the second half of 2024 at a $1.9 million gain; and the sale of certain remaining operating assets for $2.2 million (excluding working capital adjustments), which closed on April 1, 2025 at a $0.2 million loss. Accordingly, as of April 1, 2025, we no longer own or operate Stockman’s Casino.
- Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues were $2.3 million in the first quarters of both 2025 and 2024. Adjusted Segment EBITDA in the first quarter of 2025 was $2.2 million, an increase from $1.9 million in the prior-year period.
In January 2025, we received notice that our remaining contracted sports betting operator in Colorado and Indiana was discontinuing its operations in those states, to be effective in June 2025 and December 2025, respectively. There is no certainty that we will be able to enter into agreements with other third-party operators on similar terms, or at all.
Liquidity and Capital Resources
As of March 31, 2025, we had $30.7 million in cash and cash equivalents. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which is currently callable at 102.063% of par, and $30.0 million outstanding under our revolving credit facility. As of May 8, 2025, $25.0 million of our credit facility was drawn.
In March 2025, we extended the maturity date of our revolving credit facility from March 31, 2026 to January 1, 2027. Additionally, management continues to evaluate the most efficient means to finance the permanent American Place facility, which may include refinancing most of the Company’s currently outstanding debt.
Conference Call Information
We will host a conference call for investors today, May 8, 2025, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2025 first 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 (646) 307-1865.
A replay of the conference call will be available shortly after the conclusion of the call through May 22, 2025. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 1125724.
(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 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.
Adjusted Property EBITDA. 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
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Casino | $ | 55,300 | $ | 51,673 | ||||
| Food and beverage | 10,061 | 9,769 | ||||||
| Hotel | 3,842 | 2,852 | ||||||
| Other operations, including contracted sports wagering | 5,855 | 5,630 | ||||||
| 75,058 | 69,924 | |||||||
| Operating costs and expenses | ||||||||
| Casino | 22,885 | 20,575 | ||||||
| Food and beverage | 10,319 | 9,760 | ||||||
| Hotel | 2,363 | 2,163 | ||||||
| Other operations | 846 | 791 | ||||||
| Selling, general and administrative | 26,941 | 24,935 | ||||||
| Project development costs | 141 | — | ||||||
| Preopening costs | — | 1,663 | ||||||
| Depreciation and amortization | 10,607 | 10,625 | ||||||
| Loss on disposal of assets | 6 | 18 | ||||||
| Impairment of assets held for sale at Stockman’s | 212 | — | ||||||
| 74,320 | 70,530 | |||||||
| Operating income (loss) | 738 | (606 | ) | |||||
| Other expense | ||||||||
| Interest expense, net | (10,297 | ) | (10,250 | ) | ||||
| Loss before income taxes | (9,559 | ) | (10,856 | ) | ||||
| Income tax provision | 206 | 416 | ||||||
| Net loss | $ | (9,765 | ) | $ | (11,272 | ) | ||
| Basic loss per share | $ | (0.27 | ) | $ | (0.33 | ) | ||
| Diluted loss per share | $ | (0.27 | ) | $ | (0.33 | ) | ||
| Basic weighted average number of common shares outstanding | 35,831 | 34,590 | ||||||
| Diluted weighted average number of common shares outstanding | 35,831 | 34,590 | ||||||
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Midwest & South | $ | 57,172 | $ | 54,632 | ||||
| West | 15,606 | 13,032 | ||||||
| Contracted Sports Wagering | 2,280 | 2,260 | ||||||
| $ | 75,058 | $ | 69,924 | |||||
| Adjusted Segment EBITDA(1) and Adjusted EBITDA | ||||||||
| Midwest & South | $ | 13,107 | $ | 12,682 | ||||
| West | (2,467 | ) | (133 | ) | ||||
| Contracted Sports Wagering | 2,180 | 1,935 | ||||||
| Adjusted Segment EBITDA | 12,820 | 14,484 | ||||||
| Corporate | (1,333 | ) | (2,075 | ) | ||||
| Adjusted EBITDA | $ | 11,487 | $ | 12,409 | ||||
__________
(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
Reconciliation of Net Loss and Operating Income (Loss) to Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net loss | $ | (9,765 | ) | $ | (11,272 | ) | ||
| Income tax provision | 206 | 416 | ||||||
| Interest expense, net | 10,297 | 10,250 | ||||||
| Operating income (loss) | 738 | (606 | ) | |||||
| Project development costs | 141 | — | ||||||
| Preopening costs | — | 1,663 | ||||||
| Depreciation and amortization | 10,607 | 10,625 | ||||||
| Loss on disposal of assets | 6 | 18 | ||||||
| Impairment of assets held for sale at Stockman’s | 212 | — | ||||||
| Stock-based compensation, net | (217 | ) | 709 | |||||
| Adjusted EBITDA | $ | 11,487 | $ | 12,409 | ||||
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 March 31, 2025 | ||||||||||||||||||||||||
| Impairment | Adjusted | |||||||||||||||||||||||
| of assets | Segment | |||||||||||||||||||||||
| Operating | Depreciation | Loss on | held for | Project | EBITDA and | |||||||||||||||||||
| Income | and | Disposal | sale at | Development | Stock-Based | Adjusted | ||||||||||||||||||
| (Loss) | Amortization | of Assets | Stockman’s | Costs | Compensation, net | EBITDA | ||||||||||||||||||
| Reporting segments | ||||||||||||||||||||||||
| Midwest & South | $ | 6,892 | $ | 6,209 | $ | 6 | $ | — | $ | — | $ | — | $ | 13,107 | ||||||||||
| West | (7,056 | ) | 4,377 | — | 212 | — | — | (2,467 | ) | |||||||||||||||
| Contracted Sports Wagering |
2,180 | — | — | — | — | — | 2,180 | |||||||||||||||||
| 2,016 | 10,586 | 6 | 212 | — | — | 12,820 | ||||||||||||||||||
| Other operations | ||||||||||||||||||||||||
| Corporate | (1,278 | ) | 21 | — | — | 141 | (217 | ) | (1,333 | ) | ||||||||||||||
| $ | 738 | $ | 10,607 | $ | 6 | $ | 212 | $ | 141 | $ | (217 | ) | $ | 11,487 | ||||||||||
| Three Months Ended March 31, 2024 | ||||||||||||||||||||
| Adjusted | ||||||||||||||||||||
| Segment | ||||||||||||||||||||
| Operating | Depreciation | Loss on | EBITDA and | |||||||||||||||||
| Income | and | Disposal | Preopening | Stock-Based | Adjusted | |||||||||||||||
| (Loss) | Amortization | of Assets | Costs | Compensation | EBITDA | |||||||||||||||
| Reporting segments | ||||||||||||||||||||
| Midwest & South | $ | 5,809 | $ | 6,736 | $ | 18 | $ | 119 | $ | — | $ | 12,682 | ||||||||
| West | (5,536 | ) | 3,859 | — | 1,544 | — | (133 | ) | ||||||||||||
| Contracted Sports Wagering | 1,935 | — | — | — | — | 1,935 | ||||||||||||||
| 2,208 | 10,595 | 18 | 1,663 | — | 14,484 | |||||||||||||||
| Other operations | ||||||||||||||||||||
| Corporate | (2,814 | ) | 30 | — | — | 709 | (2,075 | ) | ||||||||||||
| $ | (606 | ) | $ | 10,625 | $ | 18 | $ | 1,663 | $ | 709 | $ | 12,409 | ||||||||
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 details regarding our growth projects, including our expected construction budgets, estimated commencement and completion dates, and expected amenities; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our expectations regarding the effect of management changes and operational improvements at our properties; and our sports wagering contracts with third-party providers, including the expected revenues and expenses, as well as our expectations regarding the potential usage of our idle sports skins by us or others. 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; our ability to refinance our outstanding debt; inflation, tariffs, immigration policies, and their 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; 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.
We own, lease, develop and operate 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; 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:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
LAS VEGAS, April 14, 2025 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its first quarter 2025 financial results on Thursday, May 8, 2025, 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 (646) 307-1865.
A replay of the conference call will be available shortly after the conclusion of the call through May 22, 2025. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 1125724.
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; 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
LAS VEGAS, March 11, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced the appointment of Brandon Lenssen as Vice President and General Manager of Chamonix Casino Hotel in Cripple Creek, Colorado, subject to customary gaming approvals.
Mr. Lenssen brings nearly three decades of experience in the gaming industry to Chamonix. Most recently, Mr. Lenssen served as Vice President and General Manager for Quick Custom Intelligence (QCI), where he helped casinos leverage data-driven strategies to improve game performance, marketing and player engagement. Prior to that, he spent five years as Vice President and General Manager of Bally’s Black Hawk, where he oversaw three casino properties serving the Denver metropolitan area. While at Bally’s, he successfully worked with regulators and slot system providers to integrate a seamless TITO ticketing solution across multiple casino licenses – an initiative that significantly improved customer convenience and operational efficiency.
Mr. Lenssen also held roles at VizExplorer, where he specialized in gaming analytics, and Isle Casino Black Hawk, where he served as its Senior Director of Casino Operations.
“I’m excited to join the Chamonix team and contribute to its vision of delivering a seamless, world-class gaming experience,” said Lenssen. “Chamonix Casino Hotel is setting a new standard in Colorado, and I look forward to implementing creative solutions that enhance efficiency, improve the guest experience, and maximize the casino’s potential. By leveraging data-driven strategies and operational expertise, we will drive meaningful improvements that position Chamonix as the premier destination in Colorado.”
In connection with his hiring, the compensation committee of the Company’s board of directors (the “Compensation Committee”) approved a grant of an inducement equity award of 24,213 restricted shares to Mr. Lenssen. Subject to his continuing service through the vesting dates, one-third of the total number of shares granted will vest on each of March 10, 2026, 2027, and 2028, the anniversary dates of Mr. Lenssen’s commencement of employment and the grant of restricted shares. The award was granted outside of the Company’s 2015 Equity Incentive Plan and was approved by the Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to Mr. Lenssen’s entry into employment with the Company.
Cautionary Note Regarding 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. 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, dependence on existing management, competition, uncertainties over the development and success of our acquisition and expansion projects, the financial performance of our finished projects and renovations, general macroeconomic conditions, legal risks, and regulatory and business conditions in the gaming industry. 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:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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