Revenue Performance - Consolidated total revenues increased by 7.3% (or $5.1 million) for the three months ended March 31, 2025, compared to the prior-year period, primarily due to the ramp-up of operations at American Place and Chamonix [138]. - Total revenues for the three months ended March 31, 2025, increased by 7.3% (or $5.1 million) compared to the same period in 2024, reaching $75.1 million [149]. - Casino revenue increased by 7.7% (or $3.1 million) for the three months ended March 31, 2025, with slot revenue up by 6.6% (or $2.2 million) and table games revenue up by 12.6% (or $1.0 million) [151]. - Casino revenues for the three months ended March 31, 2025, were $55.3 million, a 7.0% increase from $51.7 million in the prior year, with slot revenues increasing by 5.8% and table game revenues increasing by 13.5% [136]. Operating Expenses and Financial Performance - Operating expenses increased by 5.4% (or $3.8 million) for the three months ended March 31, 2025, primarily due to increased costs associated with the ramp-up of operations at American Place and Chamonix [139]. - Adjusted EBITDA for the three months ended March 31, 2025, was $11.5 million, a decrease of 7.4% compared to $12.4 million in the prior-year period [163]. - The net loss for the three months ended March 31, 2025, was $9.8 million, a 13.4% improvement from a net loss of $11.3 million in the prior year [134]. - Interest expense, net, was relatively flat at $10.3 million for the three months ended March 31, 2025, compared to $10.25 million in the prior year [142]. Segment Performance - Adjusted Segment EBITDA for the Midwest & South segment rose by 3.4% (or $0.4 million) to $13.1 million, while the West segment's Adjusted Segment EBITDA declined by $2.3 million to $(2.5) million [152][157]. - The Midwest & South segment's total revenues increased by 4.6% (or $2.5 million) due to growth at American Place, which offset declines at Silver Slipper and Rising Star [150]. - Non-casino revenue declined by 4.3% (or $0.6 million) primarily due to decreases at Silver Slipper, with food and beverage revenue down by 4.0% (or $0.3 million) and hotel revenue down by 15.3% (or $0.3 million) [151]. - Non-casino revenue in the West segment increased by 91.8% (or $2.1 million) for the three months ended March 31, 2025, largely due to the phased opening of Chamonix [156]. Cash Flow and Financing - Cash used in operations for the three months ended March 31, 2025, was $9.5 million, an increase from $4.4 million in the prior-year period [168]. - Cash used in investing activities during the same period was $2.9 million, significantly lower than $22.6 million in the prior-year period, primarily related to Chamonix construction [169]. - Cash provided by financing activities was $2.8 million for the three months ended March 31, 2025, compared to cash used of $0.5 million in the prior-year period [170]. - The company has $450.0 million in long-term debt and $30.0 million outstanding under the Credit Facility as of March 31, 2025 [173]. - The company may need additional financing for capital expenditures and plans to arrange such funding through refinancing existing debt [175]. Future Plans and Investments - Significant capital investments are expected for the permanent American Place facility, with construction potentially starting in the second half of 2025 [174]. - The temporary American Place facility opened in February 2023, and the company expects to generate a portion of the funds needed for the permanent facility internally [175]. - The company operates six casinos and benefits from seven permitted sports wagering skins across Colorado, Indiana, and Illinois [119]. - The company opened a temporary facility at American Place in February 2023, with plans for a permanent gaming facility to be built on adjoining land [119]. Tax and Regulatory Considerations - The company does not expect to pay any federal income taxes for 2025 due to tax carryforwards from prior years [145]. - The company’s operations are subject to various financial and regulatory risks that could impact future performance [172]. - Forward-looking statements indicate uncertainty regarding growth strategies and financial performance, emphasizing the potential for actual results to differ materially [182].

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [5][6] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [11][12] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [13] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although expenses grew at a similar pace, resulting in a slight EBITDA loss [7][8] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [9][10] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating a strong position in an undersaturated market [9] - The gaming revenue in the market has been affected by external factors such as weather conditions during peak periods like Mardi Gras [116] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [15][84] - Plans are underway to build a permanent facility for American Place, with a target to break ground in the second half of the year [26][36] - The strategy includes relocating the Rising Star casino to capitalize on better market opportunities in Indiana [56][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][126] - Management acknowledged the challenges posed by competition in the sports wagering market, dominated by a few large players [67][70] Other Important Information - The company has made significant management changes to improve operations, including hiring a new Chief Marketing Officer to enhance marketing strategies [14][15] - The company is exploring various financing options for the construction of the permanent facility, including refinancing existing debt [126] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post Stockman's sale - The company views its three major properties as a stable foundation and is focused on optimizing operations and exploring relocation opportunities for Rising Star [52][56] Question: Expectations for sports wagering contracts - The market is dominated by a few large firms, making it challenging to replace lost contracts, but the company is actively seeking opportunities [67][70] Question: Timeline for reaching $20 million EBITDA - Management anticipates reaching $20 million in EBITDA within three to five years, with a focus on positive growth trajectories [74][76] Question: Margins at American Place - Margins are expected to remain around 30% for the temporary facility, with potential increases once the permanent facility opens [101][102] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending patterns have been observed, although external factors like weather have impacted revenues [116][121] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while monitoring cash flow for construction expenses [124][126]

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [6][7] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [12][13] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [14] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although EBITDA remained slightly negative due to expenses growing at a similar pace [9] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [10][11] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating an undersaturated market [10] - The gaming revenue in the market is expected to grow as the company continues to attract customers who historically have not visited [10] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [5][16] - Plans are underway to open a permanent facility for American Place, with a target to break ground in the second half of the year [26][28] - The company is exploring relocation opportunities for Rising Star to capitalize on more favorable market conditions in larger cities [55][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][123] - Management acknowledged the challenges posed by tariffs but indicated potential benefits from a recession in terms of construction costs [43][44] Other Important Information - The company has completed the sale of Stockman's and is now focusing on its three primary properties [13][51] - A new Chief Marketing Officer has been hired to enhance marketing strategies, particularly in Colorado [12][15] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post-sale of Stockman's - The company views its three main properties as a strong foundation and is cautious about new acquisitions, focusing on existing opportunities [51][64] Question: Trajectory of sports wagering contracts - The market is dominated by a few large players, making it challenging to replace lost contracts, but the company is exploring options [66][68] Question: Timeline for reaching $20 million EBITDA - Management aims for a five-year timeline to exceed $20 million in EBITDA, with expectations of significant revenue growth from the permanent facility [72][74] Question: Confidence in new management teams - Management believes that fresh perspectives from new hires will lead to improved performance, citing past successes of new leadership [83][89] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending have been noted, with some fluctuations attributed to weather and market conditions [110][114] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while funding the construction of the permanent facility [121][123]

Full House Resorts (FLL) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Speaker0 Afternoon, ladies and gentlemen, and welcome to the Full House Resorts First Quarter twenty twenty five Earnings Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 05/08/2025. I would now like to turn the conference over to Adam Campbell. Please go ahead. Speaker1 Thank you. Good afternoon. Welcome to our firs ...

Exhibit 99.1 FULL HOUSE RESORTS ANNOUNCES FIRST QUARTER RESULTS - Revenues Increased 7.3% in the First Quarter of 2025 - American Place Casino Achieved a New Property Record in March 2025, Reaching $10.9 Million of Monthly Gaming Revenue - Revenues from Our Colorado Operations Increased 33.9% in the First Quarter of 2025 - Silver Slipper Benefited from New Leadership and Operational Improvements Las Vegas – May 8, 2025 – Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter en ...

- Revenues Increased 7.3% in the First Quarter of 2025 - American Place Casino Achieved a New Property Record in March 2025, Reaching $10.9 Million of Monthly Gaming Revenue - Revenues from Our Colorado Operations Increased 33.9% in the First Quarter of 2025 - Silver Slipper Benefited from New Leadership and Operational Improvements LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2025. On a consolidated basis, ...

Core Viewpoint - Full House Resorts will report its first quarter 2025 financial results on May 8, 2025, followed by a conference call for investors [1] Group 1: Financial Reporting - The financial results will be announced on May 8, 2025, at 4:30 p.m. ET [1] - A live audio webcast of the conference call will be available on the company's website [1] - Investors can also join the conference call by dialing (646) 307-1865 [1] Group 2: Conference Call Replay - A replay of the conference call will be accessible shortly after the call until May 22, 2025 [2] - The replay can be accessed via the company's website or by dialing (412) 317-6671 with the passcode 1125724 [2] Group 3: Company Overview - Full House Resorts owns, leases, develops, and operates gaming facilities across the United States [4] - The company's properties include locations in Illinois, Mississippi, Colorado, Indiana, and Nevada [4]

Group 1 - Full House Resorts (NASDAQ: FLL) is perceived as a particularly risky investment within the regional gaming sector due to macroeconomic uncertainties affecting investor sentiment [1] - The overall gaming industry is facing caution from investors regarding its near-term prospects, influenced by broader economic conditions [1]

Core Insights - Full House Resorts, Inc. has appointed Brandon Lenssen as Vice President and General Manager of Chamonix Casino Hotel in Cripple Creek, Colorado, pending customary gaming approvals [1] - Mr. Lenssen has nearly 30 years of experience in the gaming industry, previously serving as Vice President and General Manager for Quick Custom Intelligence and Bally's Black Hawk [2][3] - The company aims to enhance the guest experience and operational efficiency at Chamonix Casino Hotel through data-driven strategies and innovative solutions [4] Company Overview - Full House Resorts owns, leases, develops, and operates gaming facilities across the United States, including properties in Illinois, Mississippi, Colorado, Indiana, and Nevada [6] - The company is focused on improving game performance, marketing, and player engagement through strategic leadership and operational expertise [2][4] Compensation Details - In connection with Mr. Lenssen's hiring, the Compensation Committee approved a grant of 24,213 restricted shares as an inducement equity award, which will vest over three years [4]

Competition and Market Risks - The company faces significant competition in the gaming and entertainment sector, which could impact revenue if consumer spending declines[14]. - The company is subject to various risks including economic downturns, natural disasters, and regulatory changes that could adversely affect operations and financial condition[14]. - The company relies on key personnel and faces challenges in attracting and retaining employees, which could impact operational efficiency[14]. Financial Performance - The company's total revenues for the year ended December 31, 2024, were $292.065 million, an increase of 21.2% compared to $241.060 million in 2023[281]. - Casino revenues increased to $216.880 million in 2024, up 22.6% from $176.933 million in 2023[281]. - The net loss for the year ended December 31, 2024, was $40.672 million, compared to a net loss of $24.904 million in 2023, reflecting a 63.3% increase in losses[281]. - Basic loss per share for 2024 was $1.16, compared to $0.72 in 2023, indicating a significant increase in loss per share[281]. - The company reported operating income of $2.750 million for 2024, a turnaround from an operating loss of $1.162 million in 2023[281]. - Total operating costs and expenses increased to $289.315 million in 2024, up from $242.222 million in 2023, reflecting a rise of 19.5%[281]. - Cash flows from operating activities provided $13,845,000 in 2024, down from $22,345,000 in 2023, indicating a decline of 38.3%[286]. - The company reported a net decrease in cash and cash equivalents of $33,573,000 for the year, compared to a decrease of $117,382,000 in 2023, showing a reduction in cash outflow[286]. Debt and Financial Obligations - The company has significant indebtedness, which could limit financial flexibility and affect its ability to meet obligations[17]. - The company’s long-term debt as of December 31, 2024, was $468.139 million, slightly up from $465.153 million in 2023[283]. - Interest expense for the year ended December 31, 2024, was $43,201,000, up from $22,977,000 in 2023, indicating an increase of approximately 88%[381]. - The Company issued a total of $450,000,000 in Senior Secured Notes due 2028, with an interest rate of 8.25%[367]. Operational Challenges - Rising operating costs and wage increases may negatively affect the company's profitability[14]. - The company is engaged in construction and development projects, with potential risks of exceeding budgeted costs and regulatory delays[17]. - The company’s operations are heavily regulated, and compliance costs or failures could adversely impact business results[20]. Strategic Initiatives - The company plans to continue evaluating its strategic plans and forecasts in light of changing market conditions and regulatory environments[280]. - The company opened the temporary American Place facility in February 2023 and completed the phased opening of Chamonix in October 2024, expanding its operational footprint[291]. - The company entered into an agreement to sell Stockman's Casino in August 2024, indicating a strategic divestment[292]. Revenue Streams and Segments - The company’s revenue primarily consists of casino gaming, food and beverage, hotel, and other revenues, with casino gaming being the largest contributor[321]. - Adjusted Segment EBITDA for the Midwest & South segment was $45,737,000, while the West segment reported a loss of $1,302,000, leading to a total Adjusted Segment EBITDA of $53,938,000 for the Company[427]. - Other operations, including contracted sports wagering, contributed $20,719,000 to total revenues, reflecting growth in this area[430]. Asset Management - Total assets decreased from $688,457,000 in 2023 to $673,334,000 in 2024, with notable declines in the Midwest & South and West segments[426]. - The carrying value of goodwill decreased from $21,286,000 at the beginning of 2023 to $19,477,000 by December 31, 2024, primarily due to the sale of assets[354]. - Total assets held for sale amounted to $2,486,000 as of December 31, 2024, which includes cash, inventories, property, and goodwill[351]. Employee and Compensation - The Company’s matching contributions to the defined contribution plan were $300,000 for both 2024 and 2023, maintaining a 50% matching rate on employee contributions[412]. - Stock-based compensation expense totaled $2,873,000 for the year ended December 31, 2024, slightly down from $2,882,000 in 2023[419]. Tax and Deferred Assets - The Company had gross federal net operating loss carryforwards totaling $57.4 million and state tax carryforwards of $193.2 million as of December 31, 2024[402]. - The Company recognized a deferred tax asset valuation allowance of $35.634 million as of December 31, 2024, compared to $23.966 million in 2023, reflecting an increase of approximately 48.73%[402].