Earnings call transcript Q1 2023

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Operator

Greetings, and welcome to the Full House Resorts Inc.

First Quarter Earnings Call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions].

As a reminder, this conference is being recorded.

pleasure House your Resorts. my CFO Lewis now Full of is to host introduce Fanger, It Thank sir. you,

You may begin.

Lewis Fanger

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

under you may As the today's the Please from company's you would caption Safe the in federal could we see adjusted we also we we of always, under remind actual provision Also, anticipated laws. for before to today's as discussion forward-looking the statements. measures are making reference non-GAAP the results may conference release materially statements differ forward-looking contain affect that that securities call these Harbor press statements like that may results begin, remind that risks I to make EBITDA. such forward-looking results. of our

our where of well well release, find issue. And as reconciliation those as filings. various releases conference see this you of as fullhouseresorts.com, broadcasting all please measures, call that website, press a at can lastly, we our the SEC as earnings For today's we're

was segments. said, all in Dan to did and here turn then up. with it probably off the I over And some you saw quarter the change big it clean the But change for kick we that

regrouped opened We $X.X in XX% first because it scale I our that's a segments in the pretty lot of we margins. at you grouped, one And EBITDA by for way see we behind strong. by guys the of months that's But at function opening. used at you had geography, expansion. a Temporary growing other the The now. think our you consistent we to That's have it appropriate essentially of a to are way of really It's half quarter, with its what it, and the gaming look think and million companies. scenes. look quite

and XX:XX offerings open also quarter we increase continue we April On p.m. to to at $X,XXX start will amenities of X, full were to that there. a.m. the the on Results, Instead per bets hand were to not continue previously to So max expand table from day, tables of as we improve the at $X,XXX. property. a to XX:XX results permitted permitted we think

then on XX crossed hours in. scenes limits. all expecting was is where of had our our days X, It continues in the X. our weekly ramp restaurant you this April, weekends month cross encourage table our million do we good for the a $X.X few ago, best in gaming single so best and records managed one weeks first About the property to property so to coin time first We we the We behind one revenue. of we're April. April there weekly We same revenue I'm in that a daily you revenue as in and of April continues On times up, an the sorry, the had Asia-Azteca, we best weekend ramp was then but we had here And our far. food, service. crossed example, upcoming to go to half April. in we games in second table Quite all way, $XXX,XXX opening time we area. since the obviously, removal is a the of that the in as up are starting games the here of opened had volume up month April, XX slot day dinner by and time second guys And next It many on hour May the weekend. best table being to had gaming and what

the bets set at. you bet we So whatever or bets can at maximum

come in to change here nearer more the term. some So

team count time it people sitting XX,XXX XX,XXX over and at closing database people. real Current on XXX and the is is people in over

Circa receive this permanent So can itself. to their operating license actually and upcoming done we approved waiting which they Sports, that book all receive once can't approved expecting start perhaps we're doing June. we our in and start be But hope in then quite here still August to operating at the their Circa Gaming that's sports Sports meeting well. on got begin software to Commission. of by year. They're until the

last just Slipper, that we a Looking at overmarketing to wanted the some noted quarter other properties, competitor. Silver flag by

to first exited returned overmarketing the we levels. our share market normal As quarter that and went away

hold current year adverse has million by and worth. what It had side do also Rising a Star games on table some We free the fluctuated We sale. slot affected year. play for period, it's quarters, both on between that the the were every in $X.X

So year quarter. did second the did this year in it we first quarter. the in Last it we

million make And in just for that's so $X.X that are results. sure adjusting purposes quarters the for that you your already second modeling

had a decent realizing they're still new Rising of the nearby. facility that, Star of pretty outside Now, absorbing Downs quarter, that impact that Churchill

to snow talk Chamonix? Northern a California by Lake and do tell saw up sure the Tahoe and fall Dan, you want about The to you some That you. cleanup stories as said, in whole lot I'm properties, all Colorado other not or well. about record

Daniel Lee

things. few a Yes,

exceeded of First, EBITDA. the quarter $XX.X with expectations point adjusted that million comfortably out in I would we the

open I half I that's $X.X $X.X And had EBITDA estimate Play, of and of like out which about Free quarter, exactly the think highest the said, take the was star Lewis sale the we there. million. show Temporary The the course, out the and was was was Illinois, think of there in almost highest single estimate Even met we million. of million consensus if the $X out

times year. four, our If you million, earned two, and whole that's that what that multiply million which and take just times company $XX.X last $X.X is about multiply it's

still So open pretty It open. to games quarter. the only XX And had us. first significant table partially about it's in

license XX. The its XX I maximum. at permits think today it's about

to have awaiting We request to approval expand a XX games.

to the do have We dealers so.

on Commission set Gaming the operation with limited for We originally of opened the hours waiting that. by Commission. Gaming we're So

We eight four until open in from were the in only morning. morning the

two day, then shrank we hours a were to that and we closed day. four So a hours

as it'll XX, it's discretion, initially, for hire $X,XXX in XX, every food We're XX weekends at we second be gradually the as discretion. had It's our expanding then in day shortly wager week. quarter. on we're and of The XX betting it's five a go be hours Now, and nights day a a thereafter. hours our as started the April, early in at beverage and day for builds In two to initially at operating restaurant to May And probably and opened of and the currently the people. unlimited, $X,XXX customer first dinner. open, going first only the as out the only more one even May limits we then, quarter, hours we the area restaurants dinner restaurant of demand

The it's that's open this business because actually we two. third to okay That's at us, building restaurant the expect we're facility. a other the but to diner still summer, late getting

the be And I on of our mailing people this started kind XX,XXX of people on mailing A it list active expect over of with near size, people. to eventually. list XX,XXX XX,XXX to it's it. would zero property Today

market making now once opened can more with XXX employees, we're fully when much as That's think And your, XXX, in important we're market We over about we operational. you just will efficiently gambles, plus So much. there. about who to don't you XXX. halfway then mass be have

So we're progress good making there.

it's So going marketing, operation, a forward, then full going to quarter, operations, full full efficiencies. be of hours

a years it's the is, will adds a think expense bit quite million all up to quarter but build was a from already to about our it we company. big it Adjusted was debt million. go of of a this number. good money the a build where stuff. So We couple point of very turning And quarter. EBITDA on ago for In a $XX way, interest all $X.X this borrowed pretty

covered and So for we expense of having Temporary Colorado. the that's our despite all on zero million quarter actually only and $XXX the The of half from million bonds than facility. less And getting $XX credit interest

on sitting contribute Colorado to enough have as it is finish it well. cash the and And we're to

of as And bigger so to that's get ahead. going at we're free modest flow you go look already amounts producing quarters significantly cash just the when and it,

of if as have we full to about likely at it most quickly very shift so being at becoming Temporary quarters. the over get levered to well, you The levered we the as and Chamonix from look are the one of three least going and casino companies period one say, operation And we companies of casino open,

be the completed the had we indicated that would parts XX, all stages we decision at for Chamonix, if to we is do in open A better year be this. to and day end. things Christmas. makes in all QX it in December property contributed few We've entire before earliest open One by thought made the there. everything's may Now, and and now that once after open it opening on the

You that first shot and we'll be able at do get here. to impression one a

there XXXXs, beams wide, had built construction, together, wide, structural that in when the into But we were of found they building as roof foot got basically. a two Second, some that is foot XXft XX historical XX XX we It's beams. they narrow it that had foot it the nailed thicket issues. had

we and bring support figure had engineers so to how to structural out in And it.

opening if think a is And seasonally, through we through runs is separated anyway. very Chamonix go in eve on open from tried the of building from with December other. Billy’s it's November, this slow important of to year. biggest On the the one now we'd we that a path frankly, days get It's to because better that's critical hand entirety. other its is the to earlier, to open so year's October, new have be you not. And And a one And early to then, because Bronco period building.

we've the everything focus all Christmas. so open once at to after getting day on And decided on

we Importantly, regulatory issue no in like here Illinois. had there's

Bronco We Billy’s. and in Colorado licensed are we're at operating already

there We a on base any don't didn't with issue in have be opening have of we so us which think will XX. regulatory core we Illinois, December employees

of of Barry management successful the a restaurant, Yassine NXNE we also is successful Las at in parts very partnership team Importantly, Barry and which most Vegas. Yassine downtown Steakhouse of Palms. the that's for the years into which one restaurant entered the many Palms, Circa Prime, at the is were Barry's the in and with

that, at Aureole Las Before actually when Aureole from Manhattan opened he out brought and Aureole's started Charlie Palmer Bay. at was with and Mandalay came then Barry Vegas to in

country Beard Aureole had And a about think but XX was quickly. got for pretty it's Barry's of Star the the restaurants Aureole Award kind several Michelin James TripAdvisor, and types. times. fairly twice. XXX won restaurant are of there top one I in by so Prime restaurant, new Beard just Award, Star Michelin successful ranked recently closed, was And just years. very It guys James these

So is we'll have our we in Colorado, the restaurant with get and goal to of there. think in best partnership them, state the

our people important Kenyan the and Cripple It's place. be Colorado for add always a be But very close million Denver it's that's going important City secret, hours And to to so And It's two part us. us Pueblo, Colorado closer the a primary secondary to is to Springs, an is which of market. to Black to Springs, away. up a market Creek. is about about people. than Hawk million

We ones think Las we southern Vegas. closer people people about better Francisco, to the And of the California can metropolitan the services from are Vegas. the considering Denver. are in a parts are more especially Black than Reno who market Denver have parts Although and probably actually certainly if they can unlike we area in a southern And significant in Northern of Las casino Hawk. traffic, Denver, get live But distance. interesting than many San equal end up secondary from to Denver not

what's there. So on that's going

chunk renovation. hotels, no around bit altered Going not no year, add have is then the last but year which a it actually and of Illinois, entitlements bunch and August. but stuff it's we're to of places they'll In was some happen, making it's on engineer And And busy get certainly now the better good and got which quarter, little to covers did under when disaster, we just a a And will going Slipper, not core of more we imminent. but a is the It's not regulatory Sports We to Colorado, be that deal parking, to losing days, it's do best so did of up interest the alone a money, it's expense. we marketing amazing in these operating ahead, lost a going that's tower its has open, us, little there's forward. Chamonix at not I Circa, to Circa think a we're we're anything. get half think it that got money honest. Book through a whole $X million Silver be we've Silver but by wasn't Slipper our the It soft. And of horizon. the because little which turn

expect we're the And doing for three actively we Place, about which to it. that's And years. the guess permanent designs American open

Lewis Fanger

I think everything, we got Dan.

So go let's with said, Q&A. that to

Daniel Lee

Let me address the a change moment. did report. for segment We

Lewis Fanger

got I that start, at Dan.

Daniel Lee

Yes.

Okay.

we've of possible as sense about It's separately. of invest in it casinos our Star to company, lot only bigger a seem to make gotten or Just time be you're as the a spend company. Fallon not talking in investing to one didn't to separately

and break you the of casino do. companies out kind to it company most doing we as segments, is appropriate more it's show So geographic by what

go. there Any So we questions?

Operator

[Operator Instructions]

David B. Riley. with question Our from first comes Bain

David Bain

thank anticipated. faster the Waukegan on certainly than margin That's And congratulations ramp. Great, you. we

conservative ramp sort mean, I call, days there I or could after margins overall so, that one actually as changed that but what the ramp hit that even accomplished XX% you of tuning, in time. of looking is amenities of on, a over course on at first think to could internally, that terms bit, XX% last mentioned XX% to that that little stabilize XX view? come was there your be And get that may just the in timing the Waukegan has in there, fine and for

Daniel Lee

is, gaming what to of referring you're I think referring could gaming it to be revenue. revenue, of was XX% XX% I

David Bain

Okay.

we're the So pretty sorry. at XX%,

Daniel Lee

food and restaurants get more More and revenue. beverage

in of table rate much on And slot than tax less predominant the significantly it so beverage. don't slot casino, games You machines. Illinois hand, properties. on margin and food make all on our as at other it's the the machines on it But far is the in then is is

and And So margins hotel good course. has we'll here, everybody have slots. pretty good golf no margins there's no on there's on tables then

Some other one this that of margin things our businesses, these other have properties low are doesn't.

be should a it So business. high margin

Lewis Fanger

Yes. about Dave, beverage Because you right. break that really think food if even, is it, and

get margin down basis. tack amenities at restaurants degrade overall The it's whether is the That too. So as should that consolidated of even think there's the you And degrade margin I XX%-ish. thing bit bit in ends it's it on bringing table margins ramp mix, tell additional little would longer up ramp would having more up just these there EBITDA the XX% if the beverage food in bit a like love that other a that more told hours, love margins the have line to little little the the games stuff only it just additional GM as probably property will and a a goal. apart or well. much many it's margins there from he's would normal look margin too. than the as degradation But and should on and in and think of up pulled lower you, line. revenue I your goal margins, run, a we stretch I And are the our more will there But easy in is property, not with his as at he the XX% me he times old we

Daniel Lee

we the Well, mass in a out other point of advertising. the thing the had in is quarter expenses I'd lot

lot are running focus on you billboards. And running can known people we TV a more specifically as to were were build mailing you We who ads; a gamble. of list,

efficient. much and advertising more much your marketing costs and directed And get more so expenditures

the you line we It's sorts on property, kind have I is have who wrapped to a was are. to agency. and this do where the stuff like It's lake on the stuff explaining our of in never in you've who going throwing trying like to We So time. that And which mailing the list, find even the happen gamble line don't a with for go to and like And are and once that. been to line fishing advertising to before had just out have trains we where will commuter your you that different zero place we'll become all over we back that, they and places. quarter, of go you over were are all in start efficient. then more places in throw people the as to learn those out you fish you

Lewis Fanger

it have high April, for it. to probably that's if going yet there perspective, Dave, thing, not you, put up XX%, we our last we new be the One part in restaurant. because on margin, April, it's that a for it haven't helps the in but But to Asian ramped closed on three books

So color for a there to little more out. you you help

David Bain

you that Yes, The in then anything want of or as the have helpful. from Thank pretty set no, maybe could to the very Or either least And roadmap eliminate incorporated to at further sort long the in Temporary, you. something running you amenity that's an date, observed is to potential maximize permanent there? term build be Waukegan?

Daniel Lee

we're dramatically learning three every we've stuff. in but stuff day. Learn And it the some stuff no, write book learned I Oh, could about changing. months, is a

did how do Yes, I as and it the improvements the and stuff. design, with that frankly, stuff, just improvements Casino them frankly, efficiency. in of about hired by experienced specialize and some work are in in our thinking Very back Yaamava Venetian as significant you the the it. they've are architects of improvements pronounce in quality WATG and hospitality. some You of of bunch Palazzo some same wasn't and And other name we a on the them learn to it architects, come and firm frankly, sure who Yaamava. and

so. yes, But lot a are obviously a it's learning process. So we

Lewis Fanger

a pretty people opening of actually p.m., was the to it those for demand been tables walk X:XX of The nice floor kind has waiting When table we robust. see at games at to were and XX:XX open. lineup

XX:XX That's through And pleasant flat XX%. at so over again. that went same openings, nice then fixed tax all surprise you a.m. started you gaming to a is to especially that going bid kind rate a there when been given the of see,

are certainly too, the where But probably why On by their records sometimes, new customer saw one in their and you I offer is the day to every used you April, surprising. And in play that forget marketing database, responding slot what used that the usual day, it to side, have about is is a mail some learning things. us hit the that's not that that we're forget you locals don't the marketing to. tailoring to and slot so it's we're It's right. to getting free week other thing our they're hard when

to from In build to it so and bonus May you where database, May, build And swipe slot March you is. month games continue to at the just month, player you points whatever your February to you we Kiosk your your or of first continue our to of start had April as card that get too. the this

So this and May slot is there probably you've marketing full full of where got going normal to live. be the breadth month first your amenities

in expand, continued to that you're And continues see think too. database so change as going I to that property just

Daniel Lee

are we've learned There two do funny. things about. of that one which we it's couldn't anything Actually,

Otherwise to have catches million project projectors close the just visuals drive the when one really it And maybe been it us $X that tented deep by in. a would we pretty you could trouble through was And did your It's one have a go to hole. all have. night, at spectacular. cost But interesting we other these that night. The eye. on

Public the not But it's the because it looks got side. you market to so day, if outside to day, Works than about from a you like unimpressive will garage. figure inside, will be it's your the building, this I looks we parking step inside, out day, nicer say, when during how like the that. you During it's mean, very during there's much far mean, I do come trying drove and to by it of to the could catch temporary it department permanent eye. and we're

been much helps And lights to there do through we about shine the on went so night that at that's because could our one interesting a that challenges, I'm trouble lot. of wasn't we it. glad

of The name choice The other which choosing the thing was was Temporary. name, the me

didn't The a because the that do it's not a nicer. of And go And Place, why at American I of American even wanted structure. name we're been this Temporary Place. well, to are Why Temporary? But want like to do nice. now. temporary. It's permanent a for actually impediment was be people And It's listen, well, a people that want place? go I job temporary. a I to like, so like, just employees, only little It's hiring want think with have much this say, permanent you I to Place place temporary with bit employees, to a you hurdle choose of kind that to it's will because work I kind just It's is marketing called It's American because The an job.

So Temporary it's which the challenge. Place a being bit people tongue it the in cheek, and The of use a a to not of and been is in bigger better, American little meantime, was but on little confuse name,

Lewis Fanger

in Yes, by hear the inside just place. as is the versus their the on brand see to in jaws walk have you expect own everything day, drop different amazed new on you you overwhelmingly, is the very going that and door and when of Dan A but marketing look, brand challenges I property. outside. end And the it the anywhere at and said, what pleasant very, people thing It's people the they're walk would the its property

So QX. can to the very, nothing term. pleased our with And extremely property We're to start this full. in our there thinking in It's what has phased good do very us. long as or this was a ability

Daniel Lee

In effect, we built the speakeasy. industry as as big

-- to If you down go

Lewis Fanger

hidden yes. secret, Well,

Daniel Lee

bar court there's back right. and there word an that and emergency Donkey, Ghost lo that's and has of and When our speakeasies, their push food somehow, is back get exit jammed cosmopolitan the a And called casino like kind go had of behold, you And all thing. they same it's to always door, to the these out.

You're and what is. salt don't you is until walk Works storing the be the you to how looks a realize where Department in it for door, special of driving by place Public winter, the

Lewis Fanger

Yes, okay.

out. for ear Sorry talking

Operator

Our next Edward from question comes ROTH with Engel MKM.

Edward Engel

Hi. for question. for my Thanks taking ones Two quick me.

that Temporary. versus one is The update then in of what set GGR we to March, time, in April to directionally same the stone then I How at Thanks. the guess property are for first Chamonix. is what December the The the on and earliest this on Any well? XX. and point see at was month as year the the start opening disruptions of date going And less profitability

Lewis Fanger

don't the snow of be Orthodox big it's there as next but I some low and near your month get then there you had have look the for is there. had in Easter correctly. tables than anything to shoes, of a you April a going for on would I'm well. as is what if Ed, else in term. opening more in always it gaming I at in days told deal move the Easter big were the additional front a of revenues me, I strange end, If week seven, We markets recall I because lot

Daniel Lee

May And the changes on XX.

Lewis Fanger

changes the yes. absolutely, on XX, And May

Daniel Lee

frankly Pretty don't and Orthodox important Easter I the understand argument.

a where do a Billy’s pretty doing our but have couple and is is the because of I'm or Bronco anyway actually at How really? him. above then kind Easter property And parking garage completed. week But consistently. hurt casino? But Christians rooms told Easter Bronco there's gambling Chamonix, the million like, Orthodox hotel parking Billy regular the definitely property this we slow. So many Orthodox

elevators Bronco down Chamonix into hooked lead the the up to which not is But casino Billy’s.

So that's Bronco parking for have open we until we for to major And the Billy’s Chamonix. it. a thing way don't get

opens, the having not lots town. but have from most all happens we town the it parking the and when to parking surface large it's Now garage when in the connected. least opens having Chamonix Chamonix Chamonix we now will we in because behind go But have way only

So summer. now They're and money seasonally the But a get date. really I thought happen this construction long until make Chamonix I to summer of it. to certain off is actually the turning we months pretty over hope winter, important as that. won't heard think us the Bronco open more some than turn about. the we and regulatory big Billy’s mean, so that's two there's no the to We we've issue, as building people all parts sign on before much got at

we authorities approval of have a be certificate. put to takes and gotten all the We've that, Now then furniture which the while. in a occupancy that to fire have to able regular we do before

date you the to to point at last in a have this reserve facilities would room run will We like and guest Chamonix wanted pretty that completed like a and to the we for And all this in and reservation we certain fire watch at December, if stuff use point. Chamonix train people. week take this no, a it's

Edward Engel

Helpful. you. Thank

Daniel Lee

but to that, they've make opened said sure website, I got yes. Having the up

Lewis Fanger

quite I don't think we yet. have

Daniel Lee

other questions? call, Baxter sure listening that. probably do on Any to is scrambling I'm the

Operator

come from Beynon Macquarie. questions next with Our Chad

Chad Beynon

nice Lewis. the Dan afternoon, quarter. and Thanks Good and color for

outperformed. bit. exceptional of generated doing when Obviously, really comps the Silver about terms just generally off that we've had little from just has probably a terms the little of In come on the a If some the And know but results going southern Dan, of current tough property things in in a is there? a is back of of all now, Slipper, gaming some bit now talked we that region a what's down and you light the right in quarters focus other leveled this performance ‘XX. in shine couple projects of of trends you can macroenvironment? generally removed have kind potentially

the a of was that in out but this sense think current uniform, macroenvironment. where trying I fairly to get just settles

Thanks.

Daniel Lee

they're and boomtown why. think down Treasure down Well, money think and In their Penn weakness you Louisiana both us. were the which not But went case, each. property Chest, far Boyd both into Hollywood, I down Mississippi West put the we're I wondering from is not is which quarters. like quarter. they Bank It's in playing and soft a main not We're and and pull strongly better sure by down been there, XX% is we've can little had of and Orleans on much. saw results the their street actually from mentioned New Louisiana some that in the from that the we've been against thing I've

and with refurbished marketing. more a opened spa room noodle their and got a Bakara and aggressive a So they bar they

now programs we've so April. and to holding new we some our responded seem with into And marketing own be

think the mean as growing we I is count and company. this to it’s, Slipper. I part benefit lot I the the mean of Silver of the on company awful an So shifts, actually, used

Now have the quarter. Silver a soft Slipper can

the back have but now. insured, was super it. it different if and actually easily our hit Slipper to the we on. insurance be for hurricanes a by such got made be rates because insured up by on And property, now not be over going And companies company And to the taking Silver the the Slipper relying used number We'll hurt looking may probably still on hurricane, when would on And three we Chamonix The a opens, Temporary. can it insurance have up, some adequately go it cut we're And so that Silver whole is number one. to fine. continue like company

quarter able it just otherwise growth our of continue But anyway, reduce wasn't do be in It was that horrendous to the the Silver Slipper. so we forward going would insurance soft. expenses. that may And to a

Lewis Fanger

table was into and But is more were the between have And ago, $XX million, at the it's If I a million did to bit of make of that. Let two telling EBITDA it issues year side? is $XX call. out people hold below yes. disappointing property, if when there, of XX briefly ballpark at $XXX,XXX hold the have me spot to there it's probably that is at table $XX lower, doing worth. he slot We side, we Look, I'm percentage. would year's answer $XX And too, you the it to $XX what I'm a same be. flat lost then million, not X.X million $XX it's mentioned numbers, in years if little put you $XXX,XXX. million. games That the doing help of about out a But you're we're right about revenue it's kept first asset on a quarter. top did for little slot the it to which percentage disappointed on hold last some Chad. The Dan the bps and looking points agrees the equates million sure with

those for So worth. either, insignificant aren't it's what numbers

Chad Beynon

Okay, great. Thanks.

Daniel Lee

kind about I weak. do wonder the interesting but lower than and region I capita Mississippi there being weak, because of Louisiana in okay. been other that whether per we've been in mean than has it's talk impact bigger We're of people the the of the And But okay. parts income country. little a a other we've inflation is country, parts

we're might and than household region. it better I necessities, income. with the weaker something that's of what And add to of But and other able at region be really been why from exception just I've so And that I cost bigger to Penn, than the on from doing guess. most you in region we Penn are, impact Hollywood, have Boyd know don't think so. any would a see the a if

Chad Beynon

to you. color. on at Games Wanted opportunity Table touch Temporary. Thank The Good

And expect of through fourth kind in So should in the maybe to be? to then versus the you et you tables that about who be quarter opens to limits, going demographic. bet go October, games, come to second from the hours. do max when given nice appears maybe in weekends and the their customer are table this, what at one to games books during September, Where for the of cetera, bigger the the NFL county, in expect watch talked people part the then number Circa the over demand some we on season, tables, August, the of of is slots that's sports

on to games opportunity there Just in what the the trying year. could out table on later figure be

Daniel Lee

you you your but don't revenues XX you eventually question, games because XX to But to XX a table a when morning, you XX XX. on don't Saturday we're on double with all we on need opened first the night. have XX XX, may go Tuesday Well, games allowed from -- use well, games

area. table other to of double of number just properties, of in tax the games least The can up head. the property, picking to the the property. of said from the state then, as new table it's I'm can top Illinois in the of we come revenues because the a make game you table goes to so sports of expect XX% on slot the other anywhere our revenue it's machines my lower you to that thirds games the property will bet markets. are still than in games, and at a XX% make the on whereas the your more, to be the The a fact maybe off iPhone game slot table XX%. can is a number book, bet. our of think I kind probably revenue And a better reduces And be but need make rate, on all margins in machines When two I done, we still

people Now sitting mean like. an March at way Circa ambience place the I Circa's nevertheless, book. better Madness during be the probably book, than creates it, no does, sports sports there's especially to that

to an to Place American want and eventually And or very book that so something. that's like people will go becomes nightclub a sports similar a amenity have almost it

I'd million onsite betting, And $X be of so the online important. of participate of that's half there's will minimum so we a million we year. benefit course, sports from And if our surprised that. the a $X book in is year. a And

in have bigger. the sports at nice betting we a quite kind Silver have closest probably I is But bit anxious is place online and to when But to to bet unknown book it the online sports Louisiana. Louisiana, our the hurt the Slipper an book were the betting, we to to were thing. sports it and driving but think open people Yes, still of people, general, Louisiana in house closest casino it's a in will like allowed it amenity because the were a I we're online Silver some states where have casino? Slipper to think draw people because it

than but more something never it was of when X% online. revenues book sports like X% suddenly our there, went X% the people from to Now, could make bets

Lewis Fanger

if from an Another Chad, gaming their of did you, table roughly revenue way to as look at March, tables, the you total if think it of Rivers side. in XX% about Rivers, the came example, the month helps is

from If themselves. was our competitor, XX%. look Grand percentage to came like did something other you we at nearest total XX% And the revenues Vic, closer tables the our think I of

are so the And most somewhere going or the are we'll like is, My the but to know more. a we to other I probably going two, at to have answer. in Rivers the to close be XX% says don't be state, you're closer certainly lot between gut casinos question we XX%?

Daniel Lee

Rivers. while in we're land, Asian are to that there think I significant as communities of number between significant. living not there's communities The the two. in Lake close it's Asians Asian County, And a pretty Chicago are

nobody's already of Illinois, of From of grossing XX%, think can we'll don't actually, casinos. Rivers effect the we're if higher the should I so I be think question. state asked what have I other think local one had it. than on mentioned far, any, higher we So in And much, although we we've tell casinos any the XX%. the or don't at but guess be I we'll

it'll know are us. think But are club very and we squarely what between sit don't our and sign grown expected. the us Chicago. up that's when signed Bally’s that I we downtown opens have people on who who think Lake predominantly we've have it County. Rivers Chicago, from says people downtown few that up players Chicago, We've from also we the had downtown eventually at And much impact market. actually

Rivers from to to downtown past minutes Chicago place. so. driving They're us is somebody So our XX driving get to

Operator

question next Capital Our from Group. comes Ryan Craig-Hallum of Sigdahl

Ryan Sigdahl

will the beat one kind one elsewhere, The there and Dan, afternoon, but will Kind to we Lewis. it as I then add margins done horse days? grow do guess the follow as a from margin get XX of Good up dead ramps have EBITDA assume on dip first I should of it run dollars what here but amenities, up, rate, I here? Not but you lower Temporary, you've in

Daniel Lee

of they're any it. dead think far all I at that's Yes, got horses, doable. horses around The number the don't as And By Churchill here. over revenue. dead beating XX% gaming I XX% have We totally as way, is you think Downs.

look margins careful with this that the down. revenue against be at will and people lot revenue, are dealing things normally because and what to you're restaurants you total got business, a bring You total of like in what

revenues. And so plus somewhere and revenues with on margins minus close we'll up around probably to or total XX% on end gaming XX%

I think even open, It's for and that we're so overnight, we So I at can million The if yes, happen Temporary doesn't example. think calendar XXXX, year for will this there EBITDA. get fully here. $XX said already And reasonable build it million but we're thought before that $XX and mean, helps we even we might you. that not not, expectation now. earn Well, be from I could a a

Lewis Fanger

Yes.

more detrimental lot amount. lot add think don't dollar. a they're you the amenities We obviously on less on focus You the be these dollar if to a going margin, to the

you're to dollar We continue not number up. see want the wrong. go So total to

Daniel Lee

margins We'd higher Yes. income. we'd higher could the and If the golf Rising the have significantly at we and we close much less close Sun, wanted to get course hotel, have margins.

Lewis Fanger

less on property. That's the Yes, right. income, people

Ryan Sigdahl

there? I development Any a mile Makes Silver Beach to sense. Yes. Mississippi, one down South trying thoughts it Casino there's every a casino then build a And right from in like new guess. Slipper, away but year, seems so

Daniel Lee

on that have We pretty secure of land, of refusal land, right I'm and piece it's sure. a first

Lewis Fanger

is, yes. it think I

Daniel Lee

years. has still still The been and building around. a pretty new Pearl, It's for place company. anemic. been talking XX totally place I a numbers We've run to And I get market. just Diamondhead keep the The mature think public new was think and to There numbers land. don't a is pretty about It's his place. Yes. the a he's trying entitlements built last on repeatedly, to the odd Scarlet its work the new return build

to it View something per everything it's to numbers as few capita make to scratch, Silver build that's the Orleans, most that's per southeast odd is is region can saturated relatively region in distorted. the so people per Slipper. having retire Gaming Vegas, gaming years an the But people know. gets at and as on in to region to here modest Las because I the who gamble, by The And think Vegas math Rouge you I work gaming like Now that country. a as despite did so very this Biloxi New household southern expansion as capita from in gaming we Mississippi in Island income. contemplate the Baton Las work. the But far capita make second ago and only from is hard Louisiana otherwise,

per to Springs capita Beverly gaming that's in Denver the the of half the in gaming penetrated US not of of yes, state casinos. least capita like you Colorado of They're somebody in Washington the is California. of state to a Colorado, a ballpark it drive is hour California, numbers and I still and are market in But hour than build live. to those And capita. work. that's Washington mean, California the yet that to where true the think of there $XXX in becomes goes so Whereas, the share I more And true an they're markets. mean, per about one people the Colorado XX And new when state drive tribal get Hills. in in place and an is gaming from the like makes have state casinos but in per game. to market game And average. growth make very a I the hard the

is We County. and it's investment. got Denver, great $XXX. under great think And Lake a why return thing get true Monarch a our on their going in that's still we're on in to the return same And investment,

at is you looking And gaming do very are opportunities perhaps we're where good. where supply markets for us. when per capita go? We those So existing where is not low, the for look the

it's it's licenses, a this mature okay to mature look math, going be southern the market. if like, it as cost there's much someplace costs market. it draws as there could really you go of you start not a coast. to you, build build not to Mississippi, people well, but number when along If crunching the anywhere long just because a you that's limit to the you into But in and It's

Lewis Fanger

market project Yes, and don't current quite that's In Boyd one others gets and how to I a frank. lending in a market, know. essentially environment, talk what a is be softer off the funding about the I us know little mature don't as bit side, a on

thing and running. site, have turn that to then actually but get for So gaming up and approval that it that's another to potentially a it is one it's and site could entirely casino have to physical take that a a casino

Daniel Lee

on built Harris. casino because and this XX St. could their get after of we it. in Pinnacle, a of of have we Louis long we million in the that and site we million to was proceeds at I day, pencil, instead ago $XX by it at money was Katrina, been And We a they Hurricane Biloxi it could making rebuilt Yes, the on and time, the build about stuff that you was the $XXX end we a And in higher never got have And and sold then when sharpened either. were around insurance used to year. return rebuild Lewis have and it. north Biloxi, destroyed actually, the didn't to they magic it years for

justify I it's hard market. place. a to building new a Very think So mature

Lewis Fanger

going people but get minutes don't eight of Dan, to four in to think let's queue. them, and all I we're the have We try.

Daniel Lee

try I'll efficient. to be

next? what's Okay,

Operator

comes Bender with JMP next Jordan Our from Securities. question

Jordan Bender

taking Great. Thanks Dan. question, for my

once reach You is share guys built an in to touched of those in kind of near be reach towards Potawatomy Will on and try couple your of the the kind you kind of database. in wait of more to final just take to structure the there from maybe years? going or a term? Are kind initiative Rivers

Daniel Lee

frankly, have might rooms the place, little which I underserved more share. and such hotel so amenities this on, market. will a think permanent But an take and market high end is

for take going enough if But holy now be close in American hour, like nice. out certainly out Place, is you there's which you say, to it's you and downtown think shit, drove this But Waukegan okay, I nice. to you're you'd drive Chicago like, would when to right an everybody. lived to really

they're But Lake either. permanent way, so They're be a a of more just sure their money how Temporary and enterprise they will improve thinking, competitor, County. money I River not in improve to certainly pretty make figure of by works. how to Milwaukee. of place going Potawatomy the they The scratching they're to place? lot mean, how And out makes didn't is whereas their static market do their the lot think that's one more share, be I a much heads I'm going expense.

Lewis Fanger

certainly marketing point. radius think at local We is Jordan, the extremely it's going grow Yes. to this from here,

downtown not so nearer If from a so essentially and to facility, drive easier to term make towards would does The the a Milwaukee. be want downtown the are think rationale our to nicer you people drive border. I than certainly towards we and towns you are much but us Temporary halfway, are that facilities Permanent nicer to have Quite drive live But a in that Illinois nice don't hearing Permanent thing of towards get we once the time Wisconsin, the want Wilmette or would facility the one person or of the Potawatomy. Evanston on be, wise those Chicago? frankly, but you're it's kind And we same in to on lot of has Rivers, it's Rivers inside. between where think area, drive very I The is quality the why than us that Rivers. opens. going

Dan's And right. so I think

is and out be localized that'll near think market everyone the expand a we're in, but hyper now, term. will right able I even term, certainly that the big in longer this play to in

Daniel Lee

Grand it's the from the surrounded XXX,XXX gap those core XX The as by headed miles, which, mentioned who is to until an Lake market. Grand you crow flies, and It's same XX can't Vic, Lewis and Rivers. open. Rivers Temporary the in people is crow our live the past And casinos the Google to That's XX drive And miles you near way drive no have County. leave Rivers. if it, and distance miles Potawatomy, you Temporary of from us, there's so midpoint for with as the Vic The about you flies, us if But

more Vic Potawatomy. Grand is actually Rivers So far a or competitor distant than

Jordan Bender

If follow just then for you kind the to that can up, a partial or had tax resolution in remind that the us you And of Great. state with the payment. full can was Illinois? you to or happened that the pay payment of gaming

Lewis Fanger

the paid and We full. fifty

Daniel Lee

the our money. of the was left wasn't mean, And and you it And of day, clear, They asked kind one talked we to of the of politicians regulators. Gaming pick way we fighting to another to a law timing honest. and Commission Gaming it. Commission's don't worth with fight the amount It it. interpreted and particularly vague. I and interpreted end at had We end, regulators, wasn't way. want the to be thought there into law the the the the wasn't It lawyers the over, look the in lawyers, it are

Lewis Fanger

come their the did doing up in full. an everyone's to interpretation. And XX we best with pay But

Daniel Lee

a your you that, would to run when And And the use? the of pissing lawsuit then gets do time you going to we what's lawsuit. risk by But regulators. came did lawyers file our so? heard Why somewhere, it the you're so said the anyway, back could it off and owe you want

Jordan Bender

thanks. quarter. Nice right, All

Daniel Lee

this But to be regulators, of the was honest, politicians. wasn't it the fault the

my one. that vague some left And you is of they was that like, crazy so. know And a may ex-wife law

Lewis Fanger

it. question for here. Go Oh, Yes, probably sorry. the last

Operator

Our John next with DeCree from CBRE. question comes

John DeCree

Could you in expected your my on out, taking CapEx? in expectation was additional payment. any to can tables quarter. things Good I'll close terms May seen out. for XX-Q costs bit us at for thanks follow then guys, the haven't help? from make some Hey, a easy license kind Waukegan, on I CapEx of temporary of one spent question. what you, us on and give it give out of an little Lewis, in of round And the the kind with amenities the in

Lewis Fanger

then then $XX mentioned, roughly $X construction spent million That in first ballpark in on $XX That's up million XQ. on we quarter. that $XX Temporary spent about largely through license Chamonix, of we all Yes, wrap includes and over million payment The roughly I And CapEx. the that at in that CapEx. million

in tomorrow that millions night, by the basic and in and Q, it's permanent, of what spend XXXX. single we'll for for here end what real think, worth. XXXX some spend got it's but spent in some large, stuff bit in really be year for get to and whatnot, Temporary, trailing for it's things on worth. work late and stuff And You'll site time, account. The at sitting XXXX. retainage like digit And going whatnot. over I $XX every I've between We'll architects the from well, There And here, it's Chamonix kind that may of million in and be

Daniel Lee

Slipper million. Bronco Billy’s relatively will steakhouse CapEx Silver is to $X them That's frankly, new at That's for part But that so slot the the We're be payment. And like buy other in machines not wants into market. them stuff. competitive the converting Italian of some help the modest an the restaurant. restricted a probably

Lewis Fanger

Temporary, at been It floor They've The night. tables you warehouse. a for a a sitting those sense Friday put busy the guess, that that just without it's didn't They've thought on worth, them us floor have just yet make we what The that I didn’t are would Yes. while. bought bought. for dealers in the not them have been been angry on on dealers make, to because for at

opening day. being built. left know. that was It kind and to warehouse. at, And we Asian them we've restaurant the complete So on go I that's it. the relying steakhouse at really then in already offsite And look of employees got still staff Adam, was The

it's think check there's I -- a know I

Daniel Lee

about For $X to go. million

Lewis Fanger

say. about I was what to That's

the balance. to I door XXX. go ready got we've the think that's check for there's a out getting And then

So ballpark of it's million in a the bucks.

John DeCree

Got it. Great.

Daniel Lee

point negative going a I while all the flow forward. was And this been mentioned, as stuff. kind turning cash for positive this flow point. solidly because built turning That pretty we We're was of now cash the we've

Lewis Fanger

That's probably time wise. Dan, it, Yes.

Daniel Lee

you much, Thank very everybody. Okay.

Operator

session. to That of CFO concludes turn Fanger, to House Resorts, would for the Full over our Q&A back floor I comments. like Lewis closing

Lewis Fanger

you pretty Well, lot you I'll speak know to for It's see guys, Temporary. you see see out again person. And in and next impressive Dan. yet. The of We as haven't I always. Go a we'll, thank quarter.

Daniel Lee

pretty of webcam too. the at Look Chamonix. It's impressive,

Lewis Fanger

Yes, sounds next good. We'll you Thank you, guys. quarter. see

Operator

This concludes teleconference. today's

your time. lines You disconnect you participation. for at your Thank may this

Daniel Lee	Director, President & Chief Executive Officer
Lewis Fanger	Senior Vice President, Chief Financial Officer, Treasurer
David Bain	B. Riley Securities
Edward Engel	ROTH MKM
Chad Beynon	Macquarie
Ryan Sigdahl	Craig Hallum Capital Group
Jordan Bender	JMP Securities
John DeCree	CBRE

Full House Resorts (FLL) 8 May 232023 Q1 Earnings call transcript