Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the third quarter ended September 30, 2022, including a
construction update for its two major new casinos.
“We continue to make progress on our two new casinos, with the
first of them on the verge of opening,” said
Daniel R. Lee, President and Chief Executive Officer of
Full House Resorts. “In Waukegan, Illinois, we are installing décor
and are preparing for the installation of slot machines this week.
We expect to have our entire slot floor installed and ready for
testing before the end of November. The testing of the slot
machines, surveillance systems and other technology is a
complicated process. Imagine connecting 1,000 slot machines,
from several different manufacturers, through many miles of
low-voltage wiring to central servers — and ensuring that every
machine operates flawlessly. This process usually takes several
weeks and is the principal uncertainty in our opening date. Our
hiring process is ramping up, with approximately 400 outstanding
offers already made. As with all new casino openings, we have an
extensive checklist to complete prior to welcoming our first
customers. Therefore, while the Company expects to open the casino
within the next three months, the precise opening date is still
uncertain. When The Temporary opens, it will be the only casino in
Lake County, Illinois, which has a population of approximately
700,000 and ranks as one of the wealthiest counties in the U.S.
“At our Chamonix project in Cripple Creek, Colorado,
construction reached its ‘topping off’ milestone back in
September,” continued Mr. Lee. “Chamonix’s construction
continues at a meaningful pace, with glass now being installed on
the façade and drywall within the building. When complete, Chamonix
will be one of the larger casino hotels in Colorado and the largest
and most luxurious casino hotel in Cripple Creek, which is the
primary casino destination for the Colorado Springs market. Cripple
Creek is approximately one hour from the roughly one million people
who live in the Colorado Springs metropolitan area and
two hours from the approximately four million people who
reside in the Denver area.”
For project renderings and live construction webcams, please
visit www.AmericanPlace.com and www.ChamonixCO.com.
“Our anticipated investments in both of these growth projects
remain within budgets,” added Lewis Fanger, the Company’s
Chief Financial Officer. “Importantly in these difficult capital
markets, we remain confident that our cash balances, cash flows
from operations, and credit line availability will be sufficient to
complete both The Temporary and Chamonix. At
September 30, 2022, we had $241.8 million of cash,
including $156.1 million of cash that is reserved for the
completion of Chamonix. We also have a $40 million credit
facility, which remains undrawn.”
On a consolidated basis, revenues in the third quarter of 2022
were $41.4 million, a decrease from $47.2 million in the
prior-year period. Net loss for the third quarter of 2022 was
$3.6 million, or a loss of $0.10 per diluted common share,
which includes $2.4 million of preopening and development
costs. In the prior-year period, net income was $4.6 million,
or $0.13 per diluted common share, including $335,000 of preopening
and development costs. Adjusted EBITDA(a) in the 2022
third quarter was $7.8 million versus $13.6 million
in the prior-year period. The change reflects timing differences
for Rising Star’s $2.1 million sale of “free play” (which
occurred in the third quarter of the prior year, but in the second
quarter of 2022); the wide distribution of government stimulus
checks in the prior year; construction disruptions at Bronco
Billy’s; the launch of competing online sports wagering in
Louisiana; and increases in certain expenses, notably for property
insurance and food costs.
Third Quarter Highlights and Subsequent
Events
- Mississippi.
Silver Slipper Casino and Hotel’s revenues were $20.0 million
in the third quarter of 2022, versus $21.5 million in the
prior-year period. The prior-year period was one of the best
quarters in the property’s history, having benefited from the
distribution of government stimulus checks, and thus making for a
difficult comparison. The revenue decline also reflects the
competitive launch of online sports wagering within nearby
Louisiana that started in January 2022, with the property’s
on-site sports wagering revenues declining by $0.3 million in
the third quarter of 2022. Adjusted Segment EBITDA was
$4.2 million, reflecting the revenue declines noted above, as
well as an increase in operating expenses, including increases of
$0.5 million each for property insurance and food costs.
Management believes that its property insurance costs relative to
income will be lower in future years, as the Company’s diversity
improves and it becomes less reliant on the Silver Slipper.
Adjusted Segment EBITDA was $6.5 million in the prior-year
period.
- Indiana. Rising Star Casino Resort’s revenues
were $9.6 million in the third quarter of 2022, compared to
$12.6 million in the third quarter of 2021. The decrease was
primarily due to the timing of Rising Star’s annual sale of “free
play,” which resulted in $2.1 million of revenue and income in
the prior-year’s third quarter. This year, Rising Star sold its
“free play,” also for $2.1 million, during the second quarter.
As with the Company’s other casinos, Rising Star benefited from the
distribution of government stimulus checks in the prior-year
period. Additionally, a competitor with “historical racing
machines” (which are a form of slot machine) opened in
September 2022. Adjusted Segment EBITDA was $1.3 million
in the third quarter of 2022. For the prior-year period, which
included the $2.1 million sale of free play noted above,
Adjusted Segment EBITDA was $3.8 million.
- Colorado. This
segment includes Bronco Billy’s Casino and Hotel and, upon its
opening, Chamonix Casino Hotel. The Colorado gaming market,
including Cripple Creek, has shown significant growth since betting
limits were eliminated in May 2021. Bronco Billy’s, however,
has incurred significant construction disruption, including
temporarily-reduced gaming and restaurant capacity and the
temporary absence of all on-site hotel rooms and on-site
self-parking. To alleviate the lack of on-site parking, Bronco
Billy’s currently offers complimentary valet parking and a free
shuttle service to an off-site parking lot, both of which result in
increased operating expenses. The casino has also maintained much
of its payroll, despite reduced activity levels, anticipating the
need for the larger workforce required to open and operate
Chamonix. Somewhat offsetting this, some expenses, such as gaming
taxes and the cost of food and beverages, vary with activity
levels. Revenues were $4.4 million in the third quarter of
2022, versus $6.3 million in the prior-year period. Adjusted
Segment EBITDA was $36,000, versus $1.5 million. We expect to
complete the refurbishment of Bronco Billy’s gaming space near
year-end, and to augment its restaurant capacity in the first
quarter of 2023. When Chamonix opens in mid-2023, Bronco Billy’s
will share the significant on-site parking garage, valet and
surface parking capacity of the new casino, and also benefit from
Chamonix’s adjoining 300-guestroom hotel.
- Nevada. This segment consists of the Grand
Lodge Casino, which is located within the Hyatt Regency Lake Tahoe
luxury resort in Incline Village, and Stockman’s Casino, which is
located in Fallon, Nevada. Revenues were $6.3 million in the
third quarter of 2022, a 22.6% increase from $5.1 million
in the prior-year period. Grand Lodge Casino benefited from a
7.8 percentage-point increase in the table games hold
percentage during the 2022 third quarter. Additionally, visitation
to Grand Lodge Casino in the prior-year period was adversely
affected by significant wildfires in the area. Adjusted Segment
EBITDA increased to $2.3 million in the third quarter of 2022,
up 48.3% from $1.5 million in the prior-year period.
- Contracted Sports Wagering. This segment
consists of the Company’s on-site and online sports wagering
“skins” (akin to websites) in Colorado, Indiana and, upon launch,
Illinois. Revenues and Adjusted Segment EBITDA were both
$1.1 million in the third quarter of 2022, versus
$1.6 million in the prior-year period. These results reflect
two agreements that ceased operations in May 2022, when one of
the Company’s contracted parties ceased operations. We are
evaluating the best use for these two available skins, one each in
Indiana and Colorado, including whether to utilize these skins
ourselves or to find replacement operators for such skins. The
results of this segment do not yet include income contribution from
the Company’s agreement for a third party to operate on-site and
online sports betting in Illinois. Under such agreement, the
Company will receive a percentage of revenues, as defined in the
contract, subject to an annualized minimum of $5 million, with
minimal expected expenses. Management anticipates the Illinois
sports operations will begin in Spring 2023.
Liquidity and Capital ResourcesAs of
September 30, 2022, the Company had $241.8 million
in cash and cash equivalents (including $156.1 million of cash
reserved to complete the construction of Chamonix) and
$410.0 million in outstanding senior secured notes due 2028.
Additionally, there were no drawn amounts under the Company’s
$40 million credit facility.
Conference Call InformationThe Company will
host a conference call for investors today,
November 7, 2022, at 4:30 p.m. ET
(1:30 p.m. PT) to discuss its 2022 third quarter results.
Investors can access the live audio webcast from the Company’s
website at www.fullhouseresorts.com under the investor relations
section. The conference call can also be accessed by dialing
(323) 794-2551.
A replay of the conference call will be available shortly after
the conclusion of the call through November 21, 2022. To
access the replay, please visit www.fullhouseresorts.com. Investors
can also access the replay by dialing (412) 317-6671 and using
the passcode 6821000.
(a) Reconciliation of Non-GAAP Financial
MeasureThe Company utilizes Adjusted Segment EBITDA, a
financial measure in accordance with generally accepted accounting
principles (“GAAP”), as the measure of segment profitability in
assessing performance and allocating resources at the reportable
segment level. Adjusted Segment EBITDA is defined as earnings
before interest and other non-operating income (expense), taxes,
depreciation and amortization, preopening expenses, impairment
charges, asset write-offs, recoveries, gain (loss) from asset
disposals, project development and acquisition costs, non-cash
share-based compensation expense, and corporate-related costs and
expenses that are not allocated to each segment. The Company also
utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as
Adjusted Segment EBITDA net of corporate-related costs and
expenses.
Although Adjusted EBITDA is not a measure of performance or
liquidity calculated in accordance with GAAP, the Company believes
this non-GAAP financial measure provides meaningful supplemental
information regarding our performance and liquidity. The Company
utilizes this metric or measure internally to focus management on
year-over-year changes in core operating performance, which it
considers its ordinary, ongoing and customary operations and which
it believes is useful information to investors. Accordingly,
management excludes certain items when analyzing core operating
performance, such as the items mentioned above, that management
believes are not reflective of ordinary, ongoing and customary
operations.
A reconciliation of Adjusted EBITDA is presented below. However,
you should not consider this measure in isolation or as a
substitute for operating income, cash flows from operating
activities, or any other measure for determining our operating
performance or liquidity that is calculated in accordance with
GAAP. You are encouraged to evaluate these adjustments and the
reasons we consider them appropriate for supplemental analysis. In
evaluating Adjusted EBITDA, you should be aware that, in the
future, we may incur expenses that are the same as or similar to
some of the adjustments in this presentation. Our presentation of
Adjusted EBITDA should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring
items.
FULL HOUSE RESORTS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)(In thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
29,721 |
|
|
$ |
32,506 |
|
|
$ |
88,293 |
|
|
$ |
99,217 |
|
Food and beverage |
|
6,811 |
|
|
|
7,092 |
|
|
|
20,255 |
|
|
|
20,633 |
|
Hotel |
|
2,490 |
|
|
|
2,469 |
|
|
|
7,076 |
|
|
|
7,190 |
|
Other operations, including contracted sports wagering |
|
2,371 |
|
|
|
5,171 |
|
|
|
11,575 |
|
|
|
9,848 |
|
|
|
41,393 |
|
|
|
47,238 |
|
|
|
127,199 |
|
|
|
136,888 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
10,292 |
|
|
|
11,261 |
|
|
|
30,273 |
|
|
|
32,687 |
|
Food and beverage |
|
6,814 |
|
|
|
6,199 |
|
|
|
20,134 |
|
|
|
17,487 |
|
Hotel |
|
1,256 |
|
|
|
1,136 |
|
|
|
3,524 |
|
|
|
3,332 |
|
Other operations |
|
587 |
|
|
|
576 |
|
|
|
1,594 |
|
|
|
1,522 |
|
Selling, general and administrative |
|
15,218 |
|
|
|
14,791 |
|
|
|
44,795 |
|
|
|
43,211 |
|
Project development costs, net |
|
(149 |
) |
|
|
318 |
|
|
|
33 |
|
|
|
491 |
|
Preopening costs |
|
2,594 |
|
|
|
17 |
|
|
|
4,914 |
|
|
|
17 |
|
Depreciation and amortization |
|
2,386 |
|
|
|
1,819 |
|
|
|
6,012 |
|
|
|
5,448 |
|
Loss on disposal of assets, net |
|
— |
|
|
|
2 |
|
|
|
3 |
|
|
|
674 |
|
|
|
38,998 |
|
|
|
36,119 |
|
|
|
111,282 |
|
|
|
104,869 |
|
Operating
income |
|
2,395 |
|
|
|
11,119 |
|
|
|
15,917 |
|
|
|
32,019 |
|
Other
expense |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(5,838 |
) |
|
|
(6,405 |
) |
|
|
(19,225 |
) |
|
|
(17,531 |
) |
Loss on modification and extinguishment of debt, net |
|
(105 |
) |
|
|
— |
|
|
|
(4,530 |
) |
|
|
(6,104 |
) |
Adjustment to fair value of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,347 |
) |
|
|
(5,943 |
) |
|
|
(6,405 |
) |
|
|
(23,755 |
) |
|
|
(24,982 |
) |
(Loss) income before
income taxes |
|
(3,548 |
) |
|
|
4,714 |
|
|
|
(7,838 |
) |
|
|
7,037 |
|
Income tax provision
(benefit) |
|
29 |
|
|
|
95 |
|
|
|
(16 |
) |
|
|
379 |
|
Net (loss)
income |
$ |
(3,577 |
) |
|
$ |
4,619 |
|
|
$ |
(7,822 |
) |
|
$ |
6,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share |
$ |
(0.10 |
) |
|
$ |
0.13 |
|
|
$ |
(0.23 |
) |
|
$ |
0.21 |
|
Diluted (loss)
earnings per share |
$ |
(0.10 |
) |
|
$ |
0.13 |
|
|
$ |
(0.23 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
34,390 |
|
|
|
34,227 |
|
|
|
34,339 |
|
|
|
31,939 |
|
Diluted weighted average
number of common shares outstanding |
|
34,479 |
|
|
|
36,636 |
|
|
|
34,399 |
|
|
|
34,339 |
|
Full House Resorts, Inc.Supplemental
InformationSegment Revenues, Adjusted Segment
EBITDA and Adjusted EBITDA(In thousands,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
19,981 |
|
|
$ |
21,538 |
|
|
$ |
62,432 |
|
|
$ |
68,133 |
|
Indiana |
|
9,639 |
|
|
|
12,586 |
|
|
|
30,069 |
|
|
|
31,753 |
|
Colorado |
|
4,385 |
|
|
|
6,340 |
|
|
|
12,732 |
|
|
|
18,626 |
|
Nevada |
|
6,290 |
|
|
|
5,132 |
|
|
|
15,868 |
|
|
|
14,216 |
|
Contracted Sports Wagering |
|
1,098 |
|
|
|
1,642 |
|
|
|
6,098 |
|
|
|
4,160 |
|
|
$ |
41,393 |
|
|
$ |
47,238 |
|
|
$ |
127,199 |
|
|
$ |
136,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA(1) and Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
4,235 |
|
|
$ |
6,485 |
|
|
$ |
15,442 |
|
|
$ |
23,097 |
|
Indiana |
|
1,343 |
|
|
|
3,816 |
|
|
|
6,374 |
|
|
|
7,615 |
|
Colorado |
|
36 |
|
|
|
1,543 |
|
|
|
(49 |
) |
|
|
5,092 |
|
Nevada |
|
2,280 |
|
|
|
1,537 |
|
|
|
4,557 |
|
|
|
4,173 |
|
Contracted Sports Wagering |
|
1,083 |
|
|
|
1,645 |
|
|
|
6,047 |
|
|
|
4,122 |
|
Adjusted Segment
EBITDA |
|
8,977 |
|
|
|
15,026 |
|
|
|
32,371 |
|
|
|
44,099 |
|
Corporate |
|
(1,219 |
) |
|
|
(1,427 |
) |
|
|
(4,130 |
) |
|
|
(4,803 |
) |
Adjusted
EBITDA |
$ |
7,758 |
|
|
$ |
13,599 |
|
|
$ |
28,241 |
|
|
$ |
39,296 |
|
__________
(1) |
The Company utilizes Adjusted Segment EBITDA as the measure of
segment operating profitability in assessing performance and
allocating resources at the reportable segment level. |
Full House Resorts, Inc.Supplemental
InformationReconciliation of Net Income (Loss) and
Operating Income to Adjusted EBITDA(In Thousands,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
Net (loss) income |
$ |
(3,577 |
) |
|
$ |
4,619 |
|
$ |
(7,822 |
) |
|
$ |
6,658 |
Income tax provision (benefit) |
|
29 |
|
|
|
95 |
|
|
(16 |
) |
|
|
379 |
Interest expense, net |
|
5,838 |
|
|
|
6,405 |
|
|
19,225 |
|
|
|
17,531 |
Loss on modification and extinguishment of debt, net |
|
105 |
|
|
|
— |
|
|
4,530 |
|
|
|
6,104 |
Adjustment to fair value of warrants |
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,347 |
Operating
income |
|
2,395 |
|
|
|
11,119 |
|
|
15,917 |
|
|
|
32,019 |
Project development costs, net |
|
(149 |
) |
|
|
318 |
|
|
33 |
|
|
|
491 |
Preopening costs |
|
2,594 |
|
|
|
17 |
|
|
4,914 |
|
|
|
17 |
Depreciation and amortization |
|
2,386 |
|
|
|
1,819 |
|
|
6,012 |
|
|
|
5,448 |
Loss on disposal of assets, net |
|
— |
|
|
|
2 |
|
|
3 |
|
|
|
674 |
Stock-based compensation |
|
532 |
|
|
|
324 |
|
|
1,362 |
|
|
|
647 |
Adjusted
EBITDA |
$ |
7,758 |
|
|
$ |
13,599 |
|
$ |
28,241 |
|
|
$ |
39,296 |
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
3,546 |
|
|
$ |
689 |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
4,235 |
|
Indiana |
|
753 |
|
|
|
590 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
1,343 |
|
Colorado |
|
(682 |
) |
|
|
361 |
|
|
— |
|
|
|
357 |
|
|
— |
|
|
36 |
|
Nevada |
|
1,820 |
|
|
|
460 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
2,280 |
|
Contracted Sports Wagering |
|
1,083 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
1,083 |
|
|
|
6,520 |
|
|
|
2,100 |
|
|
— |
|
|
|
357 |
|
|
— |
|
|
8,977 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(4,125 |
) |
|
|
286 |
|
|
(149 |
) |
|
|
2,237 |
|
|
532 |
|
|
(1,219 |
) |
|
$ |
2,395 |
|
|
$ |
2,386 |
|
$ |
(149 |
) |
|
$ |
2,594 |
|
$ |
532 |
|
$ |
7,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
5,794 |
|
|
$ |
690 |
|
$ |
1 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,485 |
|
Indiana |
|
3,247 |
|
|
|
569 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,816 |
|
Colorado |
|
1,138 |
|
|
|
387 |
|
|
1 |
|
|
— |
|
|
17 |
|
|
— |
|
|
1,543 |
|
Nevada |
|
1,402 |
|
|
|
135 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,537 |
|
Contracted Sports Wagering |
|
1,645 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,645 |
|
|
|
13,226 |
|
|
|
1,781 |
|
|
2 |
|
|
— |
|
|
17 |
|
|
— |
|
|
15,026 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(2,107 |
) |
|
|
38 |
|
|
— |
|
|
318 |
|
|
— |
|
|
324 |
|
|
(1,427 |
) |
|
$ |
11,119 |
|
|
$ |
1,819 |
|
$ |
2 |
|
$ |
318 |
|
$ |
17 |
|
$ |
324 |
|
$ |
13,599 |
|
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Loss (gain) on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
13,359 |
|
|
$ |
2,075 |
|
$ |
8 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
15,442 |
|
Indiana |
|
4,618 |
|
|
|
1,756 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
6,374 |
|
Colorado |
|
(2,126 |
) |
|
|
1,057 |
|
|
(5 |
) |
|
|
— |
|
|
1,025 |
|
|
— |
|
|
(49 |
) |
Nevada |
|
3,781 |
|
|
|
776 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,557 |
|
Contracted Sports Wagering |
|
6,047 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
6,047 |
|
|
|
25,679 |
|
|
|
5,664 |
|
|
3 |
|
|
|
— |
|
|
1,025 |
|
|
— |
|
|
32,371 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(9,762 |
) |
|
|
348 |
|
|
— |
|
|
|
33 |
|
|
3,889 |
|
|
1,362 |
|
|
(4,130 |
) |
|
$ |
15,917 |
|
|
$ |
6,012 |
|
$ |
3 |
|
|
$ |
33 |
|
$ |
4,914 |
|
$ |
1,362 |
|
$ |
28,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
20,484 |
|
|
$ |
2,024 |
|
$ |
589 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
23,097 |
|
Indiana |
|
5,837 |
|
|
|
1,778 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,615 |
|
Colorado |
|
3,871 |
|
|
|
1,119 |
|
|
85 |
|
|
— |
|
|
17 |
|
|
— |
|
|
5,092 |
|
Nevada |
|
3,761 |
|
|
|
412 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,173 |
|
Contracted Sports Wagering |
|
4,122 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,122 |
|
|
|
38,075 |
|
|
|
5,333 |
|
|
674 |
|
|
— |
|
|
17 |
|
|
— |
|
|
44,099 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(6,056 |
) |
|
|
115 |
|
|
— |
|
|
491 |
|
|
— |
|
|
647 |
|
|
(4,803 |
) |
|
$ |
32,019 |
|
|
$ |
5,448 |
|
$ |
674 |
|
$ |
491 |
|
$ |
17 |
|
$ |
647 |
|
$ |
39,296 |
|
Cautionary Note Regarding Forward-looking
StatementsThis press release contains statements by Full
House and our officers that are “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “believe,” “project,” “expect,” “future,”
“should,” “will” and similar references to future periods. Some
forward-looking statements in this press release include those
regarding our expected construction budgets, estimated commencement
and completion dates, expected amenities, and our expected
operational performance for Chamonix and American Place,
including The Temporary; our expectations regarding our ability to
receive regulatory approvals for American Place and
The Temporary; and our expectations regarding our ability to
replace any terminated sports wagering contracts in Colorado and
Indiana, our ability to operate sports wagering contracts ourselves
and the success of any new sports wagering contracts or operations
in Colorado, Indiana or Illinois. Forward-looking statements are
neither historical facts nor assurances of future performance.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Such risks include, without limitation, our
ability to repay our substantial indebtedness; inflation and its
potential impacts on labor costs and the prices of food,
construction, and other materials; the effects of potential
disruptions in the supply chains for goods, such as food, lumber,
and other materials; general macroeconomic conditions; the
potential for additional adverse impacts from the COVID-19
pandemic, including the emergence of variants, on our business,
construction projects, indebtedness, financial condition and
operating results; potential actions by government officials at the
federal, state or local level in connection with the COVID-19
pandemic, including, without limitation, additional shutdowns,
travel restrictions, social distancing measures or shelter-in-place
orders; our ability to effectively manage and control expenses as a
result of the pandemic; our ability to complete Chamonix, American
Place, and The Temporary on-time and on-budget; various approvals
that are required to lease the primary American Place site from the
City of Waukegan, including approvals from the Illinois Gaming
Board; changes in guest visitation or spending patterns due to
COVID-19 or other health or other concerns; construction risks,
disputes and cost overruns; dependence on existing management;
competition; uncertainties over the development and success of our
expansion projects; the financial performance of our finished
projects and renovations; effectiveness of expense and operating
efficiencies; and regulatory and business conditions in the gaming
industry (including the possible authorization or expansion of
gaming in the states we operate or nearby states). Additional
information concerning potential factors that could affect our
financial condition and results of operations is included in the
reports we file with the Securities and Exchange Commission,
including, but not limited to, Part I, Item 1A. Risk
Factors and Part II, Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations of
our Annual Report on Form 10-K for the most recently ended fiscal
year and our other periodic reports filed with the Securities and
Exchange Commission. We are under no obligation to (and expressly
disclaim any such obligation to) update or revise our
forward-looking statements as a result of new information, future
events or otherwise. Actual results may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
About Full House Resorts, Inc.Full House
Resorts owns, leases, develops and operates gaming facilities
throughout the country. The Company’s properties include Silver
Slipper Casino and Hotel in Hancock County, Mississippi; Bronco
Billy’s Casino and Hotel in Cripple Creek, Colorado;
Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s
Casino in Fallon, Nevada; and Grand Lodge Casino, located within
the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline
Village, Nevada. The Company is currently constructing
The Temporary at American Place, a new casino in Waukegan,
Illinois; and Chamonix Casino Hotel, a new luxury hotel and casino
in Cripple Creek, Colorado. For further information, please visit
www.fullhouseresorts.com.
Contact:Lewis Fanger, Chief Financial
OfficerFull House Resorts,
Inc.702-221-7800www.fullhouseresorts.com
Grafico Azioni Full House Resorts (NASDAQ:FLL)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Full House Resorts (NASDAQ:FLL)
Storico
Da Set 2023 a Set 2024