Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the second quarter ended June 30, 2022, including a
construction update for its two major new casinos.
“We made significant progress on our growth projects during the
second quarter,” said Daniel R. Lee, President and Chief
Executive Officer of Full House Resorts. “Our casino site in
Waukegan, Illinois, has been transformed, with the Sprung structure
now nearly complete. We are now installing utilities within the
structure for items like bathrooms, bars, and slot machines, and
expect to pour the floor slab within the next month. We have
identified and are placing orders for The Temporary’s approximately
1,000 slot machines, have hired much of the management team for the
property, and have begun hosting job fairs for positions throughout
the casino. When The Temporary opens, as anticipated, in the fourth
quarter of 2022, 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 also continues at a swift pace,” continued
Mr. Lee. “The central tower, which anchors the casino and
includes the spa, has topped out. The parking garage is complete,
and the guest rooms above the garage are starting to take shape.
Foundations for the final guest room tower are currently being
completed. Brick and glass are now being installed on the facade.
When complete, Chamonix will be one of the larger casino hotels in
Colorado and easily 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 MSA and two hours from the approximately four million
people who reside in the Denver area. Chamonix is currently
anticipated to open in mid-2023.”
For project renderings and live construction webcams, please
visit www.AmericanPlace.com and www.ChamonixCO.com.
“Our anticipated opening dates have slipped a few weeks,
reflecting supply issues and normal construction challenges. Our
anticipated investment in each project, however, remains within
budgets,” added Lewis Fanger, the Company’s Chief Financial
Officer.
“The Temporary is expected to cost in the neighborhood of
$100 million, which consists largely of the Sprung structure;
slot machines, decor and facilities within the Sprung structure;
surrounding site work; preopening costs; and an estimated
$33 million of upfront license fees. A significant portion of
the $100 million budget, including payments for the purchase
of slot machines, will not be due until after the opening of The
Temporary. We anticipate some additional investments for storm
sewers and other site infrastructure that is required for
construction of the permanent casino, which is planned to be built
on land adjoining The Temporary. The permanent American Place
casino is anticipated to open by late 2025, within three years of
the opening of The Temporary.”
Continued Mr. Fanger, “The construction cost of Chamonix is
still estimated to be within its budget of $250 million,
including contingencies. This does not include refurbishment of the
adjoining, existing Bronco Billy’s casino. We are currently doing a
light remodel of certain portions of Bronco Billy’s, estimated to
cost approximately $2 million. While we have plans for a more
extensive refurbishment of Bronco Billy’s, we have decided to defer
such potential project until after the opening of Chamonix.
“At June 30, 2022, we had $298.4 million of cash
and equivalents, including $190.2 million of cash that is
reserved for the completion of Chamonix. We also have a
$40 million credit facility, which is currently unutilized
except for a $1 million standby letter of credit. We are
confident that our existing cash, credit line availability and cash
flows from operations will be sufficient to complete both
The Temporary and Chamonix.
“Eventually, we anticipate requiring additional financing for
construction of the permanent American Place facility,” concluded
Mr. Fanger. “The costs of planning and construction for the
early stages of that project are relatively modest. Some of those
costs are being incurred now, with the construction of The
Temporary, as mentioned previously. Management does not anticipate
needing to arrange the balance of the financing for the permanent
American Place until 2024, after both The Temporary and Chamonix
have been open for some period of time. At that point, we
anticipate that our leverage will be lower than historical leverage
ratios in the gaming industry. With our existing bonds, which have
a fixed rate and comprise most of our debt, becoming callable in
February 2024, we anticipate arranging the additional debt
financing needed for construction of the permanent American Place
as part of the refinancing of those bonds. Finally, note that if
the financial markets at that time are unfavorable, we still have
in place a back-up financing arrangement with a major financial
institution.”
On a consolidated basis, revenues in the second quarter of 2022
were $44.4 million, a decrease from $47.4 million in the
prior-year period. Net loss for the second quarter of 2022 was
$(4.4) million, or $(0.13) per diluted common share, which
includes $1.6 million of preopening and development costs
related to the Company’s growth projects. In the prior-year period,
net income was $5.5 million, or $0.15 per diluted common
share, including $126,000 of project development costs. Adjusted
EBITDA(a) in the 2022 second quarter was $12.1 million
versus $14.9 million in the prior-year period, largely due to
planned construction disruptions at Bronco Billy’s; the launch of
online sports wagering in Louisiana, which adversely affected
Silver Slipper’s sports wagering revenues; and increases in certain
costs. The prior-year’s second quarter was the Company’s strongest
in recent years, having benefited from customers receiving
government subsidy payments due to the COVID-19 pandemic.
Second Quarter Highlights and Subsequent
Events
- Mississippi. Silver Slipper Casino and Hotel’s
revenues were $21.1 million in the second quarter of 2022,
versus $24.2 million in the prior-year period. The prior-year
period was the best second quarter in the property’s history,
having benefited from customers receiving government stimulus
payments due to the COVID-19 pandemic, and thus making for a
difficult comparison. The revenue decline also reflects the
competitive launch of online sports wagering within nearby
Louisiana, with sports wagering revenues declining from
$0.5 million to $0.1 million in the second quarter of
2022. Adjusted Segment EBITDA was $5.3 million, reflecting the
revenue declines noted above, as well as a $0.6 million
increase in normal operating expenses, primarily property insurance
and food costs. Adjusted Segment EBITDA was $9.0 million in
the prior-year period.Reportedly due to high damage claims in
recent years, the cost of property insurance has risen
significantly in recent years, both for our Company and,
reportedly, in general. Property insurance costs at the Silver
Slipper, for example, have increased from $2.5 million in 2020
to $3.2 million in 2021 and are anticipated to be
$4.9 million in 2022. The increase in such costs in the second
quarter was $0.4 million over the prior-year period.
Management believes that such costs will improve in future years,
at least relative to our operations. First, we believe the cost of
insurance tends to go in cycles, with today’s high pricing
potentially attracting more companies to the property insurance
market, increasing competition. Second, the new properties that we
are currently building are larger, in many respects, than our
existing properties and are not located in hurricane zones. We
believe that diversity should allow us to negotiate better terms
for our insurance. Finally, as the Silver Slipper becomes a smaller
portion of the Company’s overall financial position, we may
reexamine the appropriate terms of the property insurance for that
asset.
- Indiana. Rising Star Casino Resort’s revenues
were $11.8 million in the second quarter of 2022, an 11.5%
increase from $10.6 million in the second quarter of 2021. The
increase was the result of the sale of “free play,” which resulted
in $2.1 million of revenue and income in the second quarter of
2022. Rising Star also sold its “free play” for $2.1 million
during 2021, although not until the third quarter. Excluding the
free play sale, segment revenues declined in the second quarter of
2022, as Rising Star benefited from customers receiving government
stimulus payments in the prior-year period. Adjusted Segment EBITDA
was $3.9 million in the second quarter of 2022, up 46.1% from
the prior-year period. The free play sale, as well as a
$0.1 million reduction in normal operating expenses, helped
offset a decline in total casino revenue.
- Colorado. This
segment includes Bronco Billy’s Casino and Hotel and, upon its
opening, will include Chamonix Casino Hotel. The Colorado gaming
market, including Cripple Creek, has shown significant growth since
betting limits were eliminated in May 2021. Nevertheless, due
to significant construction disruption, revenues and Adjusted
Segment EBITDA declined in the second quarter of 2022 versus the
prior-year period. These disruptions include the temporary loss of
all of the property’s on-site parking and all on-site hotel rooms,
as well as the temporary loss of major portions of the casino. 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 resulted 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.
Nevertheless, some expenses, such as gaming taxes and costs of food
and beverages, vary with activity levels. Revenues were
$4.1 million in the second quarter of 2022, versus
$6.4 million in the prior-year period. Adjusted Segment EBITDA
was $0.2 million, versus $1.8 million.
- 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 $5.2 million in the
second quarter of 2022, an increase from $4.7 million in the
prior-year period. Both properties in this segment benefitted in
the prior-year period from customers receiving federal stimulus
checks. Grand Lodge, moreover, also benefitted from a gradual
recovery from the pandemic, such that the recent quarter achieved
more normal levels of operation than did the year-ago quarter.
Adjusted Segment EBITDA for both quarters was $1.4 million,
with the increase in revenue offset by an increase in labor
costs.
- 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
$2.2 million in the second quarter of 2022, an increase from
$1.5 million in the prior-year period. These results reflect
an acceleration of deferred revenue for two agreements that ceased
operations in May 2022, when one of the Company’s contracted
parties ceased operations. We anticipate entering into new
agreements for the utilization of such skins, one each in Indiana
and Colorado, but there can be no assurance that we will be able to
replace these agreements on similar or better terms as our existing
agreements, or at all.In May 2022, the Company entered into an
agreement whereby affiliates of Full House and Circa Sports will
jointly develop and manage on-site sportsbooks at both The
Temporary and American Place. Circa Sports currently operates at
Circa Resort & Casino in Las Vegas, and offers online
sports wagering in several states. In addition to the on-site
sportsbook, Circa Sports will utilize Full House’s expected
mobile sports skin in Illinois to conduct Internet sports wagering
throughout the state, subject to customary regulatory approvals. In
exchange for such rights, the Company received a market access fee
of $5 million in May 2022 and will also receive payments based
on a percentage of sports betting revenues, with a minimum
annualized payment of $5 million. The term of the agreement is
for eight years, followed by two four-year extension
opportunities at the option of Circa Sports.
Liquidity and Capital ResourcesAs of
June 30, 2022, the Company had $298.4 million in
cash and cash equivalents (including $190.2 million of cash
reserved to complete the construction of Chamonix) and
$410.0 million in outstanding senior secured notes due 2028.
As of August 2, 2022, there were no drawn amounts under
the Company’s $40 million credit facility and an outstanding
standby letter of credit of $1 million related to the American
Place project.
Conference Call InformationThe Company will
host a conference call for investors today, August 2, 2022, at
4:30 p.m. ET (1:30 p.m. PT) to discuss its 2022
second 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 (888) 220-8451 or, for international
callers, (323) 794-2588.
A replay of the conference call will be available shortly after
the conclusion of the call through August 16, 2022. To access the
replay, please visit www.fullhouseresorts.com. Investors can also
access the replay by dialing (844) 512-2921 or, for
international callers, (412) 317-6671 and using the passcode
2259060.
(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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
29,488 |
|
|
$ |
34,647 |
|
|
$ |
58,572 |
|
|
$ |
66,711 |
|
Food and beverage |
|
|
6,933 |
|
|
|
7,440 |
|
|
|
13,444 |
|
|
|
13,541 |
|
Hotel |
|
|
2,407 |
|
|
|
2,510 |
|
|
|
4,586 |
|
|
|
4,721 |
|
Other operations, including contracted sports wagering |
|
|
5,555 |
|
|
|
2,845 |
|
|
|
9,204 |
|
|
|
4,677 |
|
|
|
|
44,383 |
|
|
|
47,442 |
|
|
|
85,806 |
|
|
|
89,650 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
10,106 |
|
|
|
11,087 |
|
|
|
19,981 |
|
|
|
21,426 |
|
Food and beverage |
|
|
6,752 |
|
|
|
5,928 |
|
|
|
13,320 |
|
|
|
11,288 |
|
Hotel |
|
|
1,197 |
|
|
|
1,140 |
|
|
|
2,268 |
|
|
|
2,196 |
|
Other operations |
|
|
545 |
|
|
|
551 |
|
|
|
1,007 |
|
|
|
946 |
|
Selling, general and administrative |
|
|
14,184 |
|
|
|
14,007 |
|
|
|
29,577 |
|
|
|
28,420 |
|
Project development costs |
|
|
17 |
|
|
|
126 |
|
|
|
182 |
|
|
|
173 |
|
Preopening costs |
|
|
1,534 |
|
|
|
— |
|
|
|
2,320 |
|
|
|
— |
|
Depreciation and amortization |
|
|
1,834 |
|
|
|
1,829 |
|
|
|
3,626 |
|
|
|
3,629 |
|
(Gain) loss on disposal of assets, net |
|
|
(5 |
) |
|
|
568 |
|
|
|
3 |
|
|
|
672 |
|
|
|
|
36,164 |
|
|
|
35,236 |
|
|
|
72,284 |
|
|
|
68,750 |
|
Operating income |
|
|
8,219 |
|
|
|
12,206 |
|
|
|
13,522 |
|
|
|
20,900 |
|
Other (expense) income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
|
|
(6,988 |
) |
|
|
(6,670 |
) |
|
|
(13,387 |
) |
|
|
(11,126 |
) |
(Loss) gain on modification and extinguishment of debt, net |
|
|
(19 |
) |
|
|
30 |
|
|
|
(4,425 |
) |
|
|
(6,104 |
) |
Adjustment to fair value of warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,347 |
) |
|
|
|
(7,007 |
) |
|
|
(6,640 |
) |
|
|
(17,812 |
) |
|
|
(18,577 |
) |
Income (loss) before income taxes |
|
|
1,212 |
|
|
|
5,566 |
|
|
|
(4,290 |
) |
|
|
2,323 |
|
Income
tax provision (benefit) |
|
|
5,567 |
|
|
|
82 |
|
|
|
(45 |
) |
|
|
284 |
|
Net (loss) income |
|
$ |
(4,355 |
) |
|
$ |
5,484 |
|
|
$ |
(4,245 |
) |
|
$ |
2,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share |
|
$ |
(0.13 |
) |
|
$ |
0.16 |
|
|
$ |
(0.12 |
) |
|
$ |
0.07 |
|
Diluted (loss) earnings per share |
|
$ |
(0.13 |
) |
|
$ |
0.15 |
|
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
|
34,364 |
|
|
|
34,156 |
|
|
|
34,313 |
|
|
|
30,776 |
|
Diluted weighted average
number of common shares outstanding |
|
|
34,416 |
|
|
|
36,628 |
|
|
|
34,358 |
|
|
|
33,156 |
|
Full House Resorts, Inc.Supplemental
InformationSegment Revenues, Adjusted Segment
EBITDA and Adjusted EBITDA(In thousands,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
|
$ |
21,139 |
|
|
$ |
24,239 |
|
|
$ |
42,450 |
|
|
$ |
46,596 |
|
Indiana |
|
|
11,797 |
|
|
|
10,577 |
|
|
|
20,432 |
|
|
|
19,167 |
|
Colorado |
|
|
4,112 |
|
|
|
6,382 |
|
|
|
8,347 |
|
|
|
12,286 |
|
Nevada |
|
|
5,166 |
|
|
|
4,715 |
|
|
|
9,577 |
|
|
|
9,083 |
|
Contracted Sports Wagering |
|
|
2,169 |
|
|
|
1,529 |
|
|
|
5,000 |
|
|
|
2,518 |
|
|
|
$ |
44,383 |
|
|
$ |
47,442 |
|
|
$ |
85,806 |
|
|
$ |
89,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA(1) and Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
|
$ |
5,255 |
|
|
$ |
8,983 |
|
|
$ |
11,206 |
|
|
$ |
16,613 |
|
Indiana |
|
|
3,894 |
|
|
|
2,666 |
|
|
|
5,033 |
|
|
|
3,799 |
|
Colorado |
|
|
236 |
|
|
|
1,839 |
|
|
|
(86 |
) |
|
|
3,548 |
|
Nevada |
|
|
1,448 |
|
|
|
1,412 |
|
|
|
2,277 |
|
|
|
2,636 |
|
Contracted Sports Wagering |
|
|
2,196 |
|
|
|
1,500 |
|
|
|
4,964 |
|
|
|
2,477 |
|
Adjusted Segment
EBITDA |
|
|
13,029 |
|
|
|
16,400 |
|
|
|
23,394 |
|
|
|
29,073 |
|
Corporate |
|
|
(943 |
) |
|
|
(1,472 |
) |
|
|
(2,911 |
) |
|
|
(3,376 |
) |
Adjusted
EBITDA |
|
$ |
12,086 |
|
|
$ |
14,928 |
|
|
$ |
20,483 |
|
|
$ |
25,697 |
|
__________(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 (Loss) to Adjusted EBITDA(In
Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Net (loss) income |
|
$ |
(4,355 |
) |
|
$ |
5,484 |
|
|
$ |
(4,245 |
) |
|
$ |
2,039 |
Income tax provision (benefit) |
|
|
5,567 |
|
|
|
82 |
|
|
|
(45 |
) |
|
|
284 |
Interest expense, net of amounts capitalized |
|
|
6,988 |
|
|
|
6,670 |
|
|
|
13,387 |
|
|
|
11,126 |
Loss (gain) on modification and extinguishment of debt, net |
|
|
19 |
|
|
|
(30 |
) |
|
|
4,425 |
|
|
|
6,104 |
Adjustment to fair value of warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,347 |
Operating income |
|
|
8,219 |
|
|
|
12,206 |
|
|
|
13,522 |
|
|
|
20,900 |
Project development costs |
|
|
17 |
|
|
|
126 |
|
|
|
182 |
|
|
|
173 |
Preopening costs |
|
|
1,534 |
|
|
|
— |
|
|
|
2,320 |
|
|
|
— |
Depreciation and amortization |
|
|
1,834 |
|
|
|
1,829 |
|
|
|
3,626 |
|
|
|
3,629 |
(Gain) loss on disposal of assets, net |
|
|
(5 |
) |
|
|
568 |
|
|
|
3 |
|
|
|
672 |
Stock-based compensation |
|
|
487 |
|
|
|
199 |
|
|
|
830 |
|
|
|
323 |
Adjusted EBITDA |
|
$ |
12,086 |
|
|
$ |
14,928 |
|
|
$ |
20,483 |
|
|
$ |
25,697 |
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Gain on |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
4,561 |
|
|
$ |
694 |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
5,255 |
|
Indiana |
|
3,307 |
|
|
|
587 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
3,894 |
|
Colorado |
|
(781 |
) |
|
|
353 |
|
|
(5 |
) |
|
|
— |
|
|
669 |
|
|
— |
|
|
236 |
|
Nevada |
|
1,277 |
|
|
|
171 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,448 |
|
Contracted Sports Wagering |
|
2,196 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
2,196 |
|
|
|
10,560 |
|
|
|
1,805 |
|
|
(5 |
) |
|
|
— |
|
|
669 |
|
|
— |
|
|
13,029 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(2,341 |
) |
|
|
29 |
|
|
— |
|
|
|
17 |
|
|
865 |
|
|
487 |
|
|
(943 |
) |
|
$ |
8,219 |
|
|
$ |
1,834 |
|
$ |
(5 |
) |
|
$ |
17 |
|
$ |
1,534 |
|
$ |
487 |
|
$ |
12,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
7,742 |
|
|
$ |
675 |
|
$ |
566 |
|
$ |
— |
|
$ |
— |
|
$ |
8,983 |
|
Indiana |
|
2,073 |
|
|
|
593 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,666 |
|
Colorado |
|
1,452 |
|
|
|
385 |
|
|
2 |
|
|
— |
|
|
— |
|
|
1,839 |
|
Nevada |
|
1,274 |
|
|
|
138 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,412 |
|
Contracted Sports Wagering |
|
1,500 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,500 |
|
|
|
14,041 |
|
|
|
1,791 |
|
|
568 |
|
|
— |
|
|
— |
|
|
16,400 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(1,835 |
) |
|
|
38 |
|
|
— |
|
|
126 |
|
|
199 |
|
|
(1,472 |
) |
|
$ |
12,206 |
|
|
$ |
1,829 |
|
$ |
568 |
|
$ |
126 |
|
$ |
199 |
|
$ |
14,928 |
|
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 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 |
$ |
9,813 |
|
|
$ |
1,385 |
|
$ |
8 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
11,206 |
|
Indiana |
|
3,866 |
|
|
|
1,167 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
5,033 |
|
Colorado |
|
(1,445 |
) |
|
|
695 |
|
|
(5 |
) |
|
|
— |
|
|
669 |
|
|
— |
|
|
(86 |
) |
Nevada |
|
1,960 |
|
|
|
317 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
2,277 |
|
Contracted Sports Wagering |
|
4,964 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,964 |
|
|
|
19,158 |
|
|
|
3,564 |
|
|
3 |
|
|
|
— |
|
|
669 |
|
|
— |
|
|
23,394 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(5,636 |
) |
|
|
62 |
|
|
— |
|
|
|
182 |
|
|
1,651 |
|
|
830 |
|
|
(2,911 |
) |
|
$ |
13,522 |
|
|
$ |
3,626 |
|
$ |
3 |
|
|
$ |
182 |
|
$ |
2,320 |
|
$ |
830 |
|
$ |
20,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
Operating |
|
Depreciation |
|
Loss on |
|
Project |
|
Stock- |
|
EBITDA and |
|
Income |
|
and |
|
Disposal |
|
Development |
|
Based |
|
Adjusted |
|
(Loss) |
|
Amortization |
|
of Assets |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
14,690 |
|
|
$ |
1,335 |
|
$ |
588 |
|
$ |
— |
|
$ |
— |
|
$ |
16,613 |
|
Indiana |
|
2,590 |
|
|
|
1,209 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,799 |
|
Colorado |
|
2,732 |
|
|
|
732 |
|
|
84 |
|
|
— |
|
|
— |
|
|
3,548 |
|
Nevada |
|
2,359 |
|
|
|
277 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,636 |
|
Contracted Sports Wagering |
|
2,477 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,477 |
|
|
|
24,848 |
|
|
|
3,553 |
|
|
672 |
|
|
— |
|
|
— |
|
|
29,073 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(3,948 |
) |
|
|
76 |
|
|
— |
|
|
173 |
|
|
323 |
|
|
(3,376 |
) |
|
$ |
20,900 |
|
|
$ |
3,629 |
|
$ |
672 |
|
$ |
173 |
|
$ |
323 |
|
$ |
25,697 |
|
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 budget, 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 and the success of any new sports wagering contracts 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; the successful entry into replacement sports wagering
contracts in Colorado and Indiana; 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
Photos accompanying this announcement are available
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