Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the third quarter ended September 30, 2023, including
updates regarding its growth pipeline.
“As envisioned, results at The Temporary by American Place
continued to improve during the third quarter,” said
Daniel R. Lee, President and Chief Executive Officer of
Full House Resorts. “Our table games business at The Temporary was
strong initially, and continued to build as we hired more dealers
and increased the number of available table games. Our slots
business also continues to ramp up, aided by our guest database
that continues to grow meaningfully in size with every passing
week. As a result, both revenues and Adjusted Property EBITDA at
The Temporary increased from the second quarter of this year,
reaching $23.9 million and $6.8 million, respectively. The
Temporary’s available amenities also continue to expand, with the
on-site sportsbook welcoming its first bets approximately one month
ago. We are close to unveiling the last remaining amenity at The
Temporary – North Shore Steaks and Seafood, the property’s high-end
dining option – which we expect to open at the end of the fourth
quarter.
“Meanwhile, at our Chamonix project in Cripple Creek, Colorado,
significant construction continues in advance of the destination’s
opening on December 26. Workers are currently installing furniture
throughout the hotel. Within the casino, we are about to begin
installation of slot bases, followed by the final placement of slot
machines throughout November and early December. In our convention
space, we recently installed chandeliers in the main ballroom and
are preparing to install furniture. We are excited to welcome
guests to Chamonix – designed to be the best casino in the state of
Colorado – in less than two months.”
On a consolidated basis, revenues in the third quarter of 2023
were $71.5 million, a 72.8% increase from $41.4 million
in the prior-year period. These results reflect the February 2023
opening of The Temporary, as well as $5.8 million of accelerated
revenue for two sports wagering agreements that ceased operations
during the third quarter of 2023. Net income for the third quarter
of 2023 was $4.6 million, or $0.13 per diluted common share,
which includes $1.1 million of preopening and development
costs, primarily related to our Chamonix construction project, and
significant depreciation and amortization charges related to The
Temporary. In the prior-year period, net loss was
$3.6 million, or $(0.10) per diluted common share, reflecting
$2.4 million of preopening and development costs. Adjusted
EBITDA(a) was $20.6 million in the 2023 third quarter,
rising 165.9% from $7.8 million in the prior-year period,
reflecting the items mentioned above.
For project renderings and live construction webcams of our
Chamonix project, please visit www.ChamonixCO.com.
Third Quarter Highlights and Subsequent
Events
- Midwest &
South. This segment includes Silver Slipper Casino and
Hotel, Rising Star Casino Resort, and The Temporary by American
Place. Revenues for the segment were $52.6 million in the third
quarter of 2023, a 77.4% increase from $29.6 million in the
prior-year period. Adjusted Segment EBITDA rose to $11.8 million, a
110.6% increase from $5.6 million in the prior-year period.
These results reflect the February 17, 2023 opening of
The Temporary, our newest casino located in Waukegan, Illinois. In
the third quarter of 2023, The Temporary generated
$23.9 million of revenue and $6.8 million of Adjusted
Property EBITDA. We expect The Temporary’s results to continue to
increase in the longer-run, as the property’s database continues to
expand and marketing, labor and other early costs normalize.
Excluding results from The Temporary, same-store revenues declined
to $28.7 million from $29.6 million. Same-store Adjusted
Segment EBITDA declined to $5.0 million from $5.6 million,
reflecting increases in insurance costs at Silver Slipper, as
well as general increases in labor expenses.
- West. This segment includes Grand Lodge Casino
(located within the Hyatt Regency Lake Tahoe resort in Incline
Village), Stockman’s Casino, Bronco Billy’s Casino and Hotel and,
upon its expected opening in December 2023, will include Chamonix
Casino Hotel. Revenues for the segment improved to $11.1 million in
the third quarter of 2023, versus $10.7 million in the
prior-year period. Adjusted Segment EBITDA was $2.3 million
for both periods. Results in both periods reflect the temporary
loss of all on-site parking and on-site hotel rooms at Bronco
Billy’s to accommodate the construction of neighboring Chamonix.
Upon the opening of Chamonix, Bronco Billy’s is expected to benefit
from its integration with Chamonix, including its new parking
garage and approximately 300 on-site guestrooms.
- Contracted Sports Wagering. This segment
consists of our on-site and online sports wagering “skins” (akin to
websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted
Segment EBITDA were both $7.9 million in the
third quarter of 2023, reflecting the contractual launch of
our permitted Illinois sports skin in mid-August 2023, which
contributed $0.7 million to both revenues and Adjusted Segment
EBITDA in the third quarter. These results also include $5.8
million of accelerated revenues related to two sports wagering
agreements that ceased operations during the third quarter of 2023.
The Company is currently permitted to operate three sports skins in
Colorado, three in Indiana, and one in Illinois. Of such permitted
skins, two sports skins are currently live in Colorado, one in
Indiana, and one in Illinois. Under our agreements with various
third parties to operate such skins, we receive a percentage of
revenues, as defined in the contracts, subject to an annualized
minimum amount that currently totals $8 million. We continue
to evaluate whether to operate our remaining idle skins ourselves
or to have other third parties operate them. However, there is no
certainty that we will be able to enter into agreements with
replacement operators or successfully operate the skins
ourselves.
Liquidity and Capital ResourcesAs of
September 30, 2023, we had $84.0 million in cash and
cash equivalents, including $58.0 million of cash reserved
under our bond indentures to complete the construction of Chamonix.
Our debt consisted primarily of $450.0 million in outstanding
senior secured notes due 2028, which become callable at specified
premiums beginning in February 2024, and $27.0 million
outstanding under our revolving credit facility.
Conference Call InformationWe will host a
conference call for investors today, November 8, 2023, at 4:30 p.m.
ET (1:30 p.m. PT) to discuss our 2023 third quarter results.
Investors can access the live audio webcast from our website at
www.fullhouseresorts.com under the investor relations section. The
conference call can also be accessed by dialing (201) 689-8470.
A replay of the conference call will be available shortly after
the conclusion of the call through November 22, 2023. To access the
replay, please visit www.fullhouseresorts.com. Investors can also
access the replay by dialing (412) 317-6671 and using the passcode
13742216.
(a) Reconciliation of Non-GAAP Financial
MeasuresOur presentation of non-GAAP Measures may be
different from the presentation used by other companies, and
therefore, comparability may be limited. While excluded from
certain non-GAAP Measures, depreciation and amortization expense,
interest expense, income taxes and other items have been and will
be incurred. Each of these items should also be considered in the
overall evaluation of our results. Additionally, our non-GAAP
Measures do not consider capital expenditures and other investing
activities and should not be considered as a measure of our
liquidity. We compensate for these limitations by providing the
relevant disclosure of our depreciation and amortization, interest
and income taxes, and other items both in our reconciliations to
the historical GAAP financial measures and in our consolidated
financial statements, all of which should be considered when
evaluating our performance.
Our non-GAAP Measures are to be used in addition to, and in
conjunction with, results presented in accordance with GAAP. These
non-GAAP Measures should not be considered as an alternative to net
income, operating income, or any other operating performance
measure prescribed by GAAP, nor should these measures be relied
upon to the exclusion of GAAP financial measures. These non-GAAP
Measures reflect additional ways of viewing our operations that we
believe, when viewed with our GAAP results and the reconciliations
to the corresponding historical GAAP financial measures, provide a
more complete understanding of factors and trends affecting our
business than could be obtained absent this disclosure. Management
strongly encourages investors to review our financial information
in its entirety and not to rely on a single financial measure.
Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as
the measure of segment profitability in assessing performance and
allocating resources at the reportable segment level. Adjusted
Segment EBITDA is defined as earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening expenses, impairment charges, asset
write-offs, recoveries, gain (loss) from asset disposals, project
development and acquisition costs, non-cash share-based
compensation expense, and corporate-related costs and expenses that
are not allocated to each segment.
Same-store Adjusted Segment EBITDA. Same-store Adjusted Segment
EBITDA is Adjusted Segment EBITDA further adjusted to exclude the
Adjusted Property EBITDA of properties that have not been in
operation for a full year. Adjusted Property EBITDA is defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening expenses,
impairment charges, asset write-offs, recoveries, gain (loss) from
asset disposals, project development and acquisition costs,
non-cash share-based compensation expense, and corporate-related
costs and expenses that are not allocated to each property.
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
SubsidiariesConsolidated Statements of Operations
(Unaudited)(In thousands, except per share
data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
50,240 |
|
|
$ |
29,721 |
|
|
$ |
131,586 |
|
|
$ |
88,293 |
|
Food and beverage |
|
|
9,086 |
|
|
|
6,811 |
|
|
|
25,419 |
|
|
|
20,255 |
|
Hotel |
|
|
2,560 |
|
|
|
2,490 |
|
|
|
7,052 |
|
|
|
7,076 |
|
Other operations, including contracted sports wagering |
|
|
9,657 |
|
|
|
2,371 |
|
|
|
16,974 |
|
|
|
11,575 |
|
|
|
|
71,543 |
|
|
|
41,393 |
|
|
|
181,031 |
|
|
|
127,199 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
19,437 |
|
|
|
10,292 |
|
|
|
49,771 |
|
|
|
30,273 |
|
Food and beverage |
|
|
8,330 |
|
|
|
6,814 |
|
|
|
24,815 |
|
|
|
20,134 |
|
Hotel |
|
|
1,164 |
|
|
|
1,256 |
|
|
|
3,611 |
|
|
|
3,524 |
|
Other operations |
|
|
691 |
|
|
|
587 |
|
|
|
1,878 |
|
|
|
1,594 |
|
Selling, general and administrative |
|
|
22,017 |
|
|
|
15,218 |
|
|
|
61,823 |
|
|
|
44,795 |
|
Project development costs, net |
|
|
21 |
|
|
|
(149 |
) |
|
|
45 |
|
|
|
33 |
|
Preopening costs |
|
|
1,051 |
|
|
|
2,594 |
|
|
|
12,634 |
|
|
|
4,914 |
|
Depreciation and amortization |
|
|
8,468 |
|
|
|
2,386 |
|
|
|
22,482 |
|
|
|
6,012 |
|
Loss on disposal of assets |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
3 |
|
|
|
|
61,186 |
|
|
|
38,998 |
|
|
|
177,066 |
|
|
|
111,282 |
|
Operating
income |
|
|
10,357 |
|
|
|
2,395 |
|
|
|
3,965 |
|
|
|
15,917 |
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(5,867 |
) |
|
|
(5,838 |
) |
|
|
(16,319 |
) |
|
|
(19,225 |
) |
Loss on modification of debt |
|
|
— |
|
|
|
(105 |
) |
|
|
— |
|
|
|
(4,530 |
) |
Gain on settlements |
|
|
29 |
|
|
|
— |
|
|
|
384 |
|
|
|
— |
|
|
|
|
(5,838 |
) |
|
|
(5,943 |
) |
|
|
(15,935 |
) |
|
|
(23,755 |
) |
Income (loss) before
income taxes |
|
|
4,519 |
|
|
|
(3,548 |
) |
|
|
(11,970 |
) |
|
|
(7,838 |
) |
Income tax (benefit)
provision |
|
|
(74 |
) |
|
|
29 |
|
|
|
452 |
|
|
|
(16 |
) |
Net income
(loss) |
|
$ |
4,593 |
|
|
$ |
(3,577 |
) |
|
$ |
(12,422 |
) |
|
$ |
(7,822 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share |
|
$ |
0.13 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.23 |
) |
Diluted earnings
(loss) per share |
|
$ |
0.13 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
|
34,583 |
|
|
|
34,390 |
|
|
|
34,497 |
|
|
|
34,339 |
|
Diluted weighted average
number of common shares outstanding |
|
|
36,673 |
|
|
|
34,479 |
|
|
|
34,497 |
|
|
|
34,399 |
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationSegment Revenues, Adjusted Segment
EBITDA and Adjusted EBITDA(In thousands,
Unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
52,553 |
|
|
$ |
29,620 |
|
|
$ |
143,267 |
|
|
$ |
92,501 |
|
West |
|
|
11,085 |
|
|
|
10,675 |
|
|
|
27,297 |
|
|
|
28,600 |
|
Contracted Sports Wagering |
|
|
7,905 |
|
|
|
1,098 |
|
|
|
10,467 |
|
|
|
6,098 |
|
|
|
$ |
71,543 |
|
|
$ |
41,393 |
|
|
$ |
181,031 |
|
|
$ |
127,199 |
|
Adjusted Segment
EBITDA(1) and
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
11,750 |
|
|
$ |
5,578 |
|
|
$ |
31,830 |
|
|
$ |
21,816 |
|
West |
|
|
2,308 |
|
|
|
2,316 |
|
|
|
2,538 |
|
|
|
4,508 |
|
Contracted Sports Wagering |
|
|
7,852 |
|
|
|
1,083 |
|
|
|
10,373 |
|
|
|
6,047 |
|
Adjusted Segment EBITDA |
|
|
21,910 |
|
|
|
8,977 |
|
|
|
44,741 |
|
|
|
32,371 |
|
Corporate |
|
|
(1,280 |
) |
|
|
(1,219 |
) |
|
|
(3,479 |
) |
|
|
(4,130 |
) |
Adjusted EBITDA |
|
$ |
20,630 |
|
|
$ |
7,758 |
|
|
$ |
41,262 |
|
|
$ |
28,241 |
|
__________(1) The Company utilizes Adjusted
Segment EBITDA as the measure of segment operating profitability in
assessing performance and allocating resources at the reportable
segment level.
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationSame-store Revenues and Adjusted
Segment EBITDA(In thousands,
Unaudited)
|
|
Three Months Ended |
|
|
|
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
Increase / |
|
September 30, |
|
Increase / |
Reporting segments |
|
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
Midwest &
South |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South same-store total revenues(1) |
|
$ |
28,663 |
|
|
$ |
29,620 |
|
|
(3.2 |
) |
% |
|
$ |
88,629 |
|
|
$ |
92,501 |
|
|
(4.2 |
) |
% |
The Temporary by American Place |
|
|
23,890 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
54,638 |
|
|
|
— |
|
|
N.M. |
|
|
Midwest & South total revenues |
|
$ |
52,553 |
|
|
$ |
29,620 |
|
|
77.4 |
|
% |
|
$ |
143,267 |
|
|
$ |
92,501 |
|
|
54.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South same-store Adjusted Segment EBITDA(1) |
|
$ |
4,966 |
|
|
$ |
5,578 |
|
|
(11.0 |
) |
% |
|
$ |
17,341 |
|
|
$ |
21,816 |
|
|
(20.5 |
) |
% |
The Temporary by American Place |
|
|
6,784 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
14,489 |
|
|
|
— |
|
|
N.M. |
|
|
Midwest & South Adjusted Segment EBITDA |
|
$ |
11,750 |
|
|
$ |
5,578 |
|
|
110.6 |
|
% |
|
$ |
31,830 |
|
|
$ |
21,816 |
|
|
45.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports
Wagering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports Wagering same-store total revenues(2) |
|
$ |
1,370 |
|
|
$ |
1,098 |
|
|
24.8 |
|
% |
|
$ |
3,932 |
|
|
$ |
4,457 |
|
|
(11.8 |
) |
% |
Accelerated revenues due to contract terminations(3) |
|
|
5,794 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
5,794 |
|
|
|
1,641 |
|
|
253.1 |
|
% |
Illinois |
|
|
741 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
741 |
|
|
|
— |
|
|
N.M. |
|
|
Contracted Sports Wagering total revenues |
|
$ |
7,905 |
|
|
$ |
1,098 |
|
|
619.9 |
|
% |
|
$ |
10,467 |
|
|
$ |
6,098 |
|
|
71.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports Wagering same-storeAdjusted Segment
EBITDA(2) |
|
$ |
1,336 |
|
|
$ |
1,083 |
|
|
23.4 |
|
% |
|
$ |
3,857 |
|
|
$ |
4,406 |
|
|
(12.5 |
) |
% |
Accelerated revenues due to contract terminations(3) |
|
|
5,794 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
5,794 |
|
|
|
1,641 |
|
|
253.1 |
|
% |
Illinois |
|
|
722 |
|
|
|
— |
|
|
N.M. |
|
|
|
|
722 |
|
|
|
— |
|
|
N.M. |
|
|
Contracted Sports Wagering Adjusted Segment EBITDA |
|
$ |
7,852 |
|
|
$ |
1,083 |
|
|
625.0 |
|
% |
|
$ |
10,373 |
|
|
$ |
6,047 |
|
|
71.5 |
|
% |
__________N.M. Not meaningful.(1) Same-store
operations exclude results from The Temporary by American Place,
which opened on February 17, 2023.(2) Same-store
operations exclude results from Illinois, which contractually
commenced on August 15, 2023. For enhanced comparability,
we also excluded accelerated revenues due to contract terminations
from same-store operations.(3) For enhanced
comparability, we also excluded accelerated revenues due to
contract terminations from same-store operations. Such adjustments
reflect two sports skins that ceased operations in the third
quarter of 2023, and two sports skins that ceased operations in the
second quarter of 2022.
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Net Income (Loss) and
Operating Income to Adjusted EBITDA(In thousands,
Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
$ |
4,593 |
|
|
$ |
(3,577 |
) |
|
$ |
(12,422 |
) |
|
$ |
(7,822 |
) |
Income tax (benefit) provision |
|
(74 |
) |
|
|
29 |
|
|
|
452 |
|
|
|
(16 |
) |
Interest expense, net |
|
5,867 |
|
|
|
5,838 |
|
|
|
16,319 |
|
|
|
19,225 |
|
Loss on modification of debt |
|
— |
|
|
|
105 |
|
|
|
— |
|
|
|
4,530 |
|
Gain on settlements |
|
(29 |
) |
|
|
— |
|
|
|
(384 |
) |
|
|
— |
|
Operating
income |
|
10,357 |
|
|
|
2,395 |
|
|
|
3,965 |
|
|
|
15,917 |
|
Project development costs, net |
|
21 |
|
|
|
(149 |
) |
|
|
45 |
|
|
|
33 |
|
Preopening costs |
|
1,051 |
|
|
|
2,594 |
|
|
|
12,634 |
|
|
|
4,914 |
|
Depreciation and amortization |
|
8,468 |
|
|
|
2,386 |
|
|
|
22,482 |
|
|
|
6,012 |
|
Loss on disposal of assets |
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
3 |
|
Stock-based compensation |
|
726 |
|
|
|
532 |
|
|
|
2,129 |
|
|
|
1,362 |
|
Adjusted
EBITDA |
$ |
20,630 |
|
|
$ |
7,758 |
|
|
$ |
41,262 |
|
|
$ |
28,241 |
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In thousands, Unaudited)
Three
Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
4,156 |
|
|
$ |
7,828 |
|
|
$ |
7 |
|
|
$ |
— |
|
|
$ |
(241 |
) |
|
$ |
— |
|
|
$ |
11,750 |
|
West |
|
|
406 |
|
|
|
610 |
|
|
|
— |
|
|
|
— |
|
|
|
1,292 |
|
|
|
— |
|
|
|
2,308 |
|
Contracted Sports Wagering |
|
|
7,852 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,852 |
|
|
|
|
12,414 |
|
|
|
8,438 |
|
|
|
7 |
|
|
|
— |
|
|
|
1,051 |
|
|
|
— |
|
|
|
21,910 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(2,057 |
) |
|
|
30 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
726 |
|
|
|
(1,280 |
) |
|
|
$ |
10,357 |
|
|
$ |
8,468 |
|
|
$ |
7 |
|
|
$ |
21 |
|
|
$ |
1,051 |
|
|
$ |
726 |
|
|
$ |
20,630 |
|
Three
Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
2,062 |
|
|
$ |
1,279 |
|
|
$ |
— |
|
|
$ |
2,237 |
|
|
$ |
— |
|
|
$ |
5,578 |
|
West |
|
|
1,138 |
|
|
|
821 |
|
|
|
— |
|
|
|
357 |
|
|
|
— |
|
|
|
2,316 |
|
Contracted Sports Wagering |
|
|
1,083 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,083 |
|
|
|
|
4,283 |
|
|
|
2,100 |
|
|
|
— |
|
|
|
2,594 |
|
|
|
— |
|
|
|
8,977 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,888 |
) |
|
|
286 |
|
|
|
(149 |
) |
|
|
— |
|
|
|
532 |
|
|
|
(1,219 |
) |
|
|
$ |
2,395 |
|
|
$ |
2,386 |
|
|
$ |
(149 |
) |
|
$ |
2,594 |
|
|
$ |
532 |
|
|
$ |
7,758 |
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In thousands, Unaudited)
Nine
Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
1,322 |
|
|
$ |
20,640 |
|
|
$ |
7 |
|
|
$ |
— |
|
|
$ |
9,861 |
|
|
$ |
— |
|
|
$ |
31,830 |
|
West |
|
|
(1,985 |
) |
|
|
1,750 |
|
|
|
— |
|
|
|
— |
|
|
|
2,773 |
|
|
|
— |
|
|
|
2,538 |
|
Contracted Sports Wagering |
|
|
10,373 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,373 |
|
|
|
|
9,710 |
|
|
|
22,390 |
|
|
|
7 |
|
|
|
— |
|
|
|
12,634 |
|
|
|
— |
|
|
|
44,741 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(5,745 |
) |
|
|
92 |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
2,129 |
|
|
|
(3,479 |
) |
|
|
$ |
3,965 |
|
|
$ |
22,482 |
|
|
$ |
7 |
|
|
$ |
45 |
|
|
$ |
12,634 |
|
|
$ |
2,129 |
|
|
$ |
41,262 |
|
Nine
Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
Loss / |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
(gain) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
14,088 |
|
|
$ |
3,831 |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
3,889 |
|
|
$ |
— |
|
|
$ |
21,816 |
|
West |
|
|
1,655 |
|
|
|
1,833 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
1,025 |
|
|
|
— |
|
|
|
4,508 |
|
Contracted Sports Wagering |
|
|
6,047 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,047 |
|
|
|
|
21,790 |
|
|
|
5,664 |
|
|
|
3 |
|
|
|
— |
|
|
|
4,914 |
|
|
|
— |
|
|
|
32,371 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(5,873 |
) |
|
|
348 |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
1,362 |
|
|
|
(4,130 |
) |
|
|
$ |
15,917 |
|
|
$ |
6,012 |
|
|
$ |
3 |
|
|
$ |
33 |
|
|
$ |
4,914 |
|
|
$ |
1,362 |
|
|
$ |
28,241 |
|
Cautionary Note Regarding Forward-looking
StatementsThis press release contains statements by us and
our officers that are “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “believe,” “project,” “expect,” “future,”
“should,” “will” and similar references to future periods. Some
forward-looking statements in this press release include those
regarding our expected construction budgets, estimated commencement
and completion dates, expected amenities, and our expected
operational performance for Chamonix and American Place,
including The Temporary; and our expectations regarding the
operation and usage of our available idle sports skins.
Forward-looking statements are neither historical facts nor
assurances of future performance. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Such risks include, without limitation, our ability to repay our
substantial indebtedness; inflation and its potential impacts on
labor costs and the price of food, construction, and other
materials; the effects of potential disruptions in the supply
chains for goods, such as food, lumber, and other materials;
general macroeconomic conditions; our ability to effectively manage
and control expenses; our ability to complete Chamonix or other
construction projects, including American Place, on-time and
on-budget; legal or regulatory restrictions, delays, or challenges
for our construction projects, including Chamonix and
American Place; construction risks, disputes and cost
overruns; dependence on existing management; competition;
uncertainties over the development and success of our expansion
projects; the financial performance of our finished projects and
renovations; effectiveness of expense and operating efficiencies;
cyber events and their impacts to our operations; and regulatory
and business conditions in the gaming industry (including the
possible authorization or expansion of gaming in the states we
operate or nearby states). Additional information concerning
potential factors that could affect our financial condition and
results of operations is included in the reports we file with the
Securities and Exchange Commission, including, but not limited to,
Part I, Item 1A. Risk Factors and Part II,
Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations of our Annual Report on Form
10-K for the most recently ended fiscal year and our other periodic
reports filed with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or revise our forward-looking statements as a result of
new information, future events or otherwise. Actual results may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements.
About Full House Resorts, Inc.Full House
Resorts owns, leases, develops and operates gaming facilities
throughout the country. Our properties include The Temporary
by American Place in Waukegan, Illinois; Silver Slipper Casino and
Hotel in Hancock County, Mississippi; Bronco Billy’s Casino
and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in
Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand
Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort,
Spa and Casino in Incline Village, Nevada. We are currently
constructing Chamonix Casino Hotel, a new luxury hotel and casino
expected to open in December 2023 in Cripple Creek, Colorado. For
further information, please visit www.fullhouseresorts.com.
Contact:Lewis Fanger, Chief Financial
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