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Nasdaq:FLL

Full House Resorts Announces First Quarter Results

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

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

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

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

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

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

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

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

First Quarter Highlights and Subsequent Events

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

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

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

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

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

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

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

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

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

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

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

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

(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Segment EBITDA, a financial measure in accordance with generally accepted accounting principles (“GAAP”), as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as Adjusted Segment EBITDA net of corporate-related costs and expenses.

Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. The Company utilizes this metric or measure internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

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A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

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

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



Full House Resorts, Inc.

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

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

__________
(1)   The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level.


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

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



Full House Resorts, Inc.

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

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

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


Cautionary Note Regarding Forward-looking Statements
This press release contains statements by Full House and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected construction budget, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including The Temporary; our expectations regarding our ability to receive regulatory approvals for American Place and The Temporary; and our expectations regarding our ability to replace any terminated sports wagering contracts in Colorado and Indiana and the success of any new sports wagering contracts in Colorado, Indiana or Illinois. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic, including the emergence of variants, on our business, construction projects, indebtedness, financial condition and operating results; potential actions by government officials at the federal, state or local level in connection with the COVID-19 pandemic, including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in-place orders; our ability to effectively manage and control expenses as a result of the pandemic; our ability to complete Chamonix, American Place, and The Temporary on-time and on-budget; various approvals that are required to lease the primary American Place site from the City of Waukegan, including approvals from the Illinois Gaming Board; the successful entry into replacement sports wagering contracts in Colorado and Indiana; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues continue to re-open; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; inflation and its potential impacts on labor costs and the prices of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The Company is currently constructing The Temporary at American Place, a new casino in Waukegan, Illinois; and Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado. For further information, please visit www.fullhouseresorts.com.

 

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CONTACT: Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com

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Nasdaq:FLL

Full House Resorts Announces Fourth Quarter and Full-Year Results

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full-house-resorts-announces-fourth-quarter-and-full-year-results

– Revenues Increased 66.4% to $60.0 Million in the Fourth Quarter of 2023;
Annual Revenues Grew 47.6%

– Chamonix Casino Hotel Began Its Phased Opening on December 27, 2023

– Approvals Received to Operate American Place in Its Temporary Configuration Until August 2027

LAS VEGAS, March 05, 2024 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2023.

“After several years of construction, we are entering a new phase for our company,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “We opened two new casinos during 2023: American Place in Waukegan, Illinois, and Chamonix, in Cripple Creek, Colorado. Our first new casino – American Place – celebrated its one-year anniversary a few weeks ago. As expected, it continues to ramp up its operations. In December 2023, American Place reached a new monthly gaming revenue record of $8.2 million, as reported by the Illinois Gaming Board. It subsequently set a new monthly all-time record for revenues in February 2024, despite it being a short month. We expect American Place’s gaming revenues to continue to grow in 2024, with the property’s high-end North Shore Steaks & Seafood now open and overall awareness continuing to improve. American Place is currently in a temporary facility, built in less than one year after being chosen by the Illinois Gaming Board to develop this newly-created license. We recently received the necessary approvals to operate the temporary facility until August 2027, providing us with meaningful additional time before the anticipated opening of the permanent American Place facility.

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“On December 27, we welcomed guests to our newest casino, Chamonix Casino Hotel in Cripple Creek, Colorado, which is less than one hour from Colorado Springs and approximately two hours from Denver. By design, it was a soft opening, with the casino, meeting rooms, and approximately 40% of the property’s guest rooms initially open. Over the past few weeks, we have continued the rollout of the property’s amenities, including completion of the destination’s remaining hotel rooms and its parking garage. We are currently putting the finishing touches on 980 Prime, Chamonix’s high-end steakhouse led by famed chef Barry Dakake. We expect it to open in late March. Chamonix was designed to be the most beautiful casino in the state of Colorado, and we look forward to the completion of all of its amenities over the next few months.”

On a consolidated basis, revenues in the fourth quarter of 2023 were $60.0 million, a 66.4% increase from $36.1 million in the prior-year period. These results primarily reflect the February 2023 opening of American Place. Net loss for the fourth quarter of 2023 was $12.5 million, or $(0.36) per diluted common share, which includes $3.1 million of preopening and development costs, primarily related to the phased opening of our Chamonix project, and significant depreciation and amortization charges related to the temporary American Place facility. In the prior-year period, net loss was $7.0 million, or $(0.20) per diluted common share, reflecting $4.8 million of preopening and development costs. Adjusted EBITDA(a) rose 87.4% in the fourth quarter of 2023 to $7.3 million, compared to $3.9 million in the prior-year period.

For the full year, revenues in 2023 were $241.1 million, a 47.6% increase from $163.3 million in the prior year. These results reflect the February 2023 opening of American Place, as well as $5.8 million of accelerated revenue under two of our sports wagering agreements with third-party operators that ceased operations during the third quarter of 2023. Net loss in 2023 was $24.9 million, or $(0.72) per diluted common share, which includes $15.7 million of preopening and development costs, primarily related to our Chamonix construction project, and significant depreciation and amortization charges related to the temporary American Place facility. For 2022, net loss was $14.8 million, or $(0.43) per diluted common share, reflecting $9.8 million of preopening and development costs. Adjusted EBITDA was $48.6 million in 2023, rising 51.1% from $32.1 million in the prior-year period, reflecting the items mentioned above.

“Our Company recently reached an inflection point,” noted Mr. Lee. “In 2023, our total cash interest expense was approximately $38.4 million and Adjusted EBITDA, as noted, was $48.6 million, despite construction disruptions in Colorado and the gradual ramp-up of operations at American Place. Our debt during that period included substantially all of the funding for Chamonix, which did not open until year-end. While some construction continues at Chamonix, the bulk of our capital expenditures for these projects is behind us. This fact, along with expected future earnings from these new facilities, should result in the generation of significant free cash flow over the next few years. Also, recognize that we continue to have significant tax-loss carryforwards and we benefit, for tax purposes, from accelerated depreciation related to our new developments.”

Added Mr. Lee, “Regarding American Place, the State of Illinois recently passed legislation allowing us to operate our temporary facility until August 2027. This was because a tribal entity that operates a competing casino in Wisconsin filed a lawsuit against the City of Waukegan and the Illinois Gaming Board, alleging that the tribe was not provided due consideration in its effort to obtain the Waukegan gaming license. We were chosen for that license after a robust public process, whereby an independent consultant hired by the City of Waukegan rated the tribal proposal as being inferior in most respects to all four of the other proposals, including that of Full House Resorts. We believe the lawsuit is without merit. The City and the Illinois Gaming Board have sought review of the dispute by the Illinois Supreme Court, which has agreed to hear the case. We anticipate a ruling by that court by early 2025.”

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Concluded Mr. Lee, “We estimate that construction of the permanent American Place facility will require approximately two years, with a significant portion of the project’s capital expenditures not expected until the second half of 2026 and during 2027. We believe that the Company’s operating cash flows should be able to fund significant portions of the construction cost for the permanent American Place facility between now and its anticipated opening in 2027. For the remaining balance, we remain highly confident in our ability to fund it entirely in the debt capital markets at the appropriate time.”

Fourth Quarter Highlights and Subsequent Events

  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. Revenues for the segment were $49.1 million in the fourth quarter of 2023, a 78.8% increase from $27.5 million in the prior-year period. Adjusted Segment EBITDA rose to $7.2 million, a 57.9% increase from $4.6 million in the prior-year period. These results reflect the February 17, 2023 opening of American Place, our casino located in Waukegan, Illinois. In the fourth quarter of 2023, American Place generated $22.4 million of revenue and $3.9 million of Adjusted Property EBITDA. American Place’s results reflect some winter seasonality, as well as elevated marketing expenses related to a marketing campaign that is expected to benefit the casino in the longer-run.

    For the full year, this segment similarly benefited from the opening of American Place in February 2023. Revenues increased 60.4% from $120.0 million to $192.4 million, and Adjusted Segment EBITDA grew 48.0% from $26.4 million to $39.0 million. Of such amount, American Place contributed $77.0 million and $18.4 million to the segment’s revenues and Adjusted Segment EBITDA, respectively.

  • West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino, Bronco Billy’s Casino and Hotel, and Chamonix Casino Hotel, which opened on December 27, 2023. Revenues for the segment rose 14.0% to $8.6 million in the fourth quarter of 2023, versus $7.5 million in the prior-year period. Adjusted Segment EBITDA of $(0.1) million in the fourth quarter of 2023 compares to $(0.3) million in the prior-year period. Results in both periods reflect the temporary loss of all on-site parking and on-site hotel rooms at Bronco Billy’s to accommodate the construction of neighboring Chamonix. With Chamonix now open, Bronco Billy’s is benefiting from its integration with Chamonix, including its new parking garage and approximately 300 on-site guest rooms.

    For the year, revenues and Adjusted Segment EBITDA were $35.9 million and $2.4 million in 2023, respectively. In 2022, such amounts were $36.1 million and $4.2 million, respectively. As noted above, construction-related disruptions at Bronco Billy’s are expected to dissipate in 2024 with the return of on-site guest rooms and on-site parking.

  • Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA in the fourth quarter of 2023 were $2.3 million and $1.3 million, respectively. These results reflect the contractual launch of our permitted Illinois sports skin in August 2023, as well as a provision for credit losses on sports wagering receivables of $1.0 million, which negatively affected Adjusted Segment EBITDA. For the fourth quarter of 2022, both revenues and Adjusted Segment EBITDA were $1.1 million.

    For the year, this segment’s revenues grew 78.1%, from $7.2 million in 2022 to $12.8 million in 2023, and Adjusted Segment EBITDA rose 63.6%, from $7.1 million to $11.7 million. Results for 2022 reflect the acceleration of revenues under two of our sports wagering agreements with third-party operators that ceased operations in May 2022. In 2023, results increased due to the launch of our Illinois sports skin noted above, the launch of a replacement operator in Colorado in March 2023, and accelerated revenues related to two other sports wagering agreements with operators that ceased operations during the third quarter of 2023. Additionally, the $1.0 million provision for credit losses, as mentioned, negatively affected Adjusted Segment EBITDA during 2023.

    The Company is currently permitted to operate three sports skins in Colorado, three in Indiana, and one in Illinois. Of such permitted skins, two sports skins are currently live in Colorado, one in Indiana, and one in Illinois. Under our agreements with various third parties to operate such skins, we receive a percentage of revenues, as defined in the contracts, subject to an annualized minimum amount that currently totals $8 million. We continue to evaluate whether to operate our remaining idle skins ourselves or to have other third parties operate them. However, there is no certainty that we will be able to enter into agreements with replacement operators or successfully operate the skins ourselves.

Liquidity and Capital Resources
As of December 31, 2023, we had $73.8 million in cash and cash equivalents, including $37.6 million of cash reserved under our bond indentures to complete the construction of Chamonix. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which became callable at specified premiums in February 2024, and $27.0 million outstanding under our revolving credit facility.

Conference Call Information
We will host a conference call for investors today, March 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2023 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 19, 2024. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13744400.

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(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, certain impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

Same-store Adjusted Segment EBITDA. Same-store Adjusted Segment EBITDA is Adjusted Segment EBITDA further adjusted to exclude the Adjusted Property EBITDA of properties that have not been in operation for a full year. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, certain impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.

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.

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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,
    2023
  2022
  2023
  2022
Revenues                        
Casino   $ 45,347     $ 25,583     $ 176,933     $ 113,876  
Food and beverage     8,561       6,239       33,980       26,494  
Hotel     2,376       2,206       9,428       9,282  
Other operations, including contracted sports wagering     3,745       2,054       20,719       13,629  
      60,029       36,082       241,060       163,281  
Operating costs and expenses                        
Casino     18,290       9,515       68,061       39,788  
Food and beverage     8,425       6,238       33,240       26,372  
Hotel     1,229       1,282       4,840       4,806  
Other operations     1,620       574       3,498       2,168  
Selling, general and administrative     23,923       14,911       85,746       59,706  
Project development costs, net     8       195       53       228  
Preopening costs     3,051       4,644       15,685       9,558  
Depreciation and amortization     8,610       1,918       31,092       7,930  
Loss on disposal of assets           39       7       42  
      65,156       39,316       242,222       150,598  
Operating (loss) income     (5,127 )     (3,234 )     (1,162 )     12,683  
Other (expense) income                        
Interest expense, net     (6,658 )     (3,763 )     (22,977 )     (22,988 )
Loss on modification of debt                       (4,530 )
Gain on settlements                 384        
      (6,658 )     (3,763 )     (22,593 )     (27,518 )
Loss before income taxes     (11,785 )     (6,997 )     (23,755 )     (14,835 )
Income tax expense (benefit)     697       (15 )     1,149       (31 )
Net loss   $ (12,482 )   $ (6,982 )   $ (24,904 )   $ (14,804 )
                         
Basic loss per share   $ (0.36 )   $ (0.20 )   $ (0.72 )   $ (0.43 )
Diluted loss per share   $ (0.36 )   $ (0.20 )   $ (0.72 )   $ (0.43 )
                         
Basic weighted average number of common shares outstanding     34,588       34,401       34,520       34,355  
Diluted weighted average number of common shares outstanding     34,588       34,401       34,520       34,355  
                                 

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

                         
    Three Months Ended   Year Ended
    December 31,    December 31, 
    2023
  2022
  2023
  2022
Revenues                        
Midwest & South   $ 49,094     $ 27,451     $ 192,358     $ 119,950  
West     8,588       7,534       35,888       36,135  
Contracted Sports Wagering     2,347       1,097       12,814       7,196  
    $ 60,029     $ 36,082     $ 241,060     $ 163,281  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 7,198     $ 4,560     $ 39,028     $ 26,376  
West     (130 )     (287 )     2,408       4,220  
Contracted Sports Wagering     1,290       1,079       11,663       7,127  
Adjusted Segment EBITDA     8,358       5,352       53,099       37,723  
Corporate     (1,063 )     (1,459 )     (4,542 )     (5,589 )
Adjusted EBITDA   $ 7,295     $ 3,893     $ 48,557     $ 32,134  

__________
(1) The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level.

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

                                     
    Three Months Ended         Year Ended      
    December 31,    Increase /   December 31,    Increase /
Reporting segments   2023
  2022   (Decrease)   2023   2022   (Decrease)
Midwest & South                                    
Midwest & South
same-store total revenues(1)
  $ 26,744     $ 27,451   (2.6 ) %   $ 115,371   $ 119,950   (3.8 ) %
American Place     22,350         N.M.         76,987       N.M.    
Midwest & South total revenues   $ 49,094     $ 27,451   78.8   %   $ 192,358   $ 119,950   60.4   %
                                     
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 3,280     $ 4,560   (28.1 ) %   $ 20,619   $ 26,376   (21.8 ) %
American Place     3,918         N.M.         18,409       N.M.    
Midwest & South
Adjusted Segment EBITDA
  $ 7,198     $ 4,560   57.9   %   $ 39,028   $ 26,376   48.0   %
                                     
Contracted Sports Wagering                                    
Contracted Sports Wagering
same-store total revenues(2)
  $ 841     $ 1,097   (23.3 ) %   $ 4,773   $ 5,555   (14.1 ) %
Accelerated revenues due to
contract terminations(3)
            N.M.         5,794     1,641   253.1   %
Illinois     1,506         N.M.         2,247       N.M.    
Contracted Sports Wagering
total revenues
  $ 2,347     $ 1,097   113.9   %   $ 12,814   $ 7,196   78.1   %
                                     
Contracted Sports Wagering same-store
Adjusted Segment EBITDA(2)
  $ (140 )   $ 1,079   (113.0 ) %   $ 3,717   $ 5,486   (32.2 ) %
Accelerated revenues due to
contract terminations(3)
            N.M.         5,794     1,641   253.1   %
Illinois     1,430         N.M.         2,152       N.M.    
Contracted Sports Wagering
Adjusted Segment EBITDA
  $ 1,290     $ 1,079   19.6   %   $ 11,663   $ 7,127   63.6   %

__________
N.M. Not meaningful.
(1) Same-store operations exclude results from American Place, which opened on February 17, 2023.
(2) Same-store operations exclude results from Illinois, which contractually commenced on August 15, 2023. For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations.
(3) For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations. Such adjustments reflect two sports skins that ceased operations in the third quarter of 2023, and two sports skins that ceased operations in the second quarter of 2022.

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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   Year Ended
  December 31,    December 31, 
  2023
  2022
  2023
  2022
Net loss $ (12,482 )   $ (6,982 )   $ (24,904 )   $ (14,804 )
Income tax expense (benefit)   697       (15 )     1,149       (31 )
Interest expense, net   6,658       3,763       22,977       22,988  
Loss on modification of debt                     4,530  
Gain on settlements               (384 )      
Operating (loss) income   (5,127 )     (3,234 )     (1,162 )     12,683  
Project development costs, net   8       195       53       228  
Preopening costs   3,051       4,644       15,685       9,558  
Depreciation and amortization   8,610       1,918       31,092       7,930  
Loss on disposal of assets         39       7       42  
Stock-based compensation   753       331       2,882       1,693  
Adjusted EBITDA $ 7,295     $ 3,893     $ 48,557     $ 32,134  


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 December 31, 2023
                                  Adjusted
                                  Segment
    Operating   Depreciation   Project       Stock-   EBITDA and
    Income   and   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   Costs   Costs   Compensation   EBITDA
Reporting segments                                        
Midwest & South   $ (894 )   $ 7,953   $   $ 139   $   $ 7,198  
West     (3,669 )     627         2,912         (130 )
Contracted Sports Wagering     1,290                       1,290  
      (3,273 )     8,580         3,051         8,358  
Other operations                                  
Corporate     (1,854 )     30     8         753     (1,063 )
    $ (5,127 )   $ 8,610   $ 8   $ 3,051   $ 753   $ 7,295  

                                           
Three Months Ended December 31, 2022
                                        Adjusted
                                      Segment
    Operating   Depreciation   Loss on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                        
Midwest & South   $ (1,035 )   $ 1,318   $ 39   $   $ 4,238   $   $ 4,560  
West     (1,260 )     567             406         (287 )
Contracted Sports Wagering     1,079                           1,079  
      (1,216 )     1,885     39         4,644         5,352  
Other operations                                        
Corporate     (2,018 )     33         195         331     (1,459 )
    $ (3,234 )   $ 1,918   $ 39   $ 195   $ 4,644   $ 331   $ 3,893  


Full House Resorts, Inc. and Subsidiaries

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

                                           
Year Ended December 31, 2023
                                        Adjusted
                                        Segment
    Operating   Depreciation   Loss on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                        
Midwest & South   $ 428     $ 28,593   $ 7   $   $ 10,000   $   $ 39,028  
West     (5,654 )     2,377             5,685         2,408  
Contracted Sports Wagering     11,663                           11,663  
      6,437       30,970     7         15,685         53,099  
Other operations                                        
Corporate     (7,599 )     122         53         2,882     (4,542 )
    $ (1,162 )   $ 31,092   $ 7   $ 53   $ 15,685   $ 2,882   $ 48,557  
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Year Ended December 31, 2022
                Loss /                     Adjusted
                (gain)                     Segment
    Operating   Depreciation   on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                          
Midwest & South   $ 13,053     $ 5,150   $ 47     $   $ 8,126   $   $ 26,376  
West     394       2,399     (5 )         1,432         4,220  
Contracted Sports
Wagering
    7,127                             7,127  
      20,574       7,549     42           9,558         37,723  
Other operations                                          
Corporate     (7,891 )     381           228         1,693     (5,589 )
    $ 12,683     $ 7,930   $ 42     $ 228   $ 9,558   $ 1,693   $ 32,134  


Cautionary Note Regarding Forward-looking Statements

This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place; our expectations regarding the legal proceedings related to the process whereby we were granted the gaming license for American Place; 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 expectations regarding the operation and usage of our available idle sports skins. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; inflation and its potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; our ability to complete the amenities at Chamonix; our ability to complete construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino 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. 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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Nasdaq:FLL

Full House Resorts Announces Fourth Quarter Earnings Release Date

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LAS VEGAS, Feb. 09, 2024 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its fourth quarter 2023 and full-year financial results on Tuesday, March 5, 2024, followed by a conference call at 4:30 p.m. ET (1:30 p.m. PT). Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.

A replay of the conference call will be available shortly after the conclusion of the call through March 19, 2024. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13744400.

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 The Temporary by American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino and Hotel, 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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Nasdaq:FLL

Chamonix, Colorado’s Newest and Most Luxurious Casino Hotel, Opens at Noon on Wednesday, December 27, 2023

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Located in charming Cripple Creek, Chamonix is conveniently located less than an hour from Colorado Springs and approximately two hours from Denver

CRIPPLE CREEK, Colo., Dec. 26, 2023 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced the opening details for its newest gaming destination – Chamonix Casino Hotel. Chamonix’s stylish new casino and luxurious 300-guestroom hotel effortlessly blend Colorado comfort with classic European elegance. It is located in historic Cripple Creek, approximately 45 miles from Colorado Springs and 80 miles from Denver’s southern suburbs. Chamonix is adjacent to – and integrated with – Bronco Billy’s Casino, also owned by Full House Resorts.

Chamonix features an elegant casino floor, with a wide variety of the newest slot machines, a high-limit slot salon, and the state’s most elegant table games area. Many of Chamonix’s hotel guestrooms and suites offer balconies and sweeping views of Cripple Creek, Pikes Peak and the spectacular Sangre de Cristo mountains.

On Wednesday at noon, Chamonix will open its entire casino, a portion of its 300-guestroom hotel, and its convenient valet, garage and surface parking. It will operate a temporary restaurant (Chamonix Bistro) and buffet in its elegant meeting room area. Within a week, the Company expects to open the balance of its guestrooms. In approximately one month, Chamonix plans to open its high-end 980 Prime restaurant, featuring the cuisine and supervision of Las Vegas celebrity chef Barry Dakake. Shortly thereafter, Chamonix will unveil Ore and Alloy, its freestanding jewelry and luxury retail store, and its opulent Chamonix Spa. The spa features a rooftop pool and deck; winter garden; large workout room with modern exercise equipment; eight massage rooms; and an assortment of saunas, steam rooms and other amenities. The spa also offers a full-service salon with hairdressers, barbers, and manicure and pedicure capabilities. In the spring, the adjoining Bronco Billy’s Casino will introduce its new Italian restaurant, Firenze.

Chamonix is named after the “Queen of Alpine” resorts in France, located at the foot of Mont Blanc and site of the first Winter Olympics in 1924. The name is particularly appropriate, as Colorado Springs is home to the U.S. Olympic Committee and Training Center. Our Chamonix destination in Colorado will add to the region’s century of high-end hospitality, which includes the world’s longest-running Forbes Five-Star and AAA Five-Diamond resort.

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“Chamonix is a special place, unlike any other casino hotel in the state. It offers a high-end, Las Vegas experience in our beautiful Colorado mountain setting,” said Baxter Lee, General Manager of Chamonix Casino Hotel. “We are overjoyed to open Chamonix’s doors on December 27 and to welcome our friends from Colorado and beyond.”

For more information on Chamonix Casino Hotel or to reserve a room, please visit www.ChamonixCO.com.

About Full House Resorts, Inc.
Full House Resorts (Nasdaq: FLL) owns, leases, develops and operates gaming facilities throughout the country. Our properties include Chamonix Casino Hotel and Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com.

Forward-looking Statements
This press release may contain statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding the opening timeline for Chamonix and its expected amenities. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

CONTACT: Media:
Tyler Rabel
Two by Four
[email protected]
(312) 445-4728

Investors:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
(702) 221-7800

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