Full House Resorts(US:FLL)2025-05-08 22:16Revenue Performance - Consolidated total revenues increased by 7.3% (or $5.1 million) for the three months ended March 31, 2025, compared to the prior-year period, primarily due to the ramp-up of operations at American Place and Chamonix [138]. - Total revenues for the three months ended March 31, 2025, increased by 7.3% (or $5.1 million) compared to the same period in 2024, reaching $75.1 million [149]. - Casino revenue increased by 7.7% (or $3.1 million) for the three months ended March 31, 2025, with slot revenue up by 6.6% (or $2.2 million) and table games revenue up by 12.6% (or $1.0 million) [151]. - Casino revenues for the three months ended March 31, 2025, were $55.3 million, a 7.0% increase from $51.7 million in the prior year, with slot revenues increasing by 5.8% and table game revenues increasing by 13.5% [136]. Operating Expenses and Financial Performance - Operating expenses increased by 5.4% (or $3.8 million) for the three months ended March 31, 2025, primarily due to increased costs associated with the ramp-up of operations at American Place and Chamonix [139]. - Adjusted EBITDA for the three months ended March 31, 2025, was $11.5 million, a decrease of 7.4% compared to $12.4 million in the prior-year period [163]. - The net loss for the three months ended March 31, 2025, was $9.8 million, a 13.4% improvement from a net loss of $11.3 million in the prior year [134]. - Interest expense, net, was relatively flat at $10.3 million for the three months ended March 31, 2025, compared to $10.25 million in the prior year [142]. Segment Performance - Adjusted Segment EBITDA for the Midwest & South segment rose by 3.4% (or $0.4 million) to $13.1 million, while the West segment's Adjusted Segment EBITDA declined by $2.3 million to $(2.5) million [152][157]. - The Midwest & South segment's total revenues increased by 4.6% (or $2.5 million) due to growth at American Place, which offset declines at Silver Slipper and Rising Star [150]. - Non-casino revenue declined by 4.3% (or $0.6 million) primarily due to decreases at Silver Slipper, with food and beverage revenue down by 4.0% (or $0.3 million) and hotel revenue down by 15.3% (or $0.3 million) [151]. - Non-casino revenue in the West segment increased by 91.8% (or $2.1 million) for the three months ended March 31, 2025, largely due to the phased opening of Chamonix [156]. Cash Flow and Financing - Cash used in operations for the three months ended March 31, 2025, was $9.5 million, an increase from $4.4 million in the prior-year period [168]. - Cash used in investing activities during the same period was $2.9 million, significantly lower than $22.6 million in the prior-year period, primarily related to Chamonix construction [169]. - Cash provided by financing activities was $2.8 million for the three months ended March 31, 2025, compared to cash used of $0.5 million in the prior-year period [170]. - The company has $450.0 million in long-term debt and $30.0 million outstanding under the Credit Facility as of March 31, 2025 [173]. - The company may need additional financing for capital expenditures and plans to arrange such funding through refinancing existing debt [175]. Future Plans and Investments - Significant capital investments are expected for the permanent American Place facility, with construction potentially starting in the second half of 2025 [174]. - The temporary American Place facility opened in February 2023, and the company expects to generate a portion of the funds needed for the permanent facility internally [175]. - The company operates six casinos and benefits from seven permitted sports wagering skins across Colorado, Indiana, and Illinois [119]. - The company opened a temporary facility at American Place in February 2023, with plans for a permanent gaming facility to be built on adjoining land [119]. Tax and Regulatory Considerations - The company does not expect to pay any federal income taxes for 2025 due to tax carryforwards from prior years [145]. - The company’s operations are subject to various financial and regulatory risks that could impact future performance [172]. - Forward-looking statements indicate uncertainty regarding growth strategies and financial performance, emphasizing the potential for actual results to differ materially [182].