Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the fourth quarter and year ended December 31, 2022,
including updates regarding its growth pipeline.
“On February 17th, The Temporary by American Place
officially opened to the public,” said Daniel R. Lee,
President and Chief Executive Officer of Full House Resorts. “We
are very pleased with the positive response received from guests
thus far, with many commenting that The Temporary is one of the
nicest casinos in the area, despite being in a temporary structure.
In its first twelve days of operation, we welcomed more than 40,000
guests through its doors.
“Typical of many new casinos, we opened at less than full
capacity. On opening night, for example, only approximately 80% of
our slot floor and 60% of our permitted table games were available.
Over the coming weeks, we expect to further augment the number of
available games on our floor and increase the hours of operation
for our table games, which currently operate from 2 p.m. to 2
a.m. As our team gains more experience, we also expect to
operate the casino 24 hours per day, versus our current schedule of
8 a.m. to 4 a.m.
“We are currently operating only one of our restaurants,
L’Américain. We expect to open our Asia-Azteca fusion restaurant in
the next few weeks. A third restaurant, North Shore Steaks and
Seafood, is expected to be completed and open in the second
quarter. Given the early response to The Temporary, we remain
confident in our ability to generate attractive returns from both
The Temporary and our future American Place destination.”
Continued Mr. Lee, “At our Chamonix project in Cripple Creek,
Colorado, we continue to make substantial progress. Drywall is
being installed in guest rooms and the public areas. We recently
installed the escalators from the entry level up to the
second-floor meeting space, and are preparing for the installation
of elevators. We continue to target an opening of Chamonix later
this year, potentially with a phased opening beginning in the third
quarter of 2023.”
For project renderings and live construction webcams, please
visit www.AmericanPlace.com and www.ChamonixCO.com.
On a consolidated basis, revenues in the fourth quarter of 2022
were $36.1 million, a decrease from $43.3 million in the
prior-year period. Net loss for the fourth quarter of 2022 was
$7.0 million, or a loss of $0.20 per diluted common share,
which includes $4.8 million of preopening and development
costs. In the prior-year period, net income was $5.0 million,
or $0.14 per diluted common share, including $0.3 million of
development costs. Adjusted EBITDA(a) in the 2022
fourth quarter, which is a seasonally slow quarter, was
$3.9 million versus $7.9 million in the prior-year
period. The change reflects adverse weather in December 2022;
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.
For the full year, revenues were $163.3 million, net loss was
$14.8 million, and Adjusted EBITDA was $32.1 million in 2022. In
2021, which benefited from guests receiving government stimulus
checks, revenues were $180.2 million, net income was
$11.7 million, and Adjusted EBITDA was $47.2 million.
Fourth Quarter Highlights and Subsequent
Events
- Mississippi.
Silver Slipper Casino and Hotel’s revenues were $18.4 million in
the fourth quarter of 2022, versus $22.5 million in the
prior-year period. Results in the fourth quarter of 2022 were
adversely affected by the competitive launch of online sports
wagering within nearby Louisiana that started in January 2022,
colder than normal temperatures, and significant marketing
promotions at a nearby competitor. Adjusted Segment EBITDA was $4.0
million, reflecting the revenue declines noted above, as well as an
increase in certain operating expenses, including an increase of
$0.2 million for property insurance. Adjusted Segment EBITDA
was $6.7 million in the prior-year period.Similar factors affected
Silver Slipper’s annual results. Revenues declined from $90.6
million in 2021 to $80.9 million in 2022, primarily as a result of
the absence of government stimulus checks in 2022 and new
competition from online sports betting in Louisiana. The cost of
property insurance and certain food items also increased
significantly. As a result, Adjusted Segment EBITDA in 2022 was
$19.5 million, versus $29.8 million in 2021. Despite being down
from the prior year, the Silver Slipper’s revenues and Adjusted
Segment EBITDA in 2022 were the second highest in its 16-year
history.
- Indiana. Rising Star Casino Resort’s revenues
were $9.0 million in the fourth quarter of 2022, compared to $9.7
million in the fourth quarter of 2021. As with the Company’s other
casinos, significant snowstorms adversely affected Rising Star,
especially in December 2022. Additionally, a competitor in nearby
Northern Kentucky with “historical racing machines” (which are a
form of slot machine) opened in September 2022. Adjusted Segment
EBITDA was $0.5 million in the fourth quarter of 2022, versus
$1.1 million in the prior-year period.For the year, revenues
in the Indiana segment fell 5.7%, due to the absence of government
stimulus checks and a new competitor that opened in September 2022
in nearby Northern Kentucky. Operating expenses declined, helping
to offset the decline in revenues. Adjusted Segment EBITDA for 2022
was $6.9 million, versus $8.7 million in 2021. Even at that reduced
level, Rising Star’s Adjusted Segment EBITDA in 2022 was its second
best overall in ten years.
- 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.Prior to the pandemic
and commencement of construction, Bronco Billy’s had 827 slot
machines and 10 table games. Approximately 41% of its pre-existing
gaming space was closed in November 2021 to facilitate construction
of Chamonix. Then, in May 2022, additional gaming capacity was
closed, as well as the property’s steakhouse, for refurbishment.
The refurbished portion of the casino reopened in late December,
though the property continues to operate today with approximately
half the gaming positions than it had prior to the pandemic. The
steakhouse is being recast as an Italian restaurant and is expected
to open in the third quarter. Hence, during virtually all of the
fourth quarter and a significant portion of the year, Bronco
Billy’s was operating with approximately 45% of the gaming space
that it had prior to the pandemic and commencement of construction,
as well as significantly fewer food and beverage options. The
casino has meanwhile maintained much of its payroll, despite
reduced activity levels, anticipating the need for the larger
workforce required to open and operate Chamonix. Partially
offsetting this, some expenses, such as the cost of food and
beverages, vary with activity levels. Revenues were $3.5 million in
the fourth quarter of 2022, versus $5.0 million in the prior-year
period. Adjusted Segment EBITDA in this off-season quarter
reflected a small loss, versus a small profit in the prior year
period.Construction likewise affected results for the year.
Revenues in 2022 were $16.2 million, versus $23.7 million in 2021.
Adjusted Segment EBITDA was a loss of $688,000 for 2022, versus
positive Adjusted Segment EBITDA of $5.5 million in 2021. When
Chamonix opens later this year, Bronco Billy’s will share the
significant on-site parking garage, valet and surface parking
capacity of the new casino. It will 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 $4.1 million in the fourth
quarter of 2022, compared to $4.3 million in the prior-year period.
Results in the fourth quarter of 2022 reflect a significant
snowstorm in the Lake Tahoe area, with snowfall lasting until late
on the important New Year’s Eve holiday. Adjusted Segment EBITDA of
$0.4 million in the fourth quarter of 2022 compares to $0.8 million
in the prior-year period.For the year, the Nevada segment’s
revenues rose 7.7% over the prior year, despite the absence of
government stimulus checks. This largely reflected the recovery of
tourism to the Lake Tahoe region. Adjusted Segment EBITDA was
approximately flat at $4.9 million in both years.In
February 2023, the Company extended the expiration of its
agreement to lease the Grand Lodge Casino from
August 31, 2023 to December 31, 2024, after
which time portions of the Hyatt Lake Tahoe are expected to undergo
enhancement work.
- 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 fourth quarter of 2022, versus $1.8
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 ended its online operations. In
December 2022, the Company executed an agreement with a replacement
operator for its available Colorado sports skin, which began its
contractual term this week. The Company continues to evaluate the
best use for its available skin in Indiana, including whether to
utilize such skin itself or find a replacement third-party
operator.For the year, this segment’s revenues grew 21.6%, from
$5.9 million in 2021 to $7.2 million in 2022, and Adjusted Segment
EBITDA rose 21.0%, from $5.9 million to $7.1 million. The increase
reflects an additional skin that contractually went live on
December 1, 2021, as well as an acceleration of deferred revenue
for two agreements that ceased operations in May 2022, as noted
above.The results of this segment do not yet include income
contribution from the Company’s Illinois sports skin or the
recently-executed agreement for its Colorado sports skin. Similar
to the Company’s other sports wagering agreements, the Company will
receive a percentage of revenues, as defined in the contracts, with
minimal expected expenses. The total annualized minimum amount for
all six of the Company’s sports wagering agreements will be
$10 million once these two additional skins are live. The new
Colorado sports skin began its contractual term in March 2023, and
the Company believes that its Illinois sports skin will begin
operations in Spring 2023, pending customary regulatory
approvals.
Liquidity and Capital ResourcesAs of
December 31, 2022, the Company had $191.2 million in
cash and cash equivalents, including $134.6 million of cash
reserved under its bond indentures to complete the construction of
Chamonix. Its debt consisted primarily of $410.0 million in
outstanding senior secured notes due 2028, which become callable at
specified premiums beginning in February 2024. In February 2023,
the Company further augmented its available liquidity through the
issuance of $40.0 million of additional senior secured notes
due 2028, which are likewise callable beginning in February 2024.
Prior to the February 2023 issuance of additional notes – and in
anticipation of the payment of significant gaming license fees
related to The Temporary’s opening – the Company drew $36.0
million from its revolver, which currently remains outstanding.
Conference Call InformationThe Company will
host a conference call for investors today, March 7, 2023, at
4:30 p.m. ET (1:30 p.m. PT) to discuss its 2022
fourth 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 (201) 689-8470.
A replay of the conference call will be available shortly after
the conclusion of the call through March 21, 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 13736741.
(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 |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
25,583 |
|
|
$ |
31,214 |
|
|
$ |
113,876 |
|
|
$ |
130,431 |
|
Food and beverage |
|
6,239 |
|
|
|
6,714 |
|
|
|
26,494 |
|
|
|
27,347 |
|
Hotel |
|
2,206 |
|
|
|
2,434 |
|
|
|
9,282 |
|
|
|
9,624 |
|
Other operations, including contracted sports wagering |
|
2,054 |
|
|
|
2,909 |
|
|
|
13,629 |
|
|
|
12,757 |
|
|
|
36,082 |
|
|
|
43,271 |
|
|
|
163,281 |
|
|
|
180,159 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
9,515 |
|
|
|
11,078 |
|
|
|
39,788 |
|
|
|
43,765 |
|
Food and beverage |
|
6,238 |
|
|
|
6,270 |
|
|
|
26,372 |
|
|
|
23,757 |
|
Hotel |
|
1,282 |
|
|
|
1,112 |
|
|
|
4,806 |
|
|
|
4,444 |
|
Other operations |
|
574 |
|
|
|
458 |
|
|
|
2,168 |
|
|
|
1,980 |
|
Selling, general and administrative |
|
14,911 |
|
|
|
16,754 |
|
|
|
59,706 |
|
|
|
59,965 |
|
Project development costs, net |
|
195 |
|
|
|
291 |
|
|
|
228 |
|
|
|
782 |
|
Preopening costs |
|
4,644 |
|
|
|
— |
|
|
|
9,558 |
|
|
|
17 |
|
Depreciation and amortization |
|
1,918 |
|
|
|
1,771 |
|
|
|
7,930 |
|
|
|
7,219 |
|
Loss on disposal of assets, net |
|
39 |
|
|
|
2 |
|
|
|
42 |
|
|
|
676 |
|
|
|
39,316 |
|
|
|
37,736 |
|
|
|
150,598 |
|
|
|
142,605 |
|
Operating (loss)
income |
|
(3,234 |
) |
|
|
5,535 |
|
|
|
12,683 |
|
|
|
37,554 |
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(3,763 |
) |
|
|
(6,126 |
) |
|
|
(22,988 |
) |
|
|
(23,657 |
) |
Gain (loss) on modification and extinguishment of debt, net |
|
— |
|
|
|
5,695 |
|
|
|
(4,530 |
) |
|
|
(409 |
) |
Adjustment to fair value of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,347 |
) |
|
|
(3,763 |
) |
|
|
(431 |
) |
|
|
(27,518 |
) |
|
|
(25,413 |
) |
(Loss) income before
income taxes |
|
(6,997 |
) |
|
|
5,104 |
|
|
|
(14,835 |
) |
|
|
12,141 |
|
Income tax (benefit)
expense |
|
(15 |
) |
|
|
56 |
|
|
|
(31 |
) |
|
|
435 |
|
Net (loss)
income |
$ |
(6,982 |
) |
|
$ |
5,048 |
|
|
$ |
(14,804 |
) |
|
$ |
11,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share |
$ |
(0.20 |
) |
|
$ |
0.15 |
|
|
$ |
(0.43 |
) |
|
$ |
0.36 |
|
Diluted (loss)
earnings per share |
$ |
(0.20 |
) |
|
$ |
0.14 |
|
|
$ |
(0.43 |
) |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
34,401 |
|
|
|
34,231 |
|
|
|
34,355 |
|
|
|
32,517 |
|
Diluted weighted average
number of common shares outstanding |
|
34,401 |
|
|
|
36,749 |
|
|
|
34,355 |
|
|
|
34,946 |
|
Full House Resorts, Inc.Supplemental
InformationSegment Revenues, Adjusted Segment
EBITDA and Adjusted EBITDA(In thousands,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
18,430 |
|
|
$ |
22,495 |
|
|
$ |
80,860 |
|
|
$ |
90,628 |
|
Indiana |
|
9,021 |
|
|
|
9,685 |
|
|
|
39,090 |
|
|
|
41,435 |
|
Colorado |
|
3,452 |
|
|
|
5,032 |
|
|
|
16,185 |
|
|
|
23,660 |
|
Nevada |
|
4,082 |
|
|
|
4,299 |
|
|
|
19,950 |
|
|
|
18,516 |
|
Contracted Sports Wagering |
|
1,097 |
|
|
|
1,760 |
|
|
|
7,196 |
|
|
|
5,920 |
|
|
$ |
36,082 |
|
|
$ |
43,271 |
|
|
$ |
163,281 |
|
|
$ |
180,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA(1) and
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
4,047 |
|
|
$ |
6,747 |
|
|
$ |
19,488 |
|
|
$ |
29,843 |
|
Indiana |
|
513 |
|
|
|
1,120 |
|
|
|
6,888 |
|
|
|
8,736 |
|
Colorado |
|
(638 |
) |
|
|
453 |
|
|
|
(688 |
) |
|
|
5,545 |
|
Nevada |
|
351 |
|
|
|
760 |
|
|
|
4,908 |
|
|
|
4,933 |
|
Contracted Sports Wagering |
|
1,079 |
|
|
|
1,768 |
|
|
|
7,127 |
|
|
|
5,890 |
|
Adjusted Segment
EBITDA |
|
5,352 |
|
|
|
10,848 |
|
|
|
37,723 |
|
|
|
54,947 |
|
Corporate |
|
(1,459 |
) |
|
|
(2,930 |
) |
|
|
(5,589 |
) |
|
|
(7,733 |
) |
Adjusted
EBITDA |
$ |
3,893 |
|
|
$ |
7,918 |
|
|
$ |
32,134 |
|
|
$ |
47,214 |
|
__________
(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 |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Net (loss) income |
$ |
(6,982 |
) |
|
$ |
5,048 |
|
|
$ |
(14,804 |
) |
|
$ |
11,706 |
Income tax (benefit) expense |
|
(15 |
) |
|
|
56 |
|
|
|
(31 |
) |
|
|
435 |
Interest expense, net |
|
3,763 |
|
|
|
6,126 |
|
|
|
22,988 |
|
|
|
23,657 |
(Gain) loss on modification and extinguishment of debt, net |
|
— |
|
|
|
(5,695 |
) |
|
|
4,530 |
|
|
|
409 |
Adjustment to fair value of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,347 |
Operating (loss)
income |
|
(3,234 |
) |
|
|
5,535 |
|
|
|
12,683 |
|
|
|
37,554 |
Project development costs, net |
|
195 |
|
|
|
291 |
|
|
|
228 |
|
|
|
782 |
Preopening costs |
|
4,644 |
|
|
|
— |
|
|
|
9,558 |
|
|
|
17 |
Depreciation and amortization |
|
1,918 |
|
|
|
1,771 |
|
|
|
7,930 |
|
|
|
7,219 |
Loss on disposal of assets, net |
|
39 |
|
|
|
2 |
|
|
|
42 |
|
|
|
676 |
Stock-based compensation |
|
331 |
|
|
|
319 |
|
|
|
1,693 |
|
|
|
966 |
Adjusted
EBITDA |
$ |
3,893 |
|
|
$ |
7,918 |
|
|
$ |
32,134 |
|
|
$ |
47,214 |
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
3,325 |
|
|
$ |
683 |
|
$ |
39 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
4,047 |
|
Indiana |
|
(86 |
) |
|
|
599 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
513 |
|
Colorado |
|
(1,417 |
) |
|
|
373 |
|
|
— |
|
|
— |
|
|
406 |
|
|
— |
|
|
(638 |
) |
Nevada |
|
157 |
|
|
|
194 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
351 |
|
Contracted Sports Wagering |
|
1,079 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,079 |
|
|
|
3,058 |
|
|
|
1,849 |
|
|
39 |
|
|
— |
|
|
406 |
|
|
— |
|
|
5,352 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(6,292 |
) |
|
|
69 |
|
|
— |
|
|
195 |
|
|
4,238 |
|
|
331 |
|
|
(1,459 |
) |
|
$ |
(3,234 |
) |
|
$ |
1,918 |
|
$ |
39 |
|
$ |
195 |
|
$ |
4,644 |
|
$ |
331 |
|
$ |
3,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended December 31, 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 |
$ |
6,070 |
|
|
$ |
677 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,747 |
|
Indiana |
|
558 |
|
|
|
562 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,120 |
|
Colorado |
|
88 |
|
|
|
363 |
|
|
2 |
|
|
— |
|
|
— |
|
|
453 |
|
Nevada |
|
625 |
|
|
|
135 |
|
|
— |
|
|
— |
|
|
— |
|
|
760 |
|
Contracted Sports Wagering |
|
1,768 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,768 |
|
|
|
9,109 |
|
|
|
1,737 |
|
|
2 |
|
|
— |
|
|
— |
|
|
10,848 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(3,574 |
) |
|
|
34 |
|
|
— |
|
|
291 |
|
|
319 |
|
|
(2,930 |
) |
|
$ |
5,535 |
|
|
$ |
1,771 |
|
$ |
2 |
|
$ |
291 |
|
$ |
319 |
|
$ |
7,918 |
|
Full House Resorts, Inc.Supplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In Thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi |
$ |
16,684 |
|
|
$ |
2,757 |
|
$ |
47 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
19,488 |
|
Indiana |
|
4,532 |
|
|
|
2,356 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
6,888 |
|
Colorado |
|
(3,544 |
) |
|
|
1,429 |
|
|
(5 |
) |
|
|
— |
|
|
1,432 |
|
|
— |
|
|
(688 |
) |
Nevada |
|
3,938 |
|
|
|
970 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,908 |
|
Contracted Sports Wagering |
|
7,127 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
7,127 |
|
|
|
28,737 |
|
|
|
7,512 |
|
|
42 |
|
|
|
— |
|
|
1,432 |
|
|
— |
|
|
37,723 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(16,054 |
) |
|
|
418 |
|
|
— |
|
|
|
228 |
|
|
8,126 |
|
|
1,693 |
|
|
(5,589 |
) |
|
$ |
12,683 |
|
|
$ |
7,930 |
|
$ |
42 |
|
|
$ |
228 |
|
$ |
9,558 |
|
$ |
1,693 |
|
$ |
32,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended December 31, 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 |
$ |
26,553 |
|
|
$ |
2,701 |
|
$ |
589 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
29,843 |
|
Indiana |
|
6,396 |
|
|
|
2,340 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,736 |
|
Colorado |
|
3,959 |
|
|
|
1,482 |
|
|
87 |
|
|
— |
|
|
17 |
|
|
— |
|
|
5,545 |
|
Nevada |
|
4,386 |
|
|
|
547 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,933 |
|
Contracted Sports Wagering |
|
5,890 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,890 |
|
|
|
47,184 |
|
|
|
7,070 |
|
|
676 |
|
|
— |
|
|
17 |
|
|
— |
|
|
54,947 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(9,630 |
) |
|
|
149 |
|
|
— |
|
|
782 |
|
|
— |
|
|
966 |
|
|
(7,733 |
) |
|
$ |
37,554 |
|
|
$ |
7,219 |
|
$ |
676 |
|
$ |
782 |
|
$ |
17 |
|
$ |
966 |
|
$ |
47,214 |
|
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; 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; our ability
to effectively manage and control expenses; our ability to complete
Chamonix and American Place on-time and on-budget; 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 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. The Company is
currently constructing 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 Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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