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European Gaming Congress 2024

Nasdaq:FLL

Full House Resorts Announces Fourth Quarter and Full-Year Results

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

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

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

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

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

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

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

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

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

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

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

Fourth Quarter Highlights and Subsequent Events

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

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

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

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

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

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

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

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

Conference Call Information
We will host a conference call for investors today, March 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2023 fourth quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.

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

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(a) Reconciliation of Non-GAAP Financial Measures
Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

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

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

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

Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

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Full House Resorts, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)

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

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

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

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

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

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

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

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

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


Full House Resorts, Inc. and Subsidiaries

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

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

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


Full House Resorts, Inc. and Subsidiaries

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

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


Cautionary Note Regarding Forward-looking Statements

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

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

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

Nasdaq:FLL

Full House Resorts Announces New Leadership for Rising Star Casino Resort

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LAS VEGAS, Nov. 15, 2024 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) (the “Company”) today announced that it has named Jeff Michie as vice president and general manager of its Rising Star Casino Resort in Rising Sun, Indiana, subject to customary gaming approvals. Mr. Michie will replace Angi Truebner-Webb who, as previously reported, will become the general manager of the Company’s Silver Slipper Casino Hotel in Hancock County, Mississippi.

Mr. Michie joins Rising Star from Casino del Sol, a large casino resort in Tucson, Arizona. As the chief financial officer of Casino del Sol, Mr. Michie oversaw the property’s finance, surveillance and golf course departments. Mr. Michie has also served in senior management positions at several casinos that directly compete with Rising Star, including as the senior vice president of operations and finance of Hard Rock Casino Cincinnati, and as assistant general manager and CFO for Belterra Casino Resort & Spa. During his extensive career, Mr. Michie has also served as general manager for several properties, including the Belle of Baton Rouge Casino & Hotel in Baton Rouge, Louisiana, and the Horizon Casino & Hotel in Vicksburg, Mississippi. He earned his bachelor’s degree in finance and public administration from San Diego State University. He has also been a long-time resident of nearby Lawrenceburg, Indiana.

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 19,921 restricted shares to Mr. Michie. Subject to his continuing service through the vesting dates, one-third of the total number of shares granted will vest on each of November 11, 2025, 2026, and 2027, the anniversary dates of Mr. Michie’s commencement of employment and the grant of restricted shares.

Additionally, in connection with their hirings, the Compensation Committee approved grants of inducement equity awards to two additional employees: Kimberly Bender and Katelynn May were each granted 4,107 restricted shares. For both Ms. Bender and Ms. May, one-third of the total number of shares granted will vest on each of November 12, 2025, 2026, and 2027, subject to their continuing service through the vesting dates, which are the anniversary dates of the grants of restricted shares.

The awards were granted outside of the Company’s 2015 Equity Incentive Plan and were approved by the Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to the above individuals’ entry into employment with the Company.

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Forward-looking Statements
This press release contains 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. 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 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. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com.

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

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Nasdaq:FLL

Full House Resorts Announces Third Quarter Results

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

– Revenues Increased Significantly Compared to the Third Quarter of 2023

– Chamonix Casino Hotel Celebrated Its Official Grand Opening This Past Weekend

– American Place Casino Continued Its Expected Ramp-Up of Operations,
With Revenues Rising 17.7% in the Third Quarter of 2024

– Agreed to Sell Stockman’s Casino for $9.2 Million

LAS VEGAS, Nov. 06, 2024 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2024.

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On a consolidated basis, revenues in the third quarter of 2024 were $75.7 million. Revenues in the prior-year period were $71.5 million, which included $5.8 million from the accelerated recognition of deferred revenue from two sports wagering agreements. Net loss for the third quarter of 2024 was $8.5 million, or $(0.24) per diluted common share, which includes $0.1 million of preopening and development costs, a $2.0 million gain on the sale of Stockman’s Casino, and depreciation and amortization charges related to our new American Place and Chamonix facilities. In the prior-year period, net income was $4.6 million, or $0.13 per diluted common share, reflecting $1.1 million of preopening and development costs and $5.8 million related to the accelerated recognition of deferred revenue. Adjusted EBITDA(a) of $11.7 million in the third quarter of 2024 reflects strong continued growth at American Place, as well as elevated costs at Chamonix as it continues to ramp-up its operations. In the prior-year period, Adjusted EBITDA was $20.6 million, benefiting from the accelerated recognition of deferred revenue noted above.

“American Place continued its meaningful growth during the third quarter of 2024,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “This still relatively-new property, which opened in February 2023, grew revenues and Adjusted Property EBITDA by 17.7% and 13.6%, respectively. We look forward to further growth at American Place in 2025 and beyond.

“At our expanded operations in Cripple Creek, Colorado,” continued Mr. Lee, “gaming revenues continued to set new monthly records, resulting in a 115% increase during the current quarter when compared to the prior-year period. Hotel occupancy rose dramatically during the third quarter, reaching 88.5% in September 2024 as guests discover – and revisit – our new casino hotel. For comparison, hotel occupancy averaged approximately 52% in the second quarter of 2024. Total revenues from our Colorado operations rose 178% from the third quarter of 2023.

“These revenue gains were despite the lack of a large-scale marketing campaign. Such a campaign was largely on hold until recently, when construction was complete. Accordingly, awareness of Chamonix remains in the early stages in the key markets of Colorado Springs and Denver. This past weekend, we celebrated Chamonix’s official Grand Opening with a VIP party, complete with major celebrity entertainment. This week, as political ad spending wanes, we will commence our first post-opening awareness campaign for Chamonix. We believe Chamonix is an unparallelled casino for the region. We remain confident in its earnings potential over the coming quarters and in the longer-term.

“We also remain excited for our future permanent American Place facility. Construction of such casino is on hold, pending litigation that we believe will be resolved in the next few quarters.

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“While our temporary casino is performing very well, we think the permanent casino will perform much better. Another gaming company in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to our market in Lake County. That temporary casino recently transitioned into a permanent facility and the early results have been very strong. In September 2024, for example, the Illinois Gaming Board reported that the permanent Rockford casino’s gaming revenues were $13.7 million, a 139% increase from $5.7 million produced in September 2023 in a temporary facility. Their revenue growth reinforces our excitement for our own transition from our temporary American Place casino, which we are currently permitted to operate until August 2027, into a permanent casino facility.”

Third Quarter Highlights and Subsequent Events

  • Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. Revenues for the segment were $54.5 million in the third quarter of 2024, a 3.7% increase from $52.6 million in the prior-year period. Adjusted Segment EBITDA was $10.2 million, a 12.8% decrease from $11.8 million in the prior-year period. These results reflect continuing growth at American Place, but an active storm season in the Silver Slipper’s Mississippi Gulf Coast area, where several significant storms during the third quarter of 2024 adversely impacted visitation to the property. In the third quarter of 2024, American Place generated $28.1 million of revenue and $7.7 million of Adjusted Property EBITDA, or increases of 17.7% and 13.6%, respectively, compared to the third quarter of 2023.

    As noted in the press, we recently began exploring the potential relocation of our Rising Star Casino Resort from Rising Sun to other locations within Indiana. Any potential relocation requires the state legislature’s approval and would require several years to take effect.

  • 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 began its phased opening on December 27, 2023. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, and are operated as a single entity. Revenues for the segment rose 74.9% to $19.4 million in the third quarter of 2024, versus $11.1 million in the prior-year period. Reflecting the high operating expenses of our new casino in Colorado that was not yet fully open, Adjusted Segment EBITDA was $1.2 million in the third quarter of 2024, versus $2.3 million in the prior-year period. Such opening costs include the training of new employees, as well as the cost of operating many amenities at the new resort while continuing to complete construction. As noted above, Chamonix recently celebrated its official Grand Opening last weekend and its broader advertising program is just commencing.

    On July 1, 2024, Gaming Entertainment (Nevada) LLC, our wholly-owned subsidiary that operates Grand Lodge Casino, entered into a Seventh Amendment to Casino Operations Lease (the “Amendment”) with Incline Hotel LLC (the “Landlord”). Prior to the Amendment, Grand Lodge’s casino lease was scheduled to expire on December 31, 2024. The Amendment extends the term of the lease by ten years to December 31, 2034; increases annual rent from $2,000,000 in 2024 to $2,010,857 for 2025, followed by annual increases of 2% for the remainder of the term; and makes certain other conforming changes. The new longer-term lease can be cancelled prior to its expiration on terms specified in the lease. We first began operating the Grand Lodge casino under a short-term lease in 2011. That lease had been extended several times, reflecting the ongoing and excellent relationship between us and the operators of the hotel.

    On August 28, 2024, we entered into an agreement with privately-owned Clarity Game LLC (“Clarity”) to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain expected 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 on September 27, 2024; and the sale of certain remaining operating assets for $2.2 million (excluding any expected positive adjustments for working capital), upon the receipt of customary gaming approvals. Upon completion of the second phase, we will transfer all of Stockman’s daily operations to Clarity. During the third quarter of 2024, we recognized a $2.0 million gain from the sale of Stockman’s real property.

  • Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA in the third quarter of 2024 were $1.8 million and $2.0 million, respectively. Results during the current quarter reflect the absence of a sports wagering agreement that ceased operating in Colorado after April 2024, as well as the recapture of earnings from prior period losses due to a settlement agreement in Indiana in July 2024. In the third quarter of 2023, revenues and Adjusted Segment EBITDA were both $7.9 million, reflecting $5.8 million of accelerated revenues related to two sports wagering agreements that ceased operations during that quarter.

Liquidity and Capital Resources
As of September 30, 2024, we had $33.6 million in cash and cash equivalents, including $7.7 million of cash reserved under our bond indentures to complete the construction of Chamonix. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which became callable at specified premiums in February 2024, and $27.0 million outstanding under our revolving credit facility.

Conference Call Information
We will host a conference call for investors today, November 6, 2024, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2024 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.

A replay of the conference call will be available shortly after the conclusion of the call through November 13, 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 13748672.

(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 condensed 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.

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

Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

Full House Resorts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)

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    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2024   2023   2024   2023
Revenues                        
Casino   $ 56,116     $ 50,240     $ 162,474     $ 131,586  
Food and beverage     11,100       9,086       31,272       25,419  
Hotel     4,693       2,560       11,287       7,052  
Other operations, including contracted sports wagering     3,778       9,657       14,070       16,974  
      75,687       71,543       219,103       181,031  
Operating costs and expenses                        
Casino     22,582       19,437       63,876       49,771  
Food and beverage     11,561       8,330       32,035       24,815  
Hotel     3,160       1,164       7,706       3,611  
Other operations     610       691       2,391       1,878  
Selling, general and administrative     26,738       22,017       76,958       61,823  
Project development costs     52       21       55       45  
Preopening costs     42       1,051       2,462       12,634  
Depreciation and amortization     10,493       8,468       31,444       22,482  
Loss on disposal of assets           7       18       7  
Gain on sale of Stockman’s     (2,000 )           (2,000 )      
      73,238       61,186       214,945       177,066  
Operating income     2,449       10,357       4,158       3,965  
Other (expense) income                        
Interest expense, net     (11,047 )     (5,867 )     (32,320 )     (16,319 )
Gain on settlements           29             384  
      (11,047 )     (5,838 )     (32,320 )     (15,935 )
(Loss) income before income taxes     (8,598 )     4,519       (28,162 )     (11,970 )
Income tax (benefit) provision     (126 )     (74 )     211       452  
Net (loss) income   $ (8,472 )   $ 4,593     $ (28,373 )   $ (12,422 )
                         
Basic (loss) earnings per share   $ (0.24 )   $ 0.13     $ (0.82 )   $ (0.36 )
Diluted (loss) earnings per share   $ (0.24 )   $ 0.13     $ (0.82 )   $ (0.36 )
                         
Basic weighted average number of common shares outstanding     34,944       34,583       34,749       34,497  
Diluted weighted average number of common shares outstanding     34,944       36,673       34,749       34,497  
                                 


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, 
       2024    2023    2024    2023
Revenues                        
Midwest & South   $ 54,510     $ 52,553     $ 164,599     $ 143,267  
West     19,387       11,085       47,571       27,297  
Contracted Sports Wagering     1,790       7,905       6,933       10,467  
    $ 75,687     $ 71,543     $ 219,103     $ 181,031  
Adjusted Segment EBITDA(1) and Adjusted EBITDA                        
Midwest & South   $ 10,249     $ 11,750     $ 35,206     $ 31,830  
West     1,198       2,308       1,928       2,538  
Contracted Sports Wagering     2,037       7,852       6,549       10,373  
Adjusted Segment EBITDA     13,484       21,910       43,683       44,741  
Corporate     (1,742 )     (1,280 )     (5,391 )     (3,479 )
Adjusted EBITDA   $ 11,742     $ 20,630     $ 38,292     $ 41,262  

__________
(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)

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    Three Months Ended         Nine Months Ended      
    September 30,    Increase /     September 30,    Increase /  
Reporting segments    2024    2023    (Decrease)      2024    2023    (Decrease)  
Midwest & South                                            
Midwest & South
same-store total revenues(1)
  $ 26,385     $ 28,663       (7.9 ) %   $ 83,422     $ 88,629       (5.9 ) %
American Place     28,125       23,890       17.7   %     81,177       54,638       48.6   %
Midwest & South total revenues   $ 54,510     $ 52,553       3.7   %   $ 164,599     $ 143,267       14.9   %
                                                 
Midwest & South same-store
Adjusted Segment EBITDA(1)
  $ 2,543     $ 4,966       (48.8 ) %   $ 12,533     $ 17,341       (27.7 ) %
American Place     7,706       6,784       13.6   %     22,673       14,489       56.5   %
Midwest & South
Adjusted Segment EBITDA
  $ 10,249     $ 11,750       (12.8 ) %   $ 35,206     $ 31,830       10.6   %
                                                 
Contracted Sports Wagering                                                
Contracted Sports Wagering
same-store total revenues(2)
  $ 315     $ 1,370       (77.0 ) %   $ 1,690     $ 3,932       (57.0 ) %
Accelerated revenues due to
contract terminations(3)
          5,794       N.M.         893       5,794       (84.6 ) %
Illinois     1,475       741       99.1   %     4,350       741       487.0   %
Contracted Sports Wagering
total revenues
  $ 1,790     $ 7,905       (77.4 ) %   $ 6,933     $ 10,467       (33.8 ) %
                                                 
Contracted Sports Wagering same-store
Adjusted Segment EBITDA(2)
  $ 620     $ 1,336       (53.6 ) %   $ 1,448     $ 3,857       (62.5 ) %
Accelerated revenues due to
contract terminations(3)
          5,794       N.M.         893       5,794       (84.6 ) %
Illinois     1,417       722       96.3   %     4,208       722       482.8   %
Contracted Sports Wagering
Adjusted Segment EBITDA
  $ 2,037     $ 7,852       (74.1 ) %   $ 6,549     $ 10,373       (36.9 ) %

__________
N.M. Not meaningful.
(1) Same-store operations exclude results from American Place, which opened on February 17, 2023.
(2) Same-store operations exclude results from Illinois, which contractually commenced on August 15, 2023. For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations.
(3) For enhanced comparability, we also excluded accelerated revenues due to contract terminations from same-store operations. Such adjustments reflect one sports skin that ceased operations in the second quarter of 2024, and two sports skins that ceased operations in the third quarter of 2023.

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

                       
  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2024   2023   2024   2023
Net (loss) income $ (8,472 )   $ 4,593     $ (28,373 )   $ (12,422 )
Income tax (benefit) provision   (126 )     (74 )     211       452  
Interest expense, net   11,047       5,867       32,320       16,319  
Gain on settlements         (29 )           (384 )
Operating income   2,449       10,357       4,158       3,965  
Project development costs   52       21       55       45  
Preopening costs   42       1,051       2,462       12,634  
Depreciation and amortization   10,493       8,468       31,444       22,482  
Loss on disposal of assets         7       18       7  
Gain on sale of Stockman’s   (2,000 )           (2,000 )      
Stock-based compensation   706       726       2,155       2,129  
Adjusted EBITDA $ 11,742     $ 20,630     $ 38,292     $ 41,262  
                               


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

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Three Months Ended September 30, 2024
                                              Adjusted
                                              Segment
    Operating   Depreciation   Gain on   Project       Stock-   EBITDA and
    Income   and   Sale of   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   Stockman’s   Costs   Costs   Compensation   EBITDA
Reporting segments                                                
Midwest & South   $ 4,091     $ 6,158     $     $     $     $     $ 10,249  
West     (1,141 )     4,297       (2,000 )           42             1,198  
Contracted Sports Wagering     2,037                                     2,037  
      4,987       10,455       (2,000 )           42             13,484  
Other operations                                                
Corporate     (2,538 )     38             52             706       (1,742 )
    $ 2,449     $ 10,493     $ (2,000 )   $ 52     $ 42     $ 706     $ 11,742  

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  
                                                         


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, 2024
                                                        Adjusted
                                                        Segment
    Operating   Depreciation   Loss on   Gain on   Project       Stock-   EBITDA and
    Income   and   Disposal   Sale of   Development   Preopening   Based   Adjusted
    (Loss)   Amortization   of Assets   Stockman’s   Costs   Costs   Compensation   EBITDA
Reporting segments                                                        
Midwest & South   $ 16,134     $ 18,935     $ 18     $     $     $ 119     $     $ 35,206  
West     (10,827 )     12,412             (2,000 )           2,343             1,928  
Contracted
Sports Wagering
    6,549                                           6,549  
      11,856       31,347       18       (2,000 )           2,462             43,683  
Other operations                                                        
Corporate     (7,698 )     97                   55             2,155       (5,391 )
    $ 4,158     $ 31,444     $ 18     $ (2,000 )   $ 55     $ 2,462     $ 2,155     $ 38,292  

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  
                                                         


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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 those regarding our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including its permanent facility; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the potential relocation of Rising Star to another location in Indiana, including the legislative and approval processes; and our expectations regarding the operation and performance of our other properties and segments. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; inflation and its potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; our ability to complete construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place or the potential relocation of Rising Star; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

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

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

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Nasdaq:FLL

Full House Resorts Announces Third Quarter Earnings Release Date

Published

on

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

LAS VEGAS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Full House Resorts (NASDAQ: FLL) announced today that it will report its third quarter 2024 financial results on Wednesday, November 6, 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 November 13, 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 13748672.

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; 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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