Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the second quarter ended June 30, 2023, including updates
regarding its growth pipeline.
“The Temporary by American Place completed its
first full quarter of operations, recording $20.3 million in
revenue and $4.1 million in Adjusted Property EBITDA,” said
Daniel R. Lee, President and Chief Executive Officer of
Full House Resorts. “The trends at The Temporary are similar
to those of many other successful casinos. The number of visitors
surged at opening in mid-February and then, after a short lull, has
grown steadily since April. Meanwhile, its win per admission, while
still less than more-established casinos in Illinois, has grown
steadily since opening, as regular players replace people who were
more tourists than gamblers. Note that in July, our fifth full
month of operations, the property’s reported gaming revenues ranked
sixth out of the 13 casinos in operation in Illinois. Our
expenses relative to revenues have been higher than we expect them
to be at ‘maturity,’ reflecting primarily our costs to train new
personnel, especially dealers, and additional advertising and
marketing costs. We currently have 48 table games on the
casino floor, of our planned 50 tables. Due to staffing
challenges, however, we are currently operating only approximately
30 of those tables on a typical weekend evening. The shortage of
dealers also affects the number of tables that we operate in
non-peak periods. We continue to operate our own dealer school,
where potential dealers are paid during their several weeks of
training, which affects margins and profitability, but is necessary
to reach the property’s potential. Our marketing expenses are also
expected to gradually become more efficient over time, as we build
a database and achieve broader brand recognition.
“The Temporary initially opened to the public on
February 17, 2023, just 14 months after we were selected
by the Illinois Gaming Board to develop the Waukegan opportunity.
It opened with limited food service, limited hours of operation,
and low table game limits. We currently operate two restaurants on
most days, one in the evenings and the other for lunch. The
property’s high-end restaurant, North Shore Steaks and Seafood, is
expected to open later this year. Our casino is now open
24 hours per day on weekends and from 8:00 a.m. to
4:00 a.m. during the week. As of May 13, we have been able to
set our own table game betting limits, which are now up to $5,000
per hand. Table limits may increase further as our casino staff
gains greater experience. As noted, we continue to hire and train
dealers, which will allow us to operate more table games during
busy periods. Our on-site sportsbook, which will be operated in
partnership with Circa Sports, is expected to open shortly. Circa
Sports is also expected to begin online sports betting in Illinois
soon, with the first payment under our agreement due in
mid-August.”
Continued Mr. Lee, “At our Chamonix project
in Cripple Creek, Colorado, meaningful construction continues, with
exteriors now largely complete. Within the main hotel tower, our
contractor is completing guest rooms and we anticipate beginning
the installation of furniture shortly. The extensive millwork in
the casino and high-end restaurant is also underway. We expect to
begin taking hotel reservations for Chamonix at www.ChamonixCO.com
shortly. We look forward to welcoming guests to our Chamonix Casino
Hotel on December 26, 2023. It will be the first luxury
casino hotel in the Colorado Springs area, and we believe it will
be one of the best casino hotels in the entire Midwest.”
On a consolidated basis, revenues in the second
quarter of 2023 were $59.4 million, a 33.8% increase from
$44.4 million in the prior-year period. Net loss for the
second quarter of 2023 was $5.6 million, or $(0.16) 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 $4.4 million, or $(0.13) per diluted common share,
reflecting $1.6 million of preopening and development costs,
Rising Star’s sale of “free play” (which also occurred during 2023,
though in the first quarter instead of the second quarter), and the
acceleration of deferred revenue for two sports wagering agreements
that ceased operations in May 2022. Adjusted
EBITDA(a) was $10.5 million in the 2023 second quarter,
versus $12.1 million in the prior-year period, reflecting the
items mentioned above, plus elevated marketing, training expenses,
and other ramp-up costs for the newly-opened Temporary.
For project renderings and live construction
webcams of our Chamonix project, please visit
www.ChamonixCO.com.
Second 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 $49.9 million in the second
quarter of 2023, a 51.5% increase from $32.9 million in the
prior-year period. Adjusted Segment EBITDA rose to $9.4 million, a
2.6% increase from $9.1 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 second quarter of 2023, The Temporary generated
$20.3 million of revenue and $4.1 million of Adjusted
Property EBITDA. We expect The Temporary’s results to increase in
the coming quarters, as the property’s database continues to expand
and marketing, labor and other early costs normalize. Additionally,
results for the prior-year’s second quarter include Rising Star’s
sale of “free play,” which resulted in $2.1 million of revenue
and income. Rising Star also sold its “free play” for $2.1 million
during 2023, though in the first quarter instead of the second
quarter.Excluding results from The Temporary, same-store revenues
declined to $29.6 million from $32.9 million, largely due to
the sale of “free play” at Rising Star, as noted above.
Same-store Adjusted Segment EBITDA declined to $5.3 million from
$9.1 million, due largely to the “free play” sale and
increases in labor expenses and insurance costs at Silver
Slipper.
- 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 were
$8.1 million in the second quarter of 2023 versus $9.3 million in
the prior-year period. Adjusted Segment EBITDA was
$0.2 million versus $1.7 million. 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. Additionally, the current period reflects
heavy winter snowfall in the Lake Tahoe region, which delayed the
return of seasonal residents to Incline Village.
- Contracted Sports
Wagering. This segment consists of our on-site and online
sports wagering “skins” (akin to websites) in Colorado, Indiana
and, upon launch, Illinois. Revenues and Adjusted Segment EBITDA
were both $1.4 million in the second quarter of 2023,
reflecting all three of our permitted skins now contractually live
in Colorado and two of our three skins live in Indiana.
Revenues and Adjusted EBITDA were both $2.2 million in the
prior-year period, reflecting an acceleration of deferred revenue
for two agreements that ceased operations in May 2022, when one of
our contracted parties ended its online operations.The results of
this segment do not yet include income contribution from our
Illinois sports skin. For this sports skin, we will receive a
percentage of revenues, as defined in the contract, subject to a
minimum amount of $5 million per year. Under the agreement, we
begin to receive revenue payments for our Illinois sports skin in
August 2023, irrespective of whether online sports wagering
operations have begun. The total annualized minimum amount for all
six of our current sports wagering agreements will be
$10 million once this Illinois skin is live.
Liquidity and Capital
ResourcesAs of June 30, 2023, we had
$113.6 million in cash and cash equivalents, including
$78.1 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, August 8, 2023, at
4:30 p.m. ET (1:30 p.m. PT) to discuss our 2023 second 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 August
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 13739434.
(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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
45,359 |
|
|
$ |
29,488 |
|
|
$ |
81,346 |
|
|
$ |
58,572 |
|
Food and beverage |
|
|
8,673 |
|
|
|
6,933 |
|
|
|
16,333 |
|
|
|
13,444 |
|
Hotel |
|
|
2,348 |
|
|
|
2,407 |
|
|
|
4,492 |
|
|
|
4,586 |
|
Other operations, including contracted sports wagering |
|
|
3,002 |
|
|
|
5,555 |
|
|
|
7,317 |
|
|
|
9,204 |
|
|
|
|
59,382 |
|
|
|
44,383 |
|
|
|
109,488 |
|
|
|
85,806 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
16,990 |
|
|
|
10,106 |
|
|
|
30,334 |
|
|
|
19,981 |
|
Food and beverage |
|
|
9,030 |
|
|
|
6,752 |
|
|
|
16,485 |
|
|
|
13,320 |
|
Hotel |
|
|
1,228 |
|
|
|
1,197 |
|
|
|
2,447 |
|
|
|
2,268 |
|
Other operations |
|
|
705 |
|
|
|
545 |
|
|
|
1,187 |
|
|
|
1,007 |
|
Selling, general and administrative |
|
|
21,577 |
|
|
|
14,184 |
|
|
|
39,806 |
|
|
|
29,577 |
|
Project development costs |
|
|
17 |
|
|
|
17 |
|
|
|
24 |
|
|
|
182 |
|
Preopening costs |
|
|
1,086 |
|
|
|
1,534 |
|
|
|
11,583 |
|
|
|
2,320 |
|
Depreciation and amortization |
|
|
8,155 |
|
|
|
1,834 |
|
|
|
14,014 |
|
|
|
3,626 |
|
(Gain) loss on disposal of assets |
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
3 |
|
|
|
|
58,788 |
|
|
|
36,164 |
|
|
|
115,880 |
|
|
|
72,284 |
|
Operating income
(loss) |
|
|
594 |
|
|
|
8,219 |
|
|
|
(6,392 |
) |
|
|
13,522 |
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(5,633 |
) |
|
|
(6,988 |
) |
|
|
(10,452 |
) |
|
|
(13,387 |
) |
Loss on modification of debt |
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
(4,425 |
) |
Gain on insurance settlement |
|
|
— |
|
|
|
— |
|
|
|
355 |
|
|
|
— |
|
|
|
|
(5,633 |
) |
|
|
(7,007 |
) |
|
|
(10,097 |
) |
|
|
(17,812 |
) |
(Loss) income before
income taxes |
|
|
(5,039 |
) |
|
|
1,212 |
|
|
|
(16,489 |
) |
|
|
(4,290 |
) |
Income tax provision
(benefit) |
|
|
561 |
|
|
|
5,567 |
|
|
|
526 |
|
|
|
(45 |
) |
Net loss |
|
$ |
(5,600 |
) |
|
$ |
(4,355 |
) |
|
$ |
(17,015 |
) |
|
$ |
(4,245 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per
share |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.12 |
) |
Diluted loss per
share |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of
common shares outstanding |
|
|
34,496 |
|
|
|
34,364 |
|
|
|
34,453 |
|
|
|
34,313 |
|
Diluted weighted average number
of common shares outstanding |
|
|
34,496 |
|
|
|
34,416 |
|
|
|
34,453 |
|
|
|
34,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationSegment Revenues, Adjusted Segment
EBITDA and Adjusted EBITDA(In thousands,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
49,911 |
|
|
$ |
32,936 |
|
|
$ |
90,713 |
|
|
$ |
62,882 |
|
West |
|
|
8,089 |
|
|
|
9,278 |
|
|
|
16,213 |
|
|
|
17,924 |
|
Contracted Sports Wagering |
|
|
1,382 |
|
|
|
2,169 |
|
|
|
2,562 |
|
|
|
5,000 |
|
|
|
$ |
59,382 |
|
|
$ |
44,383 |
|
|
$ |
109,488 |
|
|
$ |
85,806 |
|
Adjusted Segment
EBITDA(1) and Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
9,391 |
|
|
$ |
9,149 |
|
|
$ |
20,077 |
|
|
$ |
16,239 |
|
West |
|
|
177 |
|
|
|
1,684 |
|
|
|
234 |
|
|
|
2,191 |
|
Contracted Sports Wagering |
|
|
1,361 |
|
|
|
2,196 |
|
|
|
2,522 |
|
|
|
4,964 |
|
Adjusted Segment EBITDA |
|
|
10,929 |
|
|
|
13,029 |
|
|
|
22,833 |
|
|
|
23,394 |
|
Corporate |
|
|
(422 |
) |
|
|
(943 |
) |
|
|
(2,201 |
) |
|
|
(2,911 |
) |
Adjusted EBITDA |
|
$ |
10,507 |
|
|
$ |
12,086 |
|
|
$ |
20,632 |
|
|
$ |
20,483 |
|
__________
(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 |
|
|
|
Six Months Ended |
|
|
|
|
|
June 30, |
|
Increase / |
|
June 30, |
|
Increase / |
|
|
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
Midwest & South same-store total revenues(1) |
|
$ |
29,584 |
|
$ |
32,936 |
|
(10.2 |
)% |
|
$ |
59,966 |
|
$ |
62,882 |
|
(4.6 |
)% |
|
The Temporary by American
Place |
|
|
20,327 |
|
|
— |
|
N.M. |
|
|
|
30,747 |
|
|
— |
|
N.M. |
|
|
Midwest & South total
revenues |
|
$ |
49,911 |
|
$ |
32,936 |
|
51.5 |
% |
|
$ |
90,713 |
|
$ |
62,882 |
|
44.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South same-store
Adjusted Segment EBITDA(1) |
|
$ |
5,258 |
|
$ |
9,149 |
|
(42.5 |
)% |
|
$ |
12,372 |
|
$ |
16,239 |
|
(23.8 |
)% |
|
The Temporary by American
Place |
|
|
4,133 |
|
|
— |
|
N.M. |
|
|
|
7,705 |
|
|
— |
|
N.M. |
|
|
Midwest & South Adjusted
Segment EBITDA |
|
$ |
9,391 |
|
$ |
9,149 |
|
2.6 |
% |
|
$ |
20,077 |
|
$ |
16,239 |
|
23.6 |
% |
|
__________
N.M. Not meaningful. |
(1) |
|
Same-store
operations exclude results from The Temporary by American Place,
which opened on February 17, 2023. |
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Net Loss and
Operating Income (Loss) to Adjusted EBITDA(In
thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
$ |
(5,600 |
) |
|
$ |
(4,355 |
) |
|
$ |
(17,015 |
) |
|
$ |
(4,245 |
) |
Income tax provision (benefit) |
|
561 |
|
|
|
5,567 |
|
|
|
526 |
|
|
|
(45 |
) |
Interest expense, net |
|
5,633 |
|
|
|
6,988 |
|
|
|
10,452 |
|
|
|
13,387 |
|
Loss on modification of debt |
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
4,425 |
|
Gain on insurance settlement |
|
— |
|
|
|
— |
|
|
|
(355 |
) |
|
|
— |
|
Operating income
(loss) |
|
594 |
|
|
|
8,219 |
|
|
|
(6,392 |
) |
|
|
13,522 |
|
Project development costs |
|
17 |
|
|
|
17 |
|
|
|
24 |
|
|
|
182 |
|
Preopening costs |
|
1,086 |
|
|
|
1,534 |
|
|
|
11,583 |
|
|
|
2,320 |
|
Depreciation and amortization |
|
8,155 |
|
|
|
1,834 |
|
|
|
14,014 |
|
|
|
3,626 |
|
(Gain) loss on disposal of assets |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
3 |
|
Stock-based compensation |
|
655 |
|
|
|
487 |
|
|
|
1,403 |
|
|
|
830 |
|
Adjusted
EBITDA |
$ |
10,507 |
|
|
$ |
12,086 |
|
|
$ |
20,632 |
|
|
$ |
20,483 |
|
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
1,830 |
|
|
$ |
7,556 |
|
$ |
— |
|
$ |
5 |
|
$ |
— |
|
$ |
9,391 |
|
West |
|
|
(1,473 |
) |
|
|
569 |
|
|
— |
|
|
1,081 |
|
|
— |
|
|
177 |
|
Contracted Sports Wagering |
|
|
1,361 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,361 |
|
|
|
|
1,718 |
|
|
|
8,125 |
|
|
— |
|
|
1,086 |
|
|
— |
|
|
10,929 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,124 |
) |
|
|
30 |
|
|
17 |
|
|
— |
|
|
655 |
|
|
(422 |
) |
|
|
$ |
594 |
|
|
$ |
8,155 |
|
$ |
17 |
|
$ |
1,086 |
|
$ |
655 |
|
$ |
10,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
7,003 |
|
|
$ |
1,281 |
|
$ |
— |
|
|
$ |
— |
|
$ |
865 |
|
$ |
— |
|
$ |
9,149 |
|
West |
|
|
496 |
|
|
|
524 |
|
|
(5 |
) |
|
|
— |
|
|
669 |
|
|
— |
|
|
1,684 |
|
Contracted Sports Wagering |
|
|
2,196 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
2,196 |
|
|
|
|
9,695 |
|
|
|
1,805 |
|
|
(5 |
) |
|
|
— |
|
|
1,534 |
|
|
— |
|
|
13,029 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,476 |
) |
|
|
29 |
|
|
— |
|
|
|
17 |
|
|
— |
|
|
487 |
|
|
(943 |
) |
|
|
$ |
8,219 |
|
|
$ |
1,834 |
|
$ |
(5 |
) |
|
$ |
17 |
|
$ |
1,534 |
|
$ |
487 |
|
$ |
12,086 |
|
|
Full House Resorts, Inc. and
SubsidiariesSupplemental
InformationReconciliation of Operating Income
(Loss) to Adjusted Segment EBITDA and Adjusted
EBITDA(In thousands, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
(2,836 |
) |
|
$ |
12,812 |
|
$ |
— |
|
$ |
10,101 |
|
$ |
— |
|
$ |
20,077 |
|
West |
|
|
(2,389 |
) |
|
|
1,141 |
|
|
— |
|
|
1,482 |
|
|
— |
|
|
234 |
|
Contracted Sports Wagering |
|
|
2,522 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,522 |
|
|
|
|
(2,703 |
) |
|
|
13,953 |
|
|
— |
|
|
11,583 |
|
|
— |
|
|
22,833 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(3,689 |
) |
|
|
61 |
|
|
24 |
|
|
— |
|
|
1,403 |
|
|
(2,201 |
) |
|
|
$ |
(6,392 |
) |
|
$ |
14,014 |
|
$ |
24 |
|
$ |
11,583 |
|
$ |
1,403 |
|
$ |
20,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
Loss (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 |
|
$ |
12,028 |
|
|
$ |
2,552 |
|
$ |
8 |
|
|
$ |
— |
|
$ |
1,651 |
|
$ |
— |
|
$ |
16,239 |
|
West |
|
|
515 |
|
|
|
1,012 |
|
|
(5 |
) |
|
|
— |
|
|
669 |
|
|
— |
|
|
2,191 |
|
Contracted Sports Wagering |
|
|
4,964 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,964 |
|
|
|
|
17,507 |
|
|
|
3,564 |
|
|
3 |
|
|
|
— |
|
|
2,320 |
|
|
— |
|
|
23,394 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(3,985 |
) |
|
|
62 |
|
|
— |
|
|
|
182 |
|
|
— |
|
|
830 |
|
|
(2,911 |
) |
|
|
$ |
13,522 |
|
|
$ |
3,626 |
|
$ |
3 |
|
|
$ |
182 |
|
$ |
2,320 |
|
$ |
830 |
|
$ |
20,483 |
|
|
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 success and commencement dates 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 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 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; 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 Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
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