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 ...

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 ...

Sports Wagering Updates - In Indiana, Full House will receive a contractual minimum of $3.5 million of revenues per year when all three permitted "skins" are operational[5] - Full House received $2 million in 3Q19 and $1 million in 4Q19 related to one-time market access fees in Indiana[5] - In Colorado, Full House will receive a contractual minimum of $3.5 million of revenues per year when all three "skins" are operational[6] - Full House received all $3 million of one-time market access fees in Colorado in 4Q19[6] Financial Performance (4Q19 vs 4Q18) - Silver Slipper Casino and Hotel's Adjusted Property EBITDA decreased from $2.7 million to $0.8 million[8] - Rising Star Casino Resort's Net Revenue decreased from $12 million to $11.4 million[8] - Rising Star Casino Resort's Adjusted Property EBITDA decreased from $0.7 million to $0.2 million[9] - Bronco Billy's Net Revenue decreased from $6.4 million to $6.1 million[10] - Bronco Billy's Adjusted Property EBITDA decreased from $0.6 million to -$0.1 million[10] - Northern Nevada's Net Revenue decreased from $4.9 million to $4.6 million[11] - Northern Nevada's Adjusted Property EBITDA decreased from $0.8 million to $0.3 million[12] Balance Sheet - Total outstanding debt at year-end was $107.9 million[14] - The Company had $29.9 million of cash and equivalents at year-end, approximately 28% of total debt[14]