Financial Data and Key Metrics Changes - The consolidated revenue for Q4 2024 was $137.8 million, a decrease of 4% from the previous year's fourth quarter. Adjusted EBITDA was $21.1 million, down 17% [4][20]. - U.S. operations saw a revenue decline of 3% and an EBITDA decrease of 8% [4]. Business Line Data and Key Metrics Changes - The new land-based facility in Caruthersville, Missouri, opened on November 1, 2024, and has since seen revenue and EBITDA increase by 2732% respectively in the four months following its opening [5][6]. - The Central Casino Hotel Cape Girardeau reported an 11% increase in revenue and a 7% increase in EBITDA, driven by the new hotel and solid food and beverage sales [9][10]. - In Colorado, carded revenue grew by 12%, while uncarded revenue decreased by 30%, leading to an overall revenue decline of 7% [12]. Market Data and Key Metrics Changes - The East segment, including properties in West Virginia and Maryland, experienced a revenue decline of 7% and an EBITDA drop of 29% [14]. - The West segment, particularly the Nugget Casino Resort in Nevada, saw a 10% decline in gaming revenue, attributed to low slot hold [16]. Company Strategy and Development Direction - The company is focusing on operational discipline and efficiency improvements, with a clear path to higher EBITDA for 2025 and beyond [22][23]. - There is an ongoing consideration to divest non-U.S. properties, particularly in Poland and Canada, as part of a strategic focus on North American assets [19][72]. Management's Comments on Operating Environment and Future Outlook - Management noted that the low-end consumer segment remains weak due to macroeconomic factors, impacting overall performance [5][23]. - The company anticipates significant EBITDA and cash flow improvements in 2025, driven by recent growth capital initiatives and a reduction in capital expenditures [24][22]. Other Important Information - The company has no debt maturities until 2029 and has completed its major capital expenditure cycle, which should lead to improved leverage ratios [21][20]. - The company plans to spend $4 million on growth projects and $14 million on maintenance CapEx in 2025, significantly lower than previous years [22]. Q&A Session Summary Question: What is the main driver of the lower estimates for 2025? - Management indicated that the low-end consumer weakness is the primary concern, while mid and upper tiers are performing well [27]. Question: What are the thoughts on the Nugget's performance and conference pipeline? - Management noted that the decline in casino revenue is correlated with hotel revenue and expressed optimism for future conference business [31][32]. Question: Will the suspension of gaming machine purchases in Alberta impact operations? - Management does not expect a meaningful negative impact from the suspension, estimating only a 0.5% to 1% effect [34]. Question: What is the strategy for online gaming and sports betting? - The company plans to partner with third parties for online gaming and sports betting, focusing on revenue sharing models [62]. Question: Is there a consideration for insider buying or stock buybacks? - Management expressed interest in buybacks but noted restrictions due to insider laws and blackout periods [83].

Core Insights - Full House Resorts, Inc. reported a consolidated revenue increase of 21.5% to $73.0 million in Q4 2024, compared to $60.0 million in the prior year [2] - The company experienced a net loss of $12.3 million in Q4 2024, slightly improved from a net loss of $12.5 million in Q4 2023 [2] - For the full year 2024, revenues reached $292.1 million, a 21.2% increase from $241.1 million in 2023, with a net loss of $40.7 million [3] Revenue Growth - American Place Casino's revenues rose 27.5% in Q4 2024 and 42.4% for the full year compared to 2023 [5] - Chamonix Casino Hotel's revenues increased significantly, with a 161.1% rise in Q4 and a 159.9% increase for the full year [3][8] - The Midwest & South segment reported revenues of $55.0 million in Q4 2024, a 12.1% increase from $49.1 million in the prior year [11] Operational Performance - Adjusted EBITDA for Q4 2024 was $10.4 million, a 42.0% increase from $7.3 million in Q4 2023, reflecting strong growth at American Place [2] - The full year Adjusted EBITDA remained flat at $48.6 million, impacted by construction disruptions and elevated costs at Colorado operations [3] - The company is focusing on profitability and sustainable growth, particularly in Colorado, with new management hires to enhance operations [9][10] Future Outlook - The company plans to break ground on the permanent American Place casino later in 2025, with completion expected by August 2027 [6] - Marketing efforts for Chamonix are anticipated to ramp up in 2025, aiming to capture a larger market share [8][10] - The company is evaluating financing options for the permanent facility, including potential refinancing of existing debt [16]

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