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 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2021 was $14.9 million, marking the fourth consecutive quarter of strong results, with the first half of 2021 totaling over $25 million [4] - Annualized adjusted EBITDA for the last four quarters is just shy of $48 million [4] - The Nevada segment showed slower recovery from COVID-19, but signs of improvement were noted in Q2 2021 [4] Business Line Data and Key Metrics Changes - In Mississippi, adjusted EBITDA reached almost $9 million, the best second quarter in the property's history, compared to $3.6 million in Q2 2019 [6] - Indiana reported $2.7 million in adjusted EBITDA, significantly up from $600,000 in Q2 2019 [7] - Colorado achieved $1.8 million in adjusted EBITDA, up from $876,000 in 2019, indicating a strong performance [7] - Northern Nevada saw adjusted EBITDA of $1.4 million, compared to $400,000 in 2019 [7] - Contracted sports wagering income was $1.5 million, a new revenue stream not present in 2019 [7] Market Data and Key Metrics Changes - The company has launched five out of six planned sports skins, generating $6 million in annualized contractual revenue, with an additional $1 million expected from the final launch [5] - The cash position remains strong, with approximately $283 million in cash and restricted cash, of which $176 million is reserved for the Chamonix construction project [5] Company Strategy and Development Direction - The company is focused on enhancing its cost structure through investments in new slot marketing systems and technology, which are expected to yield sustainable long-term benefits [4] - Chamonix is under construction with a budget of $180 million, although costs may rise to around $200 million due to higher-than-expected bids [10][38] - The company is considering adding another 70 rooms to the Chamonix project, pending city approvals [12] - The company is also exploring opportunities for expansion in Terre Haute and Waukegan, with proposals being developed for potential new casinos [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery and performance of the business, noting that the third quarter comparisons will not show as significant increases due to full operations last year [25][26] - The company is optimistic about the potential for Chamonix to generate significant EBITDA, potentially reaching $50 million to $60 million annually [40] - Management is cautious about acquisitions, focusing on executing current projects effectively before pursuing additional growth opportunities [32][33] Other Important Information - The company is evaluating the potential for cashless technology in its casinos, with ongoing developments in the industry [28][30] - The tax rate changes at Rising Star are expected to positively impact margins, although the full effect will be seen in future quarters [46][47] Q&A Session Summary Question: Trends into July regarding revenue and margins - Management indicated continued satisfaction with business performance, although comparisons to last year will be less dramatic due to full operations [25] Question: Opportunities for rolling out the slot system across properties - The slot system has been successfully implemented in Mississippi, Indiana, and Colorado, with plans to introduce it in Northern Nevada [26][27] Question: Thoughts on cashless technology - Management acknowledged the potential for cashless systems but noted that consumer adaptation takes time [28][29] Question: Returns on Chamonix and CapEx cadence - Expected spending for Chamonix is around $50 million this year, with an additional $100 million to $130 million in 2022, potentially increasing to $225 million if additional rooms are added [37][38][39] Question: Record performance at Rising Star and tax changes - Management confirmed that the lower tax rate began on July 1, but its impact on margins will be reflected in future accounting periods [46][47]

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2021 increased by approximately 37% to $42 million compared to the same quarter last year, with a 4% increase compared to Q1 2019 [5] - Adjusted EBITDA improved to $10.8 million, an increase of over $12 million compared to Q1 2019, attributed to labor efficiencies and refined operating hours [5][6] - On a trailing 9-month basis, adjusted EBITDA is over $33 million, indicating a strong position as the company moves into typically stronger quarters [6] Business Line Data and Key Metrics Changes - The newly created segment for contracted sports wagering generated nearly $1 million in Q1 2021, up from about $400,000 in the same period last year, due to more skins being live [8][24] - Mississippi operations performed well, benefiting from a refurbished casino and the absence of Mardi Gras in New Orleans, which typically draws visitors away [14] - Indiana reported $1.1 million in income for Q1 2021, a significant improvement from a loss in the same quarter last year [19] Market Data and Key Metrics Changes - The company noted strong performance in Mississippi and Indiana, while Colorado faced parking challenges due to ongoing construction [34] - Northern Nevada showed resilience despite COVID-related restrictions, with expectations for improved performance as restrictions ease [23] Company Strategy and Development Direction - The company is focused on the Chamonix growth project in Cripple Creek, Colorado, with $180 million remaining to complete the project [10] - Future projects are being considered in Waukegan, Illinois, and at the existing Silver Slipper property, with a commitment letter signed with a private equity firm for the Waukegan project [11][26] - The company aims to maintain a clean balance sheet and has issued new equity to strengthen its financial position for upcoming projects [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return of older clientele as vaccination rates increase, which is crucial for business recovery [36][54] - The company anticipates that the strong performance seen in Q1 2021 may not be sustainable without ongoing stimulus checks, but remains focused on maintaining operational efficiencies [31][33] - Management highlighted the importance of adapting to changing consumer behaviors post-pandemic, including the potential for increased regional casino visits as people seek entertainment options [59] Other Important Information - The company has $278 million in cash at the end of the quarter, including $180 million in a restricted account for the Chamonix project, marking a historical high for cash reserves [13][29] - The company is actively managing construction costs for the Chamonix project amid inflation and material cost challenges, with contingency plans in place [41][42] Q&A Session Summary Question: How have trends been in April and May on gaming revenue and margins? - Management reported strong performance continuing into April, with expectations for a return to more normal revenue levels as stimulus checks are not expected to continue indefinitely [31][32] Question: Have you seen a change in traffic at the Silver Slipper post-restrictions lifting? - Management noted a positive trend in older clientele returning, which is crucial for business, while efforts are being made to retain younger customers [36][54] Question: Can you elaborate on the construction costs for Chamonix given inflation? - Management confirmed that the project is fully pre-funded, with contingency plans in place to address potential cost overruns [41][42] Question: What are the expectations for sports betting and iGaming revenues? - Management indicated that while current revenues are guaranteed at $7 million, there is potential for higher earnings as market shares increase and new opportunities arise [46][49]

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 ...

Full House Resorts (NASDAQ:FLL) Q4 2020 Earnings Conference Call March 8, 2021 4:30 PM ET Company Participants Adam Campbell - Corporate Controller Lewis Fanger - Chief Financial Officer Alex Stolyar - Chief Development Officer Conference Call Participants David Bayne - Private Investor Ryan Sigdahl - Craig-Hallum Capital Chad Beynon - Macquarie John Dupree - Union Gaming Stephen Branstetter - ABL Investments Kenneth Pounds - Castlebury Advisory Operator Good day, and welcome to the Full House Resorts Fourt ...

Full House Resorts, Inc. (NASDAQ:FLL) Q3 2020 Earnings Conference Call November 5, 2020 4:30 PM ET Company Participants Lewis Fanger – Chief Financial Officer Daniel Lee – Chief Executive Officer Conference Call Participants Jordan Bender – Macquarie Ryan Sigdahl – Craig-Hallum Capital Operator Greetings, and welcome to the Full House Resorts Third Quarter Earnings Call. During the presentation all participants will be in a listen-only mode. [Operator Instructions] As a reminder, this conference is being re ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $2.7 million for June 2020, compared to $2.0 million in June 2019, despite two key properties being open for only half the month [51][52] - The EBITDA margin in June was up 9 points over the prior year, indicating improved efficiency [15] - The company maintained approximately $30 million in cash, with $10 million used for daily operations, reflecting a cautious approach to liquidity [30] Business Line Data and Key Metrics Changes - Silver Slipper achieved almost the same casino revenues as the prior year, down only 3% in June, with payroll reduced by 22% and marketing expenses down 13% [11][14] - Bronco Billy's casino revenues were 75% of the prior year's June despite being open only half the month, with payroll down about 11% and marketing expenses down 52% [13][14] - Rising Star's revenues were down 39%, but revenues per day were up, with payroll reduced to about half of last year [14] Market Data and Key Metrics Changes - The company noted a shift in customer demographics, with younger patrons gambling more frequently, offsetting a decline in revenue from older clientele [22] - The company observed that competition from other entertainment venues was minimal, benefiting casino attendance [19][56] Company Strategy and Development Direction - The company plans to remain cautious on expenses and payroll while focusing on targeted marketing strategies [26] - There are ongoing discussions about potential partnerships for financing new projects, particularly in Waukegan, to mitigate risks associated with large investments [59] - The company is exploring opportunities in mobile sports betting and online gaming, anticipating significant growth in this sector [32][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism that the worst of the pandemic's impact is behind them, with strong performance continuing into July and early August [8][15] - The company is cautious about potential future closures due to COVID-19 spikes but believes it can manage liquidity effectively [30][31] - Management highlighted the importance of adapting to changing customer preferences and the competitive landscape, particularly in light of reduced travel and entertainment options [18][56] Other Important Information - The company has written off certain capitalized costs related to projects that are no longer viable, cleaning up its balance sheet [38][39] - The company is negotiating with lenders regarding debt covenants due to the impact of the pandemic on operations [34][36] Q&A Session Summary Question: Can you provide insights on the sustainability of revenue trends observed in July and August? - Management indicated that July was strong, likely the best month in the company's history, and early August trends also looked positive, suggesting sustained demand [53][54] Question: What are the competitive dynamics in Illinois, particularly regarding Waukegan? - Management noted that legislative changes in Chicago could shift focus but remains confident in their proposal for Waukegan, which was rated highly by the city's consultant [67][70] Question: How does the company view the potential for online gaming and sports betting? - Management sees significant growth potential in online gaming and sports betting, with expectations for legislative changes to facilitate this expansion [72][74]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2019 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|------------------------------------------------------------------------|- ...

Full House Resorts, Inc. (NASDAQ:FLL) Q4 2019 Results Conference Call March 12, 2020 11:00 AM ET Company Participants Lewis Fanger - Chief Financial Officer Daniel Lee - Chief Executive Officer Conference Call Participants Chad Beynon - Macquarie Gary Ribe - Accretive Wealth Operator Good day, everyone. Welcome to the Full House Resorts Fourth Quarter Earnings Call. Today's conference is being recorded. At this time, I'd like to turn things over to Mr. Lewis Fanger, Chief Financial Officer of Full House Res ...