Financial Data and Key Metrics Changes - Revenues increased to $78 million from $75.7 million in the previous year's third quarter, representing a 5% growth on a comparable basis after excluding $1.5 million from the sold Stockman's [3][4] - Adjusted EBITDA rose 26% to $14.8 million, with potential adjustments bringing it closer to $15.2 million [3][4] - The company reported $40 million in liquidity at the end of the quarter, with minimal capital expenditures until the construction of the permanent American Place casino begins [16] Business Line Data and Key Metrics Changes - American Place in Illinois saw revenues increase by 14% to $32 million, with adjusted property EBITDA rising 16% to $9 million [3][4] - Chamonix in Colorado experienced a revenue increase of over 7%, with adjusted property EBITDA turning positive at $2.1 million from a negative $0.7 million last year [9][10] - Table game revenues at Chamonix surged 53% year-over-year, while slot revenues increased by 6% [9][10] Market Data and Key Metrics Changes - The database for American Place grew to over 115,000 guests, indicating strong customer acquisition [4] - The company noted that 30% of guests at Chamonix came from the Denver area, highlighting a broader market reach than initially anticipated [13][14] Company Strategy and Development Direction - The company aims to achieve $50 million in run-rate EBITDA for the temporary American Place facility and $100 million for the permanent facility [4][5] - The permanent American Place project has seen a budget reduction from $325 million to $302 million, with plans for significant expansions in gaming capacity [5][6] - The company is focusing on operational efficiencies, reducing full-time employees from 373 to 325, a 13% decrease [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of American Place and Chamonix, with expectations for continued revenue increases [3][9] - The management team is optimistic about the potential for the permanent American Place casino, despite potential delays in financing [28][31] - The company is actively exploring various financing options, including REITs and land leases, to support future growth [36][38] Other Important Information - The company is seeing a significant increase in high-frequency guests, with visits up more than 33% year-over-year [10] - Management highlighted the importance of the day trip market from Colorado Springs, which is expected to drive future revenue growth [49][56] Q&A Session Summary Question: What is the expected percentage of Colorado households visiting Cripple Creek? - Management indicated that the current visitation rate is around 15%, with potential to increase to 30%, which could significantly boost revenue [19][20] Question: How does the company plan to improve flow-through on additional revenue? - The focus is on right-sizing payroll and improving operational efficiency while growing revenues, with expectations for profitability improvements [24][26] Question: What is the status of financing for the permanent American Place casino? - Management is in discussions with bondholders and potential investors, emphasizing that there is no strict deadline for opening the permanent facility [28][29] Question: What strategies are in place for table game growth at Chamonix? - The company is introducing new games and enhancing marketing efforts, with expectations for table game revenues to double in the future [77][78] Question: What is the expected EBITDA trajectory for Chamonix? - Management is confident in strong year-over-year growth, with expectations for Chamonix to be comfortably profitable in 2026 [82]

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [6][7] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [12][13] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [14] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although EBITDA remained slightly negative due to expenses growing at a similar pace [9] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [10][11] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating an undersaturated market [10] - The gaming revenue in the market is expected to grow as the company continues to attract customers who historically have not visited [10] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [5][16] - Plans are underway to open a permanent facility for American Place, with a target to break ground in the second half of the year [26][28] - The company is exploring relocation opportunities for Rising Star to capitalize on more favorable market conditions in larger cities [55][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][123] - Management acknowledged the challenges posed by tariffs but indicated potential benefits from a recession in terms of construction costs [43][44] Other Important Information - The company has completed the sale of Stockman's and is now focusing on its three primary properties [13][51] - A new Chief Marketing Officer has been hired to enhance marketing strategies, particularly in Colorado [12][15] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post-sale of Stockman's - The company views its three main properties as a strong foundation and is cautious about new acquisitions, focusing on existing opportunities [51][64] Question: Trajectory of sports wagering contracts - The market is dominated by a few large players, making it challenging to replace lost contracts, but the company is exploring options [66][68] Question: Timeline for reaching $20 million EBITDA - Management aims for a five-year timeline to exceed $20 million in EBITDA, with expectations of significant revenue growth from the permanent facility [72][74] Question: Confidence in new management teams - Management believes that fresh perspectives from new hires will lead to improved performance, citing past successes of new leadership [83][89] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending have been noted, with some fluctuations attributed to weather and market conditions [110][114] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while funding the construction of the permanent facility [121][123]