FLL - Earnings call 3 2023 | Full House Resorts, Inc.

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Operator

Greetings, and welcome to the Full House Resorts Third 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. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

As a reminder, this conference is being recorded. pleasure of your Full my Chief Lewis now Officer Financial House is to host, introduce Fanger, It Resorts. Please go ahead.

Lewis Fanger

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

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

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

million because and with the click you a property sports get meaningful your we'll about XX that we to $XX adjusting to all see know said, book the Slide on hiring But XXXX quarter with see final the had expect Circuit is that waiting I banner but million of to today link we and this revenues minutes. MGM presentations, questions opened up. If quarter we'll pretty to page, that That to Temporary termination a third this third by open go and meaningful to for showed to in the quarter. company you'll Revenues after $XX.X quarter.Adjusted rose very the addition in Even and of of from is middle sports had said, quarter slides EBITDA you'll high-end from the that increased Revenues their for restaurant, year, XX% Temporary in investors.fullhouseresorts.com million. accelerated XX% in the back our that rise of the second the Compared improved the of we is ramp process $X.X which on though, this February relatively info its helped Temporary deck at a $X.X already then consensus.Flipping has the almost agreements. Link, paces. million. quarter, end the to Also quarter $XX continues that reference we that, have year, in the was third all begun, from on-site at open skin quickly $X.X improvement. and second about really third in of the sequential it The out at we're the this XX% did a Temporary, which million year. forward slides had going of of million with X to on-site company, exceeded strong in X. to here.So good through

You of can opening. this excited renderings see our Chamonix. We're usual very for

people area our again is person differentiated product. Springs about broader In case, in that of Creek. know any model X and Colorado we per without find know have year. Cripple has history in If that market then million is gaming $XXX the time per worked you underpenetrated the business the that you an and gaming And gaming, capita spend the think we roughly per found we to

and number see versus that Hawaii of many includes which convenient, as we like is two-thirds than or and already Alaska see per Cripple Creek's see what in average, you capita Creek of than market, national well. an a to For are out casinos.The where currently that you even Cripple within casinos feed Utah that states double hour, what is their higher tend higher aren't casinos

being again is just upcoming time, us and Creek so Colorado rooftop pool, inside. a spa the stand-alone There at beautiful a It on pretty on offer garage. very behind opening. first which that Prime But for people we've And excited It's our to the NXNE $XXX in cases, run We grand. to will let what think reason first reminder is of Vegas. parking a Barry's beautiful that, and a Prime, Cripple we're alone ] by will any a they in it compelling Creek. great really going It built XXX and X-star continue have casino residents top Cripple for to a the Las that of all to It's new quick is experience Steakhouse destination gets Circuit [ many project. other what casino. is be We're the will a There's downtown, steakhouse very unlike the the for in state, product integrated be and a visit again.On just million and a X, with then called in building. Slide hotel in market.

Our quick the we'll can at it experience spots, which to campaign. get On X TV building.And digitally. the We hotel also of the X, into ad. that to drop-off the we'll in just middle while Valet excitement the in XX-second bottom sneak very slide, or area meant of click you'll opening you Valet can YouTube short a the with in also but XX-second in peek date giving the did away. December rooms Arrival thing break to ad the above. air create link, XX, full which It is the a Colorado, the see you up see on Slide just weeks remains generate fun

peek just sneak pit. see about being the very the way, X.X X front photos off you without done, ago, a as of views The you of me And giving today. one Those market The from here. at day. at But of installed. room site slot little been XX On you storing covered building a the the space. and really page you but being them ruining a peek very themselves shortly and where XX that, a away protection what of are the last of can in that quick already look days Outside than our left all sneak we've see basis testing shows by a few table ceiling our way, installed. is to will in but our machines taken you, is is else is chandeliers all from the just chandeliers the in then installed.Slide throughout is trying stale. their the many It to bit some actual installed, and by carpets time store games us weeks jewelry right, see that we'll some at are until products. machines they're the then locations ballroom. detail opening This furniture show that casino by which, casino is the casino.Slides get have up from XX the these are can for pretty being the liquidity. or that on that in slot of of got surprise nonetheless, some a be our guestrooms. beautiful photos for different of showed arrived also this XX our off X nature the the follow you'll the anywhere you the one and gets Slide Slide of we've we photo, Slide are now shut slot and and By view

lower, in that cash, $XX complete by remains good are had Chamonix.Normal design don't a think about of cash cash to that something skins people or most little At a around liquidity the the our we end $XX is Our reserved and quarter, million $XX cage million tends spot. million is sports prepaid. of hover how including those of to bit

we're already terminated operations then cash all for in That our so from and Circuit sports about in another related receive XXXX. mobile in $X.X in Illinois million October the is for due $XX And due quarter, fourth from there's which of million prepayment this agreements received million December, to to $X skins. their includes in

$XX going at to what's available is our provides available under us facility, pretty that credit we of a draw the as million which to all in We December. prepare and this cushion be of for Momentous company also us for have big even more opening end

continue? to said, do So want miss anything? with you all do that Dan, I Or

Daniel Lee

so quarter. we'll think to No, I'd X But a make because to questions, talk but the of to MGM some long that. was great it to to for possible, go people it as we'll easy and we about you it we're stay here for happy many questions. do to want we I know be trying take hours, are happy take will as

Operator

conducting a session. Thank you, we question-and-answer now will be

question, like would telephone on to press your lines X you question keypad. confirmation in your will [indiscernible] If the indicate A a ask star queue. please

your you queue. press to from like remove may question X You star if the would

to up your using participants may handset be pressing star pick the it For speaker equipment, necessary before key.

Craig-Hallum question please with First comes go from ahead. Sigdahl Capital Ryan Group,

Ryan Sigdahl

in just through get what and relative directional growth we're for could really on QX QX uplift. the what and down bit margin the any based efficiencies a break more guys, seen then you quarter? if you far thus flow revenue Hey, nice seeing good sequential afternoon you've But help little to

Daniel Lee

me it. take Let

of also and of the Just of $X is think little and normally better of tent.So think little think market, And fact, still have came start, kind we very I that of We more terms think And September. million. seasonal. the as I the off seasonality, a we we have And did not from They October, it that quarter emphasizes not had highly of is people of seasonally had we before fourth started down of from I were to than been the to million a But And October it's lot September a out numbers I fourth the highly September another That did have a might And petered campaign we a haven't seasonal opened. pretty is when this the them. opened much. one out from a excitement were about is inside third weaker part advertising we they first revenues. be around course, about little than we to $X.X than is big we part [indiscernible] bit which quarter did. October. like a October. for in weaker open call, kind X, some quarter, little this [indiscernible] was Illinois and it in a about

Now build the does. doing It's part there's revenues. it we'll see hope it. I a we're advertising campaign of new reason

to trying rollers. especially the We're build our It's your we're our that, that's to be And Year's game get which to makes then helps play we important continue our helps hopefully, But play. trying it's mature, late it in and We Eve, just open. doing list, And if is quarter, continues to for quarter. in table it open New which important, get pretty in high going steakhouse mailing fine. but open. slot know Eve New probably the Year's important it's drive the property December to late December, really us and and

Ryan Sigdahl

in QX, Continuing you Bronco bottom those the segment showed roughly line, better? the nice revenue. West on trend down at with quarters on has each are X been the on and of what's of to properties doing EBITDA all comment this quarter the has QX specifically been within which Billy's segment, can that improvement performance a I going guess, on on Good. construction in revenue it each And

Daniel Lee

we renovated of part had had point, of the casino. what part middle Bronco Well, at we the Billy's one done

It's the early a ago, since heart I year closed. year, now actually if correctly. it So recall this been was open like of

than soft and do we're but opening. December year a open, but it minor now. a cetera, people will disrupted it this XX was for on a and be of built anything is now. planning added kind what interim a grand compared So it's sort closed party open casino. ago to at partner a thing et Billy's of what Chamonix the the And bought grade, old actually unlike of the and Black heavily to like not in scrambling that. hotel we're renovated making get Hawk. same old disrupted tower tore Bronco likely the kind and I new that doing. not or time. like et down never still less parking we Because the But results the We're to are to at will it's hiring we're Monarch it's casino make them, Riviera compared didn't But their cetera.They They what segment. Monarch grade, lot mean, opening the much did frankly, And the Riviera

make have employees. garage. successful won't big another already And for December several like We'll all casino, everything parking situation casino.We'll there lot. be like guestrooms. bar on this There's by an course, end of The the restaurant to have guestrooms, so all this. trying key ready high-end speak We're December not have, the We'll ready. There's XXX be the the open surface in we anyway. be we And have speak-easy ready XX. ready, know that We XX, it's it's the after will Italian We'll drivers but XXX have will have spa customer all nobody up months will to won't that the have a not pick will restaurant. easy, that XXX. have up will a will you that be

to wouldn't done. we'll months the want I open. go and you So mean me until X wait ahead spas

so as quickly stuff.And the open in like stuff, work the we And and the other other it's then on can spa. as that we'll XX December finishing finish

disruptive So be a anything experience. not would to customer's that it's

have get we'll but excited did. they party figured that Durango opening, very that One of I have publicity spring, being Formula so they much been in same Monarch their And And as a Station well. with wanted And I postponed they know the think factor then we're think as I about may grand is And town. couldn't open. the which a the in opening

different. build little revenue much then to some a going we're similar Monarch. We're from We're So the open, doors in more to get get and there. coming

Lewis Fanger

what had was, of time. pretty wasn't winter, for quarter And you this you're benefited actually second a this Grand XQ in had if What year asking honest third quite if quarter, to to, to longest apologies lingered snow. from Ryan, of lot a be looking And this you're but Lodge now nicely. bad and we the the very that's sequentially

snow they usually, weekend gambling of so until and July in come in back what the because come second again. weekend. our was And They quarter. this come back much So that happen there didn't quarter would Memorial the start locals Xth was year, around, around didn't would is really second back sitting

locals got the Lodge, we a bump And nice from town. so sequentially, Grand having pretty just back in

Ryan Sigdahl

turn I'll Dan. Great, thanks [indiscernible]

Operator

Chad Next Beynon with Macquarie, go ahead. question, please

Chad Beynon

quarter. nice guys, [Indiscernible]

Lewis Fanger

you. Thank

Chad Beynon

on start just were inflation other It's journey line utilities, it were to and calls to temporary and of we bit, costs to on enough your on then coming Chamonix. been most margins the the you understanding honing the kind I break just and on little South, you out the roughly in are can Wanted Midwest looks probably like where side the of expense revenues. of in But probably kind contracts, down are terms of talk some some in guess be a of side. kind about quarter with operator OpEx obviously items. a labor on going different labor, just topic that this

feel like the to half control, you you're 'XX if If going under kind in things back see beyond of status there? and are of are additional quo if or things creep

Lewis Fanger

Well, isolated obviously, location in we to up at mountains. an the people, in Chamonix, and hire have we're

up job categories, in some so have pay attract people. to we to And

you the obvious, than it's else if tipped positions, if center to hand, money other are in pretty tip visit going a us you the town. And going employee, we're you're with more to anywhere the make you're be On the action. town, of

new point you you think kind a back. your cost new like pushback. of I our buy okay. And car. X% up a months car, employee getting say were was house, the that X%.And would of at raise. change, didn't if it like so X%. the there properties was lot at inflation didn't or like cost six inflationary there new year-over-year inflation of push didn't was be will of a I'd like not you about that a seemed talking normal it press if I ago, and index, a things of living houses So most If pressure, cost buy went in are And revenues every out And up And

now and of like lower you've press pressure at think has gone articles lesser little that. I that had that statistic up of least inflation or bit. A last employment unemployment bit things showed away.The a little actually

party, a Now the we're doing Colorado of these that lot us Springs takes Tahoe, housekeeping Colorado is labor tight days. still off taken doing are Springs a Hyatt hotels to a things page pressure of from market. Tahoe third a is that one of But Hyatt a outsources we've the their very number in

and so to same Woodland do for housekeeping do they hospital that county, Well, to Colorado housekeeping And is which and is miles XX Woodland the so the is largest Colorado in Park, miles thing. housekeeping is us the XX from in the Park [indiscernible] then down we've company the about the X second going chosen for also do does the Springs.And Springs. the from in our employer hospitals

it's to with transfer then So from them for from housekeepers property and Woodman us to replace them Park easy our to Springs. Colorado people or

a have got to and X/X we so move hire. by need wash workforce people hour, we was at employees can they negotiating around more around. they looked what And of so about supervise we and by a resolved that's the move with so would We're us them, on.So contract. and we people to than and resources it that and kind with do the of it what They've them going pay on. after and was the hour to And already people cost

part, of are relatively helps employees, And And tipped to so easy. last other that's and working going on. about be employees us then Then the that we're a X/X the lot.

in we'll up Waukegan. So be okay I think

hire to of continue of little challenge It's through people. because licensing. go every there employee has dishwasher down We to more a the a gaming

for asked a dishwashing and a bit not XX-page through that's out a the fill We to have we pretty big go hurdle little that's bottom time, employee when that, Amazon have next do working signs warehouse a Anyway, now, been can stable might see who the the base And struggle. of a get been to somebody and of job, line. door form.We've a be pretty a applying they recession. it's you but all

be, the we there about a at where government and combating the So sometimes all analysis nuts. because have weekend are then in And bunch of said, a might a which well, there I of think understate life, inflation, on lied to And from rates maybe yes, inflation.Some wouldn't revenue revenues the I were as to of not, year It's government newspaper good a inflation it's you you in point, XXX% Brazilian tool an about is economy recession. of feeling inflation weak. we'll we and then [indiscernible]. little Brazil actually, concluded maybe particularly of one think things. prices well, was that our was Finance Paulo much the serves saying, press inflation up that side, is a the was press would was seems those and Ministry what and be [indiscernible] the they the in an the Mississippi, XX%. people the are talk as of but isn't the inflation a X did ask, X% the may Brazil mean no, that And earlier then And just I in say, and lived sudden, I properties. a they when at well, to When have inflation. next, if Sao I it, like, wish looking and no, older shut of admit had growing raise, for everybody one

Chad Beynon

Chamonix that's the spend what's Dan, the new the laid you board do of the pay you're just head a X that's Chamonix. then and in few this. these sports into lot smaller next us per X-year back of in right with properties, about with of the Louis, And properties.But to whether you give property a look talking of and we're good times peek everyone cash returns the Christmas? market 'XX, it's grow next buy down have other when then, stock kind 'XX down there. can terms portfolio or at of a thinking And business, to X opportunity kind what's out it's investors, you what the after always levels in kind out or the the of to the could of a But you'll I the how is that cow, on businesses open, up kind after come think little south, cash, the debt, after open after

Daniel Lee

of in for than time when that a financing and and in is months. point, process.It's companies of Waukegan be get year as year Commission casino almost market arrange is the [indiscernible] money like should I get restart Well, we're least from have better And absurd Gaming a taken State to to first, when Waukegan. it's and out resolved there. XX that going take And out permanent of by shape, so Bellagio open did kind the it's city there. always mean, lawsuit will while. the year but a then, usually Place lawsuit we permanent we for casino and go a the the might you hopefully, frankly, about the at casino just American when one raise to tribe. is hard when just lawsuit, resolved, be the you Chamonix the it go [indiscernible] probably will second the happens the that's to build leveraged bond And little to that now arguing then will And an And us it's out And would the it that licensing expect there I is and the they of it better while second on, third the than mature kind better do, some mature.

is $XXX to less $XXX million a is is to number date. million forward.It parking date what license land obligation And on, lot going I and we're invested what was now. we've so invest, invested the of we've Our than to about casino fee acquisition, for more and operating in obvious will And permanent the and tent itself. the permanent lots the and be the much that's really nicer think

have It's of big not now. us. hope quickly, immediate task. the resolve hold has up It's they for these the of ahead a that the still courts but pretty pretty pretty because a days. are lawsuit We kind backed we So lawsuit on

So improve meantime, the in we'll the continue to balance grow and the business sheet.

road, the would point, into. do a other that's ROI busy down to a something tower to a the just the for that build any a frame, mind. if that's But to we we see generating I Somewhere at and for do, higher cash hotel kind Slipper, in that other sense think stuff entitlements we us. that. than to has do go in have opportunity looking at Silver a make little we're with mean it markets it.We've excess X-year what and time growth don't we exists some have of been

Chamonix think I pretty to markets and a is on, able get land Even piece of point, be that designed some first. but to it are we be we're do expanded open at the own to let's good. in

Chad Beynon

I appreciate guys, Thanks it.

Daniel Lee

Thank you Chad.

Operator

Bender go Jordan please ahead. with question, Next Securities, JMP

Jordan Bender

of you're in seeing Chamonix, in looks if was It just question. terms like talk the demand forward-leading open kind wondering that whether of of what day. be indicator other to a did that my reservations share like hotel project? some bookings, the want demand, taking just could for given about the you And you into maybe I Thanks that could ADR. for of some

Daniel Lee

Well, for the I was big fact, we because held in several should the really casino first a our haven't And little are way reservations be chagrinned it when a publicized open. yet I that it that customers. saw days, for in

And that. so fixing we're

build. so XX make some expect accommodate so We probably XXX,XXX we been over regular we sure few course, it's we mailing to there bookings the names people of be been it's But it It's list Colorado series now. material. they'll ad starting. is that want all in acute around to have of XXX night pretty we And really people property. continue are years ads The Springs see slot machines. XXX that But Denver, to only the and a in get a them we who and XXX any We only of see time. people customers of is will people lot because will wouldn't on.And at on days, those And there's just early be all want will as have a has prominent it's a it. dead Bronco guestrooms campaign the Billy's And I to well. and over given built day-trip operated. XX,XXX in have

casino I not they still and slammed in they learning [indiscernible] because building gradually this be the million there's day and past so probably the living drive be people, there. they're so concerned, to learning be there will revenue And our and XX, Will be hopes all while. jobs people know, a employees busy. And actually open the up.And will town. that's in their stations, casinos, day locals completely Christmas, [indiscernible], the it will with will and first be be Actually were and on build They're We side pretty stations, after December is X good don't stations going there's a you will to like that operators. here on opened the of swamped they new me opened.

freeway think will to many Houston, show want backing find the in from show us. under threatened had said up day we and a mile everything I would all minutes and up property else. which opened trained I up.We on people we whether close XX sure was that they so were make the [indiscernible], mountains employees hours people up So they We're the when the their they from remember have to traffic which was X wondered I freeway. because interchange, people was down the first the

Creek a it sometimes to and historic there builds build at is to there if Colorado And been because you itty-bitty where builds in more rooms in and you've them bit and This a Las people look the and isn't Lone that that, market. to looked knew. if little like in a XXXX, And And is have Creek. just the so isn't ever past. City, whole all a went you expect Cripple Colorado you our the and most on Cripple Colorado. casinos we're you type Las of what And scale. is kind this slowly cheap a it when of at opened in Mirage little the the the Cripple Nevada, of of that's marketing like kind somewhat Creek Virginia some with different point no, slowly, like it.And Vegas Mirage smaller hotel singers. this in before, the casino doing of in tell Springs town changed and Vegas because to is it Springs it sometimes until little was buffets go This This task quickly. cheap up I been different it introduced

Lewis Fanger

Yes.

[indiscernible] happening week, ads Our started haven't Jordan. TV that's literally yet this

is this, drop walk meet you know into good because better I for place anything when again ask special X week that is truly tell is unlike in tell whenever that that to thing beautiful. you. building with else first saying but will will jaw the the time, in or but your that state. is it people, a it is I keep a it's though, me I it question, a And you So probably I

Daniel Lee

work wind Quite the product. are quality, the and not because on wind that's it's who people designers surprising

Jordan Bender

right. that's Yes,

Daniel Lee

Seasons properties, Jackson we design in Cripple of itself it Four There the for And is. all to quality, the number did because that's we I work is think Louis and the what that Seasons hotel and little are of a same St. used designers. The think and season's work the I it stunning. do Four used local Montage who quality So it's hotel the for will firm firm the who I've But some design in did Creek that before. in nuts. in it seen is is a people I'm at the town,

Jordan Bender

into follow-up question of And then kind led just Great. my here.

right out? the now of still guys benchmark about return the think about months that to about sit was EBITDA. Is the way think I million project original X.X you where Colorado of with for kind $XX

Daniel Lee

Yes, to I mean, while I mean I million. takes of to there. don't so, get January. us but Monarch a doing $XXX think do million is $X in it expect north

there somebody a "No, that they're In like now. who no, big who to XXX fact, shareholder was I doing said, said

are And are rooms, great XXX size. much XXX in casinos the so news. that's aren't They rooms, different we and

we XX, if they're of what I'd half happy And do competitor. than principal less could they're doing. and that's be pretty the So

think in similar best to the because fails else pretty the state, pretty have experience we're better ads everyone we're they quite actual the be between we footprint, quality state. X the better mean too. in and good, the very is and I Our Their a say casino had of footprint. narrow, I of clearly the us they're long but

Jordan Bender

no way, comparison the by And in Creek? Cripple

Daniel Lee

debris. It's property Oh, a is debris. on the Ameristar gotten used It's to zero it but comparison yes, as property. who [indiscernible], jokingly a the it. Cripple we by need pilot to best to it's And Creek. They very name old. pilot a it, got refer next at built is refurbish It's Caesars successful. not bad

Lewis Fanger

am Colorado and of at doesn't Hawk, if try kind and you we property, quicker of think expansion. since And if when so Castle about Billy's, include I going drive Castle us the Woodwind it to make a on were Denver, there, pretty suburbs really south is bought for continued That's divide, has the people to Springs Saturday, instead. broader there the Pueblo. time was and ground Dan, Colorado We the to the on the from massively. our put south.And all town to bought Bronco But what we feeder Rock that market. about since missing, Rock the that to Park, I XXXX, Springs being of so Black that first first to is and you to be will started bad we it X down looking talk that it or think traffic Friday million in you what when we certainly that's of always gosh, when a grow But shovel my

to whole that is so will about, beyond the market we we million And and area and that X those talk people. above people

Daniel Lee

talked Colorado itself market. mean is will an market. underserved about grow being we the Springs Denver underserved we And market. an also I

impact a on at so negative I Hawk we'll Monarch don't Black have think And or all.

time. million but I an it $XX happen not will will this number think And grow is the over property. aggressive we on market

get expect don't there to it Just overnight.

Lewis Fanger

a that whole Yes, market and process. this is was X feeder years the only was point what it my lot bigger than started when ago we

Daniel Lee

half Yes, [indiscernible] hour? we we're limits, to are also bidding that table eliminated a up

Lewis Fanger

have in people a the we queue. more but few are, We

Daniel Lee

base to try I'll ahead. Go second. right. a All

Operator

DeCree John ahead. with please CBRE, go question, Next

Unknown Analyst

on DeCree. a Hi, on guys. John Marsh is this great for Max quarter Congrats

if Waukegan, here Looking seeing or marketing I'm an you're view giving maybe out the you have any back to environment, you're of that still updated curious on sticking elevated ROI elevated and off? to the at opportunity marketing that in whether results strong you

Lewis Fanger

mean a go experimentation with October. business I aggressive back bit were pretty Every little at about the And being is a free like advertising We play. in different. little does this up. is market we're of little still quiet the the Well, drive We're to with a location. advertising

ads it. And and the see. and scenes, look a so to spending wouldn't quarterly see week? it the Between this we'll revenues a it's And But to you do the them. The of have feel we target part did reboot mean differently. out we week-to-week, we to fine-tuning. what week just figure are different new behind still try this like, advertising. play and advertising were you of see, it's spend What and look quite. on we'll our learning, and you little well, at free you basis, were watch the if still I it it We're

Daniel Lee

Yes.

of quarter, more expect though, the should that fourth Max. throughout You

Unknown Analyst

follow-up one on color great? Book. commentary would Or there the Understood. And additional Okay. elevated maybe heavy quick be you. you're that? some the Circuit seeing And days? opening on Thank if Sports of just sports Any then play on any

Daniel Lee

people positive. It's but not into positive, does big property. clearly It's bring the it a a

course, everybody they access because app, can their the which revenue is Circuit's most Illinois. comes of Of from view, from of point in the of state

down and You with be can place ES. Circuit. Louis in back

statewide revenue betting.And what always people by it's a a our sports out bigger percentage $X who Vegas American a the so Yes, sports bring ability the Circuit is well. as it true downtown. deal to $X million million a not year, Circuit property? and have we the sports that's operate Las modest into $X or have it does I it. on permanent And way, And year does, of the huge the with based relatively been but number. million in in book itself, Place, of similar casino, a casino except And at our made mean have books amenity at a they to to the big well,

Unknown Analyst

on the it congrats quarter. guys, good Good, appreciate

Daniel Lee

amenity By a you. way, now, dining probably right the a will thank steakhouse impact bigger have does. all we competition our of have Okay, fine because don't the and

Operator

Ricardo go Next comes question ahead. from Deutsche Chinchilla with please Bank,

Unknown Analyst

that the taking where about the that with thank for have opportunities on if you for guys, question. much of could could like, call strong in other would you provide on sheet before to balance comfortable you so a feel the let's you investment? I talked comment some little guys to moving X-year wondering returns the Hey the and What's for bit deleveraging expectation my business. was you target say,

Daniel Lee

way we as this, build advance and to hard actually developing borrowed leverage American it's our both all look money in kind of Chamonix. the at Well, to been up Place we've because the

now about so to And we're open all that.

jump like to you and XX-month earnings say, XXXX is won't here, when the ahead scale probably levered. are our the casinos of to we our if obligation not what American you in, $XXX last be we're as EBDIT. earnings a versus about as $XX time, likely be And the grow company well, will Place we debt, worth million if I trailing built say, to swings did over as see mean, be that on And on let's a leverage, stuff bigger think at looks we big we're million in under levered. permanent compared of the went, that.Our I to you And look what look we build so of because say, were it as we're to big backs doing

their can when properties so pretty in we leverage.And Louis. time years built company this that gets if other and on money, And are also care And look you investment places successful.Then borrow in and then way. and if It calling and X and to they it at loses. part comparing going taken reduced would something, it's be good more with shareholders. win-win. reduce way, big And is the aspect. the built along we've you mean, grade. way Chamonix and when and doing up you at nobody properties we're [indiscernible] books certainly shareholders temporary the and borrowed the Pinnacle, management look sports you the other first Chamonix the to are investment was casinos. Place get my X the get Legally, this it same And the we borrowed And it was we Boreas, was mind, on, bondholders upgraded, Now But built now words, Board leverage. and plan would Bellagio we I ago, big it But it. Treasury. and the our we and there grew do successful. I building the end at Mirage, we St. because open pretty all results American at I of American traditional the permanent have Louis the to and But up in getting In It managers. end time. good heavily the every that do Resorts, stuff better a and Place Chamonix opportunities. we've getting Pinnacle, the lenders levered, returns, well I then so the employees we at already to we the just thing. build on by maturity and company. constituencies guess, mean were industry's when each are you we to more we always returns a good be the only X, was we've levered. levered, into and obligated have money these had I [indiscernible] were And got we inherited a this long getting doing we did by money, and Mirage built bonds became And And investment-grade that, before able double been when levered. And right, less way, the We growth the I and

Lewis Fanger

Yes.

about pro of debt what a to we you're chunk in on your open forget the levered. X one this sometimes big you one And weeks a run those forma people X depending that's to in when gross for Colorado. opened X.Xx think estimates, temporary properties, lot X that's properties, between in is of and in already and probably I borrowed rate build

point, of X, fact cash expense that to those towards and X amount. sheet. that Waukegan, to we of a got that's have openings, So get upgraded likely a we'll interest that got between expect some can just contribute that debt the But Moody's.I incremental in would pro on then $XX equation And that's there flows of it's that split that slug Xx and manageable rating all generates around and forma now the with to then, between be Dan's an balance will for pretty actually funding company casino sort we've there. the million permanent S&P part sheer a lower year making a you've use

So we it's intended. doing all the things that

Daniel Lee

for EBDIT X Actually, those to finish months our X annual needed exceeds M&E. the expense. debt it's included numbers, interesting to interest And our look all during at X-month the money our months

just Chamonix earning expense. enough cover X earned interest and we Place February, ramping months our the in with up anything to American without in So annual after opening still

how levered. lever We're have you look we But in we obviously, some it, that really. all not are at leverage. So it ways,

Lewis Fanger

trailing since leverage take numbers, that something essentially yes. isn't in It's those yet for it's

Unknown Analyst

much Got so question. it. taking for my Thank you

Lewis Fanger

time have you, we I one for think Dan. question, Thank last

Daniel Lee

Yeah.

Operator

Sigdahl from follow-up with go please Craig-Hallum, have Ryan a ahead. We

Ryan Sigdahl

for should from which a books what revenue just the in do still expect line licenses licensing quickly, Hi QX termination? then have sports for with And [indiscernible] your we guys, of skin? you

Lewis Fanger

Yes.

Colorado. go-forward a have skins have X that's some year. What Indiana, is million we on we idle in Colorado, and on So is X that in skin in that in are of idle total and skin X skins idle Indiana $X in Illinois, live live one basis, that skin got per we've

Ryan Sigdahl

Lewis? impacts onetime QX, in Any

Lewis Fanger

No.

Ryan Sigdahl

you. Thank

Lewis Fanger

I that confusing little know movement a all it there. with gets

Operator

would [indiscernible] I to turn comment. like the

Daniel Lee

anyone I the than more one knows than else. is was to important business the others that say better Circuit Illinois far going and

doing. happy they're what we're pretty So with

get we know what So on been it's they Chamonix your it's it, about results be very sports for are we'll thank And good don't operating at to open. and to are, I'd but support, we'll the at watch. know fun and promoting a doing. book everybody how And that talking we good and that, next like time,

you much. thank So very

Ryan Sigdahl

Thank you guys.

Operator

today's concludes This teleconference.

participation. You thank may disconnect for your your time, lines and you at this

Full House Resorts (FLL) 8 Nov 232023 Q3 Earnings call transcript