Nasdaq:FLL
Full House Resorts Announces Fourth Quarter Results
– The Temporary by American Place Officially Opened on February 17th; Illinois Sports Skin Expected to Commence Operations in the Coming Months
– Construction Continues at Chamonix Casino Hotel, with an Opening Expected in the Second Half of 2023
– Executed New Sports Skin Agreement in Colorado
– Lease Agreement to Operate Grand Lodge Casino in Lake Tahoe Extended to December 31, 2024
– Completed a $40 Million Bond Deal in February, Further Ensuring That No Additional Capital Will be Required Prior to Arranging Financing for the Permanent American Place Casino
LAS VEGAS, March 07, 2023 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2022, including updates regarding its growth pipeline.
“On February 17th, The Temporary by American Place officially opened to the public,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “We are very pleased with the positive response received from guests thus far, with many commenting that The Temporary is one of the nicest casinos in the area, despite being in a temporary structure. In its first twelve days of operation, we welcomed more than 40,000 guests through its doors.
“Typical of many new casinos, we opened at less than full capacity. On opening night, for example, only approximately 80% of our slot floor and 60% of our permitted table games were available. Over the coming weeks, we expect to further augment the number of available games on our floor and increase the hours of operation for our table games, which currently operate from 2 p.m. to 2 a.m. As our team gains more experience, we also expect to operate the casino 24 hours per day, versus our current schedule of 8 a.m. to 4 a.m.
“We are currently operating only one of our restaurants, L’Américain. We expect to open our Asia-Azteca fusion restaurant in the next few weeks. A third restaurant, North Shore Steaks and Seafood, is expected to be completed and open in the second quarter. Given the early response to The Temporary, we remain confident in our ability to generate attractive returns from both The Temporary and our future American Place destination.”
Continued Mr. Lee, “At our Chamonix project in Cripple Creek, Colorado, we continue to make substantial progress. Drywall is being installed in guest rooms and the public areas. We recently installed the escalators from the entry level up to the second-floor meeting space, and are preparing for the installation of elevators. We continue to target an opening of Chamonix later this year, potentially with a phased opening beginning in the third quarter of 2023.”
For project renderings and live construction webcams, please visit www.AmericanPlace.com and www.ChamonixCO.com.
On a consolidated basis, revenues in the fourth quarter of 2022 were $36.1 million, a decrease from $43.3 million in the prior-year period. Net loss for the fourth quarter of 2022 was $7.0 million, or a loss of $0.20 per diluted common share, which includes $4.8 million of preopening and development costs. In the prior-year period, net income was $5.0 million, or $0.14 per diluted common share, including $0.3 million of development costs. Adjusted EBITDA(a) in the 2022 fourth quarter, which is a seasonally slow quarter, was $3.9 million versus $7.9 million in the prior-year period. The change reflects adverse weather in December 2022; 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.
For the full year, revenues were $163.3 million, net loss was $14.8 million, and Adjusted EBITDA was $32.1 million in 2022. In 2021, which benefited from guests receiving government stimulus checks, revenues were $180.2 million, net income was $11.7 million, and Adjusted EBITDA was $47.2 million.
Fourth Quarter Highlights and Subsequent Events
- Mississippi. Silver Slipper Casino and Hotel’s revenues were $18.4 million in the fourth quarter of 2022, versus $22.5 million in the prior-year period. Results in the fourth quarter of 2022 were adversely affected by the competitive launch of online sports wagering within nearby Louisiana that started in January 2022, colder than normal temperatures, and significant marketing promotions at a nearby competitor. Adjusted Segment EBITDA was $4.0 million, reflecting the revenue declines noted above, as well as an increase in certain operating expenses, including an increase of $0.2 million for property insurance. Adjusted Segment EBITDA was $6.7 million in the prior-year period.
Similar factors affected Silver Slipper’s annual results. Revenues declined from $90.6 million in 2021 to $80.9 million in 2022, primarily as a result of the absence of government stimulus checks in 2022 and new competition from online sports betting in Louisiana. The cost of property insurance and certain food items also increased significantly. As a result, Adjusted Segment EBITDA in 2022 was $19.5 million, versus $29.8 million in 2021. Despite being down from the prior year, the Silver Slipper’s revenues and Adjusted Segment EBITDA in 2022 were the second highest in its 16-year history.
- Indiana. Rising Star Casino Resort’s revenues were $9.0 million in the fourth quarter of 2022, compared to $9.7 million in the fourth quarter of 2021. As with the Company’s other casinos, significant snowstorms adversely affected Rising Star, especially in December 2022. Additionally, a competitor in nearby Northern Kentucky with “historical racing machines” (which are a form of slot machine) opened in September 2022. Adjusted Segment EBITDA was $0.5 million in the fourth quarter of 2022, versus $1.1 million in the prior-year period.
For the year, revenues in the Indiana segment fell 5.7%, due to the absence of government stimulus checks and a new competitor that opened in September 2022 in nearby Northern Kentucky. Operating expenses declined, helping to offset the decline in revenues. Adjusted Segment EBITDA for 2022 was $6.9 million, versus $8.7 million in 2021. Even at that reduced level, Rising Star’s Adjusted Segment EBITDA in 2022 was its second best overall in ten years.
- 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.
Prior to the pandemic and commencement of construction, Bronco Billy’s had 827 slot machines and 10 table games. Approximately 41% of its pre-existing gaming space was closed in November 2021 to facilitate construction of Chamonix. Then, in May 2022, additional gaming capacity was closed, as well as the property’s steakhouse, for refurbishment. The refurbished portion of the casino reopened in late December, though the property continues to operate today with approximately half the gaming positions than it had prior to the pandemic. The steakhouse is being recast as an Italian restaurant and is expected to open in the third quarter. Hence, during virtually all of the fourth quarter and a significant portion of the year, Bronco Billy’s was operating with approximately 45% of the gaming space that it had prior to the pandemic and commencement of construction, as well as significantly fewer food and beverage options. The casino has meanwhile maintained much of its payroll, despite reduced activity levels, anticipating the need for the larger workforce required to open and operate Chamonix. Partially offsetting this, some expenses, such as the cost of food and beverages, vary with activity levels. Revenues were $3.5 million in the fourth quarter of 2022, versus $5.0 million in the prior-year period. Adjusted Segment EBITDA in this off-season quarter reflected a small loss, versus a small profit in the prior year period.
Construction likewise affected results for the year. Revenues in 2022 were $16.2 million, versus $23.7 million in 2021. Adjusted Segment EBITDA was a loss of $688,000 for 2022, versus positive Adjusted Segment EBITDA of $5.5 million in 2021. When Chamonix opens later this year, Bronco Billy’s will share the significant on-site parking garage, valet and surface parking capacity of the new casino. It will 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 $4.1 million in the fourth quarter of 2022, compared to $4.3 million in the prior-year period. Results in the fourth quarter of 2022 reflect a significant snowstorm in the Lake Tahoe area, with snowfall lasting until late on the important New Year’s Eve holiday. Adjusted Segment EBITDA of $0.4 million in the fourth quarter of 2022 compares to $0.8 million in the prior-year period.
For the year, the Nevada segment’s revenues rose 7.7% over the prior year, despite the absence of government stimulus checks. This largely reflected the recovery of tourism to the Lake Tahoe region. Adjusted Segment EBITDA was approximately flat at $4.9 million in both years.
In February 2023, the Company extended the expiration of its agreement to lease the Grand Lodge Casino from August 31, 2023 to December 31, 2024, after which time portions of the Hyatt Lake Tahoe are expected to undergo enhancement work.
- 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 fourth quarter of 2022, versus $1.8 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 ended its online operations. In December 2022, the Company executed an agreement with a replacement operator for its available Colorado sports skin, which began its contractual term this week. The Company continues to evaluate the best use for its available skin in Indiana, including whether to utilize such skin itself or find a replacement third-party operator.
For the year, this segment’s revenues grew 21.6%, from $5.9 million in 2021 to $7.2 million in 2022, and Adjusted Segment EBITDA rose 21.0%, from $5.9 million to $7.1 million. The increase reflects an additional skin that contractually went live on December 1, 2021, as well as an acceleration of deferred revenue for two agreements that ceased operations in May 2022, as noted above.
The results of this segment do not yet include income contribution from the Company’s Illinois sports skin or the recently-executed agreement for its Colorado sports skin. Similar to the Company’s other sports wagering agreements, the Company will receive a percentage of revenues, as defined in the contracts, with minimal expected expenses. The total annualized minimum amount for all six of the Company’s sports wagering agreements will be $10 million once these two additional skins are live. The new Colorado sports skin began its contractual term in March 2023, and the Company believes that its Illinois sports skin will begin operations in Spring 2023, pending customary regulatory approvals.
Liquidity and Capital Resources
As of December 31, 2022, the Company had $191.2 million in cash and cash equivalents, including $134.6 million of cash reserved under its bond indentures to complete the construction of Chamonix. Its debt consisted primarily of $410.0 million in outstanding senior secured notes due 2028, which become callable at specified premiums beginning in February 2024. In February 2023, the Company further augmented its available liquidity through the issuance of $40.0 million of additional senior secured notes due 2028, which are likewise callable beginning in February 2024. Prior to the February 2023 issuance of additional notes – and in anticipation of the payment of significant gaming license fees related to The Temporary’s opening – the Company drew $36.0 million from its revolver, which currently remains outstanding.
Conference Call Information
The Company will host a conference call for investors today, March 7, 2023, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2022 fourth quarter results. Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.
A replay of the conference call will be available shortly after the conclusion of the call through March 21, 2023. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13736741.
(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.
A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | |||||||||||||||
| Casino | $ | 25,583 | $ | 31,214 | $ | 113,876 | $ | 130,431 | |||||||
| Food and beverage | 6,239 | 6,714 | 26,494 | 27,347 | |||||||||||
| Hotel | 2,206 | 2,434 | 9,282 | 9,624 | |||||||||||
| Other operations, including contracted sports wagering | 2,054 | 2,909 | 13,629 | 12,757 | |||||||||||
| 36,082 | 43,271 | 163,281 | 180,159 | ||||||||||||
| Operating costs and expenses | |||||||||||||||
| Casino | 9,515 | 11,078 | 39,788 | 43,765 | |||||||||||
| Food and beverage | 6,238 | 6,270 | 26,372 | 23,757 | |||||||||||
| Hotel | 1,282 | 1,112 | 4,806 | 4,444 | |||||||||||
| Other operations | 574 | 458 | 2,168 | 1,980 | |||||||||||
| Selling, general and administrative | 14,911 | 16,754 | 59,706 | 59,965 | |||||||||||
| Project development costs, net | 195 | 291 | 228 | 782 | |||||||||||
| Preopening costs | 4,644 | — | 9,558 | 17 | |||||||||||
| Depreciation and amortization | 1,918 | 1,771 | 7,930 | 7,219 | |||||||||||
| Loss on disposal of assets, net | 39 | 2 | 42 | 676 | |||||||||||
| 39,316 | 37,736 | 150,598 | 142,605 | ||||||||||||
| Operating (loss) income | (3,234 | ) | 5,535 | 12,683 | 37,554 | ||||||||||
| Other (expense) income | |||||||||||||||
| Interest expense, net | (3,763 | ) | (6,126 | ) | (22,988 | ) | (23,657 | ) | |||||||
| Gain (loss) on modification and extinguishment of debt, net | — | 5,695 | (4,530 | ) | (409 | ) | |||||||||
| Adjustment to fair value of warrants | — | — | — | (1,347 | ) | ||||||||||
| (3,763 | ) | (431 | ) | (27,518 | ) | (25,413 | ) | ||||||||
| (Loss) income before income taxes | (6,997 | ) | 5,104 | (14,835 | ) | 12,141 | |||||||||
| Income tax (benefit) expense | (15 | ) | 56 | (31 | ) | 435 | |||||||||
| Net (loss) income | $ | (6,982 | ) | $ | 5,048 | $ | (14,804 | ) | $ | 11,706 | |||||
| Basic (loss) earnings per share | $ | (0.20 | ) | $ | 0.15 | $ | (0.43 | ) | $ | 0.36 | |||||
| Diluted (loss) earnings per share | $ | (0.20 | ) | $ | 0.14 | $ | (0.43 | ) | $ | 0.33 | |||||
| Basic weighted average number of common shares outstanding | 34,401 | 34,231 | 34,355 | 32,517 | |||||||||||
| Diluted weighted average number of common shares outstanding | 34,401 | 36,749 | 34,355 | 34,946 | |||||||||||
Full House Resorts, Inc.
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | |||||||||||||||
| Mississippi | $ | 18,430 | $ | 22,495 | $ | 80,860 | $ | 90,628 | |||||||
| Indiana | 9,021 | 9,685 | 39,090 | 41,435 | |||||||||||
| Colorado | 3,452 | 5,032 | 16,185 | 23,660 | |||||||||||
| Nevada | 4,082 | 4,299 | 19,950 | 18,516 | |||||||||||
| Contracted Sports Wagering | 1,097 | 1,760 | 7,196 | 5,920 | |||||||||||
| $ | 36,082 | $ | 43,271 | $ | 163,281 | $ | 180,159 | ||||||||
| Adjusted Segment EBITDA(1) and Adjusted EBITDA | |||||||||||||||
| Mississippi | $ | 4,047 | $ | 6,747 | $ | 19,488 | $ | 29,843 | |||||||
| Indiana | 513 | 1,120 | 6,888 | 8,736 | |||||||||||
| Colorado | (638 | ) | 453 | (688 | ) | 5,545 | |||||||||
| Nevada | 351 | 760 | 4,908 | 4,933 | |||||||||||
| Contracted Sports Wagering | 1,079 | 1,768 | 7,127 | 5,890 | |||||||||||
| Adjusted Segment EBITDA | 5,352 | 10,848 | 37,723 | 54,947 | |||||||||||
| Corporate | (1,459 | ) | (2,930 | ) | (5,589 | ) | (7,733 | ) | |||||||
| Adjusted EBITDA | $ | 3,893 | $ | 7,918 | $ | 32,134 | $ | 47,214 | |||||||
__________
| (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 | Year Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||
| Net (loss) income | $ | (6,982 | ) | $ | 5,048 | $ | (14,804 | ) | $ | 11,706 | ||||
| Income tax (benefit) expense | (15 | ) | 56 | (31 | ) | 435 | ||||||||
| Interest expense, net | 3,763 | 6,126 | 22,988 | 23,657 | ||||||||||
| (Gain) loss on modification and extinguishment of debt, net | — | (5,695 | ) | 4,530 | 409 | |||||||||
| Adjustment to fair value of warrants | — | — | — | 1,347 | ||||||||||
| Operating (loss) income | (3,234 | ) | 5,535 | 12,683 | 37,554 | |||||||||
| Project development costs, net | 195 | 291 | 228 | 782 | ||||||||||
| Preopening costs | 4,644 | — | 9,558 | 17 | ||||||||||
| Depreciation and amortization | 1,918 | 1,771 | 7,930 | 7,219 | ||||||||||
| Loss on disposal of assets, net | 39 | 2 | 42 | 676 | ||||||||||
| Stock-based compensation | 331 | 319 | 1,693 | 966 | ||||||||||
| Adjusted EBITDA | $ | 3,893 | $ | 7,918 | $ | 32,134 | $ | 47,214 | ||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Three Months Ended December 31, 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 | $ | 3,325 | $ | 683 | $ | 39 | $ | — | $ | — | $ | — | $ | 4,047 | ||||||||
| Indiana | (86 | ) | 599 | — | — | — | — | 513 | ||||||||||||||
| Colorado | (1,417 | ) | 373 | — | — | 406 | — | (638 | ) | |||||||||||||
| Nevada | 157 | 194 | — | — | — | — | 351 | |||||||||||||||
| Contracted Sports Wagering | 1,079 | — | — | — | — | — | 1,079 | |||||||||||||||
| 3,058 | 1,849 | 39 | — | 406 | — | 5,352 | ||||||||||||||||
| Other operations | ||||||||||||||||||||||
| Corporate | (6,292 | ) | 69 | — | 195 | 4,238 | 331 | (1,459 | ) | |||||||||||||
| $ | (3,234 | ) | $ | 1,918 | $ | 39 | $ | 195 | $ | 4,644 | $ | 331 | $ | 3,893 | ||||||||
| Three Months Ended December 31, 2021 | |||||||||||||||||||
| Adjusted | |||||||||||||||||||
| Segment | |||||||||||||||||||
| Operating | Depreciation | Loss on | Project | Stock- | EBITDA and | ||||||||||||||
| Income | and | Disposal | Development | Based | Adjusted | ||||||||||||||
| (Loss) | Amortization | of Assets | Costs | Compensation | EBITDA | ||||||||||||||
| Reporting segments | |||||||||||||||||||
| Mississippi | $ | 6,070 | $ | 677 | $ | — | $ | — | $ | — | $ | 6,747 | |||||||
| Indiana | 558 | 562 | — | — | — | 1,120 | |||||||||||||
| Colorado | 88 | 363 | 2 | — | — | 453 | |||||||||||||
| Nevada | 625 | 135 | — | — | — | 760 | |||||||||||||
| Contracted Sports Wagering | 1,768 | — | — | — | — | 1,768 | |||||||||||||
| 9,109 | 1,737 | 2 | — | — | 10,848 | ||||||||||||||
| Other operations | |||||||||||||||||||
| Corporate | (3,574 | ) | 34 | — | 291 | 319 | (2,930 | ) | |||||||||||
| $ | 5,535 | $ | 1,771 | $ | 2 | $ | 291 | $ | 319 | $ | 7,918 | ||||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Year Ended December 31, 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 | |||||||||||||||||||||||
| Mississippi | $ | 16,684 | $ | 2,757 | $ | 47 | $ | — | $ | — | $ | — | $ | 19,488 | |||||||||
| Indiana | 4,532 | 2,356 | — | — | — | — | 6,888 | ||||||||||||||||
| Colorado | (3,544 | ) | 1,429 | (5 | ) | — | 1,432 | — | (688 | ) | |||||||||||||
| Nevada | 3,938 | 970 | — | — | — | — | 4,908 | ||||||||||||||||
| Contracted Sports Wagering | 7,127 | — | — | — | — | — | 7,127 | ||||||||||||||||
| 28,737 | 7,512 | 42 | — | 1,432 | — | 37,723 | |||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (16,054 | ) | 418 | — | 228 | 8,126 | 1,693 | (5,589 | ) | ||||||||||||||
| $ | 12,683 | $ | 7,930 | $ | 42 | $ | 228 | $ | 9,558 | $ | 1,693 | $ | 32,134 | ||||||||||
| Year Ended December 31, 2021 | ||||||||||||||||||||||
| Adjusted | ||||||||||||||||||||||
| Segment | ||||||||||||||||||||||
| Operating | Depreciation | Loss on | Project | Stock- | EBITDA and | |||||||||||||||||
| Income | and | Disposal | Development | Preopening | Based | Adjusted | ||||||||||||||||
| (Loss) | Amortization | of Assets | Costs | Costs | Compensation | EBITDA | ||||||||||||||||
| Reporting segments | ||||||||||||||||||||||
| Mississippi | $ | 26,553 | $ | 2,701 | $ | 589 | $ | — | $ | — | $ | — | $ | 29,843 | ||||||||
| Indiana | 6,396 | 2,340 | — | — | — | — | 8,736 | |||||||||||||||
| Colorado | 3,959 | 1,482 | 87 | — | 17 | — | 5,545 | |||||||||||||||
| Nevada | 4,386 | 547 | — | — | — | — | 4,933 | |||||||||||||||
| Contracted Sports Wagering | 5,890 | — | — | — | — | — | 5,890 | |||||||||||||||
| 47,184 | 7,070 | 676 | — | 17 | — | 54,947 | ||||||||||||||||
| Other operations | ||||||||||||||||||||||
| Corporate | (9,630 | ) | 149 | — | 782 | — | 966 | (7,733 | ) | |||||||||||||
| $ | 37,554 | $ | 7,219 | $ | 676 | $ | 782 | $ | 17 | $ | 966 | $ | 47,214 | |||||||||
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; 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; our ability to effectively manage and control expenses; our ability to complete Chamonix and American Place on-time and on-budget; 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 The Temporary by American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The Company is currently constructing Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado. 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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– American Place Casino Continued Its Strong Growth, Achieving Record Net Revenue and Operating Profit
– Colorado Operations Reported a 7.8% Increase in Revenue Compared to the Prior-Year Period
– Revamped Marketing Efforts at Chamonix Began in the Third Quarter; Focused Cost Reductions at the Property in the Second Quarter are Expected to Produce $4 Million in Annualized Savings
LAS VEGAS, Aug. 07, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2025.
On a consolidated basis, revenues in the second quarter of 2025 were $73.9 million, a 0.6% increase from $73.5 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, partially offset by the sale of Stockman’s Casino, modifications to our contracted sports agreements in mid-2024, and a decline in revenues at the Silver Slipper Casino and Hotel. Net loss for the second quarter of 2025 was $10.4 million, or $(0.29) per diluted common share. In the prior-year period, net loss was $8.6 million, or $(0.25) per diluted common share. Adjusted EBITDA(a) was $11.1 million in the second quarter of 2025, versus $14.1 million in the 2024 period. These results reflect strong growth at American Place offset by elevated costs at Chamonix, as its operations were fully open in the recent quarter, but only partially open in the prior-year period. Under the leadership of its new general manager, Chamonix’s management team continues to target areas for improved operating efficiency, while also emphasizing profitable long-term growth. Operating costs at Chamonix were $1.2 million lower in the second quarter versus the first quarter of 2025.
“American Place continued its strong ramp in operations, delivering record net revenue and operating profit in the second quarter,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “This strong performance reflects the growing awareness and popularity of American Place throughout Chicago’s populous northern suburbs. Over the coming quarters, we expect the financial results for our temporary American Place casino to continue to improve, as we add a poker room and continue to build awareness in the region.
“We also continue to make progress toward the start of construction of the permanent American Place facility. Our excitement for our permanent facility continues to be guided by four thoughts: the strength of our location in populous suburbs with easy access from several major traffic arteries; the continued growth from other casinos that recently transitioned from temporary to permanent facilities; the lack of a permanent, premium gaming and entertainment experience for residents of Lake County and other nearby communities; and our own experiences at our temporary casino, which continues to grow and flourish.”
Continued Mr. Lee, “As we noted last quarter, we recently introduced a new management team at Chamonix. During the second quarter, that team focused principally on inefficient operations, identifying more than $4 million of annual expenses that do not impact our high-end guest experience. Revamped marketing efforts – which should enable continued revenue growth at Chamonix, as well as improve overall profits – launched in the current third quarter. We believe these efforts will benefit Chamonix in the coming quarters and years, allowing it to reach levels of profitability that we have always expected it to achieve.”
Second 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 $57.8 million in the second quarter of 2025, a 4.2% increase from $55.5 million in the prior-year period. Revenues at American Place rose 12.7% from the second quarter of 2024, reaching an all-time property revenue record of $30.7 million. Adjusted Segment EBITDA was $12.8 million, a 3.9% increase from $12.3 million in the prior-year period, similarly led by strong growth at American Place.
- West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino (until the completion of its sale in April 2025), 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 decreased 4.4% to $14.5 million in the second quarter of 2025, versus $15.2 million in the prior-year period, with revenue growth at Grand Lodge and Chamonix/Bronco Billy’s offset by the sale of Stockman’s. Adjusted Segment EBITDA was $(1.1) million in the second quarter of 2025, reflecting initial inefficiencies from Chamonix’s ramp-up phase, though meaningfully improved from the first quarter of 2025. Under Chamonix’s new management team, the Company expects more than $4 million in annualized savings from recent cost-saving initiatives. Additionally, we revamped significant portions of Chamonix’s marketing strategy in recent weeks and expect those revised programs to drive meaningful growth in revenues and profits as the property’s operations continue to ramp. In the prior-year period, Adjusted Segment EBITDA was $0.9 million.
- 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 were $1.7 million and $1.6 million, respectively, in the second quarter of 2025. In the prior-year period, revenues and Adjusted Segment EBITDA were $2.9 million and $2.6 million, respectively, reflecting $0.9 million of accelerated revenue from an online sports wagering “skin” that ceased operations.
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. In July 2025, such operator reversed its decision related to our Indiana skin and fully prepaid its remaining term through December 2031 for a reduced fee totaling $1.5 million.
Liquidity and Capital Resources
As of June 30, 2025, we had $32.1 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. We also had $25.0 million outstanding under our revolving credit facility, a reduction from $30.0 million outstanding at March 31, 2025.
Conference Call Information
We will host a conference call for investors today, August 7, 2025, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2025 second 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 August 21, 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 13753301.
(a) Reconciliation of Non-GAAP Financial Measures
Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.
Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.
Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.
Full House Resorts, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Casino | $ | 56,983 | $ | 54,685 | $ | 112,283 | $ | 106,358 | ||||||||
| Food and beverage | 9,580 | 10,403 | 19,641 | 20,172 | ||||||||||||
| Hotel | 3,720 | 3,742 | 7,562 | 6,594 | ||||||||||||
| Other operations, including contracted sports wagering | 3,663 | 4,662 | 9,518 | 10,292 | ||||||||||||
| 73,946 | 73,492 | 149,004 | 143,416 | |||||||||||||
| Operating costs and expenses | ||||||||||||||||
| Casino | 22,877 | 20,719 | 45,762 | 41,294 | ||||||||||||
| Food and beverage | 9,508 | 10,714 | 19,827 | 20,474 | ||||||||||||
| Hotel | 2,183 | 2,383 | 4,546 | 4,546 | ||||||||||||
| Other operations | 964 | 990 | 1,810 | 1,781 | ||||||||||||
| Selling, general and administrative | 27,874 | 25,285 | 54,815 | 50,220 | ||||||||||||
| Project development costs | 33 | 3 | 174 | 3 | ||||||||||||
| Preopening costs | — | 757 | — | 2,420 | ||||||||||||
| Depreciation and amortization | 10,588 | 10,326 | 21,195 | 20,951 | ||||||||||||
| Loss on disposal of assets | — | — | 6 | 18 | ||||||||||||
| (Gain) loss on sale of Stockman’s, net of impairment | (7 | ) | — | 205 | — | |||||||||||
| 74,020 | 71,177 | 148,340 | 141,707 | |||||||||||||
| Operating (loss) income | (74 | ) | 2,315 | 664 | 1,709 | |||||||||||
| Other expenses | ||||||||||||||||
| Interest expense, net | (10,354 | ) | (11,023 | ) | (20,651 | ) | (21,273 | ) | ||||||||
| Other | (50 | ) | — | (50 | ) | — | ||||||||||
| (10,404 | ) | (11,023 | ) | (20,701 | ) | (21,273 | ) | |||||||||
| Loss before income taxes | (10,478 | ) | (8,708 | ) | (20,037 | ) | (19,564 | ) | ||||||||
| Income tax (benefit) provision | (95 | ) | (79 | ) | 111 | 337 | ||||||||||
| Net loss | $ | (10,383 | ) | $ | (8,629 | ) | $ | (20,148 | ) | $ | (19,901 | ) | ||||
| Basic loss per share | $ | (0.29 | ) | $ | (0.25 | ) | $ | (0.56 | ) | $ | (0.57 | ) | ||||
| Diluted loss per share | $ | (0.29 | ) | $ | (0.25 | ) | $ | (0.56 | ) | $ | (0.57 | ) | ||||
| Basic weighted average number of common shares outstanding | 36,055 | 34,710 | 35,944 | 34,650 | ||||||||||||
| Diluted weighted average number of common shares outstanding | 36,055 | 34,710 | 35,944 | 34,650 | ||||||||||||
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Midwest & South | $ | 57,802 | $ | 55,458 | $ | 114,976 | $ | 110,088 | ||||||||
| West | 14,485 | 15,151 | 30,089 | 28,185 | ||||||||||||
| Contracted Sports Wagering | 1,659 | 2,883 | 3,939 | 5,143 | ||||||||||||
| $ | 73,946 | $ | 73,492 | $ | 149,004 | $ | 143,416 | |||||||||
| Adjusted Segment EBITDA(1) and Adjusted EBITDA | ||||||||||||||||
| Midwest & South | $ | 12,757 | $ | 12,275 | $ | 25,865 | $ | 24,958 | ||||||||
| West | (1,138 | ) | 865 | (3,606 | ) | 731 | ||||||||||
| Contracted Sports Wagering | 1,611 | 2,577 | 3,791 | 4,512 | ||||||||||||
| Adjusted Segment EBITDA | 13,230 | 15,717 | 26,050 | 30,201 | ||||||||||||
| Corporate | (2,096 | ) | (1,576 | ) | (3,429 | ) | (3,651 | ) | ||||||||
| Adjusted EBITDA | $ | 11,134 | $ | 14,141 | $ | 22,621 | $ | 26,550 | ||||||||
__________
(1) The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level.
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Net Loss and Operating Income (Loss) to Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (10,383 | ) | $ | (8,629 | ) | $ | (20,148 | ) | $ | (19,901 | ) | |||
| Income tax (benefit) provision | (95 | ) | (79 | ) | 111 | 337 | |||||||||
| Interest expense, net | 10,354 | 11,023 | 20,651 | 21,273 | |||||||||||
| Other | 50 | — | 50 | — | |||||||||||
| Operating (loss) income | (74 | ) | 2,315 | 664 | 1,709 | ||||||||||
| Project development costs | 33 | 3 | 174 | 3 | |||||||||||
| Preopening costs | — | 757 | — | 2,420 | |||||||||||
| Depreciation and amortization | 10,588 | 10,326 | 21,195 | 20,951 | |||||||||||
| Loss on disposal of assets | — | — | 6 | 18 | |||||||||||
| (Gain) loss on sale of Stockman’s, net of impairment | (7 | ) | — | 205 | — | ||||||||||
| Stock-based compensation, net | 594 | 740 | 377 | 1,449 | |||||||||||
| Adjusted EBITDA | $ | 11,134 | $ | 14,141 | $ | 22,621 | $ | 26,550 | |||||||
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 June 30, 2025 | |||||||||||||||||||||||
| Adjusted | |||||||||||||||||||||||
| Segment | |||||||||||||||||||||||
| Operating | Depreciation | Gain on | Project | Stock- | EBITDA and | ||||||||||||||||||
| Income | and | Sale of | Development | Based | Adjusted | ||||||||||||||||||
| (Loss) | Amortization | Stockman’s | Costs | Compensation | EBITDA | ||||||||||||||||||
| Reporting segments | |||||||||||||||||||||||
| Midwest & South | $ | 6,552 | $ | 6,205 | $ | — | $ | — | $ | — | $ | 12,757 | |||||||||||
| West | (5,501 | ) | 4,370 | (7 | ) | — | — | (1,138 | ) | ||||||||||||||
| Contracted Sports Wagering | 1,611 | — | — | — | — | 1,611 | |||||||||||||||||
| 2,662 | 10,575 | (7 | ) | — | — | 13,230 | |||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (2,736 | ) | 13 | — | 33 | 594 | (2,096 | ) | |||||||||||||||
| $ | (74 | ) | $ | 10,588 | $ | (7 | ) | $ | 33 | $ | 594 | $ | 11,134 | ||||||||||
| Three Months Ended June 30, 2024 | |||||||||||||||||||||||
| Adjusted | |||||||||||||||||||||||
| Segment | |||||||||||||||||||||||
| Operating | Depreciation | Project | Stock- | EBITDA and | |||||||||||||||||||
| Income | and | Development | Preopening | Based | Adjusted | ||||||||||||||||||
| (Loss) | Amortization | Costs | Costs | Compensation | EBITDA | ||||||||||||||||||
| Reporting segments | |||||||||||||||||||||||
| Midwest & South | $ | 6,233 | $ | 6,042 | $ | — | $ | — | $ | — | $ | 12,275 | |||||||||||
| West | (4,148 | ) | 4,256 | — | 757 | — | 865 | ||||||||||||||||
| Contracted Sports Wagering | 2,577 | — | — | — | — | 2,577 | |||||||||||||||||
| 4,662 | 10,298 | — | 757 | — | 15,717 | ||||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (2,347 | ) | 28 | 3 | — | 740 | (1,576 | ) | |||||||||||||||
| $ | 2,315 | $ | 10,326 | $ | 3 | $ | 757 | $ | 740 | $ | 14,141 | ||||||||||||
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||
| Adjusted | |||||||||||||||||||||||||||
| Loss on | Stock- | Segment | |||||||||||||||||||||||||
| Operating | Depreciation | Loss on | Sale of | Project | Based | EBITDA and | |||||||||||||||||||||
| Income | and | Disposal | Stockman’s, | Development | Compensation, | Adjusted | |||||||||||||||||||||
| (Loss) | Amortization | of Assets | net | Costs | net | EBITDA | |||||||||||||||||||||
| Reporting segments | |||||||||||||||||||||||||||
| Midwest & South | $ | 13,446 | $ | 12,413 | $ | 6 | $ | — | $ | — | $ | — | $ | 25,865 | |||||||||||||
| West | (12,558 | ) | 8,747 | — | 205 | — | — | (3,606 | ) | ||||||||||||||||||
| Contracted Sports Wagering | 3,791 | — | — | — | — | — | 3,791 | ||||||||||||||||||||
| 4,679 | 21,160 | 6 | 205 | — | — | 26,050 | |||||||||||||||||||||
| Other operations | |||||||||||||||||||||||||||
| Corporate | (4,015 | ) | 35 | — | — | 174 | 377 | (3,429 | ) | ||||||||||||||||||
| $ | 664 | $ | 21,195 | $ | 6 | $ | 205 | $ | 174 | $ | 377 | $ | 22,621 | ||||||||||||||
| Six Months Ended June 30, 2024 | |||||||||||||||||||||||||||
| 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 | $ | 12,043 | $ | 12,778 | $ | 18 | $ | — | $ | 119 | $ | — | $ | 24,958 | |||||||||||||
| West | (9,685 | ) | 8,115 | — | — | 2,301 | — | 731 | |||||||||||||||||||
| Contracted Sports Wagering | 4,512 | — | — | — | — | — | 4,512 | ||||||||||||||||||||
| 6,870 | 20,893 | 18 | — | 2,420 | — | 30,201 | |||||||||||||||||||||
| Other operations | |||||||||||||||||||||||||||
| Corporate | (5,161 | ) | 58 | — | 3 | — | 1,449 | (3,651 | ) | ||||||||||||||||||
| $ | 1,709 | $ | 20,951 | $ | 18 | $ | 3 | $ | 2,420 | $ | 1,449 | $ | 26,550 | ||||||||||||||
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, including Chamonix; our expectations regarding the effect of our revamped marketing strategy at Chamonix; 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: Contact: Lewis Fanger, President & Chief Financial Officer Full House Resorts, Inc. 702-221-7800 www.fullhouseresorts.com
LAS VEGAS, July 15, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced that it has promoted Lewis Fanger to President, Chief Financial Officer, and Treasurer, effective July 11, 2025. The title of President was previously held by Daniel Lee, the Company’s Chief Executive Officer. As previously disclosed, Mr. Lee extended his employment agreement as the Company’s Chief Executive Officer in June 2025.
“Since our arrival approximately ten years ago,” commented Mr. Lee, “Full House Resorts has undergone a significant transformation, from a small regional casino operator to one of the fastest-growing companies in our industry. Lewis’s financial leadership has helped enable that growth, allowing us to improve our existing assets and expand the Company through new developments such as American Place and Chamonix. Lewis has been an invaluable part of our team over the past decade, and his promotion to President will help ensure a continuity of leadership.”
Forward-looking Statements
This press release may 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. 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 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 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, President and Chief Financial Officer Full House Resorts, Inc. (702) 221-7800
LAS VEGAS, July 07, 2025 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its second quarter 2025 financial results on Thursday, August 7, 2025, followed by a conference call at 4:30 p.m. ET (1:30 p.m. PT). Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.
A replay of the conference call will be available shortly after the conclusion of the call through August 21, 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 13753301.
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:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
(702) 221-7800
www.fullhouseresorts.com
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