Nasdaq:FLL
Full House Resorts Announces Fourth Quarter and Full-Year Results
– Revenues Increased 13.1% Over Prior-Year’s Fourth Quarter and 43.5% from 2020
– Full-Year Operating Income Increased to $37.6 Million in 2021 from $10.5 Million in 2020;
Net Income Rose to $11.7 Million from $0.1 Million;
Adjusted EBITDA in 2021 Increased to $47.2 Million from $19.7 Million
– Company Selected to Develop Its American Place Entertainment Destination in Waukegan, Illinois;
Plans to Open Temporary Casino in Waukegan in Summer 2022
– Construction of Chamonix Casino Hotel Continues, with an Expected Opening in the Second Quarter of 2023
LAS VEGAS, March 08, 2022 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2021.
On a consolidated basis, revenues in the fourth quarter of 2021 were $43.3 million, a 13.1% increase from $38.3 million in the prior-year period. Both periods reflect a full quarter of reopened operations, as all of the Company’s properties reopened by June 2020 after closing in March 2020 due to the pandemic. Net income for the fourth quarter of 2021 was $5.0 million, or $0.14 per diluted common share, despite $1.7 million of expenses for corporate initiatives that did not occur in 2020 and are not expected to recur in 2022. The fourth quarter also reflects timing differences for the sale of “free play” in Indiana, which occurred in the third quarter for the recent year and the fourth quarter in 2020, as well as a gain on the extinguishment of the Company’s CARES Act loans and additional interest expense related to the funding of the Company’s Chamonix development project in Cripple Creek, Colorado. In the prior-year period, net income was $3.5 million, or $0.12 per diluted common share. Adjusted EBITDA(a) in the 2021 fourth quarter was $7.9 million, reflecting strength in the Company’s Mississippi segment, the additional $1.7 million of corporate expenses noted above, and the continued ramp-up of the Company’s contracted sports wagering segment. As of December 1, 2021, all of the Company’s sports wagering “skins” were contractually live. Adjusted EBITDA in the 2020 fourth quarter was $9.8 million, which includes $2.1 million for the sale of “free play” in Indiana. As noted above, a similar “free play” sale for $2.1 million occurred during 2021, but in the third quarter.
For the full year, revenues in 2021 were $180.2 million, a 43.5% increase from $125.6 million in the prior-year period. Net income in 2021 rose to $11.7 million, or $0.33 per diluted common share, from $0.1 million, or $0.01 per diluted common share, in 2020. Adjusted EBITDA in 2021 increased to $47.2 million, a 140.2% increase from $19.7 million in 2020.
“We are proud of our continued growth in 2021,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Due to several years of investments in our properties and in new technology, as well as the hard work of our team in managing expenses, Adjusted EBITDA increased to $47.2 million from $19.7 million in 2020. All of our segments achieved their highest profits in any of the past five years and some properties, like the Silver Slipper, reached new all-time records for financial performance. It was an extremely strong year throughout the Company.
“We expect 2022 to be a similarly transformative year for Full House Resorts,” continued Mr. Lee. “While our permanent American Place facility in Waukegan, Illinois, will require approximately three years to construct, we expect to introduce American Place to the area’s residents much sooner – this upcoming summer – via The Temporary. We have spent several months designing a temporary casino facility and expect to begin erecting the casino structure in the next month, when major components of the structure begin to arrive on-site.
“Our other major construction project, Chamonix in Cripple Creek, Colorado, should continue the transformation of our Company when it opens in the second quarter of 2023. Our confidence in Chamonix has reached new highs, driven by the success of a recent casino opening in Black Hawk, Colorado, and the significant growth in Colorado’s gaming revenues since the elimination of betting maximums in April 2021. Chamonix will be the first high-quality casino hotel in Cripple Creek, and we expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our Company, similar to what has occurred in Black Hawk.”
Fourth Quarter Highlights and Subsequent Events
- Mississippi. The Silver Slipper Casino and Hotel’s operational performance continues to reflect a focus on marketing and labor improvements, as well as the benefit of numerous investments in the property in recent years. Such investments include a substantial renovation of the casino and the buffet, a renovated porte cochere, repainted exterior, new energy-efficient building signage, the Beach Club, the Oyster Bar, and the introduction of on-site sports betting. For the fourth quarter of 2021, revenues at Silver Slipper increased 22.7% to $22.5 million, reflecting the relaxation of pandemic-related business restrictions that were in place. Adjusted Segment EBITDA increased 31.3% to $6.7 million from $5.1 million. For the full year, revenues increased 45.0% to $90.6 million and Adjusted Segment EBITDA increased 103.4% to $29.8 million in 2021, reflecting the mandated closure of the property for several months in 2020 due to the COVID pandemic.
- Indiana. Rising Star Casino Resort’s revenues were $9.7 million in the fourth quarter of 2021, a decrease from $10.5 million in the fourth quarter of 2020, reflecting adverse hold in the recent quarter. Adjusted Segment EBITDA of $1.1 million in the fourth quarter of 2021 compares to $3.2 million in the prior-year period. The decrease was primarily due to timing differences related to the Company’s annual sale of “free play.” The state’s casinos are permitted to transfer “free play” to other casino operators within Indiana. Because Indiana has a progressive gaming tax system and Rising Star is one of the smaller casinos in the state, the property has consistently sold its ability to deduct “free play” in computing gaming taxes to operators in higher tax tiers. Such sale resulted in $2.1 million of revenue and income in the fourth quarter of 2020. Rising Star also sold its “free play” for $2.1 million during 2021, albeit in the third quarter. For the full year, revenues increased 40.3% to $41.4 million and Adjusted Segment EBITDA increased 257.4% to $8.7 million in 2021, reflecting the mandated closure of the property for several months in 2020 due to the COVID pandemic.
- Colorado. This segment includes Bronco Billy’s Casino and Hotel and, upon its opening, will include Chamonix Casino Hotel. Revenues for this segment were $5.0 million in the fourth quarter of 2021, a decrease from $5.4 million in the fourth quarter of 2020. Adjusted Segment EBITDA of $0.5 million in the fourth quarter of 2021 compares to $1.3 million in the prior-year period. Results in the current period were impacted by the loss of all of the property’s on-site parking due to the construction of Chamonix. To alleviate the lack of on-site parking, the Company introduced complimentary valet parking, as well as a free shuttle service to an off-site parking lot. For the full year, revenues increased 20.6% to $23.7 million and Adjusted Segment EBITDA increased 46.3% to $5.5 million in 2021, reflecting the mandated closure of the property for several months in 2020 due to the COVID pandemic.
As discussed above, construction continues on Chamonix Casino Hotel, located adjacent to Bronco Billy’s. When complete, Chamonix will include a new casino, approximately 300 luxury guest rooms and suites, parking garage, meeting and entertainment space, outdoor pool, spa, and fine-dining restaurant. Vertical construction commenced in late 2021, with work currently being performed on the second floor of the hotel tower and the fifth floor of the parking garage. The three principal guestroom towers are anticipated to “top out” between April and August 2022. For detailed renderings of the project and two webcams of the construction underway, please visit www.ChamonixCO.com.
- Nevada. This segment consists of the Grand Lodge Casino, which is located within the Hyatt Regency Lake Tahoe luxury resort in Incline Village, and Stockman’s Casino, which is located in Fallon, Nevada. This segment is historically the smallest of the Company’s segments. During the fourth quarter of 2021, the segment continued to benefit from the relaxation of pandemic-related restrictions, including at the Naval air station near Stockman’s and at the ski areas near Grand Lodge. Revenues increased 25.5% to $4.3 million in the fourth quarter of 2021. Adjusted Segment EBITDA rose to $0.8 million, a 102.1% increase from $0.4 million in the fourth quarter of 2020. For the full year, revenues increased 57.8% to $18.5 million and Adjusted Segment EBITDA increased 986.6% to $4.9 million in 2021, reflecting the mandated closure of the property for several months in 2020 due to the COVID pandemic.
- Contracted Sports Wagering. This segment consists of the Company’s on-site and online sports wagering “skins” (akin to websites) in Colorado and Indiana. Revenues and Adjusted Segment EBITDA were both $1.8 million in the fourth quarter of 2021. These results reflect an additional skin that contractually went live on December 1, 2021. As a result, all of the Company’s six permitted sports wagering skins were in operation in the fourth quarter of 2021. For the fourth quarter of 2020, when three sports wagering skins were live, revenues and Adjusted Segment EBITDA were $0.6 million.
In February 2022, one of the Company’s contracted parties for sports wagering informed us of its intent to cease operations on May 15, 2022, which will create one available skin in each of Colorado and Indiana. Full House is currently negotiating with other companies to be the replacement operator for such skins.
Additionally, the Company expects to have an available sports skin in Illinois, as the Company was recently chosen by the Illinois Gaming Board (“IGB”) to develop and operate a casino in Waukegan, Illinois, as discussed below. Illinois law allows one sports skin for each physical casino license, resulting in fewer total sports skins than in each of Colorado and Indiana. Illinois is also the sixth most populous state in the country, with approximately 12.8 million residents. As a result, the Company expects to receive better terms for its Illinois skin than for any of its individual skins in Colorado or Indiana.
- Corporate. Corporate expenses increased during the fourth quarter of 2021, primarily due to $1.7 million of expenses related to corporate initiatives that are not expected to recur in 2022. For the full year, expenses related to such initiatives totaled $2.1 million. Corporate expenses also increased due to additional professional fees, a gradual resumption of activities in late 2020 following the closure period, and an increase in accrued bonus compensation, reflecting the Company’s improved operating results.
- American Place. In December 2021, Full House was chosen by the IGB to develop American Place, a new gaming and entertainment destination located in Waukegan, Illinois, a northern suburb of Chicago, subject to final regulatory approvals. The permanent American Place facility is slated to include a world-class casino with a state-of-the-art sports book; a premium boutique hotel comprised of 20 luxurious villas, each ranging from 1,500 to 2,500 square feet with full butler service; a 1,500-seat live entertainment venue; a gourmet restaurant that will rival the finest restaurants in Chicago; additional eateries and bars; and other amenities that will attract gaming and non-gaming patrons from throughout Chicagoland and beyond.
While the larger, more lavish, permanent facility is under construction, the Company will operate a temporary casino facility, aptly named The Temporary by American Place. The Temporary is slated to include approximately 1,000 slot machines, 50 table games, a fine-dining restaurant, two additional restaurants, and a center bar. We intend to open The Temporary in Summer 2022, pending customary gaming approvals.
In preparation for the opening of The Temporary, the Company recently agreed to purchase a “Sprung structure,” which has an area of approximately 1.5 football fields and will house most of the temporary casino. The Sprung structure is expected to arrive on-site in April 2022. Additionally, the Company recently entered into an agreement to purchase approximately 10 acres of land adjoining the approximately 30-acre casino site to be leased from the city, providing space for additional parking and access to the casino site from a major road. Next week, the Company is holding a career fair to begin interviewing applicants for available jobs throughout The Temporary.
Liquidity and Capital Resources
As of December 31, 2021, the Company had $265.3 million in cash and cash equivalents (including $176.6 million of cash reserved for the construction of Chamonix) and $310.0 million in outstanding senior secured notes due 2028. During the fourth quarter of 2021, the Company’s $5.6 million of unsecured loans obtained under the CARES Act were fully forgiven.
Subsequent to year-end, the Company successfully completed its funding of The Temporary at American Place, which is intended to open in Summer 2022. In February 2022, the Company closed a private offering of $100.0 million aggregate principal amount of its 8.25% Senior Secured Notes due 2028 (the “Additional Notes”). The Additional Notes were sold at a price of 102.0% of the principal amount and were issued pursuant to an indenture under which the Company issued $310.0 million of identical senior secured notes in February 2021. The Company also amended its revolving credit agreement to, among other things, increase its borrowing capacity from $15.0 million to $40.0 million, all of which was available to draw upon as of March 8, 2022. The interest rate for borrowings under the credit facility, based on today’s rates, would be less than 4%.
Conference Call Information
The Company will host a conference call for investors today, March 8, 2022, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2021 fourth 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 (888) 254-3590 or, for international callers, (323) 794-2551.
A replay of the conference call will be available shortly after the conclusion of the call through March 22, 2022. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (844) 512-2921 or, for international callers, (412) 317-6671 and using the passcode 2361210.
(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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | ||||||||||||||||
| Casino | $ | 31,214 | $ | 27,196 | $ | 130,431 | $ | 90,812 | ||||||||
| Food and beverage | 6,714 | 5,170 | 27,347 | 19,766 | ||||||||||||
| Hotel | 2,434 | 2,206 | 9,624 | 7,410 | ||||||||||||
| Other operations, including contracted sports wagering | 2,909 | 3,697 | 12,757 | 7,601 | ||||||||||||
| 43,271 | 38,269 | 180,159 | 125,589 | |||||||||||||
| Operating costs and expenses | ||||||||||||||||
| Casino | 11,078 | 9,863 | 43,765 | 33,749 | ||||||||||||
| Food and beverage | 6,270 | 4,925 | 23,757 | 19,378 | ||||||||||||
| Hotel | 1,112 | 1,110 | 4,444 | 3,773 | ||||||||||||
| Other operations | 458 | 414 | 1,980 | 1,855 | ||||||||||||
| Selling, general and administrative | 16,754 | 12,253 | 59,965 | 47,585 | ||||||||||||
| Project development costs | 291 | — | 782 | 423 | ||||||||||||
| Preopening costs | — | — | 17 | — | ||||||||||||
| Depreciation and amortization | 1,771 | 1,798 | 7,219 | 7,666 | ||||||||||||
| Loss on disposal of assets, net | 2 | 245 | 676 | 684 | ||||||||||||
| 37,736 | 30,608 | 142,605 | 115,113 | |||||||||||||
| Operating income | 5,535 | 7,661 | 37,554 | 10,476 | ||||||||||||
| Other (expense) income, net | ||||||||||||||||
| Interest expense, net of capitalized interest | (6,126 | ) | (2,494 | ) | (23,657 | ) | (9,823 | ) | ||||||||
| Gain (loss) on extinguishment of debt, net | 5,695 | — | (409 | ) | — | |||||||||||
| Adjustment to fair value of warrants | — | (1,757 | ) | (1,347 | ) | (598 | ) | |||||||||
| (431 | ) | (4,251 | ) | (25,413 | ) | (10,421 | ) | |||||||||
| Income before income taxes | 5,104 | 3,410 | 12,141 | 55 | ||||||||||||
| Income tax expense (benefit) | 56 | (90 | ) | 435 | (92 | ) | ||||||||||
| Net income | $ | 5,048 | $ | 3,500 | $ | 11,706 | $ | 147 | ||||||||
| Basic earnings per share | $ | 0.15 | $ | 0.13 | $ | 0.36 | $ | 0.01 | ||||||||
| Diluted earnings per share | $ | 0.14 | $ | 0.12 | $ | 0.33 | $ | 0.01 | ||||||||
| Basic weighted average number of common shares outstanding | 34,231 | 27,114 | 32,517 | 27,094 | ||||||||||||
| Diluted weighted average number of common shares outstanding | 36,749 | 28,428 | 34,946 | 27,784 | ||||||||||||
Full House Resorts, Inc.
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | ||||||||||||||||
| Mississippi | $ | 22,495 | $ | 18,334 | $ | 90,628 | $ | 62,513 | ||||||||
| Indiana(2) | 9,685 | 10,504 | 41,435 | 29,524 | ||||||||||||
| Colorado(2) | 5,032 | 5,364 | 23,660 | 19,614 | ||||||||||||
| Nevada | 4,299 | 3,426 | 18,516 | 11,732 | ||||||||||||
| Contracted Sports Wagering(2) | 1,760 | 641 | 5,920 | 2,206 | ||||||||||||
| $ | 43,271 | $ | 38,269 | $ | 180,159 | $ | 125,589 | |||||||||
| Adjusted Segment EBITDA(1) and Adjusted EBITDA | ||||||||||||||||
| Mississippi | $ | 6,747 | $ | 5,140 | $ | 29,843 | $ | 14,669 | ||||||||
| Indiana(2) | 1,120 | 3,213 | 8,736 | 2,444 | ||||||||||||
| Colorado(2) | 453 | 1,344 | 5,545 | 3,790 | ||||||||||||
| Nevada | 760 | 376 | 4,933 | 454 | ||||||||||||
| Contracted Sports Wagering(2) | 1,768 | 619 | 5,890 | 2,086 | ||||||||||||
| Adjusted Segment EBITDA | 10,848 | 10,692 | 54,947 | 23,443 | ||||||||||||
| Corporate | (2,930 | ) | (890 | ) | (7,733 | ) | (3,789 | ) | ||||||||
| Adjusted EBITDA | $ | 7,918 | $ | 9,802 | $ | 47,214 | $ | 19,654 | ||||||||
__________
(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 | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net income | $ | 5,048 | $ | 3,500 | $ | 11,706 | $ | 147 | |||||||
| Income tax expense (benefit) | 56 | (90 | ) | 435 | (92 | ) | |||||||||
| Interest expense, net of amounts capitalized | 6,126 | 2,494 | 23,657 | 9,823 | |||||||||||
| (Gain) loss on extinguishment of debt, net | (5,695 | ) | — | 409 | — | ||||||||||
| Adjustment to fair value of warrants | — | 1,757 | 1,347 | 598 | |||||||||||
| Operating income | 5,535 | 7,661 | 37,554 | 10,476 | |||||||||||
| Project development costs | 291 | — | 782 | 423 | |||||||||||
| Preopening costs | — | — | 17 | — | |||||||||||
| Depreciation and amortization | 1,771 | 1,798 | 7,219 | 7,666 | |||||||||||
| Loss on disposal of assets, net | 2 | 245 | 676 | 684 | |||||||||||
| Stock-based compensation | 319 | 98 | 966 | 405 | |||||||||||
| Adjusted EBITDA | $ | 7,918 | $ | 9,802 | $ | 47,214 | $ | 19,654 | |||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Three Months Ended December 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 | $ | 6,070 | $ | 677 | $ | — | $ | — | $ | — | $ | 6,747 | |||||||
| Indiana | 558 | 562 | — | — | — | 1,120 | |||||||||||||
| Colorado | 88 | 363 | 2 | — | — | 453 | |||||||||||||
| Nevada | 625 | 135 | — | — | — | 760 | |||||||||||||
| Contracted Sports Wagering | 1,768 | — | — | — | — | 1,768 | |||||||||||||
| 9,109 | 1,737 | 2 | — | — | 10,848 | ||||||||||||||
| Other operations | |||||||||||||||||||
| Corporate | (3,574 | ) | 34 | — | 291 | 319 | (2,930 | ) | |||||||||||
| $ | 5,535 | $ | 1,771 | $ | 2 | $ | 291 | $ | 319 | $ | 7,918 | ||||||||
| Three Months Ended December 31, 2020 | ||||||||||||||||
| Adjusted | ||||||||||||||||
| Segment | ||||||||||||||||
| Operating | Depreciation | Loss on | Stock- | EBITDA and | ||||||||||||
| Income | and | Disposal | Based | Adjusted | ||||||||||||
| (Loss) | Amortization | of Assets | Compensation | EBITDA | ||||||||||||
| Reporting segments | ||||||||||||||||
| Mississippi | $ | 4,239 | $ | 657 | $ | 244 | $ | — | $ | 5,140 | ||||||
| Indiana | 2,592 | 621 | — | — | 3,213 | |||||||||||
| Colorado | 1,002 | 342 | — | — | 1,344 | |||||||||||
| Nevada | 236 | 140 | — | — | 376 | |||||||||||
| Contracted Sports Wagering | 619 | — | — | — | 619 | |||||||||||
| 8,688 | 1,760 | 244 | — | 10,692 | ||||||||||||
| Other operations | ||||||||||||||||
| Corporate | (1,027 | ) | 38 | 1 | 98 | (890 | ) | |||||||||
| $ | 7,661 | $ | 1,798 | $ | 245 | $ | 98 | $ | 9,802 | |||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Year Ended December 31, 2021 | ||||||||||||||||||||||
| Adjusted | ||||||||||||||||||||||
| Segment | ||||||||||||||||||||||
| Operating | Depreciation | Loss on | Project | Stock- | EBITDA and | |||||||||||||||||
| Income | and | Disposal | Development | Preopening | Based | Adjusted | ||||||||||||||||
| (Loss) | Amortization | of Assets | Costs | Costs | Compensation | EBITDA | ||||||||||||||||
| Reporting segments | ||||||||||||||||||||||
| Mississippi | $ | 26,553 | $ | 2,701 | $ | 589 | $ | — | $ | — | $ | — | $ | 29,843 | ||||||||
| Indiana | 6,396 | 2,340 | — | — | — | — | 8,736 | |||||||||||||||
| Colorado | 3,959 | 1,482 | 87 | — | 17 | — | 5,545 | |||||||||||||||
| Nevada | 4,386 | 547 | — | — | — | — | 4,933 | |||||||||||||||
| Contracted Sports Wagering | 5,890 | — | — | — | — | — | 5,890 | |||||||||||||||
| 47,184 | 7,070 | 676 | — | 17 | — | 54,947 | ||||||||||||||||
| Other operations | ||||||||||||||||||||||
| Corporate | (9,630 | ) | 149 | — | 782 | — | 966 | (7,733 | ) | |||||||||||||
| $ | 37,554 | $ | 7,219 | $ | 676 | $ | 782 | $ | 17 | $ | 966 | $ | 47,214 | |||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||
| 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 | $ | 11,421 | $ | 3,004 | $ | 244 | $ | — | $ | — | $ | 14,669 | |||||||
| Indiana | (34 | ) | 2,478 | — | — | — | 2,444 | ||||||||||||
| Colorado | 2,336 | 1,450 | 4 | — | — | 3,790 | |||||||||||||
| Nevada | (562 | ) | 581 | 435 | — | — | 454 | ||||||||||||
| Contracted Sports Wagering | 2,086 | — | — | — | — | 2,086 | |||||||||||||
| 15,247 | 7,513 | 683 | — | — | 23,443 | ||||||||||||||
| Other operations | |||||||||||||||||||
| Corporate | (4,771 | ) | 153 | 1 | 423 | 405 | (3,789 | ) | |||||||||||
| $ | 10,476 | $ | 7,666 | $ | 684 | $ | 423 | $ | 405 | $ | 19,654 | ||||||||
Cautionary Note Regarding Forward-looking Statements
This press release contains statements by Full House and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected construction budget, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix; our expected construction budget, estimated commencement and completion dates, expected amenities, expected acreage and our expected operational performance for American Place, including The Temporary; our expectations regarding our ability to receive regulatory approval for American Place and The Temporary; and our expectations regarding our ability to replace any terminated sports wagering contracts in Colorado and Indiana and our ability to enter into a new sports wagering contract in Illinois, including the expected revenues and expenses and the expected timing for such contracts. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic, including the emergence of variants, on our business, construction projects, indebtedness, financial condition and operating results; potential actions by government officials at the federal, state or local level in connection with the COVID-19 pandemic, including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in-place orders; our ability to effectively manage and control expenses as a result of the pandemic; our ability to complete Chamonix, American Place, and The Temporary on-time and on-budget; the successful closing of our purchase of additional land in Waukegan, including approval from the Illinois Gaming Board; various approvals that are required to lease the primary American Place site from the City of Waukegan, including approvals from the Illinois Gaming Board; the successful entry into replacement sports wagering contracts in Colorado and Indiana and a new sports wagering contract in Illinois; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues continue to re-open; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; inflation and its potential impacts on labor costs and the prices of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The Company is currently constructing Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado. In December 2021, the Company was chosen by the Illinois Gaming Board to develop American Place, a new gaming and entertainment destination to be built in Waukegan, Illinois, subject to final regulatory approvals. For further information, please visit www.fullhouseresorts.com.
Contact:
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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