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.

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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

– Quarterly and Annual Revenues Increased More Than 21% Compared to the Prior-Year Periods

– American Place Casino Continued Its Expected Ramp-Up of Operations, With Revenues Rising 27.5% and 42.4% in the Fourth Quarter and Full-Year Periods, Respectively

– Chamonix Casino Hotel Completed Its Phased Opening in October 2024; Revenues for Our Colorado Operations Increased 161.1% and 159.9% in the Fourth Quarter and Full-Year Periods, Respectively

LAS VEGAS, March 06, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2024.

On a consolidated basis, revenues in the fourth quarter of 2024 rose 21.5% to $73.0 million, reflecting the continued ramp-up of operations at American Place and Chamonix Casino Hotel. Revenues in the prior-year period were $60.0 million. Net loss for the fourth quarter of 2024 was $12.3 million, or $(0.35) per diluted common share, which includes $0.3 million of preopening and development costs, as well as increased depreciation and amortization charges related to our new American Place and Chamonix facilities. In the prior-year period, net loss was $12.5 million, or $(0.36) per diluted common share, reflecting $3.1 million of preopening and development costs, primarily related to Chamonix in advance of its full opening. Adjusted EBITDA^(a) was $10.4 million in the fourth quarter of 2024, an increase of 42.0%, reflecting 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 $7.3 million.

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For the full year, revenues in 2024 were $292.1 million, a 21.2% increase from $241.1 million in the prior year. These results reflect the February 2023 opening of American Place and the phased opening of Chamonix throughout 2024. Net loss in 2024 was $40.7 million, or $(1.16) per diluted common share, which includes $2.8 million of preopening and development costs, primarily related to our Chamonix construction project, and significant depreciation and amortization charges related to our two newest casinos. For 2023, net loss was $24.9 million, or $(0.72) per diluted common share, reflecting $15.7 million of preopening and development costs. Adjusted EBITDA was flat at $48.6 million in 2024, reflecting construction disruption and elevated costs at our Colorado operations throughout much of the year.

Daniel R. Lee, President and Chief Executive Officer of Full House Resorts, commented, “In Illinois, plans for our permanent American Place casino continue to move forward. In 2021, an unsuccessful bidder sued the City of Waukegan and the Illinois Gaming Board, alleging unfair treatment in the license selection process. In January 2025, the Illinois Supreme Court unanimously ruled against that unsuccessful bidder, essentially confirming our selection as the Waukegan licensee.

“During the fourth quarter of 2024, revenues and Adjusted Property EBITDA at our temporary American Place facility rose 27.5% and 71.9%, respectively, versus the fourth quarter of 2023. For the full year, such increases were 42.4% and 59.8%, respectively, when compared to 2023.

“While our temporary casino is performing very well, we believe the permanent casino will perform much better. We expect to break ground later this year and complete construction by August 2027, when our authorization to operate the temporary casino expires.

“Another gaming company in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to, but smaller than, our market in Lake County. That temporary casino recently transitioned into a permanent facility. According to the Illinois Gaming Board, the permanent Rockford casino’s gaming revenues between September 2024 and January 2025 totaled $60 million, more than double the amount generated in its temporary facility in the prior-year period.

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“Meanwhile, we were pleased that American Place was recognized in the Chicago Tribune’s Top Workplaces 2024 list, the only casino to achieve such recognition.”

Continued Mr. Lee, “Chamonix – with its blend of luxurious gaming and non-gaming amenities – continues to impress visitors to Cripple Creek and remains poised for long-term success. Our total revenues in Colorado rose 160% in 2024 versus 2023 – and market share approximately doubled – despite the lack of a broad awareness campaign throughout much of 2024. Meaningful marketing efforts for Chamonix did not start until November 2024, after completion of the property’s phased opening and upon the conclusion of the national election campaign cycle, when advertising rates were inordinately high. As we enter the upcoming spring and summer seasons, we expect our awareness campaign to take hold and to see even more growth at Chamonix. Equally important, Chamonix’s increase in revenues primarily reflects growth in the market, proving that our feeder market is indeed underserved.

“In the near-term, we have refocused our efforts in Colorado on profitability and sustainable growth. To support these efforts, we recently hired Brandon Lenssen as Chamonix’s new general manager. Brandon brings extensive knowledge of the Colorado gaming market to our company, having worked as general manager of Bally’s Black Hawk for approximately five years and, prior to that, in several senior gaming positions at Isle of Capri Black Hawk.

“We are also in the process of improving our database marketing at Chamonix. We recently hired a new Vice President of Advertising, who is focused on improving the effectiveness and efficiency of our digital, traditional media, and direct marketing efforts at Chamonix, as well as all of our other properties. Over time – as Chamonix’s awareness campaign broadens and word of mouth spreads – Colorado Springs and Denver will continue to expand as our primary feeder markets.”

Fourth Quarter Highlights

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• Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. Revenues for the segment were $55.0 million in the fourth quarter of 2024, a 12.1% increase from $49.1 million in the prior-year period. Adjusted Segment EBITDA was $10.5 million, a 46.3% increase from $7.2 million in the prior-year period. These results reflect continuing growth at American Place, which opened in February 2023. In the fourth quarter of 2024, American Place generated $28.5 million of revenue and $6.7 million of Adjusted Property EBITDA, increases of 27.5% and 71.9%, respectively, compared to the fourth quarter of 2023.

  For the full year, this segment similarly benefited from the opening of American Place in February 2023. Revenues increased 14.2% from $192.4 million to $219.6 million, and Adjusted Segment EBITDA grew 17.2% from $39.0 million to $45.7 million. Of such amount, American Place contributed $109.7 million and $29.4 million to the segment’s revenues and Adjusted Segment EBITDA, respectively, in 2024.

• 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 87.2% to $16.1 million in the fourth quarter of 2024, reflecting the opening of Chamonix, versus $8.6 million in the prior-year period. Adjusted Segment EBITDA was $(3.2) million in the fourth quarter of 2024, reflecting early inefficiencies related to Chamonix’s new operations and the adverse impacts of snowy weather. 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 completed its phased opening in October 2024. In the prior-year’s fourth quarter, 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, we recently hired Brandon Lenssen, our new general manager at Chamonix. Brandon has extensive gaming experience in Colorado, having served as Vice President and General Manager of Bally’s Black Hawk for approximately five years.

  For the year, revenues rose 77.4% to $63.6 million in 2024, reflecting the phased opening of Chamonix throughout the year, from $35.9 million in 2023. Adjusted Segment EBITDA was $(1.3) million in 2024, reflecting construction disruptions and elevated costs, as noted above. In 2023, such amounts were $35.9 million and $2.4 million, respectively.

  On August 28, 2024, we entered into an agreement 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 at a $2.0 million gain; and the sale of certain remaining operating assets for $2.2 million (excluding any adjustments for working capital), upon the receipt of customary gaming approvals. Such receipt is expected to occur in the coming weeks, after which we will close on the second part of the transaction.

• Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues for the segment were $1.9 million and $2.3 million, respectively, in the fourth quarters of 2024 and 2023, reflecting fewer active skins during the 2024 period. Adjusted Segment EBITDA in the fourth quarter of 2024 was $3.0 million, reflecting a $1.2 million recovery settlement related to the conclusion of operations for one of the Company’s sports skins in Colorado. In the prior-year’s fourth quarter, Adjusted Segment EBITDA was $1.3 million.

  For the year, this segment’s revenues were $8.8 million in 2024 and $12.8 million in 2023, and Adjusted Segment EBITDA was $9.5 million and $11.7 million, respectively. Results in 2023 benefited from $5.8 million of accelerated revenues related to the early termination of certain sports wagering agreements with third-party operators that ceased operations. The segment had similar early terminations in 2024, with such accelerated revenues totaling $0.9 million.

  In January 2025, we received notices that a contracted sports betting operator was discontinuing its operations in Colorado and Indiana, to be effective prior to the June 2025 and December 2025 anniversaries in its agreements with us. 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 December 31, 2024, we had $40.2 million in cash and cash equivalents, none of which was restricted. 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 $27.0 million outstanding under our revolving credit facility. In March 2025, the Company extended the maturity date of its revolving credit facility from March 31, 2026 to January 1, 2027. Management is currently evaluating 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, March 6, 2025, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2024 fourth 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 March 20, 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 13751128.

(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.

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

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

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

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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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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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 the timing of the closing of the second phase of the sale of Stockman’s Casino; 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; 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; 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.
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

LAS VEGAS, Feb. 07, 2025 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its fourth quarter 2024 and full-year financial results on Thursday, March 6, 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 (201) 689-8470.

A replay of the conference call will be available shortly after the conclusion of the call through March 20, 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 13751128.

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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