Full House Resorts (FLL) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-32583
Entity Registrant Name	FULL HOUSE RESORTS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3391527
Entity Address, Address Line One	One Summerlin, 1980 Festival Plaza Drive, Suite 680
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89135
City Area Code	702
Local Phone Number	221-7800
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	FLL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,345,656
Amendment Flag	false
Entity Central Index Key	0000891482
Document Fiscal Year End	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net revenues	$ 41,423	$ 42,208
Operating costs and expenses
Selling, general and administrative	15,393	14,413
Project development costs	165	47
Preopening costs	786
Depreciation and amortization	1,792	1,800
Loss on disposal of assets, net	8	104
Total operating costs and expenses	36,120	33,514
Operating income	5,303	8,694
Other expense
Interest expense, net of amounts capitalized	(6,399)	(4,456)
Loss on modification and extinguishment of debt	(4,406)	(6,134)
Adjustment to fair value of warrants	0	(1,347)
Total other expense	(10,805)	(11,937)
Loss before income taxes	(5,502)	(3,243)
Income tax (benefit) provision	(5,612)	202
Net income(loss)	$ 110	$ (3,445)
Basic earnings (loss) per share (in dollars per share)		$ (0.13)
Diluted earnings (loss) per share (in dollars per share)		$ (0.13)
Diluted weighted average number of common shares outstanding (in shares)	36,623	27,357
Casino
Revenues
Net revenues	$ 29,084	$ 32,064
Operating costs and expenses
Costs and expenses	9,875	10,339
Food and beverage
Revenues
Net revenues	6,511	6,101
Operating costs and expenses
Costs and expenses	6,568	5,360
Hotel
Revenues
Net revenues	2,179	2,211
Operating costs and expenses
Costs and expenses	1,071	1,056
Other operations, including contracted sports wagering
Revenues
Net revenues	3,649	1,832
Operating costs and expenses
Costs and expenses	$ 462	$ 395

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 109,041	$ 88,721
Restricted cash	210,494	176,572
Accounts receivable, net of reserves of $259 and $257	5,350	4,693
Inventories	1,529	1,660
Prepaid expenses and other	3,580	3,726
Total current assets	329,994	275,372
Other long-term assets
Property and equipment, net	181,095	149,540
Operating lease right-of-use assets, net	14,998	15,814
Goodwill	21,286	21,286
Other intangible assets, net	10,891	10,896
Deposits and other	1,710	934
Deferred income taxes, net	4,556
Total Assets	564,530	473,842
Current liabilities
Accounts payable	9,926	8,411
Accrued payroll and related	4,139	5,473
Accrued interest	4,134	9,861
Other accrued liabilities	10,535	10,252
Current portion of operating lease obligations	3,609	3,542
Current portion of finance lease obligation	520	514
Total current liabilities	32,863	38,053
Operating lease obligations, net of current portion	11,963	12,903
Finance lease obligation, net of current portion	2,651	2,783
Long-term debt, net	400,590	301,619
Deferred income taxes, net		1,055
Contract liabilities, net of current portion	3,156	4,714
Total liabilities	451,223	361,127
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 35,302,549 and 35,302,549 shares issued and 34,345,656 and 34,242,581 shares outstanding	4	4
Additional paid-in capital	109,268	108,911
Treasury stock, 956,893 and 1,059,968 common shares	(1,167)	(1,292)
Retained earnings	5,202	5,092
Total stockholders' equity	113,307	112,715
Total liabilities and stockholders' equity	$ 564,530	$ 473,842

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS (Unaudited)
Accounts receivable allowance	$ 259	$ 257
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	35,302,549	35,302,549
Common stock, shares outstanding (in shares)	34,345,656	34,242,581
Treasury stock, common shares (in shares)	956,893	1,059,968

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2020	$ 3	$ 64,826	$ (1,538)	$ (6,614)	$ 56,677
Balance (in shares) at Dec. 31, 2020	28,385		1,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity offering, net	$ 1	42,973			42,974
Equity offering, net (in shares)	6,917
Issuance of stock on options exercised		36	$ 42		78
Issuance of stock on options exercised (in shares)			(34)
Stock-based compensation		124			124
Net income (loss)				(3,445)	(3,445)
Balance at Mar. 31, 2021	$ 4	107,959	$ (1,496)	(10,059)	96,408
Balance (in shares) at Mar. 31, 2021	35,302		1,227
Balance at Dec. 31, 2021	$ 4	108,911	$ (1,292)	5,092	112,715
Balance (in shares) at Dec. 31, 2021	35,302		1,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stocks vested		14	$ 125		139
Issuance of stock on options exercised and restricted stocks vested (in shares)			(103)
Stock-based compensation		343			343
Net income (loss)				110	110
Balance at Mar. 31, 2022	$ 4	$ 109,268	$ (1,167)	$ 5,202	$ 113,307
Balance (in shares) at Mar. 31, 2022	35,302		957

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 110	$ (3,445)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	1,792	1,800
Amortization of debt issuance costs and discounts (premium) on debt	386	284
Stock-based compensation	343	124
Change in fair value of stock warrants	0	1,347
Loss on disposal of assets, net	8	104
Loss on modification and extinguishment of debt	4,406	6,134
Increases and decreases in operating assets and liabilities:
Accounts receivable	(657)	1,103
Prepaid expenses, inventories and other	277	(1,011)
Deferred taxes	(5,611)	202
Common stock warrant liability	0	(4,000)
Contract liabilities	(1,555)	(350)
Accounts payable and accrued expenses	(7,467)	5,999
Net cash (used in) provided by operating activities	(7,968)	8,291
Cash flows from investing activities:
Purchase of property and equipment	(31,203)	(3,413)
Other	(671)	(8)
Net cash used in investing activities	(31,874)	(3,421)
Cash flows from financing activities:
Proceeds from Senior Secured Notes due 2028 borrowings	100,000	310,000
Proceeds from premium on Senior Secured Notes due 2028 borrowings	2,000	0
Proceeds from equity offering, net of issuance costs	0	42,974
Payment of debt discount and issuance costs	(7,821)	(9,510)
Repayment of Senior Secured Notes due 2024	0	(106,825)
Prepayment premiums of Senior Secured Notes due 2024	0	(1,261)
Repayment of finance lease obligation	(126)	(120)
Proceeds from exercise of stock options	139	78
Other	(108)	24
Net cash provided by financing activities	94,084	235,360
Net increase in cash, cash equivalents and restricted cash	54,242	240,230
Cash, cash equivalents and restricted cash, beginning of period	265,293	37,698
Cash, cash equivalents and restricted cash, end of period	319,535	277,928
Supplemental Cash Flow Information:
Cash paid for interest, net of amounts capitalized	15,699	812
Non-Cash Investing Activities and Financing Activities:
Accounts payable related capital expenditures	$ 7,001	$ 478

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
ORGANIZATION
ORGANIZATION	FULL HOUSE RESORTS, INC. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. ORGANIZATION Organization. The Company currently operates five casinos: four on real estate that we own or lease and one located within a hotel owned by a third party. We are currently constructing two additional properties: Chamonix Casino Hotel (“Chamonix”), adjacent to the Company’s existing Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; and The Temporary by American Place (“The Temporary”) in Waukegan, Illinois. We also benefit currently from six permitted sports wagering “skins,” three in Colorado and three in Indiana. Upon the opening of The Temporary, we expect to benefit from an additional skin in Illinois. Other companies operate or will operate these online sports wagering sites under their brands, paying us a percentage of revenues, as defined in each respective agreement, subject to annual minimum amounts. ​ In December 2021, Full House was selected by the Illinois Gaming Board (“IGB”) to develop its American Place project in Waukegan, Illinois, a northern suburb of Chicago. During the period that the permanent American Place facility is under construction, we intend to operate a temporary casino facility named The Temporary. In May 2022, we commenced construction of The Temporary, which is expected to open in Fall 2022, subject to customary regulatory approvals. The following table identifies our segments, along with properties and their locations: ​ ​ ​ ​ Segments and Properties ​ Locations Colorado ​ ​ Bronco Billy’s Casino and Hotel Cripple Creek, CO (near Colorado Springs) Chamonix Casino Hotel (under construction) ​ Cripple Creek, CO (near Colorado Springs) Illinois ​ ​ The Temporary and American Place (under construction) ​ Waukegan, IL (northern suburb of Chicago) Indiana ​ ​ Rising Star Casino Resort Rising Sun, IN (near Cincinnati) Mississippi ​ ​ Silver Slipper Casino and Hotel Hancock County, MS (near New Orleans) Nevada ​ ​ Grand Lodge Casino Incline Village, NV Stockman’s Casino Fallon, NV (one hour east of Reno) Contracted Sports Wagering ​ ​ Three sports wagering websites (“skins”) ​ Colorado Three sports wagering websites (“skins”) ​ Indiana One sports wagering website (“skin”) upon opening of The Temporary ​ Illinois ​ ​ The Company manages its casinos based on geographic regions within the United States. See Note 10 for further information. ​ COVID-19 Pandemic Update. ​ However, the COVID-19 pandemic, and certain precautionary measures, have created economic uncertainty both in the United States and globally, as well as significant volatility in, and disruption to, financial markets, labor markets and supply chains. Global supply chain disruptions have resulted in shipping delays, increased shipping costs, supply shortages, and inflationary pressures, including overall increases in prices such as fuel, food, and building materials. These increased costs and supply shortages continued to put additional constraints on our operating business and our construction projects for the three months ended March 31, 2022. We do not know when these cost constraints and supply chain issues will materially alleviate and, accordingly, they may continue to impact our existing business and our construction projects in the near term. We believe that as the COVID-19 pandemic evolves, the direct and indirect impacts on global macro-economic conditions, as well as conditions specific to us, are becoming more difficult to isolate or quantify. In addition, these direct and indirect factors can make it difficult to isolate and quantify the portion of our costs that are a direct result of the pandemic versus costs arising from factors that may have been influenced by the pandemic, including supply chain constraints, increased prices and inflationary pressures, and changes in the spending patterns of customers. These factors and their effects on our operations may persist for a longer period, even after the COVID-19 pandemic has subsided.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The interim consolidated financial statements of the Company included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of annualized results for an entire year. The consolidated financial statements include the accounts of Full House and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Fair Value and the Fair Value Input Hierarchy. GAAP categorizes the inputs used for fair value into a three-level hierarchy: ● Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities; ● Level 2: Comparable inputs other than quoted prices that are observable for similar assets or liabilities in less active markets; and ● Level 3: Unobservable inputs which may include metrics that market participants would use to estimate values, such as revenue and earnings multiples and relative rates of return. The Company utilizes Level 1 inputs when measuring the fair value of its 2028 Notes (see Note 5). The Company utilizes Level 2 inputs when measuring the fair value of its asset purchases and acquisitions (see Note 4). The Company utilizes Level 3 inputs when measuring the fair value of net assets acquired in business combination transactions, subsequent assessments for impairment, and most financial instruments, including but not limited to the estimated fair value of common stock warrants at issuance and for recurring changes in the related warrant liability. Cash Equivalents and Restricted Cash. Restricted cash balances consist of funds placed into a construction reserve account for the completion of the Chamonix construction project. Accounts Receivable. Revenue Recognition: Accrued Club Points and Customer Loyalty Programs: Operating Revenues and Related Costs and Expenses. Gaming revenue is the difference between gaming wins and losses, not the total amount wagered. The Company accounts for its gaming transactions on a portfolio basis as such wagers have similar characteristics and it would not be practical to view each wager on an individual basis. The Company sometimes provides discretionary complimentary goods and services (“discretionary comps”). For these types of transactions, the Company allocates revenue to the department providing the complimentary goods or services based upon its estimated standalone selling price, offset by a reduction in casino revenues. Many of the Company’s customers choose to earn points under its customer loyalty programs. As points are accrued, the Company defers a portion of its gaming revenue based on the estimated standalone value of loyalty points being earned by the customer. The standalone value of loyalty points is derived from the retail value of food, beverages, hotel rooms, and other goods or services for which such points may be redeemed. A liability related to these customer loyalty points is recorded, net of estimated breakage and other factors, until the customer redeems these points under loyalty programs by property for various benefits, primarily for “free casino play,” complimentary dining, or hotel stays, among others, depending on each property’s specific offers. Upon redemption, the related revenue is recognized at retail value within the department providing the goods or services. Unredeemed points are forfeited if the customer becomes and remains inactive for a specified period of time. Such liabilities were approximately $0.8 million for each of March 31, 2022 and December 31, 2021, and these amounts are included in “other accrued liabilities” on the consolidated balance sheets. Revenue for food and beverage, hotel, and other revenue transactions is typically the net amount collected from customers for such goods and services, plus the retail value of (i) discretionary comps and (ii) comps provided in return for redemption of loyalty points. The Company records such revenue as the good or service is transferred to the customer. Additionally, the Company may collect deposits in advance for future hotel reservations or entertainment, among other services, which represent obligations of the Company until the service is provided to the customer. Deferred Revenues: Market Access Fees from Sports Wagering Agreements. Indiana. Colorado. Illinois. In addition to the market access fees, deferred revenue includes the annual prepayment of contracted revenue, as required in two of the Sports Agreements. We received $1.0 million of prepaid revenue for contracted sports operations that commenced in Colorado in December 2020, and $1.0 million for contracted sports operations that commenced in Indiana in April 2021. As of March 31, 2022, $1.3 million of such deferred revenue has been recognized. Deferred revenues consisted of the following, as discussed above: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ March 31, ​ December 31, ​ Balance Sheet Location ​ 2022 2021 Deferred revenue, current ​ Other accrued liabilities ​ $ 1,826 ​ $ 1,822 Deferred revenue, net of current portion ​ Contract liabilities, net of current portion ​ ​ 3,156 ​ ​ 4,714 ​ ​ ​ ​ $ 4,982 ​ $ 6,536 ​ In February 2022, one of the Company’s contracted parties for sports wagering gave notice of its intent to cease operations on May 15, 2022, which will create one available skin in each of Colorado and Indiana. Accordingly, this accelerated the recognition of $1.6 million of deferred revenue, which is now being recognized through the May 2022 termination date, as opposed to the remaining eight years of the original 10-year Other Revenues. Revenue by Source. Income Taxes. Reclassifications. Earnings (Loss) Per Share. Leases. For material leases with terms greater than a year, the Company records right-of-use (“ROU”) assets and lease liabilities on the balance sheet, as measured on a discounted basis. For finance leases, the Company recognizes interest expense associated with the lease liability and depreciation expense associated with the ROU asset; for operating leases, the Company recognizes straight-line rent expense. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. However, costs related to short-term leases with terms greater than one month, which the Company deems material, are disclosed as a component of lease expenses when applicable. Additionally, the Company accounts for new and existing leases containing both lease and non-lease components (“embedded leases”) together as a single lease component Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate as estimated by third-party valuation specialists in determining the present value of future payments based on the information available at the commencement date and/or modification date. The expected lease terms include options to extend the lease when it is reasonably certain that the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term for operating leases. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. ​ Recently Issued Accounting Pronouncements Not Yet Adopted.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
LEASES
LEASES	3. LEASES The Company has no leases in which it is the lessor. As lessee, the Company has one finance lease for a hotel and various operating leases for land, casino and office space, equipment, buildings, and signage. The Company’s lease terms, including extensions, range from one month to approximately 36 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants, but the land lease at Silver Slipper does include contingent rent, as further discussed below. Operating Leases Silver Slipper Casino Land Lease through April 2058 and Options to Purchase. From April 1, 2022 through October 1, 2027, the Company may buy out the lease for $15.5 million plus a seller-retained interest in Silver Slipper Casino and Hotel’s operations of 3% of net income (as defined) for 10 years following the purchase date. In 2021, total rent paid during the year was $2.1 million, including $1.2 million of contingent rents. Bronco Billy’s / Chamonix Lease through January 2035 and Option to Purchase. three-year Third Street Corner Building through August 2023 and Option to Purchase. As part of the Chamonix development project, this building is currently used as office space for construction personnel, obviating the need for construction trailers. The lease had an initial three-year term with annual lease payments of $0.2 million, and was subsequently extended to August 13, 2023 with current annual lease payments of $0.3 million. Grand Lodge Casino Lease through August 2023. twelve Corporate Office Lease through January 2025. Finance Lease Rising Star Casino Hotel Lease through October 2027 and Option to Purchase. ​ The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ ​ ​ March 31, Lease Costs ​ Classification within Statement of Operations ​ 2022 2021 Operating leases: ​ ​ ​ Fixed/base rent Selling, General and Administrative Expenses ​ $ 1,165 ​ $ 1,159 Short-term payments ​ Selling, General and Administrative Expenses ​ ​ 27 ​ ​ — Variable payments Selling, General and Administrative Expenses ​ 384 ​ 402 Finance lease: ​ ​ ​ ​ Amortization of leased assets Depreciation and Amortization ​ 39 ​ 39 Interest on lease liabilities Interest Expense, Net ​ 37 ​ 43 Total lease costs ​ ​ ​ $ 1,652 ​ $ 1,643 ​ ​ Leases recorded on the balance sheet consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Leases Balance Sheet Classification 2022 ​ 2021 Assets ​ ​ ​ Operating lease assets Operating Lease Right-of-Use Assets, Net $ 14,998 ​ $ 15,814 Finance lease assets Property and Equipment, Net (1) ​ 4,683 ​ 4,722 Total lease assets ​ $ 19,681 ​ $ 20,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current ​ ​ Operating Current Portion of Operating Lease Obligations ​ $ 3,609 ​ $ 3,542 Finance Current Portion of Finance Lease Obligation ​ 520 ​ 514 Noncurrent ​ ​ ​ ​ Operating Operating Lease Obligations, Net of Current Portion ​ 11,963 ​ 12,903 Finance Finance Lease Obligation, Net of Current Portion ​ 2,651 ​ 2,783 Total lease liabilities ​ $ 18,743 ​ $ 19,742 __________ (1) Finance lease assets are recorded net of accumulated amortization of $3.0 million for each of March 31, 2022 and December 31, 2021. ​ Maturities of lease liabilities as of March 31, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Operating Financing Years Ending December 31, ​ Leases ​ Lease (1) 2022 (excluding the three months ended March 31, 2022) ​ $ 3,631 ​ $ 434 2023 ​ 3,539 ​ 652 2024 ​ 1,663 ​ 652 2025 ​ 1,466 ​ 652 2026 ​ 965 ​ 652 Thereafter ​ 29,140 ​ 543 Total future minimum lease payments ​ 40,404 ​ 3,585 Less: Amount representing interest ​ (24,832) ​ (414) Present value of lease liabilities ​ 15,572 ​ 3,171 Less: Current lease obligations ​ (3,609) ​ (520) Long-term lease obligations ​ $ 11,963 ​ $ 2,651 __________ (1) ​ Other information related to lease term and discount rate is as follows: ​ ​ ​ ​ ​ ​ ​ Lease Term and Discount Rate ​ March 31, 2022 ​ December 31, 2021 Weighted-average remaining lease term ​ ​ ​ Operating leases 22.3 years ​ 21.5 years Finance lease 5.5 years ​ 5.8 years Weighted-average discount rate ​ ​ ​ Operating leases 9.35 % ​ 9.32 % Finance lease 4.50 % ​ 4.50 % ​ Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ (In thousands) Three Months Ended ​ ​ March 31, Cash paid for amounts included in the measurement of lease liabilities: ​ 2022 ​ 2021 Operating cash flows for operating leases ​ $ 1,221 ​ $ 1,218 Operating cash flows for finance lease ​ $ 37 ​ $ 43 Financing cash flows for finance lease ​ $ 126 ​ $ 120 ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
ACQUISITIONS	4. ACQUISITIONS Fountain Square of Waukegan Land Purchase. ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	5. LONG-TERM DEBT Long-term debt, related premium (discount) and issuance costs consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Revolving Credit Facility due 2026 ​ $ — ​ $ — Senior Secured Notes due 2028 (1) ​ ​ 410,000 ​ ​ 310,000 Less: Unamortized debt issuance costs and premium/(discount), net ​ (9,410) ​ (8,381) ​ ​ $ 400,590 ​ $ 301,619 __________ (1) The estimated fair value of these notes was approximately $421.9 million for March 31, 2022 and $327.5 million for December 31, 2021. The fair value was estimated using quoted market prices for these notes. ​ ​ Senior Secured Notes due 2028. ​ On February 7, 2022, the Company closed a private offering of $100 million aggregate principal amount of additional 8.25% Senior Secured Notes due 2028 (the “Additional Notes”), which sold at a price of 102.0% of such principal amount. Proceeds from the sale of the Additional Notes are being used: (i) to develop, equip and open The Temporary, which the Company intends to operate while it constructs its permanent American Place facility, (ii) to pay the transaction fees and expenses of the offer and sale of the Additional Notes and (iii) for general corporate purposes. No cash restrictions were applied on the Additional Notes as similarly reserved on the 2028 Notes to fund construction. The Additional Notes were issued pursuant to the indenture, dated as of February 12, 2021 (the “Indenture”), to which the Company issued the $310 million of 2028 Notes noted above (collectively, the “Notes”). In connection with the issuance of the Additional Notes, the Company and the subsidiary guarantors party to the Indenture entered into two Supplemental Indentures with Wilmington Trust, National Association, as trustee, dated February 1, 2022 and February 7, 2022, respectively. On March 3, 2022, the Company entered into a third Supplemental Indenture to establish a special record date for the initial interest payment for the Additional Notes. ​ The Notes bear interest at a fixed rate of 8.25% per year and mature on February 15, 2028. There is no mandatory debt amortization prior to the maturity date. Interest on the Notes is payable on February 15 and August 15 of each year, with the next interest payment due on August 15, 2022. ​ The Notes are guaranteed, jointly and severally (such guarantees, the “Guarantees”), by each of the Company’s restricted subsidiaries (collectively, the “Guarantors”). The Notes and the Guarantees are the Company’s and the Guarantors’ general senior secured obligations, subject to the terms of the Collateral Trust Agreement (as defined in the Indenture), ranking senior in right of payment to all of the Company’s and the Guarantors’ existing and future debt that is expressly subordinated in right of payment to the Notes and the Guarantees, if any. The Notes and the Guarantees will rank equally in right of payment with all of the Company’s and the Guarantors’ existing and future senior debt. The Notes contain representations and warranties, financial covenants, and restrictions on dividends customary for notes of this type. Mandatory prepayments, in whole or in part, of the Notes will be required upon the occurrence of certain events, including sales of certain assets, upon certain changes of control, or should the Company have certain unused funds in the construction disbursement account following the completion of Chamonix. On or prior to February 15, 2024, the Company may redeem up to 35% of the original principal amount of the Notes with proceeds of certain equity offerings at a redemption price of 108.25%, plus accrued and unpaid interest to the redemption date. In addition, the Company may redeem some or all of the Notes prior to February 15, 2024 at a redemption price of 100% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date and a “make-whole” premium. At any time on or after February 15, 2024, the Company may redeem some or all of the Notes for cash at the following redemption prices: ​ ​ ​ ​ Redemption Periods Percentage Premium February 15, 2024 to February 14, 2025 104.125 % February 15, 2025 to February 14, 2026 102.063 % February 15, 2026 and Thereafter ​ 100.000 % ​ ​ Revolving Credit Facility due 2026. Under the First Amendment to Credit Agreement, the interest rate per annum applicable to loans under the Credit Facility was amended to be, at the Company’s option, either (i) the Secured Overnight Financing Rate (“SOFR”) plus a margin equal to 3.50% and a Term SOFR adjustment of 0.15%, or (ii) a base rate plus a margin equal to 2.50%. Upon completion of Chamonix (as defined in the agreement), the interest rate per annum applicable to loans under the Credit Facility will be reduced to, at the Company’s option, either (i) SOFR plus a margin equal to 3.00% and a Term SOFR adjustment of 0.15%, or (ii) a base rate plus a margin equal to 2.00%. Terms regarding the annual commitment fee, customary letter of credit fees, and repayment date of March 31, 2026, remain unchanged from the original Credit Agreement, dated as of March 31, 2021. As of this report date, there were no drawn amounts under the Credit Facility and an outstanding standby letter of credit of $1 million related to the American Place project. The Credit Facility is equally and ratably secured by the same assets and guarantees securing the Notes. The Company may make prepayments of any amounts outstanding under the Credit Facility (without any reduction of the revolving commitments) in whole or in part at any time without penalty. The Credit Facility contains a number of negative covenants that, subject to certain exceptions, are substantially similar to the covenants contained in the Notes. The Credit Facility also requires compliance with a financial covenant as of the last day of each fiscal quarter, such that Adjusted EBITDA (as defined) for the trailing twelve-month period must equal or exceed the utilized portion of the Credit Facility, if drawn. The Company was in compliance with this financial covenant as of March 31, 2022.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
INCOME TAXES
INCOME TAXES	6. INCOME TAXES The Company’s effective income tax rate for the three-months ended March 31, 2022 and 2021 was 102.0% and (6.2%), respectively. The significant change in the effective income tax rate was primarily due to the Company’s projections for pre-tax book income in 2022, the effects of tax amortization on indefinite lived intangibles in 2022, valuation allowances, and certain permanent differences between tax and financial reporting purposes. The Company expects that it will reverse the tax benefit that was booked, as of March 31, 2022, in future interim periods as pre-tax book income offsets the year-to-date, pre-tax loss. ​ The Company continues to assess the realizability of deferred tax assets (“DTAs”) and concluded that it has not met the “more likely than not” threshold. As of March 31, 2022, the Company continues to provide a valuation allowance against its DTAs that cannot be offset by existing deferred tax liabilities. In accordance with Accounting Standards Codification 740 (“ASC 740”), this assessment has taken into consideration the jurisdictions in which these DTAs reside. The valuation allowance against DTAs has no effect on the actual taxes paid or owed by the Company. ​ In the future, if it is determined that we meet the “more likely than not” threshold of utilizing our deferred tax assets as required under ASC 740, we may reverse some or all of our valuation allowance. We will continue to evaluate the need for the valuation allowance during each interim period in 2022. Should we continue on our trend of improving net income results in recent years, absent any unforeseen impact to our operations, we expect that the valuation allowance could be reversed by the end of 2022. Such valuation allowance and its potential reversal has no impact on the actual income taxes paid or the Company’s financial situation. ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES AND SUBSEQUENT EVENT Litigation The Company is party to a number of pending legal proceedings related to matters that occurred in the normal course of business. Management does not expect that the outcome of any such proceedings, either individually or in the aggregate, will have a material effect on the Company’s financial position, results of operations and cash flows. Options to Lease Land Option Agreement for Public Trust Tidelands Lease in Mississippi. term extension six-month Upon commencement of the lease, and for the first 18 months or until the beginning of the next six-month period after the opening of commercial operations on the leased premises, whichever occurs sooner, rent would be $10,000 for each six-month Contracted Sports Wagering in Illinois In May 2022, the Company entered into an agreement with an affiliate of Circa Sports to jointly develop and manage on-site sportsbooks at both The Temporary and American Place casinos in Illinois. Circa Sports currently operates at Circa Resort & Casino in Las Vegas, and offers online sports wagering in several states. In addition to the on-site sportsbook, Circa Sports will utilize the Company’s expected mobile sports skin to conduct Internet sports wagering throughout the state. In exchange for such rights, the Company subsequently received a market access fee of $5 million in May 2022, and will also receive a percentage of revenues (as defined) totaling at least $5 million per year, on an annualized basis, once Circa Sports launches its mobile sports skin in Illinois, subject to customary regulatory approvals. The term of the agreement is for eight years, with two four-year extension opportunities at the option of Circa Sports. ​ ​

EARNINGS (LOSS) PER SHARE AND S

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2022
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY	8. EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY Earnings (Loss) Per Share The table below reconciles basic and diluted earnings (loss) per share of common stock: ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Numerator: ​ ​ Net income (loss) ─ basic ​ $ 110 ​ $ (3,445) Net income (loss) ─ diluted ​ $ 110 ​ $ (3,445) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ Weighted-average common and common share equivalents ─ basic ​ 34,262 ​ 27,357 Potential dilution from share-based awards ​ ​ 2,361 ​ ​ — Weighted-average common and common share equivalents ─ diluted ​ 36,623 ​ 27,357 Anti-dilutive share-based awards excluded from the calculation of diluted loss per share ​ 411 ​ 3,140 ​

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
SHARE BASED COMPENSATION
STOCK-BASED COMPENSATION	9. SHARE-BASED COMPENSATION Performance-Based Shares. one one On March 14, 2022, the Company issued 23,325 shares of stock to one of the Company’s executives for having previously met performance-based metrics in 2021 pertaining to Adjusted EBITDA growth and Free Cash Flow Per Share growth. As of March 31, 2022, the Company had 1,561,690 share-based awards authorized by shareholders and available for grant from the Company’s 2015 Equity Incentive Plan. The following table summarizes information related to the Company’s common stock options as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Stock ​ Exercise ​ ​ Options ​ Price Options outstanding at January 1, 2022 3,221,956 ​ $ 2.19 Granted 141,939 ​ 9.64 Exercised (79,750) ​ 1.74 Canceled/Forfeited — ​ — Expired — ​ — Options outstanding at March 31, 2022 3,284,145 ​ $ 2.53 Options exercisable at March 31, 2022 2,562,961 ​ $ 1.70 ​ Components of compensation expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ March 31, Compensation Expense ​ 2022 ​ 2021 Stock options ​ $ 218 ​ $ 103 Restricted and performance-based shares ​ 125 ​ 21 ​ ​ $ 343 ​ $ 124 ​ As of March 31, 2022, there was approximately $2.1 million of unrecognized compensation cost related to unvested stock options previously granted that is expected to be recognized over a weighted-average period of approximately 2.3 years. As of such date, there was also $0.7 million of unrecognized compensation cost related to unvested restricted and performance shares, which is expected to be recognized over a weighted-average period of 1.6 years.

SEGMENT REPORTING AND DISAGGREG

SEGMENT REPORTING AND DISAGGREGATED REVENUE	3 Months Ended
	Mar. 31, 2022
SEGMENT REPORTING AND DISAGGREGATED REVENUE
SEGMENT REPORTING AND DISAGGREGATED REVENUE	10. SEGMENT REPORTING AND DISAGGREGATED REVENUE The Company manages its reporting segments based on geographic regions within the United States and type of income. Its current operating segments, as of 2022, are: Mississippi, Indiana, Colorado, Nevada, and Contracted Sports Wagering. The Company’s management views the states where each of its casino resorts are located as operating segments, in addition to its contracted sports wagering segment. Operating segments are aggregated based on geography, economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company utilizes Adjusted Segment EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. The following tables present the Company’s segment information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sports ​ ​ ​ ​ Mississippi ​ Indiana ​ Colorado ​ Nevada ​ Wagering ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Casino ​ $ 14,683 ​ $ 6,716 ​ $ 3,631 ​ $ 4,054 ​ $ — ​ $ 29,084 Food and beverage ​ 4,939 ​ 873 ​ 420 ​ 279 ​ — ​ 6,511 Hotel ​ 1,222 ​ 822 ​ 135 ​ — ​ — ​ 2,179 Other operations, including ​ 469 ​ 225 ​ 47 ​ 78 ​ 2,830 ​ 3,649 ​ ​ $ 21,313 ​ $ 8,636 ​ $ 4,233 ​ $ 4,411 ​ $ 2,830 ​ $ 41,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Segment EBITDA ​ $ 5,950 ​ $ 1,138 ​ $ (319) ​ $ 828 ​ $ 2,767 ​ $ 10,364 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,792) Corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,967) Project development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (165) Preopening costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (786) Loss on disposal of assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8) Stock-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (343) Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,303 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,399) Loss on modification of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,406) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10,805) Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,502) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,612) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sports ​ ​ ​ ​ Mississippi ​ Indiana ​ Colorado ​ Nevada ​ Wagering ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Casino ​ $ 16,040 ​ $ 6,715 ​ $ 5,264 ​ $ 4,045 ​ $ — ​ $ 32,064 Food and beverage ​ 4,693 ​ 748 ​ 413 ​ 247 ​ — ​ 6,101 Hotel ​ 1,170 ​ 919 ​ 122 ​ — ​ — ​ 2,211 Other operations, ​ 453 ​ 208 ​ 106 ​ 76 ​ 989 ​ 1,832 ​ ​ $ 22,356 ​ $ 8,590 ​ $ 5,905 ​ $ 4,368 ​ $ 989 ​ $ 42,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Segment EBITDA ​ $ 7,630 ​ $ 1,134 ​ $ 1,710 ​ $ 1,224 ​ $ 976 ​ $ 12,674 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,800) Corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,905) Project development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (47) Loss on disposal of assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (104) Stock-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (124) Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,694 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,456) Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,134) Adjustment to fair value of warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,347) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,937) Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,243) Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 202 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,445) ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, ​ December 31, ​ 2022 2021 Total Assets ​ ​ ​ ​ ​ ​ Mississippi ​ $ 78,465 ​ $ 85,838 Indiana ​ 32,414 ​ 34,857 Colorado ​ 308,475 ​ 258,436 Nevada ​ 11,810 ​ 13,091 Contracted Sports Wagering ​ ​ 3,410 ​ ​ 2,168 Corporate and Other (1) ​ 129,956 ​ 79,452 ​ ​ $ 564,530 ​ $ 473,842 __________ (1) ​ ​

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation. The interim consolidated financial statements of the Company included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of annualized results for an entire year. The consolidated financial statements include the accounts of Full House and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Fair Value and the Fair Value Input Hierarchy	Fair Value and the Fair Value Input Hierarchy. GAAP categorizes the inputs used for fair value into a three-level hierarchy: ● Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities; ● Level 2: Comparable inputs other than quoted prices that are observable for similar assets or liabilities in less active markets; and ● Level 3: Unobservable inputs which may include metrics that market participants would use to estimate values, such as revenue and earnings multiples and relative rates of return. The Company utilizes Level 1 inputs when measuring the fair value of its 2028 Notes (see Note 5). The Company utilizes Level 2 inputs when measuring the fair value of its asset purchases and acquisitions (see Note 4). The Company utilizes Level 3 inputs when measuring the fair value of net assets acquired in business combination transactions, subsequent assessments for impairment, and most financial instruments, including but not limited to the estimated fair value of common stock warrants at issuance and for recurring changes in the related warrant liability.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash. Restricted cash balances consist of funds placed into a construction reserve account for the completion of the Chamonix construction project.
Accounts Receivable	Accounts Receivable.
Revenue Recognition	Revenue Recognition: Accrued Club Points and Customer Loyalty Programs: Operating Revenues and Related Costs and Expenses. Gaming revenue is the difference between gaming wins and losses, not the total amount wagered. The Company accounts for its gaming transactions on a portfolio basis as such wagers have similar characteristics and it would not be practical to view each wager on an individual basis. The Company sometimes provides discretionary complimentary goods and services (“discretionary comps”). For these types of transactions, the Company allocates revenue to the department providing the complimentary goods or services based upon its estimated standalone selling price, offset by a reduction in casino revenues. Many of the Company’s customers choose to earn points under its customer loyalty programs. As points are accrued, the Company defers a portion of its gaming revenue based on the estimated standalone value of loyalty points being earned by the customer. The standalone value of loyalty points is derived from the retail value of food, beverages, hotel rooms, and other goods or services for which such points may be redeemed. A liability related to these customer loyalty points is recorded, net of estimated breakage and other factors, until the customer redeems these points under loyalty programs by property for various benefits, primarily for “free casino play,” complimentary dining, or hotel stays, among others, depending on each property’s specific offers. Upon redemption, the related revenue is recognized at retail value within the department providing the goods or services. Unredeemed points are forfeited if the customer becomes and remains inactive for a specified period of time. Such liabilities were approximately $0.8 million for each of March 31, 2022 and December 31, 2021, and these amounts are included in “other accrued liabilities” on the consolidated balance sheets. Revenue for food and beverage, hotel, and other revenue transactions is typically the net amount collected from customers for such goods and services, plus the retail value of (i) discretionary comps and (ii) comps provided in return for redemption of loyalty points. The Company records such revenue as the good or service is transferred to the customer. Additionally, the Company may collect deposits in advance for future hotel reservations or entertainment, among other services, which represent obligations of the Company until the service is provided to the customer. Deferred Revenues: Market Access Fees from Sports Wagering Agreements. Indiana. Colorado. Illinois. In addition to the market access fees, deferred revenue includes the annual prepayment of contracted revenue, as required in two of the Sports Agreements. We received $1.0 million of prepaid revenue for contracted sports operations that commenced in Colorado in December 2020, and $1.0 million for contracted sports operations that commenced in Indiana in April 2021. As of March 31, 2022, $1.3 million of such deferred revenue has been recognized. Deferred revenues consisted of the following, as discussed above: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ March 31, ​ December 31, ​ Balance Sheet Location ​ 2022 2021 Deferred revenue, current ​ Other accrued liabilities ​ $ 1,826 ​ $ 1,822 Deferred revenue, net of current portion ​ Contract liabilities, net of current portion ​ ​ 3,156 ​ ​ 4,714 ​ ​ ​ ​ $ 4,982 ​ $ 6,536 ​ In February 2022, one of the Company’s contracted parties for sports wagering gave notice of its intent to cease operations on May 15, 2022, which will create one available skin in each of Colorado and Indiana. Accordingly, this accelerated the recognition of $1.6 million of deferred revenue, which is now being recognized through the May 2022 termination date, as opposed to the remaining eight years of the original 10-year Other Revenues. Revenue by Source.
Income Taxes	Income Taxes.
Reclassifications	Reclassifications.
Earnings (loss) per share	Earnings (Loss) Per Share.
Leases	Leases. For material leases with terms greater than a year, the Company records right-of-use (“ROU”) assets and lease liabilities on the balance sheet, as measured on a discounted basis. For finance leases, the Company recognizes interest expense associated with the lease liability and depreciation expense associated with the ROU asset; for operating leases, the Company recognizes straight-line rent expense. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. However, costs related to short-term leases with terms greater than one month, which the Company deems material, are disclosed as a component of lease expenses when applicable. Additionally, the Company accounts for new and existing leases containing both lease and non-lease components (“embedded leases”) together as a single lease component Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate as estimated by third-party valuation specialists in determining the present value of future payments based on the information available at the commencement date and/or modification date. The expected lease terms include options to extend the lease when it is reasonably certain that the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term for operating leases. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	3 Months Ended
	Mar. 31, 2022
ORGANIZATION
Schedule of Properties	​ ​ ​ ​ Segments and Properties ​ Locations Colorado ​ ​ Bronco Billy’s Casino and Hotel Cripple Creek, CO (near Colorado Springs) Chamonix Casino Hotel (under construction) ​ Cripple Creek, CO (near Colorado Springs) Illinois ​ ​ The Temporary and American Place (under construction) ​ Waukegan, IL (northern suburb of Chicago) Indiana ​ ​ Rising Star Casino Resort Rising Sun, IN (near Cincinnati) Mississippi ​ ​ Silver Slipper Casino and Hotel Hancock County, MS (near New Orleans) Nevada ​ ​ Grand Lodge Casino Incline Village, NV Stockman’s Casino Fallon, NV (one hour east of Reno) Contracted Sports Wagering ​ ​ Three sports wagering websites (“skins”) ​ Colorado Three sports wagering websites (“skins”) ​ Indiana One sports wagering website (“skin”) upon opening of The Temporary ​ Illinois

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Deferred revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ March 31, ​ December 31, ​ Balance Sheet Location ​ 2022 2021 Deferred revenue, current ​ Other accrued liabilities ​ $ 1,826 ​ $ 1,822 Deferred revenue, net of current portion ​ Contract liabilities, net of current portion ​ ​ 3,156 ​ ​ 4,714 ​ ​ ​ ​ $ 4,982 ​ $ 6,536

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
LEASES
Balance Sheet Information For Leases	Leases recorded on the balance sheet consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Leases Balance Sheet Classification 2022 ​ 2021 Assets ​ ​ ​ Operating lease assets Operating Lease Right-of-Use Assets, Net $ 14,998 ​ $ 15,814 Finance lease assets Property and Equipment, Net (1) ​ 4,683 ​ 4,722 Total lease assets ​ $ 19,681 ​ $ 20,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current ​ ​ Operating Current Portion of Operating Lease Obligations ​ $ 3,609 ​ $ 3,542 Finance Current Portion of Finance Lease Obligation ​ 520 ​ 514 Noncurrent ​ ​ ​ ​ Operating Operating Lease Obligations, Net of Current Portion ​ 11,963 ​ 12,903 Finance Finance Lease Obligation, Net of Current Portion ​ 2,651 ​ 2,783 Total lease liabilities ​ $ 18,743 ​ $ 19,742 __________ (1) Finance lease assets are recorded net of accumulated amortization of $3.0 million for each of March 31, 2022 and December 31, 2021.
Components of Lease Expense	The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ ​ ​ March 31, Lease Costs ​ Classification within Statement of Operations ​ 2022 2021 Operating leases: ​ ​ ​ Fixed/base rent Selling, General and Administrative Expenses ​ $ 1,165 ​ $ 1,159 Short-term payments ​ Selling, General and Administrative Expenses ​ ​ 27 ​ ​ — Variable payments Selling, General and Administrative Expenses ​ 384 ​ 402 Finance lease: ​ ​ ​ ​ Amortization of leased assets Depreciation and Amortization ​ 39 ​ 39 Interest on lease liabilities Interest Expense, Net ​ 37 ​ 43 Total lease costs ​ ​ ​ $ 1,652 ​ $ 1,643
Operating Lease, Liability, Maturity	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Operating Financing Years Ending December 31, ​ Leases ​ Lease (1) 2022 (excluding the three months ended March 31, 2022) ​ $ 3,631 ​ $ 434 2023 ​ 3,539 ​ 652 2024 ​ 1,663 ​ 652 2025 ​ 1,466 ​ 652 2026 ​ 965 ​ 652 Thereafter ​ 29,140 ​ 543 Total future minimum lease payments ​ 40,404 ​ 3,585 Less: Amount representing interest ​ (24,832) ​ (414) Present value of lease liabilities ​ 15,572 ​ 3,171 Less: Current lease obligations ​ (3,609) ​ (520) Long-term lease obligations ​ $ 11,963 ​ $ 2,651 __________ (1)
Finance Lease, Liability, Maturity	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Operating Financing Years Ending December 31, ​ Leases ​ Lease (1) 2022 (excluding the three months ended March 31, 2022) ​ $ 3,631 ​ $ 434 2023 ​ 3,539 ​ 652 2024 ​ 1,663 ​ 652 2025 ​ 1,466 ​ 652 2026 ​ 965 ​ 652 Thereafter ​ 29,140 ​ 543 Total future minimum lease payments ​ 40,404 ​ 3,585 Less: Amount representing interest ​ (24,832) ​ (414) Present value of lease liabilities ​ 15,572 ​ 3,171 Less: Current lease obligations ​ (3,609) ​ (520) Long-term lease obligations ​ $ 11,963 ​ $ 2,651 __________ (1) ​
Other Information Related To Lease Term And Discount Rate	Other information related to lease term and discount rate is as follows: ​ ​ ​ ​ ​ ​ ​ Lease Term and Discount Rate ​ March 31, 2022 ​ December 31, 2021 Weighted-average remaining lease term ​ ​ ​ Operating leases 22.3 years ​ 21.5 years Finance lease 5.5 years ​ 5.8 years Weighted-average discount rate ​ ​ ​ Operating leases 9.35 % ​ 9.32 % Finance lease 4.50 % ​ 4.50 %
Supplemental Cash Flow Information Related To Leases	Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ (In thousands) Three Months Ended ​ ​ March 31, Cash paid for amounts included in the measurement of lease liabilities: ​ 2022 ​ 2021 Operating cash flows for operating leases ​ $ 1,221 ​ $ 1,218 Operating cash flows for finance lease ​ $ 37 ​ $ 43 Financing cash flows for finance lease ​ $ 126 ​ $ 120

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt, Related Discounts and Issuance Costs	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Revolving Credit Facility due 2026 ​ $ — ​ $ — Senior Secured Notes due 2028 (1) ​ ​ 410,000 ​ ​ 310,000 Less: Unamortized debt issuance costs and premium/(discount), net ​ (9,410) ​ (8,381) ​ ​ $ 400,590 ​ $ 301,619 __________ (1) The estimated fair value of these notes was approximately $421.9 million for March 31, 2022 and $327.5 million for December 31, 2021. The fair value was estimated using quoted market prices for these notes.
Debt Instrument Redemption	At any time on or after February 15, 2024, the Company may redeem some or all of the Notes for cash at the following redemption prices: ​ ​ ​ ​ Redemption Periods Percentage Premium February 15, 2024 to February 14, 2025 104.125 % February 15, 2025 to February 14, 2026 102.063 % February 15, 2026 and Thereafter ​ 100.000 %

EARNINGS (LOSS) PER SHARE AND_2

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Earnings Per Share, Basic and Diluted	The table below reconciles basic and diluted earnings (loss) per share of common stock: ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Numerator: ​ ​ Net income (loss) ─ basic ​ $ 110 ​ $ (3,445) Net income (loss) ─ diluted ​ $ 110 ​ $ (3,445) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ Weighted-average common and common share equivalents ─ basic ​ 34,262 ​ 27,357 Potential dilution from share-based awards ​ ​ 2,361 ​ ​ — Weighted-average common and common share equivalents ─ diluted ​ 36,623 ​ 27,357 Anti-dilutive share-based awards excluded from the calculation of diluted loss per share ​ 411 ​ 3,140

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
SHARE BASED COMPENSATION
Schedule of Common Stock Options	The following table summarizes information related to the Company’s common stock options as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Stock ​ Exercise ​ ​ Options ​ Price Options outstanding at January 1, 2022 3,221,956 ​ $ 2.19 Granted 141,939 ​ 9.64 Exercised (79,750) ​ 1.74 Canceled/Forfeited — ​ — Expired — ​ — Options outstanding at March 31, 2022 3,284,145 ​ $ 2.53 Options exercisable at March 31, 2022 2,562,961 ​ $ 1.70
Schedule of compensation expense	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended ​ ​ March 31, Compensation Expense ​ 2022 ​ 2021 Stock options ​ $ 218 ​ $ 103 Restricted and performance-based shares ​ 125 ​ 21 ​ ​ $ 343 ​ $ 124

SEGMENT REPORTING AND DISAGGR_2

SEGMENT REPORTING AND DISAGGREGATED REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
SEGMENT REPORTING AND DISAGGREGATED REVENUE
Schedule of Total Revenues By Segment	The following tables present the Company’s segment information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sports ​ ​ ​ ​ Mississippi ​ Indiana ​ Colorado ​ Nevada ​ Wagering ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Casino ​ $ 14,683 ​ $ 6,716 ​ $ 3,631 ​ $ 4,054 ​ $ — ​ $ 29,084 Food and beverage ​ 4,939 ​ 873 ​ 420 ​ 279 ​ — ​ 6,511 Hotel ​ 1,222 ​ 822 ​ 135 ​ — ​ — ​ 2,179 Other operations, including ​ 469 ​ 225 ​ 47 ​ 78 ​ 2,830 ​ 3,649 ​ ​ $ 21,313 ​ $ 8,636 ​ $ 4,233 ​ $ 4,411 ​ $ 2,830 ​ $ 41,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Segment EBITDA ​ $ 5,950 ​ $ 1,138 ​ $ (319) ​ $ 828 ​ $ 2,767 ​ $ 10,364 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,792) Corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,967) Project development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (165) Preopening costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (786) Loss on disposal of assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8) Stock-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (343) Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,303 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,399) Loss on modification of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,406) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10,805) Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,502) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,612) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sports ​ ​ ​ ​ Mississippi ​ Indiana ​ Colorado ​ Nevada ​ Wagering ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Casino ​ $ 16,040 ​ $ 6,715 ​ $ 5,264 ​ $ 4,045 ​ $ — ​ $ 32,064 Food and beverage ​ 4,693 ​ 748 ​ 413 ​ 247 ​ — ​ 6,101 Hotel ​ 1,170 ​ 919 ​ 122 ​ — ​ — ​ 2,211 Other operations, ​ 453 ​ 208 ​ 106 ​ 76 ​ 989 ​ 1,832 ​ ​ $ 22,356 ​ $ 8,590 ​ $ 5,905 ​ $ 4,368 ​ $ 989 ​ $ 42,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Segment EBITDA ​ $ 7,630 ​ $ 1,134 ​ $ 1,710 ​ $ 1,224 ​ $ 976 ​ $ 12,674 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,800) Corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,905) Project development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (47) Loss on disposal of assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (104) Stock-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (124) Operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,694 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,456) Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,134) Adjustment to fair value of warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,347) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,937) Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,243) Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 202 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,445) ​
Schedule of Total Assets By Segment	​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, ​ December 31, ​ 2022 2021 Total Assets ​ ​ ​ ​ ​ ​ Mississippi ​ $ 78,465 ​ $ 85,838 Indiana ​ 32,414 ​ 34,857 Colorado ​ 308,475 ​ 258,436 Nevada ​ 11,810 ​ 13,091 Contracted Sports Wagering ​ ​ 3,410 ​ ​ 2,168 Corporate and Other (1) ​ 129,956 ​ 79,452 ​ ​ $ 564,530 ​ $ 473,842 __________ (1)

ORGANIZATION - Resort (Details)

ORGANIZATION - Resort (Details)	Mar. 31, 2022itemproperty
Number of casinos operated	5
Number of casinos owned or leased	4
Number of casinos located within a hotel owned by a third party	1
Number of properties under construction | property	2
Number of sports skins operating	6
INDIANA
Number of sports skins operating	3
COLORADO
Number of sports skins operating	3

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 30, 2019
Deferred revenue, current	$ 1,826		$ 1,822
Deferred revenue, net of current portion	3,156		4,714
Contract with Customer, Liability, Total	4,982		$ 6,536
Net Revenues	$ 41,423	$ 42,208
Sports Wagering Agreements
Contract with Customer, Liability, Total				$ 6,000
Term of agreement	10 years

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenues: Market Access Fees from Sports Wagering Agreements (Details) $ in Thousands	May 15, 2022USD ($)item	May 31, 2022USD ($)	Mar. 31, 2022USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2021USD ($)	Apr. 30, 2021USD ($)	Nov. 30, 2019USD ($)
Basis Of Presentation [Line Items]
Deferred revenues			$ 4,982		$ 6,536
Liabilities in other accrued expenses			$ 800		$ 800
Sports Wagering Agreements
Basis Of Presentation [Line Items]
Deferred revenues							$ 6,000
Remaining Term			8 years
Term of agreement			10 years
Market access fees	$ 1,600
Number of contracted mobile sports operators in operations | item				2
Number of contracted mobile sports operators intended to cease operations | item	1
Sports Wagering Agreements | Subsequent Event
Basis Of Presentation [Line Items]
Term of agreement		8 years
Market access fees		$ 5,000
Additional revenue receivable		$ 5,000
Sports Wagering Agreements | COLORADO
Basis Of Presentation [Line Items]
Deferred revenues			$ 1,300	$ 1,000		$ 1,000
Number of contracted mobile sports operators in operations | item			3
Number of available contracted mobile sports operators | item	1
Sports Wagering Agreements | INDIANA
Basis Of Presentation [Line Items]
Number of contracted mobile sports operators in operations | item			2
Sports Wagering Agreements | ILLINOIS
Basis Of Presentation [Line Items]
Additional market fee			$ 5,000

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	Mar. 31, 2022
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Aug. 13, 2018USD ($)	Jan. 01, 2018USD ($)	Jun. 30, 2017USD ($)ft²	Mar. 31, 2022USD ($)roomOptionlease	Dec. 31, 2021USD ($)	Dec. 31, 2004USD ($)a	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number of finance leases | lease				1
Grand Lodge Casino facility
Lessee, Lease, Description [Line Items]
Rent		$ 166,667
Lessor acquisition price, EBITDA measurement period				12 months
Corporate Office Lease
Lessee, Lease, Description [Line Items]
Rent			$ 200,000
Office lease, square feet | ft²			4,479
Land lease | Land Lease Of Silver Slipper Casino Site
Lessee, Lease, Description [Line Items]
Rent				$ 77,500	$ 2,100,000
Contingent rent					$ 1,200,000
Percentage of gross gaming revenue						3.00%
Gross gaming revenue (in excess of)						$ 3,650,000
Cost to exercise purchase option							$ 15,500,000
Retained interest in percentages of net income						3.00%
Retained interest in percentages of net income, term						10 years
Land lease | Land Lease Of Silver Slipper Casino Site | Marshland
Lessee, Lease, Description [Line Items]
Area of land subject to ground lease | a						31
Land lease | Land Lease Of Silver Slipper Casino Site | Parcel
Lessee, Lease, Description [Line Items]
Area of land subject to ground lease | a						7
Certain parking lots and buildings | Bronco Billy's Casino and Hotel
Lessee, Lease, Description [Line Items]
Cost to exercise purchase option				$ 7,600,000
Number of original renewal options | Option				6
Certain parking lots and buildings | Lease Terms, Option One | Bronco Billy's Casino and Hotel
Lessee, Lease, Description [Line Items]
Lease extension term				3 years
Certain parking lots and buildings | Lease Terms, Option Two | Bronco Billy's Casino and Hotel
Lessee, Lease, Description [Line Items]
Operating Leases Annual Rent Payment				$ 400,000
Land, buildings and improvements | Various Buildings And Land In Cripple Creak, Colorado
Lessee, Lease, Description [Line Items]
Maximum purchase price on purchase option				2,800,000
Land, buildings and improvements | Various Buildings And Land In Cripple Creak, Colorado | Purchase dates thereafter
Lessee, Lease, Description [Line Items]
Cost to exercise purchase option				2,800,000
Land, buildings and improvements | Lease Terms, Option One
Lessee, Lease, Description [Line Items]
Lease terms	3 years
Land, buildings and improvements | Lease Terms, Option One | Various Buildings And Land In Cripple Creak, Colorado
Lessee, Lease, Description [Line Items]
Lessee Leasing Arrangements Operating Leases Annual Rent Expense	$ 200,000
Annual lease payments				$ 300,000
Rising Star Casino Resort | Rising Sun/Ohio County First, Inc
Lessee, Lease, Description [Line Items]
Number of hotel rooms | room				104
Project actual cost				$ 7,700,000
Potential purchase price				3,200,000
Option price at lease maturity				$ 1
Minimum
Lessee, Lease, Description [Line Items]
Lease terms				1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease terms				36 years

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
LEASES
Fixed/base rent	$ 1,165	$ 1,159
Short-term payments	27
Variable payments	384	402
Amortization of leased assets	39	39
Interest on lease liabilities	37	43
Total lease costs	$ 1,652	$ 1,643

LEASES - Balance Sheet Details

LEASES - Balance Sheet Details (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
LEASES
Operating lease assets	$ 14,998	$ 15,814
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease assets	Operating lease assets
Finance lease assets	$ 4,683	$ 4,722
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total lease assets	$ 19,681	$ 20,536
Current operating lease liability	$ 3,609	$ 3,542
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current operating lease liability	Current operating lease liability
Current finance lease liability	$ 520	$ 514
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current finance lease liability	Current finance lease liability
Noncurrent operating lease liability	$ 11,963	$ 12,903
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Noncurrent operating lease liability	Noncurrent operating lease liability
Noncurrent finance lease liability	$ 2,651	$ 2,783
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Noncurrent finance lease liability	Noncurrent finance lease liability
Total lease liabilities	$ 18,743	$ 19,742
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 3,000	$ 3,000

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)room	Dec. 31, 2021USD ($)
Operating Leases
2022 (excluding the three months ended March 31, 2022)	$ 3,631
2023	3,539
2024	1,663
2025	1,466
2026	965
Thereafter	29,140
Total future minimum lease payments	40,404
Less: Amount representing interest	(24,832)
Present value of lease liabilities	15,572
Less: Current lease obligations	(3,609)	$ (3,542)
Noncurrent operating lease liability	11,963	12,903
Financing Lease
2022 (excluding the three months ended March 31, 2022)	434
2023	652
2024	652
2025	652
2026	652
Thereafter	543
Total future minimum lease payments	3,585
Less: Amount representing interest	(414)
Present value of lease liabilities	3,171
Less: Current lease obligations	(520)	(514)
Long-term lease obligations	$ 2,651	$ 2,783
Rising Star Casino Resort | Rising Sun/Ohio County First, Inc
Financing Lease
Number of hotel rooms | room	104

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Mar. 31, 2022	Dec. 31, 2021
LEASES
Weighted-average remaining lease term, operating leases	22 years 3 months 18 days	21 years 6 months
Weighted-average remaining lease term, finance leases	5 years 6 months	5 years 9 months 18 days
Weighted-average discount rate, operating leases	9.35%	9.32%
Weighted-average discount rate, finance leases	4.50%	4.50%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,221	$ 1,218
Operating cash flows for finance lease	37	43
Financing cash flows for finance lease	$ 126	$ 120

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	1 Months Ended
	Jan. 31, 2022USD ($)a
ACQUISITIONS
Consideration of asset acquisition | $	$ 7.5
Land Purchased	10
Land Lease Agreement, Area	30

LONG-TERM DEBT - Senior Secured

LONG-TERM DEBT - Senior Secured Notes Narrative (Details) $ in Thousands	Feb. 07, 2022USD ($)item	Feb. 12, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Feb. 02, 2021
Line of Credit Facility [Line Items]
Outstanding loans			$ 400,590	$ 301,619
Senior Secured Notes
Line of Credit Facility [Line Items]
Percentage of prepayment Premium					0.90%
Senior Secured Notes Due 2028
Line of Credit Facility [Line Items]
Interest rate	8.25%
Senior Secured Notes Due 2028 | Senior Secured Notes
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 310,000
Outstanding loans		$ 106,800
Additional principal amount of debt issued	$ 100,000
Issue price, percentage	102.00%
Interest rate		8.25%
Borrowed funds designated for constructing project		$ 180,000
Proceeds from the offering		$ 8,000
Number of Supplemental Indentures Entered | item	2

LONG-TERM DEBT - Redemption of

LONG-TERM DEBT - Redemption of Senior Secured Notes (Details) - Senior Secured Notes	Feb. 12, 2021	Mar. 31, 2022
Senior Secured Notes Due 2028
Line of Credit Facility [Line Items]
Percentage of principal amount of debt redeemed	35.00%
Percentage Premium		100.00%
Percentage of redemption of equity offering	108.25%
February 15, 2024 to February 14, 2025 | Senior Secured Notes Due 2028
Line of Credit Facility [Line Items]
Percentage of principal amount of debt redeemed	104.125%
February 15, 2025 to February 14, 2026 | Senior Secured Notes Due 2028
Line of Credit Facility [Line Items]
Percentage of principal amount of debt redeemed	102.063%
February 15, 2026 and Thereafter | Senior Secured Notes Due 2028
Line of Credit Facility [Line Items]
Percentage of principal amount of debt redeemed	100.00%

LONG-TERM DEBT - Revolving Cred

LONG-TERM DEBT - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	Feb. 07, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Agreement of revolving credit facility	$ 40		$ 15
Credit Facility		$ 0
Outstanding letter of credit		$ 1
SOFR | Until Completion of Chamonix Project
Debt Instrument [Line Items]
Applicable margin rate	3.50%
Adjustment rate	0.15%
SOFR | After Completion of Chamonix Project
Debt Instrument [Line Items]
Applicable margin rate	3.00%
Adjustment rate	0.15%
Base Rate | Until Completion of Chamonix Project
Debt Instrument [Line Items]
Applicable margin rate	2.50%
Base Rate | After Completion of Chamonix Project
Debt Instrument [Line Items]
Applicable margin rate	2.00%

LONG-TERM DEBT - Long-Term Debt

LONG-TERM DEBT - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Feb. 12, 2021
Debt Instrument [Line Items]
Unamortized discounts and debt issuance costs	$ (9,410)	$ (8,381)
Long-term debt, net	400,590	301,619
Long-term debt, net of current portion, unamortized discount and issuance costs	400,590	301,619
Senior Secured Notes Due 2028 | Senior Secured Notes
Debt Instrument [Line Items]
Outstanding principal	410,000	310,000
Long-term debt, net			$ 106,800
Estimated fair value	$ 421,900	$ 327,500

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME TAXES
Effective income tax rate	102.00%	(6.20%)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jul. 13, 2021USD ($)	Jun. 08, 2021USD ($)	May 31, 2022USD ($)item	Nov. 30, 2021USD ($)	Jun. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	May 15, 2022USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Paid for option agreement						$ 1,221,000	$ 1,218,000
Sports Wagering Agreements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Market access fees								$ 1,600,000
Term of agreement						10 years
Public Trust Tidelands Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Paid for option agreement		$ 5,000
Lease term	30 years
Lease extension term	30 years
Option to extend	true
Option exercise period	6 months
Number of additional renewals for option agreement	3
Period of each addition renewals	6 months			6 months
Value for each addition renewals	$ 5,000			$ 5,000
Public Trust Tidelands Lease | First eighteen months or until the beginning of next six months
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Rent expenses	10,000
Public Trust Tidelands Lease | After eighteen months
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Rent expenses	$ 105,300
Subsequent Event | Sports Wagering Agreements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Market access fees			$ 5,000,000
Additional Revenue Receivable			$ 5,000,000
Term of agreement			8 years
Number of extension | item			2
Duration of extension term			4 years
Subsequent Event | Public Trust Tidelands Lease
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Period of each addition renewals					6 months
Value for each addition renewals					$ 5,000

EARNINGS (LOSS) PER SHARE AND_3

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY - Reconciliation of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) - basic	$ 110	$ (3,445)
Net income (loss) - diluted	$ 110	$ (3,445)
Denominator:
Weighted-average common and common share equivalents - basic (in shares)	34,262	27,357
Potential dilution from share-based awards (in shares)	2,361
Weighted-average common and common share equivalents - diluted (in shares)	36,623	27,357
Anti-dilutive share-based awards excluded from the calculation of diluted loss per share	411	3,140

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) $ / shares in Units, $ in Millions	Mar. 14, 2022individualshares	Mar. 31, 2022USD ($)individual$ / sharesshares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price, Options exercisable (in dollars per share) | $ / shares		$ 1.70
Number of stock options granted (in shares)		141,939
Unrecognized compensation cost | $		$ 2.1
Weighted-average period of unrecognized compensation cost expected to be recognized		2 years 3 months 18 days
Performance shares | Vest on the anniversary date of the award if the Company's annual Adjusted EBITDA for 2022 reflects at least 10% per annum growth since 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Awards Incentive Marker 1 Percentage		10.00%
Vesting rights, percentage		16.67%
Performance shares | Vest on the anniversary date if the Company's annual Free Cash Flow Per Share for 2022 reflects at least 12% per annum growth since 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Awards Incentive Marker 2 Percentage		12.00%
Vesting rights, percentage		16.67%
Restricted and performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $		$ 0.7
Weighted-average period of unrecognized compensation cost expected to be recognized		1 year 7 months 6 days
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)		1,561,690
2015 Equity Incentive Plan | Three Company Executives | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		36,849
Number Of Executives | individual		3
2015 Equity Incentive Plan | One Of The Executives | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	23,325
Number Of Executives | individual	1

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summarizes information related to our common stock options (Details) - Stock options	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Stock Options
Options outstanding, beginning balance (in shares) | shares	3,221,956
Granted (in shares) | shares	141,939
Exercised (in shares) | shares	(79,750)
Options outstanding, ending balance (in shares) | shares	3,284,145
Options exercisable (in shares) | shares	2,562,961
Weighted Average Exercise Price
Weighted average exercise price, Options outstanding (in dollars per share) | $ / shares	$ 2.19
Granted (in dollars per share) | $ / shares	9.64
Exercised (in dollars per share) | $ / shares	1.74
Weighted average exercise price, Options outstanding (in dollars per share) | $ / shares	2.53
Weighted average exercise price, Options exercisable (in dollars per share) | $ / shares	$ 1.70

SHARE BASED COMPENSATION - Comp

SHARE BASED COMPENSATION - Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 343	$ 124
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	218	103
Restricted stocks and Performance-based shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 125	$ 21

SEGMENT REPORTING AND DISAGGR_3

SEGMENT REPORTING AND DISAGGREGATED REVENUE - Selected Statement of Operations Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net Revenues	$ 41,423	$ 42,208
Adjusted Segment EBITDA	10,364	12,674
Depreciation and amortization	(1,792)	(1,800)
Corporate expenses	(1,967)	(1,905)
Project development costs	(165)	(47)
Preopening costs	(786)
Loss on disposal of assets, net	(8)	(104)
Stock-based compensation	(343)	(124)
Operating income	5,303	8,694
Other expenses:
Interest expense, net	(6,399)	(4,456)
Loss on modification and extinguishment of debt	(4,406)	(6,134)
Adjustment to fair value of warrants	0	(1,347)
Nonoperating Income (Expense)	(10,805)	(11,937)
Loss before income taxes	(5,502)	(3,243)
Income tax (benefit) provision	(5,612)	202
Net income(loss)	110	(3,445)
Mississippi
Segment Reporting Information [Line Items]
Net Revenues	21,313	22,356
Adjusted Segment EBITDA	5,950	7,630
Indiana
Segment Reporting Information [Line Items]
Net Revenues	8,636	8,590
Adjusted Segment EBITDA	1,138	1,134
Colorado
Segment Reporting Information [Line Items]
Net Revenues	4,233	5,905
Adjusted Segment EBITDA	(319)	1,710
Nevada
Segment Reporting Information [Line Items]
Net Revenues	4,411	4,368
Adjusted Segment EBITDA	828	1,224
Contracted Sports Wagering
Segment Reporting Information [Line Items]
Net Revenues	2,830	989
Adjusted Segment EBITDA	2,767	976
Casino
Segment Reporting Information [Line Items]
Net Revenues	29,084	32,064
Casino | Mississippi
Segment Reporting Information [Line Items]
Net Revenues	14,683	16,040
Casino | Indiana
Segment Reporting Information [Line Items]
Net Revenues	6,716	6,715
Casino | Colorado
Segment Reporting Information [Line Items]
Net Revenues	3,631	5,264
Casino | Nevada
Segment Reporting Information [Line Items]
Net Revenues	4,054	4,045
Food and beverage
Segment Reporting Information [Line Items]
Net Revenues	6,511	6,101
Food and beverage | Mississippi
Segment Reporting Information [Line Items]
Net Revenues	4,939	4,693
Food and beverage | Indiana
Segment Reporting Information [Line Items]
Net Revenues	873	748
Food and beverage | Colorado
Segment Reporting Information [Line Items]
Net Revenues	420	413
Food and beverage | Nevada
Segment Reporting Information [Line Items]
Net Revenues	279	247
Hotel
Segment Reporting Information [Line Items]
Net Revenues	2,179	2,211
Hotel | Mississippi
Segment Reporting Information [Line Items]
Net Revenues	1,222	1,170
Hotel | Indiana
Segment Reporting Information [Line Items]
Net Revenues	822	919
Hotel | Colorado
Segment Reporting Information [Line Items]
Net Revenues	135	122
Other operations, including contracted sports wagering
Segment Reporting Information [Line Items]
Net Revenues	3,649	1,832
Other operations, including contracted sports wagering | Mississippi
Segment Reporting Information [Line Items]
Net Revenues	469	453
Other operations, including contracted sports wagering | Indiana
Segment Reporting Information [Line Items]
Net Revenues	225	208
Other operations, including contracted sports wagering | Colorado
Segment Reporting Information [Line Items]
Net Revenues	47	106
Other operations, including contracted sports wagering | Nevada
Segment Reporting Information [Line Items]
Net Revenues	78	76
Other operations, including contracted sports wagering | Contracted Sports Wagering
Segment Reporting Information [Line Items]
Net Revenues	$ 2,830	$ 989

SEGMENT REPORTING AND DISAGGR_4

SEGMENT REPORTING AND DISAGGREGATED REVENUE - Selected Balance Sheet Data (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 564,530	$ 473,842
Property and Equipment, net	181,095	$ 149,540
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	564,530		$ 473,842
Mississippi | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	78,465		85,838
Indiana | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	32,414		34,857
Colorado | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	308,475		258,436
Nevada | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	11,810		13,091
Illinois
Segment Reporting Information [Line Items]
Total Assets	15,300
Illinois | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	129,956		79,452
Contracted Sports Wagering | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	$ 3,410		$ 2,168