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Nasdaq:FLL

Full House Resorts Announces Fourth Quarter Earnings Release Date

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

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

Forward-looking Statements
This press release may contain statements by Full House Resorts, Inc. that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the SEC, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Actual results may differ materially from those indicated in the forward-looking statements.

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

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

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Nasdaq:FLL

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

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

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

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

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

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

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

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

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

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

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

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

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Nasdaq:FLL

Full House Resorts Announces Strong Third Quarter Results

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– 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

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Nasdaq:FLL

Chamonix Casino Hotel Announces Reservations Are Now Open

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chamonix-casino-hotel-announces-reservations-are-now-open

The Casino and Hotel will officially open on December 26, 2023

CRIPPLE CREEK, Colo., Nov. 03, 2023 (GLOBE NEWSWIRE) — Chamonix Casino Hotel announced today that hotel reservations for Colorado’s newest casino destination are now open. The 300-room hotel will feature the first luxury guest rooms in the Cripple Creek market, skillfully blending the comfort and charm of Colorado with European elegance. Both the casino and hotel are scheduled to open to the public on December 26, 2023.

Located adjacent to our existing Bronco Billy’s Casino, Chamonix will feature a spacious, new, stylish and exciting casino gaming area; a fine-dining restaurant operated by Barry Dakake, a celebrated chef known for leading several steakhouses in Las Vegas; a rooftop pool and high-end spa; entertainment and meeting space, including a 5,100-square-foot ballroom; and approximately 300 luxurious guest rooms and VIP suites. Fireplaces, soaking tubs, and balconies with spectacular views of The Rockies are just some of the highlights awaiting discovery in many of Chamonix’s guest rooms.

Guests can also experience Pikes Peak and the surrounding area’s natural beauty by hiking, mountain biking, rock climbing, fishing, fossil hunting, and exploring local gold-mining operations and historic railways.

“We are so incredibly proud and excited to unveil this beautiful property,” said Baxter Lee, General Manager of Chamonix Casino and Hotel. “Cripple Creek is an area with a rich history that we wanted to honor with this new property. We set out to create a casino and hotel that the residents of this town can be proud of. I’m excited to officially open our doors in December and show off all our hard work. Reserve your room today; this will be a special place you will want to visit.”

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

About Chamonix Casino and Hotel
Scheduled to open on December 26, 2003, Chamonix Casino and Hotel will feature a stylish new casino, extensive entertainment and meeting space, and a new fine dining steakhouse. Guests will also be able to enjoy a luxurious hotel that will include a variety of guest rooms, including several two-story suites, rooftop pool, and soon-to-open spa. Located in historic Cripple Creek, Colorado, the property blends the comfort of Colorado with European elegance creating a unique experience unlike anything else in the state. For more information, visit www.ChamonixCO.com.

About Full House Resorts, Inc.
Full House Resorts (Nasdaq: FLL) owns, leases, develops and operates gaming facilities throughout the country. Our properties include 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 scheduled to open in December 2023 in Cripple Creek, Colorado. For further information, please visit www.fullhouseresorts.com.

Forward-looking Statements
This press release may contain statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include those regarding Chamonix’s expected opening date and expected amenities. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to complete Chamonix on-time and on-budget. 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.

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

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