Full House Resorts(FLL) - 2025 Q1 - Quarterly Results

Revenue Performance - Revenues for the first quarter of 2025 increased by 7.3% to $75.1 million, compared to $69.9 million in the prior-year period[2] - Revenues from Colorado operations grew by 33.9% year-over-year, contributing to the overall revenue increase[2][6] - The Midwest & South segment reported revenues of $57.2 million, a 4.6% increase from $54.6 million in the prior-year period[14] - The West segment's revenues rose by 19.8% to $15.6 million, reflecting the full opening of Chamonix Casino Hotel[14] Gaming Revenue Highlights - American Place Casino achieved a record monthly gaming revenue of $10.9 million in March 2025, with a player database surpassing 100,000 members[3] - Contracted sports wagering revenues remained stable at $2.3 million for both the first quarters of 2025 and 2024, with an increase in Adjusted Segment EBITDA to $2.2 million[9] Financial Metrics - Adjusted EBITDA for the first quarter of 2025 was $11.5 million, down from $12.4 million in the prior-year period[2] - Net loss for Q1 2025 was $9,765,000, an improvement from a net loss of $11,272,000 in Q1 2024, representing a 13.4% reduction[23] - Adjusted EBITDA for Q1 2025 was $11,487,000, compared to $12,409,000 in Q1 2024, reflecting a decrease of 7.4%[23] - Operating income for Q1 2025 was $738,000, a significant improvement from an operating loss of $606,000 in Q1 2024[23] Segment Performance - The Midwest & South segment reported an operating income of $6,892,000 for Q1 2025, up from $5,809,000 in Q1 2024, indicating a growth of 18.6%[24] - The West segment experienced an operating loss of $7,056,000 in Q1 2025, compared to a loss of $5,536,000 in Q1 2024, worsening by 27.5%[24] Cost Management - Corporate expenses for Q1 2025 were $1,333,000, a decrease from $2,075,000 in Q1 2024, showing a reduction of 35.8%[25] - Project development costs for Q1 2025 amounted to $141,000, while preopening costs were $0, compared to $1,663,000 in Q1 2024[23] Future Outlook - The company anticipates growth projects including Chamonix and American Place, with expected operational performance improvements[26] - The company is focused on managing substantial indebtedness and financing construction projects effectively amid various economic challenges[26] Company Overview - Full House Resorts operates multiple gaming facilities across the U.S., including American Place in Illinois and Silver Slipper Casino in Mississippi[27] Debt and Financing - As of March 31, 2025, the company had $30.7 million in cash and cash equivalents, with total debt of $480 million[10] - The company extended the maturity date of its revolving credit facility to January 1, 2027, and is evaluating financing options for the permanent American Place facility[11] Operational Improvements - Silver Slipper Casino's operating income improved by $0.6 million despite a revenue decline of $0.7 million, attributed to new leadership and operational improvements[5]