FLL - Earnings call 4 2023 | Full House Resorts, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to the Full House Resorts Fourth Quarter Earnings Call. [Operator Instructions] Please note, this conference is being recorded.I'll now turn the conference over to, Lewis Fanger, CFO. Thank you.

You may begin.

Lewis Fanger

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

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

also For comments cleanup you as said chip as give We a press will projects. and borrowed our with issue. all earnings a Dan said, releases company. find please earnings see our of in we're call filings.And point in But that here. a measures, we today's now release, well the this we're fullhouseresorts.com, at with our broadcasting website part large fund few can casino release conference where various of I'll X transition those as then to as that SEC well lastly, our reconciliation at any as large with in And we

have CapEx we now per flow significant Chamonix now annual expense.With generation. around for and to interest at legacy down properties our adjusted down, or free of both properties of our are that it on business Post-COVID, EBITDA construction and largely American debt, million historically settled burden so again, year, up legacy carried cash the $XX expense feels covering Our own. largely largely covering their or set open interest Place $XX has million like winding

and our by total temporary generated from We a when have have amounts free plus at now up, $XX hopefully are start strongly figures. in the looking ramped Place $XXX figures, of and our is Chamonix million those incremental long cash of American after continue you in that our so into those we legacy to Those top facility on we company see expect transitioning earnings properties.And generator. also flow million large believe they you said,

received we temporary to start XXXX facility is all an approvals you'll typically operate to August That's project into your recently development have won't construction XX% the our XXXX. facility related, until the X before American missed.For projects, of important necessary means important XXXX. Place of the that American XX% months many spend until in Somewhat casino and X investing into opening. for reasons. dollars of half budget second That permanent Place large we the That

need what recently, to we need heard should casino finance the American it right be from Place we now.We do to markets don't contrary have First, be expect in years. permanent our means the not a for many time few debt additional the to investors That friend.

new newest casinos improvement that few the next which that potential allowing debt gaming debt December, short-lived. to kicked will $X.X Place large our day.It our portion American historically XXXX gross extension to now that future figure will the of gaming facility season, time American markets EBITDA continued to we be us the the EBITDA the that self-fund be into to gear rate In time to back should have second, their interest financing cash recently also for hit reported Over our levels Place record expect, X million. between cuts the a to the with facility.Going a from us up ramp flow, importantly, around more we positive even more American expect company. If August a a has Most full them. of EBITDA American permanent allowing Xx, we Place to is any revenue offers show low potential temporary potential Place and have for for generate means free That years, into recently.

of into on can Vegas, that also created can his end their strongest assured to That's the which I some X, Place's also not Barry's of Chamonix talents our is offer things restaurant.We February, than to be One high-quality It high-end see is in nice the are no have steakhouse the can Springs meeting the a anniversary to Chamonix, for have had, hotel opening. single town. renowned verge the clamoring of of recently, crafted he'll around gaming party rooms, what our that did Chef For day. all that Dan. million. and have the marketing March American play months that's a in our higher elements, guests will his for coming beautiful Prime phased figure we month. heading gaming product and had opening open, double bringing something casino, garage, for our record previous that and start.At opening. far. at of X we there our to purposely that then be Colorado Steakhouse is few us in At akin will fill turn important our period, what is market now we've NXNE and about the market. summer on while and to appears midweek you'll start for Cripple weeks even construction Las on and of ago, XX% XX% our Steakhouse full a the those to very culinary rooms we Creek a so clear rooms group weekends Chamonix, important. business the easily the are above will come fill business when coin-in is amenities, into high-end most that be our north Group parking easy Barry a period will good Once we be planners the coin-in off occupancy.For won't we facilities our will night breadth plans.We the meeting over snowstorms with $X see months, we can Despite interfere and brutal seasonally XX% was

want to we should You a do some cleanup Q&A? there, or do

Daniel Lee

more did stuff, there's mature, me focused important, language is being in a then We've lot there of its Meanwhile, going completed in done to Colorado been editing still give let case. backside is Colorado open. today, this later, couple jewelry spa. a Illinois restaurant things. but X but store money. we run continues there's property, will in and shortly getting and Illinois money a very the mostly significant important we I it's all actually small of most X restaurant was in historic about Italian town and no on now, been just It's nice. be getting You have a to which our XXk this touch and longer it's open pretty Colorado and and thereafter, soon our the actually but it make high-end to later The But Peak the has little Pikes that's for challenge, bar, now. a a a month, going Mississippi

in temporary and for we've when reassuring, for all issued So that also casino, kind the the done saying least basically money of then in in to that's doing. at did advance size, it's borrowed the quite what effect, is the yet.But and bonds, we going we time it's we but because in of of not company coming, construction. It's some triple it's the the process add-on been

well the you're enough only to would no paying expense and see play including decline.So cash sheltered forwards, an total complete loss tax our we from with stuff been you built.So the bit, cash pay all starting taxes. math if with the construction we've of interest depreciation free open, lot go or now to little per stuff were cash, at kind balance, it can after to share. this and for the And taxes, So money every not restricted we having we've a have game and of make trying and carry playing and expense, it's new you I interest point, income on little effectively, a with but everything, up. without month sure flow mean, you inflection of it's the pretty this

$X, a about of years to be in in permanent. million, for share The bit order quite cash X was able to Place, to date. build generate commitment cash about the a we So headed is $XXX our next flow should the invested free the we've per $X state which $XXX and American of to

that do hotel first have so selection be another and date. We if year. fund until The it. until kind to city X.XX of we and quarter to a this or casino resolved and a them the a million restart or a building, won't needed go, fourth size later we We The figure to beverage the food just We about debt. Durango internally, state process $XXX Station, but half to from high-end next of forestall think half they quarter designed of it's money nuisance small lawsuit a actually of isn't facilities.So generate trying of are us bunch get year. shot the probably that can you lawsuit Potawatomi and year permanent So give of will. won't of with and need that's to this at the

rights something. like a attractive proposals, until would ranked there we and the and pursue. independent least have We're the have you should continue to permanent I Now, don't, If debatable. we proposals the we measures we'll additional it's saying, House lawsuit X there or win. the there, But is bad.Nevertheless, license think, X seek X Full proposal the legal And their temporary out I X we and the was have was on operate outside different pretty that resolved. consultant this in for we of as were, financing won't theirs all would of whether meantime, certain sure pretty think

will companies. we're a that.But compared now our probably it's so Xx Xx actually year from be or at our what EBITDA expenses casino point, under levered And that to will at interest most be looking

raising the be $XXX Place would the So not balance for of million American the task of difficult.

going the prone not very to Lewis to allow you loan a size debt want We'd bit in but might to deal, fact, the probably In paying questions. be are permanent I XXXX, bank or just it. out redundant anyway, to to be refinance little they're down create open, the callable. bond to thoughts said, additional very, take a is which you carve we're it'd may facility. that's believe But with fast.So American of term happy my anyway, once place Because due do the bonds now what have increase a

Operator

[Operator from with is Instructions] Our Citizens Jordan Bender JMP. question first

Jordan Bender

believe EBITDA how how Lewis, of that Waukegan, Illinois. is versus structure coming But February of from in half seeing records you the Colorado, can sizing current much half right of $XXX from talk million that reiterated more of some margin the about target. is that coming the coming much about and cost talked in just You I levels? uplift? just off revenue it's you from from improvement

Daniel Lee

marketing and improvement, revenue trying revenue more it's the mostly incremental the on same you the a revenue large to targeting better. about our through it's the to line, as least bottom of more numbers, the to dollars more that portion We're case. by but that'll Well, of little to be get the go has numbers probably a at continue the fallen marketing trying line. get for and falls of But marketing, half efficient bottom to

Lewis Fanger

we mean, marketing extra spend. some did have I

than for advertising do an quarter. in in of in earnings $X.X on and as did the you quarter, that of did example, the about it's in call we spent So worth. we the quarter third kind We media for mention things passing what those fourth sake necessarily last But more our million quarter. the not fourth the on

There's a longer been You did the has sake what extra of in spend, we and a of business, do back that the for here it first lot the the quarter. helped? that's of stripped lot run and then of the question term of

Daniel Lee

then it, lift our when time so a We a a our didn't on in didn't it, kind in and ran the see revenues. we to At we did and did see revenues. stopped of we we ad running seem lift work. TV wondered, But that well,

will was be So call. most judgment it maybe delayed revenues. of lift. But I going forward But the a a from that's think improvement

Lewis Fanger

revenue at Yes. on that $X, little $X mean, that consistently were $X $X, year, around looking I'll flip around numbers last monthly bit. was it we I and gaming you in ballpark. and had I our a

million $X in people, think I crossed So December, when around new we floor, first is time telling $X we for look, not the the ran $X.

But the here was its had mean, January dinged is country, exception Now, looking March, be everywhere forgotten and I is it's look, the snow that January. including that think and $X people floor, the their XX own clearly have you February $X in these well into in best in even the some months where may what floor. Waukegan, crazy and new casinos, looking I opening. months first new And like recently aren't of

year You don't year X have X. in your It's after or best month that.

there we more So you're see uplift from that, is going fully believe that here. to revenue

Daniel Lee

if basically, they bottom because line up we margins to the the is brings will lower revenue are get And margins, falls than be maturity. there Yes. the the at But of most way half incremental improved revenue. still that

Jordan Bender

margins. growth legacy some should that just and levels follow-up, you EBITDA, 'XX? of $XX million wages that into the to business talked portfolio impact has think then How the labor or the out $XX legacy up profile been Great. million maybe about the on And we just continue about, and to go commentary there

Daniel Lee

a country. keeps it every Colorado, years their it Actually, goes Well, increasing of example, up the parts for it's under minimum different they the ago, in law. wage. little increased year different but

not So an challenging. in people $XX employ a it's of time. somewhere will that I for in increase it course, long operated or wage is an in that hour time.And Mississippi XXX a Mississippi. X,XXX a has about Mississippi seen XXX a And staff we're to twice we've which in is long Creek total what is trying now, in And minimum Cripple place residents. has around mean, town

community Waukegan, to a we've challenge. be That's a is licensed lot even it. and not by been But so people the stable form. And commute we to here. there's a But of that.In people Gaming challenge. getting Commission. with And pretty a we're dishwasher doing XX-page we're through that. here. And mountain that's been have an But hard. around has a ominous a that's So this to And happy bit little working workforce now of pretty work

other of the availability So from effectively. to thing labor like the to like ways labor, the little with you be is that artificial it whether any be be allows of different just tight, was for going and more more Is varies business, if parts floor on. came much the was talks a and I a artificial said, you we bet, be have think, pitching somebody it. dealing you other aware technology hey, operate casino have recording it's country.And I if labor of up people the of efficient of effective intelligence an it me sudden, if you it are the and the on in you to these stuff?And I'm good video interactive that's, a cost necessary dealer. blackjack is, sure, somewhere then more games of they would to of look to so intelligence, going somebody down more maybe that And a all how Imagine that have a used can that you make road. the thing, actual And person about, is less

dealing markets.And so games, that like number the minimums. in be higher way, a by And would higher. you if dealers done the have be because of low we've only ultimately tips And to now to our that, you the games the tend don't minimum go

in of You some in other double have have have good have lot money. higher who the are minimums. and we what a markets And money, And dealers, some dealers are they good we but make fewer really making dealers are that some we markets. dealers

enough like, you have at same where to, you So, your meal then iPad can and to until your people airports point, they food as more you area, that in will waiter do this can go the some accustomed waiter place sit and you an order meal.At have facilities. and maybe we same that bring our be now thing in the renovated, see and never the they And beverage that you the you find, if people. serve

good service. day, long for looking we be that's payroll. person, as So people same effective fewer of per And the if the as also people, the because we're to more with ways have good you're constantly we providing for can more employees, end the the pay at

done if right, And a it's it's so win-win.

Operator

from is question next Sigdahl Our with Craig-Hallum. Ryan

Ryan Sigdahl

X on Chamonix.

remarkable say, several It's So inconveniences, in to days, the first, with the experience, be player beautiful. market. that that experience opening. I'll it in opening, first-hand negatively following weeks impacted first is But the going the soft soft

are the kind corrected So try fairly construction. with you've the have heard trends of them minor, I once Have what you and curious visitors? done? ongoing feedback. just early you those guess things But got more to it from visitors feedback seen from But back

Daniel Lee

pretty guests. first the recognize few the invited casino only much for weeks was Well, hotel

our Turns said, and back run televisions so. the and And or need you all some like off new should there slid to weren't the different of working. it up so things And television dish. sorry, we into, spot. was had and wasn't the ice pancake in we little right like, the building top I out dish. X we hey, I sudden, of a we're was a went And put cable The maybe get a then working day, okay,

so And shot.Frankly, mea are lot those issues give have of us hey, casino going problem And back culpa, come no people they're them customers. like and we a and back invite anytime. say, would We that. another please there to

have excuse back. have we to them no now So

heck out glass. to our supposed rooms of We little some of towers, our of architect They in annoy annoyances. have X are things, guest little the me. really have the put X panels But

have view. this you expansive So

I some some but the energy architect said, solid he code. turns it's the out guess, For panels it because our it energy not code, had in, put was idiotic first reason, at

outside. the time panel's that the putting panel's the matter hide there's up room, these of By think if But on I out, think the don't of have, look the it the liked middle. on I And edge some about that the figured the it there's the he is XX panels. we I curtains was of glacier it just would instances much in the because XX it where doesn't it. rooms know.

And sign the and panel open view. so we that the put your spring.And We'll a those we you little tongue-in-cheek fix kind middle a of in it solid blocked said, can't that blocking in sorry, have the the your So curtains you we winter. view. of on fix

And free a Our room point, your or off We blocked those happy I that I won't had was play the for architect thing. upon his on funny our $XX decided of give CEO cell one competitors a who, much. request, rate one because view.And happened thing of of to screwed rooms At of phone said, asked and maybe number the we you to one too $XX but get is, up. little $XX. the but your our stayed hotel, in we're we say

it new So him, working So to you're we through. It's there's has some any gave hotel those I And things those right? just think certainly harder. issues. of that

Colorado anything Hawk, Aspen. and similar one Monarch this Vail The the mean, and Ameristar to and only have or this in You Black appreciate to it's I built of they bigger buildings largest buildings similar were is ever. than in issues. rural had

didn't where carpenters open have so just enough at because Finnish built didn't we once.So and of Durango workforce you Station, a everything at You like do enough to once, all get on. everything have couldn't we

them and then casino focused we the steakhouse spa. So they're the on had and and focus on the now the hotel,

stages. in opening are we So

Lewis Fanger

the well. in winter. the fortuitous It's a into open We a seasonally weakest as little It's way in winter.

up as all big and we summer seasonal before it this spend our gives chance get the phase, before up running rush, the get during there big our well. so put employees, you out our season to amenities marketing kind ramp of of us And

be Dan's single Wind at at been knew issues some tell were opening the Mirage. Bellagio, I can tell I've about issues And there to, with that we issue. So Every casino that been I opening. had to, to has can you that going Palace. you about Fontainebleau, issues

through been local people paper.But We our of And because it the don't a like news quiet You it day, can for into us, some a that having list. look, have go unfortunately, have experience want issues back. must experience. very, made got sure we the were issues. there will about they time good the come very it a making to inconvenienced And is that everyone have next the good

Daniel Lee

hot like remember still the we I hotel vertical have didn't Verge, La at column Yes, in water. that X had

On Somebody Bellagio, day, it we hot whole water fountains. that be they'd bore of a they'd remember had lot day, with. that fountains. had calm have a money of screwed we a a At have on have to And the was to the had windy go. and a there bunch full up, deal low I fountains rooms spent didn't could

ones, it. spectacular. supposed there actually early And think different fountains. and I were to the of on, would I So this stand decided was way.And there it designed use low to never X that say, stages all we be people thought then that's because was

run and you tuxedos [ Advisor And the ]. you and place to so opened think went, So of place kind let of running I Wynn's I tuxedos. into show, we also And the go. now windy. was getting And one I and my inside. says, let it's fountains We them no just their do issues. there's to silk mean? to just there's very they she they And just get run low resisting. wife, as windy to to here. you didn't the the everybody way announced were Yelp, and And gowns too their what going they ready everybody and I had difference. said didn't get gown. on But got her And Mr. it kind little came And a have dragged in the Bellagio, building they drenched fountains. of When could And expensive was my at in the have see have like fountains on.So I right. said, out Steve it, run has we the She point, to don't crowd. wife out drenched that every was there wind just in opening their night, a into

and working way have on. usually, out right? un-satisfaction And it. don't through go so we're the broadcast But people You people the satisfied It's go could and unsatisfied their our people. complain, didn't

agree I think I you with people mentioned, you me. are, I hope literally think, and

think that used the it's a and the but of Wynn same Bellagio the designers. prettiest, casino are, country.You regional in I and we every built the lot bit whole prettiest walk the we in not the biggest, and quality

I think be so it all And have get and will for there term are restaurant. didn't like but long dinner a getting us, accolades. things these It's there. And, we a -- will asset it

can people more the that coffee shop. competitive end dinner steakhouse a in So a makeshift a It's but or at call well, from space. is That'll Diner here anything the been already, American we've all And nice in diner. and and were accumulating stuff been a of rectified company, just serving of with a all we diner. restaurant at finishes the I'm now with a competing saying, buffet a we do at structure long weeks. a in couple And the a anything what eat are like these be And it the got it shouldn't meeting us in And modular we done -- high that's week. not Place, actually took is casinos. time, Fog room another that but around bought in It's points, steaks open I you us diner. a diner City it's decor San Francisco. I but think finally have

Ryan Sigdahl

did all room. pay despite did for I Well, that, my I -- Good.

packed. money So and was floor out you the me casino of got some

standpoint. good was that from So it

Daniel Lee

blew at you Actually, down checking tell a the I the said, And were elevator Lee, had we we as of And before is And standing Ice there, and windy there to been me were had walked it's we're trickle building place some the flashing say, an show that units went coincidentally, very happened one the the the about cold And from in training. water the had running ceiling. a part attic come to the I and We into was the and was night. me to street. coming off it heating Adam will they very And out surprise. of it there's cold. you they story open. one flood. there's building.And night dealers Mr. Lewis And a there when of back and in allowing where up doing lobby. it minute joints failed. out of it the at between as were what Palace and And always last XX:XX some of inside the walk air expansion the the into supposed building,

pump. into the water And damage it of trying get of we fire them. said, all marshal, And it's floor.The we his and get all pipe fire to the the He he sailed gallons down. to oh, Colorado. repaired. is of we to running casino froze gotten there froze any pipe almost a the so got where floor.Fortunately, came phone. And was coming water gone because X didn't kind each ice gushing hung And other floor. had foot guys kept that we to water. I answered a bed. But to ran it up the thing very fire And And it decor a from nothing pipes. looking third our cold. the and in he he second in the the water's on happened vacs And when off area told And I and it. it the attic the there across from. everything sprinkler his out. it wouldn't state Pipes inch the that our the room the going ice on were next I'm actually thousand was one out on shrugged of then this had pump, had the wheel the a had cap But a up water but had where permission, very, sprinkler to and so the that flashing was and the the and with speed little, had everything $X,XXX to the where pressure And our all And And Bronco a up put plug went a him. for And temporary morning, like and broke end insulation edge over and servers And put issue river it knew a And wall of shut. the running the And there a the for Turn the fire opened that the system. we will right And noon. which having there's the second on on and plug had closet in did, a down And I casino. I turn up midnight and a on the when of missing. this And And him going we freeze issue And It's sprinkler the back went I the unit of happened he out submarine. That suppression very that is server else we it the just day fire. minute. right and property. spent, looked side. like in, construction tell at that opened you, melted had water embedded everything. it we says, and a contractor leaks everybody through figured out the the Abilities wasn't through plug shop close heating system the wall walk dial kicked off as towels soaking really a came an night casino where of bit. water to turned and next middle before, ice were for got in to time. heating the other they'd little had it

that's to has one. at the surprise opening this its going every so And worst we're hopefully, And have surprise.

Lewis Fanger

a your affected. little visit know But now was why you

Ryan Sigdahl

Look the quarter. to the Yes. the last Lewis, one. the maybe in flip versus the Chamonix was West to in guess, a Maybe quarter Nevada? X one. of much versus negative just forward quicker properties next pre-opening performance opening EBITDA on smaller in that I the the from how week with from

Lewis Fanger

week that made from last for we worth. Well, Yes. it's Chamonix money what

for, what, that X quarter. pretty was Billiards a losing had that in only casino. the saw was rest You quarter. of the It for money of casino. days fourth Chamonix carryover the the We Really, a the Bronco packed was

Operator

from Deutsche with next Our question Ricardo Bank. is Chinchilla

Luis Chinchilla

first you a change you competitors quarter Illinois if the dynamic? the How market you been ability quickly operate is could there promotional environment competition? wondering Do see there? impact and Has any to XX-X of more have to having comment your was more from terms seen in effectively? in the on I in

Daniel Lee

We're quite a facility. ways away from the Bally's

Rivers. to past words, Rivers. of away are week at the and time. Our bars only being machines and an main you some XX us, competitors you downtown days from drive when to other day, Rivers In halfway Chicago side drive have hours X and slot get other the hour Potawatomi around drive to our Rivers liquor They've been Bally's the to past north us. for a stores and but not on a quite you're us to

them have of there to back, -- happens And don't much some seen impact them. so they were employees biggest when well, and number they much wish what doesn't the is have on I a we've on come thing Bally's impact is but they've us. lost us.Probably, opening we

Luis Chinchilla

it. of EBITDA Got we target like the the target guys the about how phase or Or of for Cripple Creek profitability opening thinking have margin the generation do When a property, cadence you a should about property? the of this think Perfect. year?

Daniel Lee

is that. target, because get and alluded there them, to We Lewis to have and obviously, do everything. on you're forecast thing tougher each when build a of it trying kind a of But to we to

right As long as it's the direction. still trending

we opened, great.People that's we ago. Place, would continues and now and And are would we forget example, are I that would we where several at we have now it so But million make better second every in it's before year year. $XXX thought to month not about get months for where, at But not third are we its thought Chamonix. or These its first $XXX year its thing made did I think where American years, its year year. be or a assets. short-term is which The about to million I today, are Bellagio from XX fifth same be

trying we we Wednesday, the trending there that we nowhere to I still many around a construction If have are the finish guests. sometimes lot the on property have have. don't the construction.Now people have direction. guests. right to have we wandering We're I mean, are a mean, were as We profitability matures. weekends, you expect there it we even We're of as on near as

is a As Vegas. facility, pretty important, something Las that it mentioned, given where like it's which little Lewis that is, bit

and before to, Blackhawk. it's book It's have meetings in open. You conventions, thing and the Creek. with them hard Las But be will on the fill weekends midweek fills And that you you Vegas meetings to and conventions. same Cripple thing same those at

to it, going meeting promise a but see and on, You so that can wonderful be wants at look to planner wants it, to feel it's wants that place it. to

booked And things to those be tend so later.

may you being few meetings to temporary important. there to to summer, But that's we meetings going in And will and the gradual space be convention need on business X winter, would at or we that the successful. a are that and that we the the the because both get midweek, to numbers have what in there in as idea out keep were a be meetings busy seasons books. next the quartz that's up types restaurant and Monarch, meeting started really I meeting moment, days. very a nice up any to filling we'll smaller and of pretty have to go similar mountains. thought, you it. be there's this X that an our Creek. of that Blackhawk days And an for lot order there it on is get midweek pretty who it's shoulder not was construction, of in so It there.But and think And in are maybe room using And meeting I process.Now meetings Ameristar which Ameristar, we're not you I the and was the Ameristar we space state of get to busy because about. quite And stenographers figure to Ameristar one was have of And annual and Colorado was of But Quartz easy of around the to just very these the in remember, a their it at huh, them Cripple before look and out fill gives Colorado meeting.So and the or went that the stenographers the meeting. at as months, there in I yes, out in are I will to enough Stenographers. was Association more trying in meeting there's because we're convention we're room quartz books supplanting

Lewis Fanger

it's it if everywhere, certainly know of New little was to you don't had you give color. bit of where winter system-wide month I a sure and in helpful there too. Yes, crazy a you snow levels challenging January I'm York were with snow.

Creek. immune And that to weren't so we Cripple in over

made summer, so to And But the the the of of of us in have month expect move of amount out cash winter meaningfully. pretty and don't significant flips kind script January. as a the into we

snow As flips but... can't away, I well. as script pretty stays the today, easily talk

Daniel Lee

moment, the snow. the feet has of XX At seen if Tahoe like you've news,

closed. have if of so they were Village all they're right And the now, but Incline know, this don't and been weekend. I out going closed in roads open

who the casino's our bunch at get Hyatt out. hand, there's and a still open of other the couldn't On people

business, of Tahoe a did weather. we always has little So but you know, bit

always be numbers February up be the You have know to but just pretty it we weather. And But weather the it's don't has we a going general good know shaped yet, is, but month. to don't really is what good. in final

Operator

with from Our Chad next question Beynon Macquarie. is

Chad Beynon

bills CapEx about free here 'XX. the project maintenance Thanks. of rest flow? of about Maybe into 'XX half, trying pushed and 'XX kind standpoint, 'XX, paying think kind just that Lewis, well on first and just Chamonix, cash How of a what's the CapEx either about the of we from CapEx. should left in to overall bridge just talked the permanent first being kind you for thinking

Lewis Fanger

Yes.

just of Chamonix, So that. end largely account cash million the restricted of We the year. cash think that of restricted had about the care left $XX in at taking account

that I sitting got of think literally $XX account as real today, million in I've time, now. in

thought know, So, for food you there.

lighter before we'll of So quarter. CapEx historically through side. been the Maintenance work that on the second the end has balance

that machines. tell But maintenance newer been $X trending close new. slightly CapEx.Maybe as to we've $X thing things buy properties, they some we have nice while slot people year I for are more to So up million. a million is the creeps $X we generally like

of isn't machines. things maintenance so of And there like slot a CapEx lot outside

to a So year. crazy be it's not going

small start for American of it that, is of things the construction As or mean, things blueprints and like XX XX might meaningful of in work. Place you generating and I XXX. like at go some doing some cost. into maybe But completing end very that we'll 'XX very, we kind of and flow, even terms of be site looking work pretty 'XX, end start quality out cash the Yeah.

Chad Beynon

that kind Okay. that? left change it'll completion deep that of in thinking in kind significantly to cost How Place property? of the type about can the medium who's get think in Perfect. market? terms any How And view on should to you X.XX? are of property? mean then the we run in much as population property What of Will return term? about American we that What That's of that terms the of updated permanent, spend?

Daniel Lee

kind from really and than right? just by a of I we're really during to Motor indefinitely, in, look it because it's little nicer a looks wow, it's people drive that challenge. have you in hole. getting walk bit you much of appeal look But But say, Department at a pretty you not night, we At operate images temporary So, structure. is allowed the project sprung on making And the salt. to it's mean, not store the Yes, a how algorithm door outside. making curb complicated you little unimpressive. do walk it, tent, the like expect black is that.Once it, it doesn't a the of a so is the But temporary the what day, right? it's bit Vehicles in at of where a it

the Potawatomi be the think curb is it'll mean, figured. will be $XXX you have much I nicer better about at... bigger. is start a looking the million appeal $XXX inside. we on somewhat I So, I And, permanent even a year EBITDA, year. you And remember know, Rivers making million and be It'll

Lewis Fanger

That right. sounds right,

Daniel Lee

the temporary facility to know, that a facility. be with you And, a demographics, get you million. may should And to that. to facility. with be achieve if doable permanent not Right. able doable we're $XXX temporary at A It's of trying half look

$XXX incremental So, return. that's you million an there's for investment, say, $XX million well, an if okay

workforce, we've storm but we that Now, of We put had good $XX-odd there's so will lots a tens fence and $XXX dollars in next of door example, of part chunk move will millions surface recruiting sewers slot have that permanent.For machines next invested a around move go And the far, a that a training of all stuff is then pre-opening workforce and expenses. permanent. now We of the million is of million that can and which the to into that place is easily. very parking door.

Lewis Fanger

place, years marketing X stuff. the lot or of It's X that of of right? So, sort years a

Daniel Lee

So, it. there's a lot ways of look to at

spent we've say, now. for a at well, the the maybe look I'm as, these it maybe that's really permanent. making the earns, numbers up is $XX and $XXX the it million of you far, can if million $XXX what You is stuff temporary, million temporary so

and the And produce temporary cash itself pay then towards permanent. for the will so,

so, net permanent of million. cost $XXX not the really is the And

algorithm, It's a analyze $XXX it. You get end the you way million did $XXX closest which analyze net lot any you temporary. people. but of kind of And return, million for what it, make a permanent different casino is a a the if up ways just the you X good to pretty a you happens about complicated to building of you year.There's then in million what have

and go Station they of frankly, know, a nice I drool because, You very there. to kind job did I Durango

side part dinner. to we're at slice did going the look they or of we're probably of of to note the designs And, the we're closest going to when that are American town. of Las Las accustomed that on southwest XXX,XXX of the Place.They that the place. we thinking, very kind stuff And they many well, some Permanent out complete to Vegas there's people fact, take in have XXX,XXX Vegas, casino people in In of how that's is, there

to go Red Let's Rock Station.

then a at have Let's place go isn't come yet. We get or to in Durango to here dinner don't Station. people they'll And gamble our of who after. lot and before that

learning they And better are. what big of that'll Station.Now, a We're at have as demographics we're to come they not not But than significantly type money. going Durango so, what going on. as of we there's here the to the have is spend process be

that. be designed big. quite they can I going -- We're later it same to think that we expanded just be not not same million. in a way we're be they And And it quality could the are. half we've But spend about the as we spent $XXX but easily. can quality, that

Lewis Fanger

And that that will So, database, on is my more look that fact is there building it's customers of a located lot great. The first have in the of lot the at I about are a when there service because inside. we're entire for sometimes people. when And but one our tent country. where are great you funny think other we is county people gosh, figures in thing lot is the sometimes, counties will itself we in the time gambled, despite is, look that X and wealthy a that in on you seen, and know, this The and unbelievably tent the Chad, are, of the a a inside on then they gaming where draw wealthiest outside past kind. the place X, outside, will say, my make wow, spent, sometimes permanent the I for casino. they be already oh, you sense And a I head our in know, have get have the come never the scratch very that in people this

Daniel Lee

great location, would great I tell curb Rivers is you, not -- a Yes, would I but it's appeal.

appeal than You drive blue backlit It's they glass. we will They have great curb location. a have have Rivers. by, some better

Operator

with next John CBRE question DeCree is Our from Securities.

John DeCree

the getting a the an in wanted Just revisit quarter. temporary We've question. about questions been of to lot earlier

back, a than about would so the step expected. the Lewis, about that maybe talked I earlier a adding If margin think correctly, even have quarter. sequentially think marketing. heard was I in I we down elevated you've $X.X But or million,

next in So permanent, -- that guys in I costs follow up, do new to XQ do those going either structures, Marketing, Waukegan, so kind you was forward structurally just kind there's about a still the see in picking bigger here But might or cost is where year? any just guess decisions -- you some think can of be the the to or marketing about spots margin temporary in wondering, in made we if question, decision think the think all how once. Or door? XXXX? tag there of then obviously from we I'll customers I I'll of other more you should made. answer at about.And normalized get you we or the that some see grow database how the opportunity

Lewis Fanger

at less temporary well, on at Yes, a in the did you $X had couple here. gaming things of the about going We revenue. you million have

the So right? the of guess, more that dings it was function flow through, looking third the and So, bit I a of a really as versus some the at you way, reverse quarter on little seasonality us accruals in actually We quarter. as other winter I'm benefited this. just I some some well. that actually We Adam had catch say up had third

XQ quite between and not it's apples-to-apples XQ. So an

little of color a bit So there.

John DeCree

Great.

I helpful. that's think

Daniel Lee

is markets. quarter fourth most the in seasonally, quarter weakest And our

that's. So

Lewis Fanger

to part second a have you that? did sorry, And

John DeCree

structure -- XXXX. was cost there related to in It it was

XQ talked that opportunistic more the specifically that. think expect even we which normalize or I XQ the year? you in budget highlighted But as You in marketing start some XXXX be does elevated to that and should dollars you'd about, well, you doing marketing, as had like noted, marketing next

Lewis Fanger

at people opened.Today, go mode, in day as we're few you we it's and and when we're be you the on XX,XXX in in we mean, database mode the case have do doubly open here right lot any Dan an XXXX. challenging not period. Jeff, in in a in new say a closing now, it a this, are people more things, I look because that look, normal going excessive to casino it like And, there of I when does feel As general out in database. and to difficult the because this marketing, had X I was

And general people. look on out zip can more those else. targeted But that, everything we also and anymore. have at can a to go so those on to lot be We messages XX,XXX start honing to top of in we don't codes

more we ago. it had a today a have So would than lot of a what year becomes science

John DeCree

Got it. And congratulations, guys, in open getting December. Chamonix on

Daniel Lee

to of quarter. kind are figure everybody's what like it's quarter, Yes, trying funny, out the earnings this next

that And million that as $XX so quarters are positively get in whether it from to or places. we, isn't get traditional trending be And fact as and the get we X We X $XX there or in to be place X the honest. we quarters there. million want quarters important to each to

me history let mean, get like interest very cash try this of to we well, We you steakhouse do know, million but the focused we're on open. EBITDA. just of of community try it, quarter's had I year you what's -- don't in to analyst the And before we sweat to finished interest where try that It's things.But, so those $XX fix to recognize capitalized year a sometimes $XX And company. think expense, we stuff I the like, expense about it. tends best the million. had be much I'll it's earnings? right, what because let

really was you year constantly expense a the flow first whole we we comfortably market's American bond year. at we're for not. anything And it's didn't year now. even last some of our need Chamonix. getting paid to here the get better, need only number. this. less do our And in gradually that that's open augment of a know have free because away flow? that's of flow. Well, days than we're so, approximately between I throughout is. close. And good away. itself And a lot where X And places? free half the without do many are It cash Xx people going to at, of cash year. money mean, like the fact aren't just which the quite lot of the isn't. you think how the we have stock at that cash about Not and stocks Xx place. that producing, but already to is is the trading a And don't the No, the think interest actually, build to financing are from was spent permanent do I nuts.And to ramping permanent least looking a having American bit So have we've people a up. place much property we the year.And Illinois It some do in a money And build we And American they're bit big it's needed it the little actually just the And

where So are. One that's question. we more

Lewis Fanger

Yes, probably time for one one. last

Operator

from Our final with is Barclays. David question Hargreaves

David Hargreaves

the So, listening the to correctly airport. sorry, heard I I'm understand if I at

press I apologize. release, some missed the if So stuff in I

there. then to in much, you you as expect February and think the impact have curious is I'm liquidity angle. just at plans your to, And opened I the from what I'm how in over interested Waukegan. left And might taking another steakhouse be for? what liquidity

Daniel Lee

the that and from I some build going we X place easy. years to cash permanent here that's build X to Well, up cash American mean, then we're to now.

So question. second that's your

Lewis Fanger

not out or we're like market in quite that. indenture we're dividends the meaningful buybacks or anything doesn't allow not our frankly, stock for for Yes,

investing permanent in for and now. it So that it it taking then the for really cash, us American place is preserving

Daniel Lee

have think, under Yes. credit I I I Lewis this have, million We'll probably we drawn facility. that think pay a we $XX year. mean, -- mentioned, down

Lewis Fanger

million. $XX

Daniel Lee

$XX question? first million. And the what was

Lewis Fanger

north That's we of million. $X is gaming of had then to going what steakhouse. you best to December we month be revenue. February the know. in having I know. missed, Yes, a million going was probably $X is month don't to Look, ever February million. and the our was this be of think, Not $X.X of going published of about north property. think It's be first after history one We Oh, David,

the a now. and to him no, here a casino here. first very the in dynamic It I got energy the completely a was, floor, very for very, was you. different walked was month. had is Jeff good this Good our the weekends. thing and afternoon said building very, GM Jeff, especially that Saturday on I So it steakhouse.And I is there on with at dinner

Daniel Lee

get part And we was Yes. to that of needed over the what last first.

think a the had best to for but because half contributor, the say had I can you Well, we the was hard have it it's probably say, month Now, the was would property's we month month? in anyway. steakhouse best the open history

Lewis Fanger

Yes. customer. good But a an much needed it is important for addition A amenity. high-end

Daniel Lee

That's right.

You the get how many people building day? a through

Lewis Fanger

X,XXX a building? the day. Through

Daniel Lee

day Yes. X,XXX the We XXX at doing people we're night. front Yes. and a get a covers door

front a important portion relatively of eat coming the more small So people the it's customers. the people do in steakhouse, still door but who are in the

Lewis Fanger

Yes.

David Hargreaves

month. recall, How's of I February that going? Cripple Creek is ice festival if in pretty the And a important

Lewis Fanger

was very good It in for ice Creek a with that week us Cripple fest.

Daniel Lee

Yes.

David Hargreaves

Congrats. great. Okay,

Daniel Lee

job Hey, congrats on your new too, David.

Operator

now the We Dan call remarks. have reached Lee will I to closing turn for the end of over our question-and-answer session.

Daniel Lee

and the quarter. every we're of we're progress in to going the process the making size say, I'm of tripling company just

So we'll talk to you quarter. next

much, thank Thanks support. for very everybody. So you your

Operator

will This you. Thank conference. today's conclude

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

Full House Resorts (FLL) 5 Mar 242023 Q4 Earnings call transcript