Revenue Growth - Quarterly revenues increased by 21.5% to $73.0 million compared to $60.0 million in the prior-year period[2] - Full-year revenues for 2024 were $292.1 million, a 21.2% increase from $241.1 million in 2023[3] - Revenues for the American Place Casino rose 27.5% in Q4 2024 and 42.4% for the full year compared to 2023[5] - Revenues for Colorado operations increased by 161.1% in Q4 2024 and 159.9% for the full year[1] - Total revenues for Q4 2024 reached $72,962,000, a 21.6% increase from $60,029,000 in Q4 2023[25] - Casino revenues increased to $54,406,000 in Q4 2024, up 20.4% from $45,347,000 in Q4 2023[25] - Year-to-date revenues for 2024 totaled $292,065,000, a 21.2% increase from $241,060,000 in 2023[25] Adjusted EBITDA - Adjusted EBITDA for the fourth quarter of 2024 was $10.4 million, reflecting a 42.0% increase from $7.3 million in the prior-year period[2] - Adjusted Segment EBITDA for Q4 2024 was $10,356,000, representing a 42.2% increase compared to $7,295,000 in Q4 2023[32] - Adjusted Segment EBITDA for the year 2024 was $48,648,000, marginally up from $48,557,000 in 2023[32] - The total adjusted EBITDA for the year ended December 31, 2024, was $48,648,000, up from $48,557,000 in 2023, indicating a slight increase year-over-year[35] - The Midwest & South segment achieved an adjusted EBITDA of $45,737,000 for the year ended December 31, 2024, compared to $39,028,000 in 2023, indicating strong performance in this region[35] Operating Income and Loss - Net loss for Q4 2024 was $12,299,000, slightly improved from a net loss of $12,482,000 in Q4 2023[32] - Basic loss per share for Q4 2024 was $0.35, consistent with $0.36 in Q4 2023[25] - For the three months ended December 31, 2024, Full House Resorts reported an operating income of $4,496,000 in the Midwest & South segment, compared to a loss of $894,000 in the same period of 2023, representing a significant improvement[33] - The West segment reported an operating loss of $7,890,000 for the three months ended December 31, 2024, compared to a loss of $3,669,000 in the same period of 2023, reflecting ongoing challenges in this segment[34] - The corporate segment incurred an operating loss of $968,000 for the three months ended December 31, 2024, compared to a loss of $1,854,000 in the same period of 2023, showing improved cost management[34] Future Plans and Projects - The company plans to break ground on the permanent American Place casino later in 2025, with completion expected by August 2027[6] - Full House Resorts anticipates growth projects, including the construction of the permanent American Place facility, with expected operational performance improvements[36] - The company expects to generate operating cash flow and secure debt financing for its growth projects, although it acknowledges potential risks related to construction and market conditions[36] - The company is focused on managing expenses effectively and completing construction projects on time and within budget to enhance overall financial performance[36] Segment Performance - The Midwest & South segment revenues were $55.0 million in Q4 2024, a 12.1% increase from $49.1 million in the prior-year period[12] - Midwest & South segment revenues for Q4 2024 were $55,026,000, a 12.1% increase from $49,094,000 in Q4 2023[26] - Contracted Sports Wagering revenues decreased to $1,858,000 in Q4 2024, down 20.8% from $2,347,000 in Q4 2023[28] - Same-store total revenues for the Midwest & South segment decreased by 0.8% in Q4 2024 compared to Q4 2023[28] - Contracted Sports Wagering generated an operating income of $2,954,000 for the three months ended December 31, 2024, consistent with the previous year’s performance[33] - Full House Resorts operates multiple gaming facilities across the U.S., including American Place and Silver Slipper Casino, contributing to its diversified revenue streams[37]

Core Insights - Full House Resorts, Inc. reported a consolidated revenue increase of 21.5% to $73.0 million in Q4 2024, compared to $60.0 million in the prior year [2] - The company experienced a net loss of $12.3 million in Q4 2024, slightly improved from a net loss of $12.5 million in Q4 2023 [2] - For the full year 2024, revenues reached $292.1 million, a 21.2% increase from $241.1 million in 2023, with a net loss of $40.7 million [3] Revenue Growth - American Place Casino's revenues rose 27.5% in Q4 2024 and 42.4% for the full year compared to 2023 [5] - Chamonix Casino Hotel's revenues increased significantly, with a 161.1% rise in Q4 and a 159.9% increase for the full year [3][8] - The Midwest & South segment reported revenues of $55.0 million in Q4 2024, a 12.1% increase from $49.1 million in the prior year [11] Operational Performance - Adjusted EBITDA for Q4 2024 was $10.4 million, a 42.0% increase from $7.3 million in Q4 2023, reflecting strong growth at American Place [2] - The full year Adjusted EBITDA remained flat at $48.6 million, impacted by construction disruptions and elevated costs at Colorado operations [3] - The company is focusing on profitability and sustainable growth, particularly in Colorado, with new management hires to enhance operations [9][10] Future Outlook - The company plans to break ground on the permanent American Place casino later in 2025, with completion expected by August 2027 [6] - Marketing efforts for Chamonix are anticipated to ramp up in 2025, aiming to capture a larger market share [8][10] - The company is evaluating financing options for the permanent facility, including potential refinancing of existing debt [16]

Financial Data and Key Metrics Changes - The company reported a disappointing quarter, particularly in Colorado, with total expenses rising significantly from $4.3 million in Q1 2023 to $13.7 million in Q3 2024, while revenues increased from $3.7 million in Q1 2023 to $13.0 million in Q3 2024, indicating that revenue growth was only keeping pace with expense growth [7][8][9]. - The EBITDA for Colorado was a loss of $0.7 million compared to a profit of $0.1 million in the previous year, reflecting operational challenges [26]. Business Line Data and Key Metrics Changes - The American Place casino showed strong performance with EBIT of $7.7 million, a 13.3% increase year-over-year, and a 17.6% increase in revenues, marking its best quarter to date [46]. - The Silver Slipper's EBITDA decreased from $3.6 million to $2.6 million due to adverse weather conditions affecting customer attendance [30]. Market Data and Key Metrics Changes - The company noted that occupancy rates in Colorado improved significantly, reaching over 80% in September 2024, up from 50% in the spring [11]. - The mailing list marketing strategy yielded mixed results, with one successful campaign achieving a 3% response rate, while a larger, less targeted list resulted in only 0.8% response [14][19]. Company Strategy and Development Direction - The company plans to enhance its marketing efforts by hiring a new VP of Advertising and increasing the number of casino hosts to improve customer acquisition and retention [23][24]. - There is a proposal to relocate the Rising Star casino to Fort Wayne, Indiana, which is expected to enhance revenue potential, although it requires legislative approval [38][39]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, particularly in 2025, as they expect revenues to grow faster than expenses, leading to improved margins [10][52]. - The company is focusing on building a mailing list and improving customer engagement through targeted marketing campaigns and events [20][90]. Other Important Information - The company sold the Fallon property in a two-stage transaction for a total of $9 million, which is seen as a positive move to streamline operations [53]. - The company is experiencing a rebound in October, with slot volumes up 13% and table game volumes up 46% compared to the previous year [58]. Q&A Session Summary Question: What is the outlook for Chamonix and margin progression? - Management indicated that 2025 is expected to show meaningful margin improvement, with steady revenue growth anticipated over the next few years [68][75]. Question: What is the growth outlook for the legacy portfolio outside of Illinois and Colorado? - Management expressed confidence in the Silver Slipper's potential to achieve higher earnings and mentioned that the Tahoe property could benefit from improvements made by its owner, Larry Ellison [99][100].

Financial Performance - Full House Resorts reported a quarterly loss of $0.30 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.06, marking an earnings surprise of -400% [1] - The company posted revenues of $75.69 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 6.44%, compared to revenues of $71.54 million a year ago [2] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $80.2 million, and for the current fiscal year, it is -$0.74 on revenues of $311.3 million [7] Stock Performance - Full House Resorts shares have declined approximately 4.7% since the beginning of the year, while the S&P 500 has gained 21.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Industry Outlook - The Gaming industry, to which Full House Resorts belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]

Financial Performance - Revenues for the three months ended September 30, 2024, increased by 5.8% to $75.687 million compared to $71.543 million in the same period of 2023[126]. - Operating expenses rose by 19.7% to $73.238 million for the three months ended September 30, 2024, compared to $61.186 million in the prior year[126]. - Operating income decreased by 76.4% to $2.449 million for the three months ended September 30, 2024, down from $10.357 million in 2023[126]. - Net loss for the three months ended September 30, 2024, was $8.472 million, a decline of 284.5% compared to net income of $4.593 million in the same period of 2023[126]. - Total revenues increased by 5.8% (or $4.1 million) for the three months ended September 30, 2024, and 21.0% (or $38.1 million) for the nine months ended September 30, 2024, compared to the prior-year periods[130]. - Adjusted EBITDA for the three months ended September 30, 2024, was $11.7 million, down from $20.6 million in the prior-year period[165]. Revenue Breakdown - Casino revenues for slots rose by 14.1% to $47,007 thousand for the three months and by 22.4% to $135,609 thousand for the nine months ended September 30, 2024[127]. - Non-casino revenues from food and beverage increased by 22.2% to $11,100 thousand for the three months and by 23.0% to $31,272 thousand for the nine months ended September 30, 2024[127]. - The Midwest & South segment revenues increased by 3.7% to $54,510 thousand for the three months and by 14.9% to $164,599 thousand for the nine months ended September 30, 2024[141]. - The West segment revenues surged by 74.9% to $19,387 thousand for the three months and by 74.3% to $47,571 thousand for the nine months ended September 30, 2024[141]. - Same-store revenues in the Midwest & South segment declined by 7.9% (or $2.3 million) and 5.9% (or $5.2 million) for the respective three and nine months ended September 30, 2024, attributed to adverse weather conditions[150]. Operating Expenses and EBITDA - Operating expenses increased by 19.7% (or $12.1 million) for the three months and 21.4% (or $37.9 million) for the nine months ended September 30, 2024, primarily due to new operations at American Place and Chamonix[131]. - Adjusted Segment EBITDA decreased by 38.5% to $13,484 thousand for the three months and by 2.4% to $43,683 thousand for the nine months ended September 30, 2024[141]. - Adjusted Segment EBITDA for the Midwest & South segment decreased by 12.8% (or $1.5 million) for the three months ended September 30, 2024, but increased by 10.6% (or $3.4 million) for the nine months ended September 30, 2024[153]. - Adjusted Segment EBITDA for the West segment declined by $1.1 million and $0.6 million for the respective three and nine months ended September 30, 2024, reflecting operational inefficiencies during the phased opening of Chamonix[158]. Sports Wagering - Contracted sports wagering agreements were amended in July 2024, resulting in the collection of $2.1 million in overdue payments[120]. - Contracted Sports Wagering total revenues decreased by 77.4% (or $6.115 million) for the three months ended September 30, 2024, and by 33.8% (or $3.534 million) for the nine months ended September 30, 2024[149]. - Adjusted Segment EBITDA for Contracted Sports Wagering declined by 74.1% (or $5.815 million) for the three months ended September 30, 2024, and by 36.9% (or $3.824 million) for the nine months ended September 30, 2024[149]. - The Illinois sports wagering agreement contributed $1.5 million to revenues and $1.4 million to Adjusted Segment EBITDA for the three months ended September 30, 2024[161]. Capital Expenditures and Cash Flow - Cash used in investing activities during the nine months ended September 30, 2024, was $37.7 million, primarily for Chamonix's construction, compared to $169.8 million in the prior year[176]. - Significant capital investments were made for Chamonix's completion, with expectations for similar investments for the permanent American Place facility[179]. - As of September 30, 2024, the company reported cash and equivalents of $33.6 million, including $7.7 million in restricted cash for Chamonix's construction[174]. - Cash used in operations for the nine months ended September 30, 2024, was $1.0 million, a decrease from cash provided by operations of $3.2 million in the prior year[175]. Corporate and Operational Developments - Corporate expenses increased by 36.1% to $1.7 million for the three months ended September 30, 2024, compared to $1.3 million in the prior-year period[163]. - Corporate expenses for the nine months ended September 30, 2024, rose by 55.0% to $5.4 million from $3.5 million in the prior-year period[163]. - The phased opening of Chamonix was completed in October 2024, with various amenities opening throughout 2024[180]. - The temporary American Place facility opened in February 2023, with operations extended to August 2027 due to legal proceedings[181]. - The company expects to internally generate funds for the permanent American Place facility but may require additional financing[181].

Revenue Performance - Revenues for the third quarter of 2024 were $75.7 million, a 5.9% increase from $71.5 million in the prior-year period[2] - American Place Casino's revenues rose 17.7% to $28.1 million, with Adjusted Property EBITDA increasing by 13.6% to $7.7 million compared to the third quarter of 2023[8] - Gaming revenues in Cripple Creek, Colorado, increased by 115% year-over-year, with total revenues from Colorado operations rising 178%[4] - Casino revenues increased to $56,116,000 for the three months ended September 30, 2024, compared to $50,240,000 for the same period in 2023, representing a growth of 11.7%[22] - Total revenues for the nine months ended September 30, 2024, reached $219,103,000, up from $181,031,000 in the same period of 2023, marking a 21.0% increase[22] - The Midwest & South segment reported total revenues of $54,510,000 for the three months ended September 30, 2024, an increase of 3.7% compared to $52,553,000 in 2023[25] Adjusted EBITDA and Income - Adjusted EBITDA for the third quarter of 2024 was $11.7 million, down from $20.6 million in the prior-year period due to elevated costs at Chamonix[2] - Adjusted EBITDA for the three months ended September 30, 2024, was $11,742,000, a decrease of 43.2% from $20,630,000 in the same period of 2023[28] - Operating income for the three months ended September 30, 2024, was $2,449,000, a decline from $10,357,000 in the same period of 2023[22] - Net loss for the three months ended September 30, 2024, was $(8,472,000), compared to a net income of $4,593,000 in the same period of 2023[28] - Basic loss per share for the three months ended September 30, 2024, was $(0.24), compared to earnings of $0.13 per share in the same period of 2023[22] Segment Performance - The Midwest & South segment reported revenues of $54.5 million, a 3.7% increase, while Adjusted Segment EBITDA decreased by 12.8% to $10.2 million[8] - The West segment's revenues rose 74.9% to $19.4 million, but Adjusted Segment EBITDA fell to $1.2 million from $2.3 million due to high operating expenses[10] - For the three months ended September 30, 2024, the Midwest & South segment reported an operating income of $4,091, while the Contracted Sports Wagering segment reported an operating income of $2,037, leading to a total adjusted segment EBITDA of $13,484[29] - For the nine months ended September 30, 2024, the Midwest & South segment achieved an operating income of $16,134, with total adjusted segment EBITDA reaching $35,206[31] - The Corporate segment reported an operating loss of $2,538 for the three months ended September 30, 2024, and a loss of $7,698 for the nine months ended September 30, 2024[29][31] Costs and Expenses - Selling, general and administrative expenses rose to $26,738,000 for the three months ended September 30, 2024, compared to $22,017,000 in the same period of 2023, an increase of 21.5%[22] - The total depreciation and amortization for the three months ended September 30, 2024, was $10,493, indicating ongoing investment in asset maintenance[29] - The Corporate segment incurred stock-based compensation costs of $706 for the three months ended September 30, 2024[29] Future Outlook and Risks - The company anticipates future operational performance improvements at Chamonix and American Place, including the ramp-up of operations and potential relocation of Rising Star Casino[33] - The company is facing risks related to substantial indebtedness and potential disruptions in supply chains, which could impact future performance[33] - The company is exploring the potential relocation of Rising Star Casino Resort, which would require state legislature approval[9] Other Notable Events - Chamonix Casino Hotel celebrated its official grand opening, with a marketing campaign set to commence following the event[5] - The company agreed to sell Stockman's Casino for $9.2 million, recognizing a $2.0 million gain from the sale of its real property[12] - The company operates multiple gaming facilities across the U.S., including American Place and Silver Slipper Casino, contributing to its diversified revenue streams[34] - Contracted Sports Wagering revenues decreased by 77.4% to $1,790,000 for the three months ended September 30, 2024, down from $7,905,000 in the same period of 2023[24] - Project development costs for the nine months ended September 30, 2024, included $119, while preopening costs were reported at $2,462[31]

Core Viewpoint - Full House Resorts is set to report its third quarter 2024 financial results on November 6, 2024, followed by a conference call for investors [1]. Group 1 - The conference call will take place at 4:30 p.m. ET (1:30 p.m. PT) and will be accessible via the company's website and by phone [1]. - A replay of the conference call will be available from shortly after the call until November 13, 2024, accessible through the company's website and by dialing a specific number with a passcode [2]. Group 2 - Full House Resorts operates various gaming facilities across the United States, including properties in Illinois, Mississippi, Colorado, Indiana, Nevada, and California [4].

Full House Resorts, Inc. (NASDAQ:FLL) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET Company Participants Lewis Fanger - CFO Daniel Lee - CEO Conference Call Participants Ryan Sigdahl - Craig-Hallum Capital Group Jordan Bender - Citizens JMP Ricardo Chinchilla - Deutsche Bank Maxwell Marsh - CBRE Securities Aaron Lee - Macquarie David Hargreaves - Barclays Operator Ladies and gentlemen, greetings, and welcome to the Full House Resorts Second Quarter 2024 Earnings Conference Call. At this time, a ...

Full House Resorts, Inc. (FLL) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.18. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -38.89%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.33, delivering a surprise of -120%. Over the last four quarters, the company ha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-32583 FULL HOUSE RESORTS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other juris ...