Financial Performance - Consolidated total revenues decreased by 1.9% (or $0.8 million) to $41.423 million, primarily due to the absence of government stimulus programs and adverse hold percentages at two properties[137] - Operating expenses increased by 7.8% (or $2.6 million) to $36.120 million, driven by higher food and beverage costs and preopening costs for The Temporary[139] - Casino revenues decreased by 9.3% to $29.084 million, with slot revenues down 5.7% to $25.527 million and table game revenues down 15.3% to $3.275 million[137] - Non-casino revenues increased by 21.6% to $12.339 million, with "Other" revenues rising significantly by 99.2% to $3.649 million[137] - The company reported a net income of $110, compared to a net loss of $3,445 in the prior year, marking a 103.2% increase[137] - Adjusted EBITDA for the same period was $8,397 million, down from $10,769 million in the prior year, reflecting a decrease of approximately 22%[172] - Cash used in operations during the three months ended March 31, 2022, was $8.0 million, compared to cash provided by operations of $8.3 million in the prior-year period[177] Segment Performance - Total revenues for the Mississippi segment decreased by 4.7% to $21.3 million, with casino revenue declining by 8.5% or $1.4 million[151] - Adjusted Segment EBITDA for the Mississippi segment decreased to $6.0 million from $7.6 million in the prior year, impacted by competition from online sports wagering in Louisiana[153] - Total revenues for the Colorado segment decreased by 28.3% to $4.2 million, largely due to planned business disruptions for the Chamonix construction project[157] - Adjusted Segment EBITDA for the Colorado segment decreased by 118.7% to ($0.3 million) due to construction disruptions and increased operating expenses[161] - Total revenues for the Nevada segment increased by 1.0% to $4.4 million, driven by a 6.9% increase in slot revenue[164] - Adjusted Segment EBITDA for the Nevada segment decreased to $0.8 million from $1.2 million in the prior year, reflecting adverse table games hold and increased labor costs[165] - Contracted Sports Wagering segment revenues increased to $2.8 million from $1.0 million in the prior year, reflecting the addition of a new skin and acceleration of deferred revenue[167] Construction and Development - The company is constructing two additional properties: Chamonix Casino Hotel in Colorado and The Temporary in Illinois, expected to open in Fall 2022[117] - The construction budget for Chamonix was revised to approximately $250 million, up from $180 million, due to supply chain issues and inflation[185] - The company plans to invest approximately $125 million in Chamonix in 2022 and $100 million in 2023, with an expected opening in Q2 2023[185] - The company is expected to invest approximately $100 million throughout 2022 for The Temporary, pending regulatory approvals[186] Financing and Cash Flow - The company closed a private offering of $100 million in additional 8.25% Senior Secured Notes due 2028 to fund development and general corporate purposes[129] - Cash used in investing activities was $31.9 million, primarily for capital expenditures related to Chamonix and The Temporary, compared to $3.4 million in the prior-year period[178] - Cash provided by financing activities was $94.1 million, a decrease from $235.4 million in the prior-year period, largely due to different financing activities undertaken[179] - As of March 31, 2022, the company had $319.5 million in cash and equivalents, including $210.5 million of restricted cash for Chamonix construction[176] - Long-term debt as of March 31, 2022, was $410.0 million, with no drawn amounts under the credit facility[181] Corporate Governance and Compliance - The company completed an evaluation of its disclosure controls and procedures as of March 31, 2022, concluding they are effective at a reasonable assurance level[198] - There have been no changes in internal control over financial reporting that materially affected the company during the last fiscal quarter[200] - The company is subject to various legal and administrative proceedings but does not believe these will have a material adverse effect on its consolidated financial position[201] Economic and Market Conditions - The company anticipates ongoing impacts from COVID-19, including supply chain disruptions and inflationary pressures affecting operations and construction projects[125] - Interest expense increased to $6.4 million for the three months ended March 31, 2022, compared to $4.5 million in the prior year, primarily due to the issuance of Additional Notes in February 2022[142] - The company expects to reverse the tax benefit recognized as of March 31, 2022, in future periods as pre-tax book income offsets the year-to-date pre-tax loss[144]

Financial Performance - Casino revenues increased to $130,431,000 in 2021, up 43.7% from $90,812,000 in 2020[358] - Net income for 2021 was $11,706,000, compared to a net income of $147,000 in 2020, representing a significant increase[358] - Basic earnings per share rose to $0.36 in 2021, compared to $0.01 in 2020[358] - The company reported operating income of $37,554,000 in 2021, a substantial increase from $10,476,000 in 2020[358] - Total revenues for the Company in 2021 reached $180.159 million, with casino revenues contributing $130.431 million[515] - Adjusted Segment EBITDA for 2021 was $54.947 million, reflecting strong operational performance across segments[515] - The Company reported a net income of $11.706 million for the year, with income before income taxes at $12.141 million[515] - The Company incurred total depreciation and amortization expenses of $7.219 million in 2021[515] - Interest expense for the year was reported at $23.657 million, impacting overall profitability[515] Financial Position - Total assets increased to $473,842,000 in December 2021, up from $212,616,000 in December 2020[360] - Cash and equivalents grew to $88,721,000 in December 2021, compared to $37,698,000 in December 2020[360] - Long-term debt increased to $301,619,000 in December 2021, up from $106,832,000 in December 2020[360] - Total cash and cash equivalents as of December 31, 2021, amounted to $265.3 million, including $176.6 million of restricted cash for the Chamonix project[374] - The balance of accounts receivable reserves at the end of 2021 was $257,000, up from $176,000 in 2020, indicating a cautious approach to credit risk[522] Internal Controls and Audit - The Company maintained effective internal control over financial reporting as of December 31, 2021, based on criteria established in the Internal Control — Integrated Framework (2013) issued by COSO[338] - The audit opinion expressed by Deloitte & Touche LLP on the financial statements was unqualified, indicating no material misstatements were found[339] - The Company’s management is responsible for maintaining effective internal control over financial reporting and assessing its effectiveness[340] - The audit included evaluating the accounting principles used and significant estimates made by management, ensuring the financial statements are free of material misstatement[349] - The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting[342] Tax and Deferred Assets - The Company reported a valuation allowance for its US federal and certain state deferred tax assets amounting to $9.9 million as of December 31, 2021[352] - As of December 31, 2021, the Company had federal net operating loss carryforwards totaling $14.1 million and state tax carryforwards of $86.3 million[481] - The Company recorded a valuation allowance against its deferred tax assets (DTAs) as it has not met the "more likely than not" threshold for realization[483] - The Company has $1.1 million and $0.6 million of deferred tax liabilities relating to goodwill and other indefinite-lived intangibles as of December 31, 2021, and 2020, respectively[484] - Deferred income tax asset valuation allowance decreased to $9,866,000, down from $11,108,000 in 2020, reflecting improved tax asset management[523] Strategic Initiatives and Expansion - The company plans to continue expanding its market presence and investing in new projects to drive future growth[361] - The company is developing the Chamonix Casino Hotel in Cripple Creek, Colorado, which is expected to expand its operational footprint[365] - The company plans to open a temporary casino facility named The Temporary by American Place in Waukegan, Illinois, in Summer 2022[366] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[517] Debt and Financing - The company raised $310 million from Senior Secured Notes due 2028 and $42.9 million from an equity offering, enhancing its liquidity position[363] - The Company issued $310 million aggregate principal amount of 8.25% Senior Secured Notes due 2028, refinancing prior notes and adding approximately $8 million to unrestricted cash[434] - The Company closed a private offering of $100 million aggregate principal amount of additional 8.25% Senior Secured Notes due 2028, sold at a price of 102.0% of the principal amount[435] - The Company entered into a First Amendment to Credit Agreement, increasing the borrowing capacity from $15.0 million to $40.0 million, maturing on March 31, 2026[444] - The Company has no drawn amounts under the Credit Facility as of December 31, 2021[447] Lease and Property Management - The company recognized total lease costs of $6.808 million for 2021, an increase from $5.840 million in 2020[472] - The company purchased Carr Manor for $2.8 million, adding approximately 1.6 acres to its land ownership in Cripple Creek[476] - The company has future minimum lease payments totaling $41.625 million for operating leases and $3.748 million for financing leases[474] - The company has a finance lease for a hotel at Rising Star Casino Resort, with a purchase option based on the original cost of $7.7 million, currently netting $3.3 million[469] Stock Options and Compensation - As of December 31, 2021, the Company had 3,221,956 stock options outstanding with a weighted average exercise price of $2.19[500] - The Company recognized compensation expense of $966,000 for stock options in 2021, up from $405,000 in 2020[500] - The weighted-average grant date fair value of options granted in 2021 was $5.68, significantly up from $0.95 in 2020 and $0.94 in 2019[504] - Expected volatility for 2021 was 65.99%, an increase from 60.78% in 2020 and 46.17% in 2019[503]

Full House Resorts, Inc. (NASDAQ:FLL) Q4 2021 Earnings Conference Call March 8, 2022 4:30 PM ET Company Participants Lewis Fanger - Chief Financial Officer Dan Lee - Director, President & Chief Executive Officer Alex Stolyar - Senior Vice President & Chief Development Officer Conference Call Participants Ryan Sigdahl - Craig-Hallum Capital Group Chad Beynon - Macquarie Edward Engel - ROTH Capital David Levine - MidOcean Operator Good day, ladies and gentlemen and welcome to the Full House Resorts Fourth Qua ...

Table of Contents Title of each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value per shareFLL The Nasdaq Stock Market LLC 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 September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...

Full House Resorts, Inc. (NASDAQ:FLL) Q3 2021 Earnings Conference Call November 8, 2021 4:30 PM ET Company Participants Lewis Fanger - Chief Financial Officer Dan Lee - Chief Executive Officer Eric Green - Independent Director Conference Call Participants Ryan Sigdahl - Craig-Hallum Capital Group Jordan Bender - Macquarie Larry Haverty - LJH Investment Advisors Operator Good day and welcome to the Full House Resorts Third Quarter Earnings Call. Today’s conference is being recorded. At this time, I’d like to ...

Full House Resorts, Inc. (NASDAQ:FLL) Q2 2021 Earnings Conference Call August 10, 2021 4:30 PM ET Company Participants Lewis Fanger - Chief Financial Officer Dan Lee - Director, President & Chief Executive Officer Conference Call Participants Ryan Sigdahl - Craig-Hallum Capital Group Chad Beynon - Macquarie Operator Ladies and gentlemen, good day, and welcome to the Full House Resorts Second Quarter Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over ...

Table of Contents | --- | --- | --- | |-----------------------------------------------|---------------------|-----------------------------------------------------| | Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | | Common Stock, $0.0001 par value per | | | | share | FLL | The Nasdaq Stock Market LLC | Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the pre ...

Table of Contents Title of each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value per shareFLL The Nasdaq Stock Market LLC 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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Full House Resorts, Inc. (NASDAQ:FLL) Q1 2021 Earnings Conference Call May 10, 2021 4:30 PM ET Company Participants Lewis Fanger - SVP, CFO, Treasurer & Director Daniel Lee - President, CEO & Director Conference Call Participants Ryan Sigdahl - Craig-Hallum Chad Beynon - Macquarie Research John DeCree - Union Gaming Securities Operator Good day, and welcome to the Full House Resorts First Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference ov ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2020 ◻ 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. 001-32583 FULL HOUSE RESORTS, INC. (Exact name of registrant as specified in its charter) Delaware 13-3391527 (State or Other ...