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Full House Resorts Announces Strong Third Quarter Results

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full-house-resorts-announces-strong-third-quarter-results

– Revenues Increased 72.8% to $71.5 Million;
Net Income Improved to $4.6 Million;
Adjusted EBITDA Rose 165.9% to $20.6 Million

– Operations at The Temporary by American Place Continue to Ramp;
Illinois Sportsbook Operations are Now Live

– Opening of Chamonix Casino Hotel in Colorado Slated for December 26, 2023

LAS VEGAS, Nov. 08, 2023 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2023, including updates regarding its growth pipeline.

“As envisioned, results at The Temporary by American Place continued to improve during the third quarter,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Our table games business at The Temporary was strong initially, and continued to build as we hired more dealers and increased the number of available table games. Our slots business also continues to ramp up, aided by our guest database that continues to grow meaningfully in size with every passing week. As a result, both revenues and Adjusted Property EBITDA at The Temporary increased from the second quarter of this year, reaching $23.9 million and $6.8 million, respectively. The Temporary’s available amenities also continue to expand, with the on-site sportsbook welcoming its first bets approximately one month ago. We are close to unveiling the last remaining amenity at The Temporary – North Shore Steaks and Seafood, the property’s high-end dining option – which we expect to open at the end of the fourth quarter.

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“Meanwhile, at our Chamonix project in Cripple Creek, Colorado, significant construction continues in advance of the destination’s opening on December 26. Workers are currently installing furniture throughout the hotel. Within the casino, we are about to begin installation of slot bases, followed by the final placement of slot machines throughout November and early December. In our convention space, we recently installed chandeliers in the main ballroom and are preparing to install furniture. We are excited to welcome guests to Chamonix – designed to be the best casino in the state of Colorado – in less than two months.”

On a consolidated basis, revenues in the third quarter of 2023 were $71.5 million, a 72.8% increase from $41.4 million in the prior-year period. These results reflect the February 2023 opening of The Temporary, as well as $5.8 million of accelerated revenue for two sports wagering agreements that ceased operations during the third quarter of 2023. Net income for the third quarter of 2023 was $4.6 million, or $0.13 per diluted common share, which includes $1.1 million of preopening and development costs, primarily related to our Chamonix construction project, and significant depreciation and amortization charges related to The Temporary. In the prior-year period, net loss was $3.6 million, or $(0.10) per diluted common share, reflecting $2.4 million of preopening and development costs. Adjusted EBITDA(a) was $20.6 million in the 2023 third quarter, rising 165.9% from $7.8 million in the prior-year period, reflecting the items mentioned above.

For project renderings and live construction webcams of our Chamonix project, please visit www.ChamonixCO.com.

Third Quarter Highlights and Subsequent Events

  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and The Temporary by American Place. Revenues for the segment were $52.6 million in the third quarter of 2023, a 77.4% increase from $29.6 million in the prior-year period. Adjusted Segment EBITDA rose to $11.8 million, a 110.6% increase from $5.6 million in the prior-year period. These results reflect the February 17, 2023 opening of The Temporary, our newest casino located in Waukegan, Illinois. In the third quarter of 2023, The Temporary generated $23.9 million of revenue and $6.8 million of Adjusted Property EBITDA. We expect The Temporary’s results to continue to increase in the longer-run, as the property’s database continues to expand and marketing, labor and other early costs normalize.

    Excluding results from The Temporary, same-store revenues declined to $28.7 million from $29.6 million. Same-store Adjusted Segment EBITDA declined to $5.0 million from $5.6 million, reflecting increases in insurance costs at Silver Slipper, as well as general increases in labor expenses.

  • West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino, Bronco Billy’s Casino and Hotel and, upon its expected opening in December 2023, will include Chamonix Casino Hotel. Revenues for the segment improved to $11.1 million in the third quarter of 2023, versus $10.7 million in the prior-year period. Adjusted Segment EBITDA was $2.3 million for both periods. Results in both periods reflect the temporary loss of all on-site parking and on-site hotel rooms at Bronco Billy’s to accommodate the construction of neighboring Chamonix. Upon the opening of Chamonix, Bronco Billy’s is expected to benefit from its integration with Chamonix, including its new parking garage and approximately 300 on-site guestrooms.
  • 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 both $7.9 million in the third quarter of 2023, reflecting the contractual launch of our permitted Illinois sports skin in mid-August 2023, which contributed $0.7 million to both revenues and Adjusted Segment EBITDA in the third quarter. These results also include $5.8 million of accelerated revenues related to two sports wagering agreements that ceased operations during the third quarter of 2023.

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

Liquidity and Capital Resources
As of September 30, 2023, we had $84.0 million in cash and cash equivalents, including $58.0 million of cash reserved under our bond indentures to complete the construction of Chamonix. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which become callable at specified premiums beginning in February 2024, and $27.0 million outstanding under our revolving credit facility.

Conference Call Information
We will host a conference call for investors today, November 8, 2023, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2023 third 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.

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A replay of the conference call will be available shortly after the conclusion of the call through November 22, 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 13742216.

(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 disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

Same-store Adjusted Segment EBITDA. Same-store Adjusted Segment EBITDA is Adjusted Segment EBITDA further adjusted to exclude the Adjusted Property EBITDA of properties that have not been in operation for a full year. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset 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.

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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   Nine Months Ended
    September 30,    September 30, 
       2023   2022      2023   2022
Revenues                        
Casino   $ 50,240     $ 29,721     $ 131,586     $ 88,293  
Food and beverage     9,086       6,811       25,419       20,255  
Hotel     2,560       2,490       7,052       7,076  
Other operations, including contracted sports wagering     9,657       2,371       16,974       11,575  
      71,543       41,393       181,031       127,199  
Operating costs and expenses                        
Casino     19,437       10,292       49,771       30,273  
Food and beverage     8,330       6,814       24,815       20,134  
Hotel     1,164       1,256       3,611       3,524  
Other operations     691       587       1,878       1,594  
Selling, general and administrative     22,017       15,218       61,823       44,795  
Project development costs, net     21       (149 )     45       33  
Preopening costs     1,051       2,594       12,634       4,914  
Depreciation and amortization     8,468       2,386       22,482       6,012  
Loss on disposal of assets     7             7       3  
      61,186       38,998       177,066       111,282  
Operating income     10,357       2,395       3,965       15,917  
Other (expense) income                        
Interest expense, net     (5,867 )     (5,838 )     (16,319 )     (19,225 )
Loss on modification of debt           (105 )           (4,530 )
Gain on settlements     29             384        
      (5,838 )     (5,943 )     (15,935 )     (23,755 )
Income (loss) before income taxes     4,519       (3,548 )     (11,970 )     (7,838 )
Income tax (benefit) provision     (74 )     29       452       (16 )
Net income (loss)   $ 4,593     $ (3,577 )   $ (12,422 )   $ (7,822 )
                         
Basic earnings (loss) per share   $ 0.13     $ (0.10 )   $ (0.36 )   $ (0.23 )
Diluted earnings (loss) per share   $ 0.13     $ (0.10 )   $ (0.36 )   $ (0.23 )
                         
Basic weighted average number of common shares outstanding     34,583       34,390       34,497       34,339  
Diluted weighted average number of common shares outstanding     36,673       34,479       34,497       34,399  


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Full House Resorts, Inc. and Subsidiaries

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

    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
       2023      2022      2023      2022
Revenues                        
Midwest & South   $ 52,553     $ 29,620     $ 143,267     $ 92,501  
West     11,085       10,675       27,297       28,600  
Contracted Sports Wagering     7,905       1,098       10,467       6,098  
    $ 71,543     $ 41,393     $ 181,031     $ 127,199  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 11,750     $ 5,578     $ 31,830     $ 21,816  
West     2,308       2,316       2,538       4,508  
Contracted Sports Wagering     7,852       1,083       10,373       6,047  
Adjusted Segment EBITDA     21,910       8,977       44,741       32,371  
Corporate     (1,280 )     (1,219 )     (3,479 )     (4,130 )
Adjusted EBITDA   $ 20,630     $ 7,758     $ 41,262     $ 28,241  

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



Full House Resorts, Inc. and Subsidiaries

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

    Three Months Ended         Nine Months Ended      
    September 30,    Increase /   September 30,    Increase /
Reporting segments      2023      2022      (Decrease)      2023      2022      (Decrease)
Midwest & South                                            
Midwest & South
same-store total revenues(1)
  $ 28,663     $ 29,620     (3.2 ) %   $ 88,629     $ 92,501     (4.2 ) %
The Temporary by American Place     23,890           N.M.         54,638           N.M.    
Midwest & South total revenues   $ 52,553     $ 29,620     77.4   %   $ 143,267     $ 92,501     54.9   %
                                                 
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 4,966     $ 5,578     (11.0 ) %   $ 17,341     $ 21,816     (20.5 ) %
The Temporary by American Place     6,784           N.M.         14,489           N.M.    
Midwest & South
Adjusted Segment EBITDA
  $ 11,750     $ 5,578     110.6   %   $ 31,830     $ 21,816     45.9   %
                                                 
Contracted Sports Wagering                                                
Contracted Sports Wagering
same-store total revenues(2)
  $ 1,370     $ 1,098     24.8   %   $ 3,932     $ 4,457     (11.8 ) %
Accelerated revenues due to
contract terminations(3)
    5,794           N.M.         5,794       1,641     253.1   %
Illinois     741           N.M.         741           N.M.    
Contracted Sports Wagering
total revenues
  $ 7,905     $ 1,098     619.9   %   $ 10,467     $ 6,098     71.6   %
                                                 
Contracted Sports Wagering same-store
Adjusted Segment EBITDA(2)
  $ 1,336     $ 1,083     23.4   %   $ 3,857     $ 4,406     (12.5 ) %
Accelerated revenues due to
contract terminations(3)
    5,794           N.M.         5,794       1,641     253.1   %
Illinois     722           N.M.         722           N.M.    
Contracted Sports Wagering
Adjusted Segment EBITDA
  $ 7,852     $ 1,083     625.0   %   $ 10,373     $ 6,047     71.5   %

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

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Full House Resorts, Inc. and Subsidiaries

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

  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2023   2022   2023   2022
Net income (loss) $ 4,593     $ (3,577 )   $ (12,422 )   $ (7,822 )
Income tax (benefit) provision   (74 )     29       452       (16 )
Interest expense, net   5,867       5,838       16,319       19,225  
Loss on modification of debt         105             4,530  
Gain on settlements   (29 )           (384 )      
Operating income   10,357       2,395       3,965       15,917  
Project development costs, net   21       (149 )     45       33  
Preopening costs   1,051       2,594       12,634       4,914  
Depreciation and amortization   8,468       2,386       22,482       6,012  
Loss on disposal of assets   7             7       3  
Stock-based compensation   726       532       2,129       1,362  
Adjusted EBITDA $ 20,630     $ 7,758     $ 41,262     $ 28,241  



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 September 30, 2023
                                                Adjusted
                                                Segment
    Operating   Depreciation   Loss on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                                
Midwest & South   $ 4,156     $ 7,828     $ 7     $     $ (241 )   $     $ 11,750  
West     406       610                   1,292             2,308  
Contracted Sports Wagering     7,852                                     7,852  
      12,414       8,438       7             1,051             21,910  
Other operations                                                
Corporate     (2,057 )     30             21             726       (1,280 )
    $ 10,357     $ 8,468     $ 7     $ 21     $ 1,051     $ 726     $ 20,630  
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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                                        
Midwest & South   $ 2,062     $ 1,279     $     $ 2,237     $     $ 5,578  
West     1,138       821             357             2,316  
Contracted Sports Wagering     1,083                               1,083  
      4,283       2,100             2,594             8,977  
Other operations                                        
Corporate     (1,888 )     286       (149 )           532       (1,219 )
    $ 2,395     $ 2,386     $ (149 )   $ 2,594     $ 532     $ 7,758  



Full House Resorts, Inc. and Subsidiaries

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

Nine Months Ended September 30, 2023
                                                  Adjusted
                                                  Segment
    Operating   Depreciation   Loss on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                                  
Midwest & South   $ 1,322     $ 20,640     $ 7     $     $ 9,861     $     $ 31,830  
West     (1,985 )     1,750                   2,773             2,538  
Contracted Sports Wagering     10,373                                     10,373  
      9,710       22,390       7             12,634             44,741  
Other operations                                                  
Corporate     (5,745 )     92             45             2,129       (3,479 )
    $ 3,965     $ 22,482     $ 7     $ 45     $ 12,634     $ 2,129     $ 41,262  

Nine Months Ended September 30, 2022
                  Loss /                           Adjusted
                  (gain)                           Segment
    Operating   Depreciation   on   Project       Stock-   EBITDA and
    Income   and   Disposal   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Reporting segments                                                  
Midwest & South   $ 14,088     $ 3,831     $ 8     $     $ 3,889     $     $ 21,816  
West     1,655       1,833       (5 )           1,025             4,508  
Contracted Sports
Wagering
    6,047                                     6,047  
      21,790       5,664       3             4,914             32,371  
Other operations                                                  
Corporate     (5,873 )     348             33             1,362       (4,130 )
    $ 15,917     $ 6,012     $ 3     $ 33     $ 4,914     $ 1,362     $ 28,241  


Cautionary Note Regarding Forward-looking Statements
This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including The Temporary; and our expectations regarding the operation and usage of our available idle sports skins. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay our substantial indebtedness; inflation and its potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; our ability to complete Chamonix or other construction projects, including American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including Chamonix and 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.

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About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. Our 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. We are currently constructing Chamonix Casino Hotel, a new luxury hotel and casino expected to open in December 2023 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

Nasdaq:FLL

Full House Resorts Announces Appointment of Joshua Le Duff as Senior Vice President and Chief Marketing Officer

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LAS VEGAS, May 13, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) (the “Company”) today announced that it has named Joshua Le Duff as its Senior Vice President and Chief Marketing Officer, subject to customary gaming approvals.

Mr. Le Duff has extensive marketing experience in the casino industry, including in regional casino gaming markets. Most recently, he served as Vice President of Marketing at Pala Casino Spa Golf Resort, a AAA Four Diamond property and one of Southern California’s top casino destinations. At Pala, he led a reimagining of the property’s reinvestment strategy, driving revenue growth and improved marketing returns. He also guided the evolution of the property’s marketing technology, launching Pala’s guest-facing digital platforms, including its mobile app. Earlier in his career, Mr. Le Duff held a range of leadership positions at Isle of Capri Casinos, including Vice President of Marketing, where he supported brand and database growth prior to the company’s acquisition by Eldorado Resorts. Mr. Le Duff holds a bachelor’s degree in political science from the University of California, Los Angeles, and a master’s degree in business administration from the University of Michigan’s Ross School of Business.

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 29,940 restricted shares to Mr. Le Duff. Subject to his continuing service through the vesting dates, one-third of the total number of shares granted will vest on each of May 12, 2026, 2027, and 2028, the anniversary dates of Mr. Le Duff’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. Le Duff’s entry into employment with the Company.

Cautionary Note Regarding Forward-looking Statements
This press release may contain statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, dependence on existing management, competition, uncertainties over the development and success of our acquisition and expansion projects, the financial performance of our finished projects and renovations, general macroeconomic conditions, legal risks, and regulatory and business conditions in the gaming industry. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; 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.

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

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Nasdaq:FLL

FULL HOUSE RESORTS ANNOUNCES FIRST QUARTER RESULTS

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– Revenues Increased 7.3% in the First Quarter of 2025

– American Place Casino Achieved a New Property Record in March 2025,
Reaching $10.9 Million of Monthly Gaming Revenue

– Revenues from Our Colorado Operations Increased 33.9% in the First Quarter of 2025

– Silver Slipper Benefited from New Leadership and Operational Improvements

LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2025.

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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.”

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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.

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Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

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.


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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.


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

    Three Months Ended
    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  


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Cautionary Note Regarding Forward-looking Statements
This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include details regarding our growth projects, including our expected construction budgets, estimated commencement and completion dates, and expected amenities; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding 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

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Nasdaq:FLL

Full House Resorts Announces First Quarter Earnings Release Date

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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

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