Connect with us

Nasdaq:FLL

Full House Resorts Announces Third Quarter Results; Plans to Open Its Illinois Casino Within the Next Three Months

Published

on

  • Chamonix Casino Hotel in Cripple Creek, Colorado, has Topped Off and is Anticipated to Open in Mid-2023
  • Management is Confident that its Existing Cash On-Hand, Undrawn Credit Facility, and Other Existing Resources are Sufficient to Complete Both The Temporary and Chamonix

LAS VEGAS, Nov. 07, 2022 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2022, including a construction update for its two major new casinos.

“We continue to make progress on our two new casinos, with the first of them on the verge of opening,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “In Waukegan, Illinois, we are installing décor and are preparing for the installation of slot machines this week. We expect to have our entire slot floor installed and ready for testing before the end of November. The testing of the slot machines, surveillance systems and other technology is a complicated process. Imagine connecting 1,000 slot machines, from several different manufacturers, through many miles of low-voltage wiring to central servers — and ensuring that every machine operates flawlessly. This process usually takes several weeks and is the principal uncertainty in our opening date. Our hiring process is ramping up, with approximately 400 outstanding offers already made. As with all new casino openings, we have an extensive checklist to complete prior to welcoming our first customers. Therefore, while the Company expects to open the casino within the next three months, the precise opening date is still uncertain. When The Temporary opens, it will be the only casino in Lake County, Illinois, which has a population of approximately 700,000 and ranks as one of the wealthiest counties in the U.S.

“At our Chamonix project in Cripple Creek, Colorado, construction reached its ‘topping off’ milestone back in September,” continued Mr. Lee. “Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building. When complete, Chamonix will be one of the larger casino hotels in Colorado and the largest and most luxurious casino hotel in Cripple Creek, which is the primary casino destination for the Colorado Springs market. Cripple Creek is approximately one hour from the roughly one million people who live in the Colorado Springs metropolitan area and two hours from the approximately four million people who reside in the Denver area.”

For project renderings and live construction webcams, please visit www.AmericanPlace.com and www.ChamonixCO.com.

“Our anticipated investments in both of these growth projects remain within budgets,” added Lewis Fanger, the Company’s Chief Financial Officer. “Importantly in these difficult capital markets, we remain confident that our cash balances, cash flows from operations, and credit line availability will be sufficient to complete both The Temporary and Chamonix. At September 30, 2022, we had $241.8 million of cash, including $156.1 million of cash that is reserved for the completion of Chamonix. We also have a $40 million credit facility, which remains undrawn.”

On a consolidated basis, revenues in the third quarter of 2022 were $41.4 million, a decrease from $47.2 million in the prior-year period. Net loss for the third quarter of 2022 was $3.6 million, or a loss of $0.10 per diluted common share, which includes $2.4 million of preopening and development costs. In the prior-year period, net income was $4.6 million, or $0.13 per diluted common share, including $335,000 of preopening and development costs. Adjusted EBITDA(a) in the 2022 third quarter was $7.8 million versus $13.6 million in the prior-year period. The change reflects timing differences for Rising Star’s $2.1 million sale of “free play” (which occurred in the third quarter of the prior year, but in the second quarter of 2022); the wide distribution of government stimulus checks in the prior year; construction disruptions at Bronco Billy’s; the launch of competing online sports wagering in Louisiana; and increases in certain expenses, notably for property insurance and food costs.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Third Quarter Highlights and Subsequent Events

  • Mississippi. Silver Slipper Casino and Hotel’s revenues were $20.0 million in the third quarter of 2022, versus $21.5 million in the prior-year period. The prior-year period was one of the best quarters in the property’s history, having benefited from the distribution of government stimulus checks, and thus making for a difficult comparison. The revenue decline also reflects the competitive launch of online sports wagering within nearby Louisiana that started in January 2022, with the property’s on-site sports wagering revenues declining by $0.3 million in the third quarter of 2022. Adjusted Segment EBITDA was $4.2 million, reflecting the revenue declines noted above, as well as an increase in operating expenses, including increases of $0.5 million each for property insurance and food costs. Management believes that its property insurance costs relative to income will be lower in future years, as the Company’s diversity improves and it becomes less reliant on the Silver Slipper. Adjusted Segment EBITDA was $6.5 million in the prior-year period.
  • Indiana. Rising Star Casino Resort’s revenues were $9.6 million in the third quarter of 2022, compared to $12.6 million in the third quarter of 2021. The decrease was primarily due to the timing of Rising Star’s annual sale of “free play,” which resulted in $2.1 million of revenue and income in the prior-year’s third quarter. This year, Rising Star sold its “free play,” also for $2.1 million, during the second quarter. As with the Company’s other casinos, Rising Star benefited from the distribution of government stimulus checks in the prior-year period. Additionally, a competitor with “historical racing machines” (which are a form of slot machine) opened in September 2022. Adjusted Segment EBITDA was $1.3 million in the third quarter of 2022. For the prior-year period, which included the $2.1 million sale of free play noted above, Adjusted Segment EBITDA was $3.8 million.
  • Colorado. This segment includes Bronco Billy’s Casino and Hotel and, upon its opening, Chamonix Casino Hotel. The Colorado gaming market, including Cripple Creek, has shown significant growth since betting limits were eliminated in May 2021. Bronco Billy’s, however, has incurred significant construction disruption, including temporarily-reduced gaming and restaurant capacity and the temporary absence of all on-site hotel rooms and on-site self-parking. To alleviate the lack of on-site parking, Bronco Billy’s currently offers complimentary valet parking and a free shuttle service to an off-site parking lot, both of which result in increased operating expenses. The casino has also maintained much of its payroll, despite reduced activity levels, anticipating the need for the larger workforce required to open and operate Chamonix. Somewhat offsetting this, some expenses, such as gaming taxes and the cost of food and beverages, vary with activity levels. Revenues were $4.4 million in the third quarter of 2022, versus $6.3 million in the prior-year period. Adjusted Segment EBITDA was $36,000, versus $1.5 million. We expect to complete the refurbishment of Bronco Billy’s gaming space near year-end, and to augment its restaurant capacity in the first quarter of 2023. When Chamonix opens in mid-2023, Bronco Billy’s will share the significant on-site parking garage, valet and surface parking capacity of the new casino, and also benefit from Chamonix’s adjoining 300-guestroom hotel.
  • 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 $6.3 million in the third quarter of 2022, a 22.6% increase from $5.1 million in the prior-year period. Grand Lodge Casino benefited from a 7.8 percentage-point increase in the table games hold percentage during the 2022 third quarter. Additionally, visitation to Grand Lodge Casino in the prior-year period was adversely affected by significant wildfires in the area. Adjusted Segment EBITDA increased to $2.3 million in the third quarter of 2022, up 48.3% from $1.5 million in 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 $1.1 million in the third quarter of 2022, versus $1.6 million in the prior-year period. These results reflect two agreements that ceased operations in May 2022, when one of the Company’s contracted parties ceased operations. We are evaluating the best use for these two available skins, one each in Indiana and Colorado, including whether to utilize these skins ourselves or to find replacement operators for such skins. The results of this segment do not yet include income contribution from the Company’s agreement for a third party to operate on-site and online sports betting in Illinois. Under such agreement, the Company will receive a percentage of revenues, as defined in the contract, subject to an annualized minimum of $5 million, with minimal expected expenses. Management anticipates the Illinois sports operations will begin in Spring 2023.

Liquidity and Capital Resources
As of September 30, 2022, the Company had $241.8 million in cash and cash equivalents (including $156.1 million of cash reserved to complete the construction of Chamonix) and $410.0 million in outstanding senior secured notes due 2028. Additionally, there were no drawn amounts under the Company’s $40 million credit facility.

Conference Call Information
The Company will host a conference call for investors today, November 7, 2022, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2022 third 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 (323) 794-2551.

A replay of the conference call will be available shortly after the conclusion of the call through November 21, 2022. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 6821000.

(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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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   Nine Months Ended
  September 30,    September 30, 
  2022     2021     2022     2021  
Revenues                      
Casino $ 29,721     $ 32,506     $ 88,293     $ 99,217  
Food and beverage   6,811       7,092       20,255       20,633  
Hotel   2,490       2,469       7,076       7,190  
Other operations, including contracted sports wagering   2,371       5,171       11,575       9,848  
    41,393       47,238       127,199       136,888  
Operating costs and expenses                      
Casino   10,292       11,261       30,273       32,687  
Food and beverage   6,814       6,199       20,134       17,487  
Hotel   1,256       1,136       3,524       3,332  
Other operations   587       576       1,594       1,522  
Selling, general and administrative   15,218       14,791       44,795       43,211  
Project development costs, net   (149 )     318       33       491  
Preopening costs   2,594       17       4,914       17  
Depreciation and amortization   2,386       1,819       6,012       5,448  
Loss on disposal of assets, net         2       3       674  
    38,998       36,119       111,282       104,869  
Operating income   2,395       11,119       15,917       32,019  
Other expense                      
Interest expense, net   (5,838 )     (6,405 )     (19,225 )     (17,531 )
Loss on modification and extinguishment of debt, net   (105 )           (4,530 )     (6,104 )
Adjustment to fair value of warrants                     (1,347 )
    (5,943 )     (6,405 )     (23,755 )     (24,982 )
(Loss) income before income taxes   (3,548 )     4,714       (7,838 )     7,037  
Income tax provision (benefit)   29       95       (16 )     379  
Net (loss) income $ (3,577 )   $ 4,619     $ (7,822 )   $ 6,658  
                       
Basic (loss) earnings per share $ (0.10 )   $ 0.13     $ (0.23 )   $ 0.21  
Diluted (loss) earnings per share $ (0.10 )   $ 0.13     $ (0.23 )   $ 0.19  
                       
Basic weighted average number of common shares outstanding   34,390       34,227       34,339       31,939  
Diluted weighted average number of common shares outstanding   34,479       36,636       34,399       34,339  


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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
                       
  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2022     2021     2022     2021  
Revenues                      
Mississippi $ 19,981     $ 21,538     $ 62,432     $ 68,133  
Indiana   9,639       12,586       30,069       31,753  
Colorado   4,385       6,340       12,732       18,626  
Nevada   6,290       5,132       15,868       14,216  
Contracted Sports Wagering   1,098       1,642       6,098       4,160  
  $ 41,393     $ 47,238     $ 127,199     $ 136,888  
                       
Adjusted Segment EBITDA(1) and Adjusted EBITDA                      
Mississippi $ 4,235     $ 6,485     $ 15,442     $ 23,097  
Indiana   1,343       3,816       6,374       7,615  
Colorado   36       1,543       (49 )     5,092  
Nevada   2,280       1,537       4,557       4,173  
Contracted Sports Wagering   1,083       1,645       6,047       4,122  
Adjusted Segment EBITDA   8,977       15,026       32,371       44,099  
Corporate   (1,219 )     (1,427 )     (4,130 )     (4,803 )
Adjusted EBITDA $ 7,758     $ 13,599     $ 28,241     $ 39,296  

__________

(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 to Adjusted EBITDA
(In Thousands, Unaudited)

                       
  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2022     2021   2022     2021
Net (loss) income $ (3,577 )   $ 4,619   $ (7,822 )   $ 6,658
Income tax provision (benefit)   29       95     (16 )     379
Interest expense, net   5,838       6,405     19,225       17,531
Loss on modification and extinguishment of debt, net   105           4,530       6,104
Adjustment to fair value of warrants                   1,347
Operating income   2,395       11,119     15,917       32,019
Project development costs, net   (149 )     318     33       491
Preopening costs   2,594       17     4,914       17
Depreciation and amortization   2,386       1,819     6,012       5,448
Loss on disposal of assets, net         2     3       674
Stock-based compensation   532       324     1,362       647
Adjusted EBITDA $ 7,758     $ 13,599   $ 28,241     $ 39,296


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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
                                   
Three Months Ended September 30, 2022
                                Adjusted
                                Segment
  Operating   Depreciation   Project       Stock-   EBITDA and
  Income   and   Development   Preopening   Based   Adjusted
  (Loss)   Amortization   Costs   Costs   Compensation   EBITDA
Reporting segments                                  
Mississippi $ 3,546     $ 689   $     $   $   $ 4,235  
Indiana   753       590                   1,343  
Colorado   (682 )     361           357         36  
Nevada   1,820       460                   2,280  
Contracted Sports Wagering   1,083                         1,083  
    6,520       2,100           357         8,977  
Other operations                                  
Corporate   (4,125 )     286     (149 )     2,237     532     (1,219 )
  $ 2,395     $ 2,386   $ (149 )   $ 2,594   $ 532   $ 7,758  

                                         
Three Months Ended September 30, 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 $ 5,794     $ 690   $ 1   $   $   $   $ 6,485  
Indiana   3,247       569                     3,816  
Colorado   1,138       387     1         17         1,543  
Nevada   1,402       135                     1,537  
Contracted Sports Wagering   1,645                           1,645  
    13,226       1,781     2         17         15,026  
Other operations                                        
Corporate   (2,107 )     38         318         324     (1,427 )
  $ 11,119     $ 1,819   $ 2   $ 318   $ 17   $ 324   $ 13,599  


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

                                         
Nine Months Ended September 30, 2022
                                      Adjusted
                                    Segment
  Operating   Depreciation   Loss (gain) on   Project       Stock-   EBITDA and
  Income   and   Disposal   Development   Preopening   Based   Adjusted
  (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                        
Mississippi $ 13,359     $ 2,075   $ 8     $   $   $   $ 15,442  
Indiana   4,618       1,756                       6,374  
Colorado   (2,126 )     1,057     (5 )         1,025         (49 )
Nevada   3,781       776                       4,557  
Contracted Sports Wagering   6,047                             6,047  
    25,679       5,664     3           1,025         32,371  
Other operations                                        
Corporate   (9,762 )     348           33     3,889     1,362     (4,130 )
  $ 15,917     $ 6,012   $ 3     $ 33   $ 4,914   $ 1,362   $ 28,241  

                                         
Nine Months Ended September 30, 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 $ 20,484     $ 2,024   $ 589   $   $   $   $ 23,097  
Indiana   5,837       1,778                     7,615  
Colorado   3,871       1,119     85         17         5,092  
Nevada   3,761       412                     4,173  
Contracted Sports Wagering   4,122                           4,122  
    38,075       5,333     674         17         44,099  
Other operations                                        
Corporate   (6,056 )     115         491         647     (4,803 )
  $ 32,019     $ 5,448   $ 674   $ 491   $ 17   $ 647   $ 39,296  


Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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 budgets, 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, our ability to operate sports wagering contracts ourselves and the success of any new sports wagering contracts or operations 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 our control. Such risks include, without limitation, our ability to repay our substantial indebtedness; 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; 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; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; 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; 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. 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.

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

Powered by WPeMatico

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading
Advertisement

Nasdaq:FLL

FULL HOUSE RESORTS ANNOUNCES FIRST QUARTER RESULTS

Published

on

full-house-resorts-announces-first-quarter-results

– 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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.


Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.


Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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  


Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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

Continue Reading

Nasdaq:FLL

Full House Resorts Announces First Quarter Earnings Release Date

Published

on

full-house-resorts-announces-first-quarter-earnings-release-date

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Nasdaq:FLL

Full House Resorts Announces New Leadership for Chamonix Casino Hotel

Published

on

full-house-resorts-announces-new-leadership-for-chamonix-casino-hotel

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania