Full House Resorts, Inc. (Nasdaq: FLL) today announced results for
the second quarter ended June 30, 2024.
On a consolidated basis, revenues in the second quarter of 2024
were $73.5 million, a 23.8% increase from $59.4 million in the
prior-year period. These results reflect the continued ramp-up of
operations at American Place, which opened in mid-February 2023,
and the phased opening of Chamonix Casino Hotel, beginning in
late-December 2023. Net loss for the second quarter of 2024 was
$8.6 million, or $(0.25) per diluted common share, which
includes $0.8 million of preopening and development costs, as well
as depreciation and amortization charges related to our new
American Place and Chamonix facilities. Depreciation charges for
the temporary American Place casino are larger relative to its
earnings than is typically the case for casinos, due to the
anticipated temporary nature of much of the property’s assets. In
the prior-year period, net loss was $5.6 million, or $(0.16) per
diluted common share, reflecting $1.1 million of preopening and
development costs. Adjusted EBITDA(a) rose 34.6% in the second
quarter of 2024 to $14.1 million from $10.5 million in the
prior-year period, reflecting strong growth from American Place and
$0.9 million of accelerated revenue from an online sports
wagering “skin” that ceased operations in Colorado.
“Our newest destination casino, Chamonix Casino Hotel in Cripple
Creek, Colorado, continues to build its customer base,” said
Daniel R. Lee, President and Chief Executive Officer of
Full House Resorts. “Since its opening, hotel occupancy has
steadily increased, with occupied room-nights rising from
approximately 2,100 in January 2024 to approximately 5,900 in June
2024. Increased visitation corresponds to the unveiling of new
amenities at the property, as well as the commencement of the
busier summer season. Our steakhouse, 980 Prime, opened in April
2024 and has quickly earned a reputation as one of the finest
restaurants in Colorado. In late-May 2024, we opened our rooftop
pool and portions of our spa. These amenities joined Chamonix’s
300-guestroom hotel and sunlit casino, which we believe are
unparalleled in the region in their quality and beauty. During the
third quarter, we expect to complete the opening of Chamonix’s spa
and unveil its street-front jewelry store. The early guest response
to Chamonix continues to be very good, reinforcing our confidence
in its long-term earnings potential.”
The Company also recently announced the promotion of Angi
Truebner-Webb to the position of Vice President and General Manager
of the Silver Slipper Casino and Hotel, pending customary
regulatory approvals. Born in Guben, Germany, Ms. Truebner-Webb
received her MBA degree from the University of Applied Science in
Dresden, Germany. She joined the Silver Slipper’s finance team in
2010 before transferring to the Company’s Rising Star Casino and
Resort as its Executive Director of Finance and Administration in
2019. In 2021, she was promoted to General Manager of Rising Star.
When she joins the Silver Slipper, Ms. Truebner-Webb will replace
John Ferrucci, who previously announced his planned retirement from
the Company in April 2025. The transition will take place this
fall, ensuring a smooth handover of responsibilities.
“We are very proud of Angi, who has steadily worked her way up
within Full House Resorts,” said Mr. Lee. “She has done an
excellent job in building a team and improving results at Rising
Star, often amidst challenging competitive conditions. She is now
eager and ready to return as the leader of the Silver Slipper. We
also thank John Ferrucci for his many years of service. John opened
the Silver Slipper in 2006 and has also been our Chief Operating
Officer since 2022. We look forward to continuing to work with John
over the next several months and we wish him well thereafter in his
long-planned and well-earned retirement.”
Second Quarter Highlights and Subsequent
Events
- Midwest &
South. This segment includes Silver Slipper Casino and
Hotel, Rising Star Casino Resort, and American Place. Revenues for
the segment were $55.5 million in the second quarter of 2024, an
11.1% increase from $49.9 million in the prior-year period.
Adjusted Segment EBITDA rose to $12.3 million, a 30.7% increase
from $9.4 million in the prior-year period. These results reflect
the continued ramp-up of operations at American Place, which opened
on February 17, 2023. In the second quarter of 2024, American Place
generated $27.2 million of revenue and $7.6 million of Adjusted
Property EBITDA, or increases of 34.0% and 83.5%, respectively,
compared to the second quarter of 2023.
- 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 Chamonix Casino Hotel, which began its phased opening
on December 27, 2023. Bronco Billy’s and Chamonix are two
integrated and adjoining casinos, and are operated by our
management team in Colorado as a single entity. Revenues for the
segment rose 87.3% to $15.2 million in the second quarter of 2024,
versus $8.1 million in the prior-year period. Adjusted Segment
EBITDA increased despite the high initial opening costs of Chamonix
to $0.9 million in the second quarter of 2024, versus $0.2 million
in the prior-year period. Such costs include the training of new
employees and additional marketing costs expected to benefit future
operations, as well as the cost of operating many amenities at the
new resort while continuing to complete construction.On July 1,
2024, Gaming Entertainment (Nevada) LLC, the Company’s wholly-owned
subsidiary that operates Grand Lodge Casino, entered into a Seventh
Amendment to Casino Operations Lease (the “Amendment”) with Incline
Hotel LLC (the “Landlord”). Prior to the Amendment, Grand
Lodge’s casino lease was scheduled to expire on December 31, 2024.
The Amendment extends the term of the lease by ten years to
December 31, 2034; increases annual rent from $2,000,000
in 2024 to $2,010,857 for 2025, followed by annual increases of 2%
for the remainder of the term; and makes certain other conforming
changes. Full House first began operating the Grand Lodge casino
under a short-term lease in 2011. That lease had been extended
several times, reflecting the ongoing and excellent relationship
between Full House and the operators of the hotel.
- 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 in the second quarter of 2024 were $2.9 million and
$2.6 million, respectively. These results reflect $0.9 million
of accelerated revenue from an online sports wagering “skin” that
ceased operations in Colorado. Additionally, Adjusted Segment
EBITDA was adversely affected by a provision for credit losses on
sports wagering receivables of $0.3 million, as a contracted party
had not yet remitted payments due to the Company. During the third
quarter of 2024, such party and two of the Company’s subsidiaries
entered into a settlement agreement, which provides for an
approximately $2.1 million payment to the Company due in the third
quarter of 2024, and a reduction of certain future annual minimums
due to the Company under the related agreements.
Liquidity and Capital ResourcesAs of
June 30, 2024, we had $44.7 million in cash and cash
equivalents, including $13.6 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 became callable at specified
premiums 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 6, 2024, at 4:30 p.m.
ET (1:30 p.m. PT) to discuss our 2024 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 20, 2024. To access the
replay, please visit www.fullhouseresorts.com. Investors can also
access the replay by dialing (412) 317-6671 and using the passcode
13746753.
(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 condensed
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, certain 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, certain
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
SubsidiariesCondensed Consolidated Statements of
Operations (Unaudited)(In thousands, except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
54,685 |
|
|
$ |
45,359 |
|
|
$ |
106,358 |
|
|
$ |
81,346 |
|
Food and beverage |
|
|
10,403 |
|
|
|
8,673 |
|
|
|
20,172 |
|
|
|
16,333 |
|
Hotel |
|
|
3,742 |
|
|
|
2,348 |
|
|
|
6,594 |
|
|
|
4,492 |
|
Other operations, including contracted sports wagering |
|
|
4,662 |
|
|
|
3,002 |
|
|
|
10,292 |
|
|
|
7,317 |
|
|
|
|
73,492 |
|
|
|
59,382 |
|
|
|
143,416 |
|
|
|
109,488 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
20,719 |
|
|
|
16,990 |
|
|
|
41,294 |
|
|
|
30,334 |
|
Food and beverage |
|
|
10,714 |
|
|
|
9,030 |
|
|
|
20,474 |
|
|
|
16,485 |
|
Hotel |
|
|
2,383 |
|
|
|
1,228 |
|
|
|
4,546 |
|
|
|
2,447 |
|
Other operations |
|
|
990 |
|
|
|
705 |
|
|
|
1,781 |
|
|
|
1,187 |
|
Selling, general and administrative |
|
|
25,285 |
|
|
|
21,577 |
|
|
|
50,220 |
|
|
|
39,806 |
|
Project development costs |
|
|
3 |
|
|
|
17 |
|
|
|
3 |
|
|
|
24 |
|
Preopening costs |
|
|
757 |
|
|
|
1,086 |
|
|
|
2,420 |
|
|
|
11,583 |
|
Depreciation and amortization |
|
|
10,326 |
|
|
|
8,155 |
|
|
|
20,951 |
|
|
|
14,014 |
|
Loss on disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
|
71,177 |
|
|
|
58,788 |
|
|
|
141,707 |
|
|
|
115,880 |
|
Operating income
(loss) |
|
|
2,315 |
|
|
|
594 |
|
|
|
1,709 |
|
|
|
(6,392 |
) |
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(11,023 |
) |
|
|
(5,633 |
) |
|
|
(21,273 |
) |
|
|
(10,452 |
) |
Gain on insurance settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
355 |
|
|
|
|
(11,023 |
) |
|
|
(5,633 |
) |
|
|
(21,273 |
) |
|
|
(10,097 |
) |
Loss before income
taxes |
|
|
(8,708 |
) |
|
|
(5,039 |
) |
|
|
(19,564 |
) |
|
|
(16,489 |
) |
Income tax (benefit)
provision |
|
|
(79 |
) |
|
|
561 |
|
|
|
337 |
|
|
|
526 |
|
Net loss |
|
$ |
(8,629 |
) |
|
$ |
(5,600 |
) |
|
$ |
(19,901 |
) |
|
$ |
(17,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per
share |
|
$ |
(0.25 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.49 |
) |
Diluted loss per
share |
|
$ |
(0.25 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of
common shares outstanding |
|
|
34,710 |
|
|
|
34,496 |
|
|
|
34,650 |
|
|
|
34,453 |
|
Diluted weighted average number
of common shares outstanding |
|
|
34,710 |
|
|
|
34,496 |
|
|
|
34,650 |
|
|
|
34,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
55,458 |
|
|
$ |
49,911 |
|
|
$ |
110,088 |
|
|
$ |
90,713 |
|
West |
|
|
15,151 |
|
|
|
8,089 |
|
|
|
28,185 |
|
|
|
16,213 |
|
Contracted Sports Wagering |
|
|
2,883 |
|
|
|
1,382 |
|
|
|
5,143 |
|
|
|
2,562 |
|
|
|
$ |
73,492 |
|
|
$ |
59,382 |
|
|
$ |
143,416 |
|
|
$ |
109,488 |
|
Adjusted Segment
EBITDA(1) and Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
12,275 |
|
|
$ |
9,391 |
|
|
$ |
24,958 |
|
|
$ |
20,077 |
|
West |
|
|
865 |
|
|
|
177 |
|
|
|
731 |
|
|
|
234 |
|
Contracted Sports Wagering |
|
|
2,577 |
|
|
|
1,361 |
|
|
|
4,512 |
|
|
|
2,522 |
|
Adjusted Segment EBITDA |
|
|
15,717 |
|
|
|
10,929 |
|
|
|
30,201 |
|
|
|
22,833 |
|
Corporate |
|
|
(1,576 |
) |
|
|
(422 |
) |
|
|
(3,651 |
) |
|
|
(2,201 |
) |
Adjusted EBITDA |
|
$ |
14,141 |
|
|
$ |
10,507 |
|
|
$ |
26,550 |
|
|
$ |
20,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________(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 / |
Reporting segments |
|
2024 |
|
2023 |
|
(Decrease) |
|
2024 |
|
2023 |
|
(Decrease) |
Midwest &
South |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South same-store total revenues(1) |
|
$ |
28,212 |
|
$ |
29,584 |
|
(4.6 |
) |
% |
|
$ |
57,037 |
|
$ |
59,966 |
|
(4.9 |
) |
% |
American Place |
|
|
27,246 |
|
|
20,327 |
|
34.0 |
|
% |
|
|
53,051 |
|
|
30,747 |
|
72.5 |
|
% |
Midwest & South total
revenues |
|
$ |
55,458 |
|
$ |
49,911 |
|
11.1 |
|
% |
|
$ |
110,088 |
|
$ |
90,713 |
|
21.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South same-store
Adjusted Segment EBITDA(1) |
|
$ |
4,690 |
|
$ |
5,258 |
|
(10.8 |
) |
% |
|
$ |
9,991 |
|
$ |
12,372 |
|
(19.2 |
) |
% |
American Place |
|
|
7,585 |
|
|
4,133 |
|
83.5 |
|
% |
|
|
14,967 |
|
|
7,705 |
|
94.3 |
|
% |
Midwest & South Adjusted
Segment EBITDA |
|
$ |
12,275 |
|
$ |
9,391 |
|
30.7 |
|
% |
|
$ |
24,958 |
|
$ |
20,077 |
|
24.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports
Wagering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports Wagering
same-store total revenues(2) |
|
$ |
550 |
|
$ |
1,382 |
|
(60.2 |
) |
% |
|
$ |
1,375 |
|
$ |
2,562 |
|
(46.3 |
) |
% |
Accelerated revenues due to
contract terminations(3) |
|
|
893 |
|
|
— |
|
N.M. |
|
|
|
|
893 |
|
|
— |
|
N.M. |
|
|
Illinois |
|
|
1,440 |
|
|
— |
|
N.M. |
|
|
|
|
2,875 |
|
|
— |
|
N.M. |
|
|
Contracted Sports Wagering
total revenues |
|
$ |
2,883 |
|
$ |
1,382 |
|
108.6 |
|
% |
|
$ |
5,143 |
|
$ |
2,562 |
|
100.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Sports Wagering
same-store Adjusted Segment EBITDA(2) |
|
$ |
281 |
|
$ |
1,361 |
|
(79.4 |
) |
% |
|
$ |
827 |
|
$ |
2,522 |
|
(67.2 |
) |
% |
Accelerated revenues due to
contract terminations(3) |
|
|
893 |
|
|
— |
|
N.M. |
|
|
|
|
893 |
|
|
— |
|
N.M. |
|
|
Illinois |
|
|
1,403 |
|
|
— |
|
N.M. |
|
|
|
|
2,792 |
|
|
— |
|
N.M. |
|
|
Contracted Sports Wagering
Adjusted Segment EBITDA |
|
$ |
2,577 |
|
$ |
1,361 |
|
89.3 |
|
% |
|
$ |
4,512 |
|
$ |
2,522 |
|
78.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________N.M. Not meaningful.(1) Same-store operations exclude
results from 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 one sports skin that ceased operations in the second
quarter of 2024.
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, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net loss |
$ |
(8,629 |
) |
|
$ |
(5,600 |
) |
|
$ |
(19,901 |
) |
|
$ |
(17,015 |
) |
Income tax (benefit) provision |
|
(79 |
) |
|
|
561 |
|
|
|
337 |
|
|
|
526 |
|
Interest expense, net |
|
11,023 |
|
|
|
5,633 |
|
|
|
21,273 |
|
|
|
10,452 |
|
Gain on insurance settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(355 |
) |
Operating income
(loss) |
|
2,315 |
|
|
|
594 |
|
|
|
1,709 |
|
|
|
(6,392 |
) |
Project development costs |
|
3 |
|
|
|
17 |
|
|
|
3 |
|
|
|
24 |
|
Preopening costs |
|
757 |
|
|
|
1,086 |
|
|
|
2,420 |
|
|
|
11,583 |
|
Depreciation and amortization |
|
10,326 |
|
|
|
8,155 |
|
|
|
20,951 |
|
|
|
14,014 |
|
Loss on disposal of assets |
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
Stock-based compensation |
|
740 |
|
|
|
655 |
|
|
|
1,449 |
|
|
|
1,403 |
|
Adjusted
EBITDA |
$ |
14,141 |
|
|
$ |
10,507 |
|
|
$ |
26,550 |
|
|
$ |
20,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment |
|
|
Operating |
|
Depreciation |
|
Project |
|
|
|
Stock- |
|
EBITDA and |
|
|
Income |
|
and |
|
Development |
|
Preopening |
|
Based |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Costs |
|
Costs |
|
Compensation |
|
EBITDA |
Reporting
segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest & South |
|
$ |
6,233 |
|
|
$ |
6,042 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
12,275 |
|
West |
|
|
(4,148 |
) |
|
|
4,256 |
|
|
— |
|
|
757 |
|
|
— |
|
|
865 |
|
Contracted Sports Wagering |
|
|
2,577 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,577 |
|
|
|
|
4,662 |
|
|
|
10,298 |
|
|
— |
|
|
757 |
|
|
— |
|
|
15,717 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(2,347 |
) |
|
|
28 |
|
|
3 |
|
|
— |
|
|
740 |
|
|
(1,576 |
) |
|
|
$ |
2,315 |
|
|
$ |
10,326 |
|
$ |
3 |
|
$ |
757 |
|
$ |
740 |
|
$ |
14,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
12,043 |
|
|
$ |
12,778 |
|
$ |
18 |
|
$ |
— |
|
$ |
119 |
|
$ |
— |
|
$ |
24,958 |
|
West |
|
|
(9,685 |
) |
|
|
8,115 |
|
|
— |
|
|
— |
|
|
2,301 |
|
|
— |
|
|
731 |
|
Contracted Sports Wagering |
|
|
4,512 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,512 |
|
|
|
|
6,870 |
|
|
|
20,893 |
|
|
18 |
|
|
— |
|
|
2,420 |
|
|
— |
|
|
30,201 |
|
Other
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(5,161 |
) |
|
|
58 |
|
|
— |
|
|
3 |
|
|
— |
|
|
1,449 |
|
|
(3,651 |
) |
|
|
$ |
1,709 |
|
|
$ |
20,951 |
|
$ |
18 |
|
$ |
3 |
|
$ |
2,420 |
|
$ |
1,449 |
|
$ |
26,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 its permanent facility; and our expectations regarding
the operation and performance of our other properties and segments.
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; our ability to finance the construction
of the permanent American Place facility; 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
the amenities at Chamonix; our ability to complete construction at
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;
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 American Place
in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock
County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s
Casino 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. For further information,
please visit www.fullhouseresorts.com.
Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com
Full House Resorts (NASDAQ:FLL)
過去 株価チャート
から 7 2024 まで 8 2024
Full House Resorts (NASDAQ:FLL)
過去 株価チャート
から 8 2023 まで 8 2024