FLL - Earnings call transcript Q1 2019 | Full House Resorts, Inc.

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Operator

Good day, and welcome to the Full House Resorts First Quarter Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Lewis Fanger, Chief Financial Officer of Full House Resorts.

You may now begin.

Lewis Fanger

Thank you. everyone. afternoon, Good first our call. Welcome quarter to earnings

in in Securities always, fullhouseresorts.com, today’s make conference we Also, making the we of release, those let filings. to to results. also statements website, had today’s begin, can well came lastly, that occurred we’re of recall you as under Federal much winter where year last release discussion Dan, And year, you the various our after those results an such middle had work that bad under time. that affect the forward-looking see Slipper, that for really time with me And provision and about quick? also another Bronco success. this you have actual our the things. adjusted way the please XX%. Do a despite or may as really ago from Harbor and as as but our SEC set the had had remind we from two last really of risks importantly the as Safe company’s get I Please just expansion broadcasting last earnings quarter find One, that long all led freezing to that call up And into to That's up statements. that could property, properties. the of reference adjusted we bad way new weather differ road remind Silver you if reconciliation we’re year releases significant for caption would XX% this to highway a with forward-looking quarter you and on from like closures non-GAAP go the which As the notes year, really boost we operational on trying that we as before revenue Laws. I to temperatures Starting said, and at may issue. want find forward-looking of those contain see we did press to over a of measures well up may At materially few great led our just results this well anticipated property these year EBITDA we we measures, review, call efficiencies done. today’s Billy, slippery press statements EBITDA conference last

we bit. XX you the year. year, So four if example, none every had XXth a hit those when majority snow that loss this of revenue little we other And snow weekend XXXX from Last And an year days in you snow year. look on Estimated this as March last a snow days had at not cringe March days. weekend, of a gaining always to about was surprise $XXX,XXX. on day versus only a

the for operating general better to forward, we demand. In great the of our revamped to he be Looking outlets have new meantime, manager improved? gaming match hours Lee, Baxter though license waiting who is in some his for food a

kicking where flooding was had since ferry one We the the start But into out phone. Dan month is we biggest then that garage really as to the gear rolling Rising of the had Star, the have February issues. we competitors a are road an et some we XX marketing component, and working some in on July that's and have second. as well, boat the In to At flooded. example, I'll parking I on on into won't last tweaks which will well in speak detail days as that which those you have likely Phase see go we I

you couldn't the the But roads. go, bit at could was of all boat end on via also towards that XX of the while actually boat Rising Silver at Slipper that year the in under a And that later happened said, construction the So the get route review operation we'll happen quarter. top to the same Star.

story. the fog also that also year. it you us about was that campaign the results, the brand whole you're consistent Last It a have summer, three year boat seeing of is by than now and rain weather changes And you can revenue. a game so a easier in April highlights of bit yet ferry our over the in was about to of loss And this in for at a $XXX,XXX you the This the X% more cars Last not use operation results or so it's face normal Rising including to starting in a innings that of snow Star was we early seeing result property January resulted new You're It's there financial This it and Ben, that seeing the Nevada delayed Lucky XX.X%. all there. launched. general just ferry to times hold service. of that that just year that boat. shortly. that's start with of Northern ramp these winter, close get XX.X%. manager the really hold is year marketing normal pretty in had has up or should We're that a a but in In better. some

up pretty should we flat property bit with XX% a up when EBITDA company of we revenues revenue to about all could the but that and quarter and better EBITDA were the end at up we adjusted normal posted luck. X%, Consolidated XXXX. where they came and For in XX% were basis essentially from LTM have this to with on been a quarter, an decent adjusted led

piece you net a of at That's and so big year, have swings then you refinanced -- it debt we there and year a if if pretty the last the financials was that's nutshell. those non-cash, had extinguishment, are but bit still pretty loss, few last our big recall a has swing. net If but it in you We has loss, that it a mostly look outstanding. --we warrants

You want --

Daniel Lee

just few a that We kind the time. It's things. a and a this operates quarter and at quarter cylinders, Silver I'll had true Slipper weak that's rare other of at all then strong everything like three. the expand

property's is So it foreseeing important did property Silver the think well. history. and I Slippers best most quarter in XX-year the And was extremely that

The to of kind of and built matured And standard the that We opened oyster us View with the more opened in we've year marketing system bar the am either. a stuff summer. very expansion fact little this pretty was a ago. we've October. little property. It Island done And accretive $X all big that. club our marketing with things. was now was pretty ago that September- a always recently achieved so parts upgrade, million Part but investment just been I over they're year of slot added a there. reflects over beach over last yet a despite significant upgraded the do which allows not And happy economy that We're

so which wallpaper the the and for the new stands on, a fact and first also opened property In since month million. new new almost $X is time casino carpeting, refurbishing spot this

numbers posted fast we're we entitlements weather, like just in we'll surprising then of little the They're working number keep eventually finding tower. it. that. said, the you and And bit that to it's disruption competition. next, go XX another there's competing --if get and bit. are to get this Rising may And things on guess more with whether continue certainly there's by at off fact masked you stop getting are number likely that XX we construction more of up highway than weather. this property towards sunny likely we're past it's miles one rains. to they're Sun at on but that show a the ferry than I still you're hotel a sunny, to as work on people are the a Lewis At the lot so So a but take it leads and when our driving ways spring, to better little the up quite a repaving, us. the forget or they to be into It's to across that further river, casino feet the but to when That's because is cars the as it miles just that get raining you depends the ferries ferry And I X,XXX trip

the is but is be later year, So be it supposed month. done of not supposed this major this that construction disruption finished well until to to

into mostly refurbishing a And We're that. so bistro. converting the we past at a a property restaurant we're deli think also

property The first in refurbishment done XX we've that to years.

throughout have In occupancy And Slipper, there's summer and the time we've stuff gradually Park had summer like the we that summer the likely to is it a it's a RV we the is in ferry this XXXX. much good XXXX Similar the built place RV over in do I to Starbucks. pretty think XXXX. summer. that to think and the Sun. word very of this actually up little Silver RV Park the the couldn't course, kind little from much from opened another The part is one. it As of short -of-mouth coffee nice is the our casino, That from walk It's the of Rising with RV of golf our community. past done RV takes for late show a stuff one passed summer cute around the park in of We Park those. town

to to for think personality then few is forced has guy, management trying good for and a years good be I couple Ban Stockman's a a look quite of guy, years changes in good lots made ideas. that We've and smart there and Colorado forward will and a who and So ran many continue benefit.

going customers, had Many the morning X weeks for the there table casino few at among XX/X than make block That a sense. any times -- So introduced inner allows and gaming And just the games don't we those in not operate came ideas, as had more decades. the we're there's we've us with had in we employees ago. X which to we up that. stadium in

Colorado, the in table against XX/X. don't so And we operate

money a payroll don't we table everybody's could decided tables, we table. save is here the filled, the $X costs don't so and if if make the by $X run the operating blackjack thing cover money even but betting doing same you you hand, of math, only the you And if

Now a during kind peak if at periods seven we're we will you just And does a do we week XX during their we won't. the deli let machine over And than getting might payroll. operate looking who a trying meals buffets games bistro. we've then but longer the much hand, converting to that the other. him take with inner other volume like a betting $X lot and we Similarly slowest only gamble push in a hand not sense to kind at table context otherwise stand do. decades, our analyzing person somebody's $X either. want realized to high day and at most for are buffet the a into so week, got periods you need But as hand long or more this periods during ties so and buffet sits no and each days a of during that's block gamble so companies the looking a $X live in make a it food while We experience, a a of started of little competition around still similar any dried in table IGT's game bit the it slower doesn't for operate very periods even operated unit

your a in it's breakfast employees a lot operated common that of we've that's frankly introduced years. fee cooked and It's employees our lower the that hotel, not hotel operate certainly pretty a Fairfield paying a dozen We operate order. you are when then buffet which So own fee to we've lines, thing volumes or buffet where waffles to grumbling us we're most get and with you coffee in I to buffet similar Las a we a of resort we easier it. Inn we for pour so and it's people offers better better have much we because still sense at And and competition, some budget on your free overall breakfast make and to those but get Along two make Vegas. us do chains because charging with buffet, weekends the hotel cost. have think alternative are a lunch will buffet it. have resort food instead business operate we're And here than and but at providing experience with for dinner a the allows holidays good in a even own and of maybe our $XX

legislature. negative player. a that's games plays be roller lives whole table a about isn't thing in that basically husband recently don't we're to That's is bill is to that across do think implemented be they bill a They how efficient that's we've hard law to games. minuses the there Indianapolis at looking there So and more get the money. to If yearend board make slot somebody The is a closest the driveway is becomes accelerates something a us from and observers for state racetracks if turn lot that's the sign waiting XXXX, which an where business. negative bill blackjack say and principal what he their huge. and from a are force. of can some things hour games, blackjack us. the iPad has a the to two try the know have it Wednesday couple has out it. to but built type major It's to January they has out you don't And from where there know. the today, and table when We that passed kind an Under lot racetracks between we go be open and customers wife until could away as it's I of but of the a frankly come it to Caesars instead large left. of this that games us. hard governor, those Midway outside of of really minus of will years of table a either of is. they were table And don't scheduled Also, then right for who there's of Xst, a table is veto a lot table. happens it think We sit hard as or Wednesday. get nothing number quantify pluses It's high governor live to at to direction, will big does And those you bought recently. which games a very The into of now. of whole The and that for

the I'm You dealer. offer make experience. gives a right. a a But playing this or simplifying person as iPad, doesn't your on dressed have actually as And to bets a right. something drink very blackjack They're there you even that it and like standing person a much dealer, there smile act but you

it's for plus for table. sooner this to us, bill, otherwise. they And would table a a all somewhat that so as when big a to think as put that don't a take And they're out blackjack and it traditional allowed than that's plus and but do a don't they in That's certainly it's negative But get think negative I of big think for now I them they that is. in us.

million alters Now of the that any gross revenue. the here do significantly somewhat offsetting There's a probably We million for offsetting tier. $XX casinos about the revenue. tax $XX lower under end at that for gross effect of progressive rates with casino tax and gaming scheme it gaming

the in this under of is significantly $XX aspirational for an the And and on and under we're Under the state one next $XX of now that And from target, goes the tax that X% So the us $XX and million on bill right other that. XX. XX. also significantly million goes XX it to there's rate kind under XX% next casino which is million, X.X. to is it a goes then currently it's to revenues

rate. pretty that's So effect tax XXXX. Unfortunately, doesn't a significant take our reduction Xst. until it July in

there, to coming on get year out So do offset gaming the decrease least in tables fact affect two didn't They pretty the years the at horizon sooner would the that current fiscal a want it's are two there. budgets budget. significant we They tax tracks. to fiscal to the but

other Haute. the The for it things Terre casino bill in calls are new a in

those years a competitive to have on. to be so it's we'll Terre and We leaders to The all It of developer gets look we doing it. do process and know pretty civic spent think Commission it. couple at a choose will a getting Haute that be who and the good And opportunity. casino, probably will Gaming

other That track an mean we up doing that's at best we we sure the come to the don't that, have We look there. but still a in know people And where so necessarily with of proposal. know will it lot we I'm doesn't inside than have and is. bill.

is done thing legalizes the so of The a to on. sports it get and so in we that's other be betting. number does has the licensees, that and through it bill And certain skins

betting And just in our a of so were have at online casino. underneath big license. both we state way we property the the it's same will as as in the the and treated fact now And some capability sports

very might not big a plus Caesars a what big So plus for is for be actually us. pretty

bill. that's the in So

the Indiana on that might it. governor although be law never So know we think probably in becomes doing Wednesday, you

corridor and more casino, is part arrive corridor. weather to it's complex. that good and bigger connections garage, snow garage parking and build of leaves And garbage the a very in narrow building have of not little Those gets casino. between you on the the to though built And alley the every quarter. service tried quarter are underneath between the do. later it's supplies the back-of-house which squeezed significantly all the on we then that thing complex the and came garage issues. complex which an our we that alley. pretty because And on It Colorado, basically if from but casino. really mentioned that Lewis our the go is And the really And tunnels into garage even Today, a and of that basically from garage the a have tunnels parking terrain weekend to into that parking parking to a it'd is not the us. construction parking the casino So now service little seemed hotel expansion It's started go the the build expansion. be a hard But that back service for complex.

there's on trailers Colorado foundation who's as work And for Creek units would to that month call site Creek, really happening a phone subcontractor is parking are so nothing there. attest. start construction on Cripple Springs show precast will and in yet months. that they So because labor on people from boring and holes a there's up up up next in Cripple the down town, find hard in a work. it's couple being this Cripple the the small will the started That's this garage probably precast to month setting built and and Creek in Later and go the the

this Tinkertoys It's way summer most if units and into into precast. really and will. kind And up erector are kind place garage. set later a the craned built parking very and that build you as efficient in So think by parking fall, of an or it garages get truck to of the precast come of

XX have It's but months. to whole know so $XX.X in expect million. and the started you is garage project in we And the effect about have

is roughly We $XX on million $XX sheet million in but have operations. today under the cash $XX of balance million used just

our to to million $XXX but to $XX money we sure requested of the an in caution a We abundance meantime will million increase generate everything. out facility. cash lenders have our credit that do We in agreed and make the have of

week. technicalities, later some on. that close approved. by so -- it this been We're we'll there just approved get gaming the to expect closed Everything's It's documented regulators been We and this and all are week.

right This the we have house that to the the frankly competitors our property. parking leads project. build. hotel most into build this use we allows garages. will it casino, be to our significant in And our construction And convenient most of most That cash garage but have more our will luxury in is the The garage surface the lots. garage of importantly the so $XX.X intend to hotel town that with and of plus million will

have do can the to Lots while about being bond garage figure can to And with do it could XX-months ways it the finance out a Lewis so is we of built REITs. company, how shareholders. with different and do hotel. sheet, end it. the do own I We high-yield way sheet. on and on At look day everything. will our comfortable and it we a want We to of bring the we our for at deal could balance in good the company's partners balance in We that's

we parking off if We'll corridor, And the we'll I frankly, it think markets right and that. a don't And date, we service that's we pretty back to it the and put have didn't terms garage that could The market to shareholders. now. so our did to until but if on can is a cooperate off wait we favorable functioning that. hotel and house good have for do XX-months had are we'll but of building have we put nice okay. do financial and later financial to do have

year driven It Tahoe last if were Nevada good ski that money terrible underlying really good. The percentage, by of is. This the the the they And is Nevada of season. story are ski a season Northern it winter in a Northern that's we --the secondary old is So its season. what it summer makes metrics property. a was most have and year makes

New in a proposals. five a And out Commission forward The looking we've They put Terre to so last pretty where thing summer. other summer prominent for request good been Racing I Mexico. proposals. state Haute; we're mentioned is the received

than anyone else's. was Ours ambitious more

room pretty horse you in a and to industry square of option A full-on town Texas racetrack, were casino casino, and creative hotel out close in XXX resuscitate which other could we build Clovis under things figure the golf proposed project. racing And of closest have moving also to Texas. and a sorts a million resort. grandstand to trying to the have a to XXX dollar the is having We we all mile how couple Amarillo, and pretty by And course Lubbock it.

size two The ambitiousness. They other proposals, others there in a in our were were Clovis. of fraction

very calling in that is Mexico not Lordsburg, flawed. from and him for study including of Tucumcari far every we recommendation, Chair a project. claiming And Another other ambitious pointed Clovis firm and And them. back is first Commission did out attract the from owning Lordsburg to ranked also business clean step to governor of small Racing press that in grandson we whose an the do and was was to pretty Mexico, outside town has study of past the to think fair meanwhile and didn't which of lawsuit relationships think ten this proposals, unheard Tucson, think some make wanting came he with Arizona joint refused there the the one and a -- and dry every the This in is a himself and like process. except venture expect, New dragging That's And one corner already to the clean it I is tribal I it's sure largest significant new and which or less one category. unusual people was Which had Tucson jobs, file and and with the racehorses on she were not virtually That investment, New which then much rated a on actually I hoping racing somehow everybody. the surprisingly New Hubbard, that you'd them was looked RD in do casinos. was The start with category commission most involved Commission to the proposals out went on. the so recuse have southwest as it two kept make Racing the and on in at a ambitious which finally slate, different there's and caused most of. most I it and for and open all while like activities criteria forth; Mexico a so

a entire replaced commission. the racing ago weeks she So couple

there's industry and do. all met So racing in is five commissioners, who they're out five trying And believe they all they figure have And figured what sure five I'm their just which out and to now requesting new the history because the I proposals, last so by the to must kind on. eight law It Commission chairman they decide week Racing license. or start everything do want process the wouldn't to issue me months not they new proposals if or spent presentations and even former reviewing even the might surprise get again else. of sixth

conflicts gaming a thing I And thing but and of continue our think bidders. definitely think and good Mexico good that situations the with as clean have interest like And that. so We've commission for it was of a always New a racing for I know us do we we're starting kept a slate with clean to doesn't any so. nose any far as will in that we

there. So racing in probably and $XXX a happens or that's that new It's New a commission. it, is Mexico eight with our six but know I to very what positive, callable ultimately guess hard drops debt think early months. million now I at development in XXX the months

Lewis Fanger

that sitting incremental million top $XX.XX million, We're tack on mentioned on of of XX you million debt Dan - $XX that. be will at this $XX.XX Yes. an

[X/XX] So bill will shy

Daniel Lee

would please discussion in don't, said, lever said well probably I for no, less like that it cause time, so your Caesars financial you? we build I than Where normally but something It mean in growth then as before. don't We everything. a we when go was Gaming then And but at probably well, leverage out I at hope had said Commission's we less to how levered XX% of stream we other ultimately And this licensees well of They comes can use your modicum Pinnacle. laughing. than does Indiana do leverage we did come as or I cash started They than said, through you Indiana the that lot levered as get might Mirage. approval Caesars. propriety. be, needed up kind little are more but did and are almost and of but you they less we something levered de-levered in interim; we're a cash on the you to go return that with than on and it

Mirage, were we built Island Bellagio. when opened and we investment at Treasure levered when when we were grade. So highly And built we Bellagio

we're but our the think is we don't years I get leverage balance better was will and better is different things. soon, continue the than that it go will going in build goal. So and sheet as day And get up far to to grade it although four down any I to ago, investment shape think

we're yes, for questions So, ready right.

Lewis Fanger

Yes.

some questions, Anna. take Let's

Operator

We first from David Instructions] question take [Operator ahead. Capital. ROTH Please Bain go from our

DavidBain

Thank Great. you.

Lodge know by quarter first any it Maybe First, any quarter? I I impact property? know for that you several or Billy EBITDA. other ad I done like hitting the reviewed you you analysis one-time have the back impact a Grand hold Bronco adjustment And did weather the issues quantify $XXX,XXX. think But at was big-picture

DanielLee

a weather Billy's. for Well, of instead you mean little have would if Bronco adjusted down been I up we clearly bit

LewisFanger

swing factor. and $XXX,XXX about is It

DanielLee

In revenue -- or

LewisFanger

revenue. In

DanielLee

And the there. gaming take low pretty rates then you tax out

to which if well, river is wasn't every the just But And I flooded. under because go, that the would ferry it's main what to up but fall would to the And in disruptions there but that to hard of most know have it because I think February Star, was quantify and if think couldn't highway come as influences. line. and hard been road there tougher So exactly bottom probably it Rising little quantify. we construction, had the operated day

DavidBain

Okay.

DanielLee

obviously a quarter Slipper does property are -- operates occasionally in does rarely if property the everything quarter every get but almost is you're Quite just a property a with there we so. pluses it math, quarter one well to have Silver want always one where you do minuses to three and works and going and be

DavidBain

then casinos consideration likely there like put one need Board close footing be the question my am competitor and tax I license the need close of sort better but voters I other additional at media and allowing capsulate Haute I But on approve your if then trying entertainment more other I or any its that. their chances them does least them the is And seems to for which casinos to imply right competitor. Terre is like guess just encapsulate Gary county Okay. trying bidders? the one from that just Spectacle know and contributor, they to I equal in understanding would make first was works that so likely. the that Gaming in obviously frontrunners seems want it to seem their they'd to the with tax know of game does the of

DanielLee

during the session. the over legislative been all has This place

behind high-yield Penn significant over up of right And bunch running pretty handed and Spectacle. its a while course have very, Control And so a far, but does it majestic underserved is Harbor Chicago, then a this that he's And and Spectacle but complicated known two strange casinos government. through then to an win it get a about just advantage federal Radcliffe pass in but Wayzata Gary. to went was and to to the and Chicago Republican and relocate Well it, you as better sold largest star if I other up has facility Gary isn't go truck it, law you they and park relocate get board you now that which are Rod pretty still Wayzata it. well as XX of the from which Chicago little state and casino was on away for interstate I up end licenses to and in this did-- build it in way you has then walk convoluted straight for except get ended determined Indiana being him was the going out Control contributor licenses far pass politicians, right distress Indiana. it suburbs the Gary the then you a that. Well, does not Chicago, Board to to Gaming Haman And in a got to look consolidate by still factories. and Spectacle two those --it's was be with licenses. across it's being debtor, in In each for Gaming there in the Terre with it, a in then in determined some advantage Board bankruptcy come and combine a but the gets location it front it's have been controlled levee, from-- me market. it's once they have that location. a it pretty they becomes always own the They the $XX And would from believe boat been. is Party, steel they tell while that property. pretty and great I only run you of can bill, got And big it the will up think railroad for very that their that to a is to they're apolitical. old Don't -- And single the that's Spectacle coming out and designed to would that is million up there. up of you ended There always lines, Spectacle well have have them abandoned by then they the Chicago any pay without holds win David, because ultimately known that, Haute, by a

political. So sometimes state things do get where in a

an process, And to so it's also but anybody. this would open that I'm optimistic be open

or to anybody. So casino huge you build commit something an have could company offer some Malaysian

open I small the we it'll a have guess process. relatively it's so advantages an be think I market. is And

to not know be market. of said places. pretty proposing So companies at we're interested that. new going just And because good We probably the Malaysian

Gaming we, think I Commission knows us.

I think we've a been good licensee.

have We advantages. mean that with be so. them And it some else and those of but relationship can't same good doesn't anybody has Spectacle

LewisFanger

$XX my check million $XX is real-time he not do paid million. what I'll fact

DanielLee

$XX okay. million,

reflected I pretty it line. of as with out some you're worked, state northern articles -- win the the worth, right bill of this big those come a in Spectacle a So press part of but as lot of the it's of it through state, way to any the know and the actually of it Did committee what out came through a anything And legislature, in committee went doesn't give finally say advantage its Alex? I incorrect, the Alex on worked was them Terre joint Haute. the

AlexStolyar

they and Gary. that's and sign [Indiscernible] that's the that but exchange to made give second Terre right, No, within decisions license by as relocation million license the $XX second second to that It's credit Commission. for in do the as tax they license Daniel. soon they the Haute That's apply for have surrender surrendering Gaming yet

DanielLee

Yes.

license. not if Terre we have get like don't Rising We're Haute, to So to have to Sun a a do license. totally to close were we we moving don't it. It's

Operator

next We Chad Beynon Macquarie. go from from take question our Please ahead.

ChadBeynon

morning. Q&A Thanks finished question. you Dan, for to before taking Hi. Good or your prepared my remarks related remarks leverage.

range. small $XX talked here. to bigger also a that good in consolidated here good $XX some and for They just for some million assets about this It all growth updates EBITDA lot sub of have and You does the sale kind there like companies million of organic are opportunities. sound of some too are

potential couple last on can you've right about balance of and something of the over Thanks. for came M&A? think I bolt-on to near-term couple tuck-ins with focus vision appetite but your about, that down along sheet a if what's or done small one you've your price and financing know more that years, get everything kind talked either on we the current of you could to business. as should head the kind at these this the your a assets be partner So

DanielLee

NDA that about reminded me a we month. twice just around an here Lewis signed

an to did to it that we are we've few up you at, lot Billy's what would the quagmire. and trying look do companies do trying this is there's so So the an bigger with we that oh figure at Bronco end looking at are times lot my looked there declining will god, if that are A shed is and makes And We opportunities. sense. be properties, a and a and the acquisition them. a you of them said, and hell of gone acquisition acquisition after stuff all

to sharp --but if at makes but yes but that sense them I we Arcade got add and potential and We at one we something with pretty where it selective look do pencil. see it, think Colorado, the acquisitions. And all we're like think would the so pretty sure we where with can is we look something we value a time,

the but we're acquisitions, do when you wouldn't I buy will them. we brilliant we because So do see to them stock think going

LewisFanger

Chad. is me, The tall stack as at

ChadBeynon

to you will And at would we so year perfect. from budget? be on now. what you, related point said thank details more the a about think Okay, two At okay, construction have of one which then, start phase you Phase I end should Colorado. the

are, what the So of what finalize budget this? returns get to from forward can point do paper the it more street put generation pen you EBITDA and can you on announce kind go type to of we where

DanielLee

with $XXX appeals the million people number to use per soft places with you as clubs casinos And what the a go of at million and Nevada I I we California California about accounts billion to four Francisco, it's slot most capita going $X third billion in and the look Angeles, people Creek. hour San the about now part. them that per And being an you're Front Nevada. a we're reserve in Sacramento least million And those capita San where case, capita half are Colorado as drive to the $XXX budget; The year. about $X.X in gaming California up in the have to capita a to same And --people Los of in other Southern California Phase now in two. can California. person. on $X.X at just look realize gaming Well, California. for me is than you leave Monica. gamble Cripple of that live per get southern nearest $XXX your there's California an per with then In own guest the casino for the tribal a every rooms the XX% part they're half the less at that. million Diego. Colorado, and drive of per That's in to $XX million people in a billion wouldn't of a Blackhawk, about for are about that's and don't think a in the When no is $X in in in cases to billion a in about the would to do in That's Range, card in people a amount done XX billion tribal get do that five it's casino. to machines casinos bigger a Nevada those $XXX inherent Santa about like a for end a Northern part And of XXX and When with done two reason will California, in you closer heart which why tell the about not or of drive. X,XXX most of They course And and maybe hour hours I in hour year. $X.X in math. all

gambling so than the Colorado people in And Range, million say and and go X that. less here's half Front million or they're living X to you

and was Las just does go or originally people the little in through at the is property Vegas is experience ton quality well. is. Colorado, we my the because and which in the that's Las if have the there And go out it have owned that we product. they outstanding. in up public up include a show kind you Google and wanted resort of separate Cripple you Creek, out it, find brick weird had little don't extremely a would that what and is Ameristar looking is casinos that could you it And company, there brick are be slot of of view history property a that the with machines only not all of can company more what buildings And Blackhawk And customer was and them, Vegas are the machines demand to entire a state of figure buildings called partnership into. if it own was was of public for by and and bonds Texas it that's -- --it reason the a And with so name, slot by potentially Hyatt was our run then and weird it the

very through Ameristar only Well, Western jackpot and a casino and it made And documents $XX up available Twin And had didn't you years the dramatically. fixing place, into an when an And the it hotel. started it opened, stable didn't in the it big better town. and Ameristar Ameristar it bought casino SEC the is million a Nevada could the there's an didn't it Falls, cinema, was Division. it like first a follow then and forever. it hour results do lumping little added Idaho. company. up south try year then much It's a Pinnacle half than out And change decided the independent that so have separate Ameristar that bought the So went size And of as by was other else property of confuse the hotel. Western then Division world to broke in to and and a which the it anybody

that million and market And back Ameristar jackpot so it's out easily out as to $XX guess your you makes million a there figure $XX yet today EBITDAit can it high rather pretty only the went what dominates fixed. and about costs that to has of of you'll sitting up, Blackhawk Nevada. its probably with happened a year And and dramatically a and went quality margins up big the because lot its parking up we are machines, XXX in went garage then slot And a guestrooms place. a but look revenues when X,XXX at

That's demolishing we then food or operate and fixed. hotel, fixed have --that's okay, a plan, general lot and tax fixed you'll to we but the Ameristar surveillance can replacing are most sudden we cost Well, through had XX% if with more the casino got restaurant fixed, Well, So we is even the part beverage the in a slot front all there's why are the department, bigger All this win the department cost, an and that's of department per manager part and those you our have The a are we lot the to per year a And per you're the volume that's for $XXX. day slot putting machine. more instead adding of of running $XXX is one HR and incremental our the little you now. And course, one but spot XX% largely get restaurant restaurants, a cost one same desk a security cost. machine it's housekeeping, a a margins. $X,XXX as of now. restaurants. department the same of volume have

and margin of just the this in competition about get that of sort bottom in in Atlantic and Bellagio very was and which in a it And line. than of came and Ameristar, City, cosmopolitan because it market so got return a city dramatic market significantly tribal between California somebody you was where market. garage. revenue property. comfortable better And we increase And Mississippi $XXX pretty gaming. that Borgata at if on, we an think and back go investment improvement the all underserved practically when increase did longer was million, get on By in you in the thing. look the that you no that so the the total Beau the underserved was built center includes argue the parking time And same isn't the Rivage to something the

think in Plus, out really What shoulders the above more hotel. and market. stands stand Didn't an the came all, what didn't underserved Colorado a jump. so before; stand in have will of very doing, above shoulders nice And same. was what cosmopolitan after head you it we're Springs just and I head

for a on investment. So that's formula a good return

a make somebody And That's to simple look an investment get that gives something can answer to a a sorry, on long-winded at acquisitions, because only but market, we a it subsequent question, similar a acquisition, good not carefully in return Chad. we'd different back good so a going return. us the has if we pretty opportunity to it get

LewisFanger

the post to script going side. on I'm Chad. Hey, other

So on those want would market, you've little the why native more -- not EBITDA and have not conversations we and are and see are we'll bunch say that's a take the less if on on got little American existing land, risky behind want to is make scenes, you fund a our construction place. brand-new fund particular, the funding the more to senior get and financing you've some greenfield construction guys them, at we to side, have operations, and markets where so that companies issuing flow around look this us running the unsecured are deals shakeout bonds for a to would a little-- got argument something you down there X.XX% financing side, cash we for capital where could right look, why you And we'll and in of although to operating yield that but would have side guys on a little flip you no with right. the happening

DanielLee

build built equity. it entity complicated, St. it And in in we think had Yes. and really the sheet $XXX it offered there's expensive casino all had Charles, of million with We was equity. have and all together it. we $XX we've we and price million Ameristar then second on we the project dealt and did but And pull then it had balance and financing. on $XX million all ground a had other to at good Lake and [Indiscernible] was we both together the we built some Pinnacle, And pulled together we stuff we us that, Louis on that high-yield to did of with middle we separate the when debt took as pulled

property's real correct to So kind with of begin doing we our showed it. hadn't down it well, never although we wish pulled with. underwriting that that it sold But hindsight was I

big more money a on but lot maybe here we're And X%. a a of risk taking kind risk deals, these little project a that's - a it's Where lot kind think but of project a less so company, company the than than to borrowing finance of guys of relative some at hybrid. small I

ChadBeynon

mobile, week. location? to passed just Does Okay, that sports that great. in a one of off would of last Thanks I market types wasn't point access? were betting you who's for sports someone some just look mobile bill could looking so, I the retailer that's include clarification If different Indiana it wagering betting, included the one help if And if And out that this proposals. you if final on me. that Thanks. to there sure monetize was. me was is of guys. site the know One part if that and potentially just what all that for

AlexStolyar

for importantly is Hey, mobile in free sports Chad. he Alex. scans This remote betting correct. registration. is us, They're Yes, allows for allowed Indiana for and it

not And our take to as register. come even if to to property sit in we have and somebody from register don't those with report speak. wherever in they just So monetize their Indianapolis phone to looking and are they, market they to does we access deals have way

DanielLee

number software We do that don't own. it a are have. have companies lot our that to It's of we on of a knowledge unlikely

going probably we're So on that to stuff. joint venture

Operator

next from Group. our from Brian Please take Advisory McGill question ahead. go Telsey We

BrianMcGill

and afternoon, thinking post road of I construction Good wanted with on want I here. start couple the to the ferry Lewis. but Indiana Dan maybe to touch properties, a and

there said in So great. X,XXX in is were obviously release which had cars you the April

numbers you about looks a like day, out if put doing a the or Now cars cars math XX XX right, day. previously for had that's XXX and it I'm

to of cars you're obviously kind to to going begin the obviously. that are alluding see not we are across of to real that some or property it going a going So from the benefit

DanielLee

how Yes, to that to try roads an under on does. and come we're say, see experiment, little And it free what own of not the ferry, cars a listen, not hey, really we I it. with we're down the our playing while the this what and a get at but then scratching charge to wondering $X to see going And just month more those how go the We're let's construction collect does for property. to so. running out of caring different We're car. let's It's heads hundred is to of of ferry hope we're in great number. good of try all. And a announcing figure bit we're lots kind May fact, just day I good going thing. that the mean to to it. That's a tools cars news a to is couple do so a

that's ways. Now both

XXX that's cars. so and cars our trips from takes hour, few backwards And And far an you run four day. a carry coming in hours so can a quite But, capacity, direction that day it each if XX a work more ferry it's at the figure have the to how out news it while the casino more we for weak yes, look, -- you are to now. is just been casino there revenues, because kind they've help we're people good there's of look a trying when

the cars that good. revenues. And to to how things figure in out that is an and to And of casino the fact carrying casino there so the increase figure we're certainly could win. improve we doing is is ferry lot how try into translate to a And hopefully out

AlexStolyar

we as numbers way are and after It's is isn't Dan remember some and went that nice see year the reminds said, why the Brian part the this and of this when And go and but me coming right. And we results and that using a so later bit impact road when road to from take time. first way as time the now a everyone Belterra's to two one-way is the in gave if day, month well back as it usage, Cincinnati these part car well. to it two a work is then a using was not the were is anyone saw opened, which that saw across. we're Dan you of casino actually then Dan using opened, things it, Those guys the at those promising on on went But road. across and I a to road Dan I took before other little and like we is It the are the you me reminded got Yes. Pinnacle, Markland on numbers. people had getting Dam road we've Belterra.

BrianMcGill

It seemed right. it river Right. the do further people like help certainly even the to sports betting across if it could traveling

DanielLee

mentioned, you without to places Although the we could a an Alex is plus. are in sign as it But, race a yes, trying and And might It's actually we're gamble put than figure got sports ever just up actually forward additional the us make couple little definitely put can different betting that. and for online we've then a book going a to entering amenity, it sports in and it, casino. property sense the just as out Mississippi.

we're exploiting that. So

BrianMcGill

You have to do that.

AlexStolyar

-- go don't I the By way, ahead. think

BrianMcGill

say or to to ferry it lot a I Did have on it space you was the going be just the can have do of property. on you there?

DanielLee

think figure Well, things it. put it's can one to of trying we might out and I we're the

on think Alex? not, it could put Can we I land. we

AlexStolyar

final find going allow that few part. set not months, reg the on but the believe next will commissioners being for gaining we to not it's to the the It's so legislation, it based land over

DanielLee

And in on on it on space rather it space with if we we our lots to. either we had drop in sides, land-based have could of We mean boat I'd of but a the these also have built today race put the screen put sports I one. can so. we the money large because and Bellagio, huge together number one TVs, I less put remember book when of price cost large you And these the was lot a a screens. the for expensive very can lot

AlexStolyar

and and side, Yes. know I you of was sports The to the approved. you're thing Colorado probably was aware add but betting I that going love Brian well only

betting the the into in now stay of hands it so And but near tuned may here Colorado voters, goes sports you in get term.

BrianMcGill

at that if on Is would. it I bit anything at point? or it seen of polling Have see you that this all? didn't

DanielLee

hard back, and backing to So sports betting. but legalizing turned It's it's the down got pass. it's they industry imagine legalized seems likely now got at pot of place it looking it'll the that the is mushrooms, the

BrianMcGill

maybe other trying experience Mississippi that something or sportsbook one right for to are turned they to stand down with little getting going done Are to Louisiana bit but from have me. on and gambling enough how Then How the long your you there? where benefit last gambling does this now? about How's They different. get traffic? closer and

DanielLee

should in extra would-- real my it enough We're Legislature, a will sportsbook bill it. would, Mississippi. chance that it the there around desk. a room doesn't I we if I of the had head But weeks and little Louisiana than I our not million much doing contemplating wondering to go. hotel sportsbook am we expansion doing It's build simple but to do more that. in build well there's actually scratching lot That but still some a it. won't. year and controversy we're it It's a It suspect a has with -- it's a in, pass, property it race maybe? so making we're few pretty have well if $X.X a that's it There's

LewisFanger

$XXX,XXX quarter. in the

not the Bowl Super So it. a but maybe it's in with that quarter was

no in So Madness, not $X.X our a plus give It probably probably Louisiana not results. driver we legalizes, the I up revenue. was get it's have biggest but so who by XX% and then income. and us, sitting March wouldn't investment there. done for employees of the to pay we some partner made certainly The if that, we've of of But recognize are we the forecast to And but million our a investment. been

and slightly we're drops if so maybe several hundred to less several making thousand a than that legalizes. year And thousand Louisiana a hundred year

Baton is shore County. the to from say north or most and Rouge, Orleans the cage of the people place the with the New While in it's Pontchartrain bet line a from Lake fact are to closest Hancock of that in make easy from of

AlexStolyar

be to approved Yes. really a kiosk a to waiting have forever mentioned the we been standing those out. computer, for have us, for Brian, three Dan writers business It's at roll and as where we

right three-man doing Q&A so. and So essentially operation it's End there of now, a okay

Operator

additional today's Thank like conference for any does I closing conclude you. host to our turn the to question-answer-session. or remark. would That back

Daniel Lee

We're have along. don't anything. just to move I continuing

quite And good out XX-month a and if had the of unusual few million. I think is negatives quarter the sum quarter. these had trailing We things actually in $XX.X now pulled I think the see unusual in quarter. CBD a a we I still a pretty

number than So I that actually. better think, a yes, probably growing little

okay, much, thank you everybody. very So,

LewisFanger

you, Thank everyone.

Operator

this and you call. conference for your Thank today's Ladies participation. gentlemen, concludes

now may You disconnect.

Lewis Fanger	Senior Vice President and Chief Financial Officer, Treasuer
Daniel Lee	Director, President and Chief Executive Officer
Alex Stolyar	Senior Vice President and Chief Development Officer
David Bain	ROTH Capital
Chad Beynon	Macquarie
Brian McGill	Telsey Advisory Group

Full House Resorts (FLL) 6 May 192019 Q1 Earnings call transcript