Full House Resorts(US:FLL)2024-05-08 22:05Financial Performance - Consolidated total revenues increased by 39.6% to $69.9 million for the three months ended March 31, 2024, compared to $50.1 million in the prior-year period[113] - Adjusted Segment EBITDA rose by 21.7% to $14.5 million for the three months ended March 31, 2024, compared to $11.9 million in the prior year[125] - Non-casino revenue increased by 14.8% (or $1.8 million) for the three months ended March 31, 2024, largely due to a 23.4% increase in food and beverage revenue[138] - Adjusted EBITDA for the three months ended March 31, 2024, was $12.4 million, up from $10.1 million in the same period of 2023, reflecting a growth of 22.7%[151] - The net loss for the three months ended March 31, 2024, was $11.3 million, a slight improvement from a net loss of $11.4 million in the prior-year period[113] Revenue Sources - Gaming revenues from the integrated Bronco Billy's/Chamonix facility increased by $3.6 million, or 115.6%, while other properties experienced a decline of $2.0 million, or 8.6%[116] - Slot coin-in increased by 34.2% to $724.8 million, while slot win rose by 29.1% to $53.1 million[114] - Table game drop surged by 80.8% to $46.9 million, with table game win increasing by 109.6% to $9.3 million[114] - Casino revenue in the Midwest & South segment increased by 41.8% (or $12.1 million) for the three months ended March 31, 2024, driven by the opening of American Place[137] - Contracted Sports Wagering revenues grew by 91.5% to $2.3 million, with Adjusted Segment EBITDA increasing by 66.7% to $1.9 million, reflecting the launch of the Illinois sports skin in August 2023[146] Operational Developments - The phased opening of Chamonix began on December 27, 2023, with approximately one-third of its 300 guestrooms operational[104] - American Place, opened in February 2023, includes approximately 940 slot machines and 48 table games[105] - The company operates seven casinos and has seven permitted sports wagering "skins" across three states[98] - The phased opening of Chamonix began on December 27, 2023, with a high-end steakhouse opening in April 2024[164] - The temporary American Place facility opened in February 2023, with plans for modest additional investments in 2024[165] Expenses and Financial Obligations - Operating expenses rose by 23.5% to $70.5 million, primarily due to the operations at American Place and Chamonix[117] - Interest expense for the three months ended March 31, 2024, increased to $10.2 million from $9.0 million in the prior year, primarily due to reduced capitalized interest[119] - Corporate expenses increased by 16.6% to $2.1 million for the three months ended March 31, 2024, compared to $1.8 million in the prior-year period[149] - Cash used in operations during the three months ended March 31, 2024, was $4.4 million, an improvement from $7.3 million in the prior-year period[157] - Long-term debt stood at $450.0 million under the Notes and $27.0 million under the Credit Facility as of March 31, 2024[162] Future Outlook and Strategic Plans - The company expects to need additional financing for the permanent American Place facility, with potential delays due to ongoing lawsuits[165] - The company anticipates significant growth in operational performance for the upcoming projects, including Chamonix and American Place, with expected construction budgets and timelines yet to be finalized[172] - The company expects to generate operating cash flow and secure debt financing on reasonable terms for the construction of the permanent American Place facility[172] - The company is focused on capital improvements and other projects, with investments planned that will impact financial results, although specific amounts and timelines are not disclosed[172] - The company is evaluating the adequacy of its financial resources to meet operating requirements and planned capital expenditures, as well as to fulfill debt obligations[173] Risk Factors and Disclosures - The company acknowledges potential risks that could cause actual results to differ materially from forward-looking statements, including economic conditions and competitive outlook[173] - The company does not undertake any obligation to publicly update forward-looking statements unless required by law, indicating a cautious approach to future projections[174] - The company emphasizes that reports from securities analysts are not endorsed and do not reflect the company's internal forecasts or confidential information[174] - The company has not disclosed any quantitative or qualitative disclosures about market risk in this report[176]