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].

Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 27%, with a total annual increase of 42% for the year, and EBITDA rose by 60% [6][8][19] - The company reported a market share of 26.9% in the fourth quarter, more than doubling its gaming market share year over year [112] Business Line Data and Key Metrics Changes - American Place continues to perform strongly, with revenues up 27% in Q4 and 42% for the year, while EBITDA increased by 60% [6][19] - Chamonix, despite being in its early stages, saw revenues more than double in the fourth quarter, although it experienced a slight loss due to high operating expenses [21][22] Market Data and Key Metrics Changes - The company is positioned in a favorable demographic area, with Lake County having a population of about one million and being one of the wealthier counties [57][70] - Comparisons with other casinos indicate that the company’s temporary casino is outperforming others in similar markets, suggesting strong future revenue potential [16][17] Company Strategy and Development Direction - The company plans to finance the construction of a permanent facility in Waukegan, estimated to cost around $325 million, without issuing equity [10][12] - Management is focused on improving operational efficiency and enhancing customer experience through strategic hires and management changes [27][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future performance of American Place, citing strong revenue potential and favorable market conditions [15][19] - The company is optimistic about the growth of Chamonix, expecting revenues to climb as the facility matures [22][68] Other Important Information - The company is not actively seeking acquisitions but remains open to opportunities that align with its strategic goals [94] - Management has made significant changes in leadership to enhance operational performance and address challenges in specific properties [28][33] Q&A Session Summary Question: How do challenges at Chamonix affect plans for American Place? - Management confirmed that plans for American Place remain unchanged, with a guaranteed minimum spend of $500 million already partially invested [52] Question: Are there changes in material prices due to tariffs for construction in Illinois? - Management acknowledged the potential for price changes but has not hedged against them, assuming higher costs in their budget [78][80] Question: Is the company looking for M&A opportunities? - Management clarified that they are not actively pursuing acquisitions but are open to good deals that may arise [94] Question: What are the expectations for table volumes and slot volumes at Chamonix? - Management noted that table games have been a weak point, but they are implementing changes to improve performance in that area [102][104] Question: Can you discuss the margins at American Place? - Management indicated that while margins are not at target levels yet, they expect gradual improvement as revenues grow and expenses are controlled [121]

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 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]

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. (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 ...

Full House Resorts, Inc. (FLL) shares rallied 6.4% in the last trading session to close at $5.30. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.3% gain over the past four weeks. This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +12.5%. Revenues are expected to be $79.1 million, up 33.2% from the year-ago quarter. The stoc ...

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 March 31, 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 juri ...