FLL - Earnings call transcript Q1 2024 | Full House Resorts, Inc.

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Operator

Greetings, and welcome to the Full House Resorts First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.It is now my pleasure to introduce your host, Mr. Lewis Fanger, CFO of Full House Resorts. Thank you. Please go ahead.

Lewis Fanger

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

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

of our property the beat and an we gaming From beat good by We've for in that and please our quarter, good earnings American generated rate March property were Place about are record of American a hit EBITDA, of we're Place, lot those days since release State run American again a talk prologue month. don't fully lastly, most good of about its all view, versus XXXX. on well much in isn't at during And there's The EBITDA as to ways. we It's yesterday and came well think $XX open each broadcasting really as $X the in the been couple of February, of first million that guest A fully we're for a is biggest our of SEC this and of For out that March, Illinois, today. conference American revenues April said, done rose phases. early April double quarter, hotel We of expect releases XXXX.That's where like what weeks We open XX, Prime. website today's yet. opening issue. Place again in on see million did it it We stuff now a growing revenues record had Chamonix yet. ago, the XXX April our per find EBITDA Chamonix That the obvious current to reconciliation in you can call at that put gaming Waukegan. And April. during as the our measures, full filings.With roughly opened we recently. we of in after parallels, $XX as about fullhouseresorts.com, of opening press of room us the that of of per in puts from gradually at many year place opened is point consistently XX% EBITDA various North first monthly we December. in February, We Steakhouse, generating the we online we XXX a record which setting of we there. over quarter happen and million High-End being is

next spa, be which will reviews early to And and be at like the people our service a guess, all just The good open pool to important been expecting good. Steakhouse Chamonix.The very we're restaurant on Place best have experience. was the over draw few in will new very goal could The American was over a create at the that from Our amenity weeks. for same true delicious. next is point. very food the Colorado, It's is very and

most to of and snow X There for the weekends weekends in some winter Unfortunately, X affected weather have quarter. important that are us The call the kept March the heard Creek part weather The did entire had rough else's in was February our you've complications Cripple earnings winter we snowstorm we that of applies about cut days. Colorado, a in everyone electricity the X Now In on in certainly town off here. falling snow to March. X weekends. more on week. in January,

so quarter, but normal to the us to with weekends, was of those time it affected through.In improved terms not kinks early some all that certainly And we costs opening lost track. we're as allow at it progressed. of work in Chamonix, a the we excess did right a needed profitability fix on first the of that money carried when We lot quarter the days of

For EBITDA loss was a about the first property adjusted our quarter, of $XXX,XXX.

be but should We a have it breakeven April, not for yet like looks the month. that closed books

the much in. have should kick largely As should summer, into we amenities be better our weather targeted and start to should our go plan complete. We marketing

of of that short on of the rest. a events, should and winter forward contribution.Elsewhere those continue result All portfolio, Chamonix look at customer that it propel us. the core EBITDA pretty weather same some like years affected in the stability a to I terms meaningful positive And spend if I'll there's their just outside weather in grown at keep specifically like Slipper, our you costs But Silver elsewhere, the out feels in perhaps called insurance last in has us. spot outrageously. we've it been few past, property bright know with over that

those in anything wrapped about months.That's go my XX over just May on $XXX,XXX property news add? actually highlights. by want our savings up good you starting will coming the insurance down and to Some costs there. XX% quick That's XX. We renewal Dan,

Daniel Lee

It XX%, Place of row a we up Obviously, right first. gaming that the in tax address the direction. the going up up a full don't pace is in in as our this on. And as we a XX%, revenues the be But goes above impact to months thing.And the obviously I everything almost is American running year going is And and difficult doing in comparisons the I strongly. know get year also theirs. goes more points perspective, us we're Obviously, that's than just X on. we'll of put I had lower property. now the strongly rate keep September, any the be the same think on still have for think which will all rest can good XX% I'll revenues, margins XX didn't No, case. it up Chicago we and opened downtown we're year, at but

so a so pretty And something us. like have assume and to to commitment construction number. XXXX, would in is is designing parking build for build, A And the fit to temporary permanent -- we're will and that Anyway, good sewers line. approved special forward we our the the permanent going Valley's so legislature of to what temporary and until operate a the shape. lots we -- for until I time we're the we pretty the probably they have the short and similar in on. permanent, which have -- the the lot the because, the August seek of requirement can $XXX used strong of about million be partner invested build

So in the anyway, tent. always We their and go from the so X million of nicest that impressive to you casinos with the not we're into But arguably way we eventually casino one Place. knew people, our happy it's American very closest outside. they in, once It's very the state. were would find

there the we're in We that shape now effect, of at So given occupancy And first handful service gradually. a guest fix and of hotel Well, in builds mentioned rooms. something. at all the are any Chamonix, trying they the done. be I have all out rooms night, also stages, it. XXX might we're part think there.Lewis quarter. opening have to in online the gradually said good that's that during But we came But

occupancy pretty week, but drops running absent and been during off And so it on stuff. we've decent weekends, blizzards the

even that this So casinos, much you're summer. like helps.I or nights build We're will staying mean, to the but night opened Summers try a in with midweek sort rate us we're of to can thing some mountains weekend, more a preparing now programs now time, deadest Like the stay designed part are if the most business. Friday coming take midweek. in we the at a or free year. up on build roll Thursday a regional improved in you on seasonality help up one to get Colorado. That out beautiful and occupancy to of the of X

And fill July just hotel our every August. night will about we think and in to I be able so

getting we should fill Star so off And of groups when little go Slipper summer. on during away, the lot And bit. hotel season.The the Silver meetings a quite to in were the fall, Rising help be so that focused we a we're meeting the of profitable start space during the to and very good slower have vacationers normal

Chamonix We're everything company probably Place else not at they're was Some as combined at that also not where days. fortunately, Nevada, extended year-end. had as And programs these to overlooking eventually, weather. more it. of But Yet important. times. to earns we them places well. that expires looking the we're be. lease in than it's extend Lodge that's a some I mean, will to at get want them back several American from those would Northern that it. like we indications the that We've on Casino Grand they Hyatt again, have been to And

get then finishing to done. unique be The inked. the got locker a The we of as open store. treatment before is that and have is where more of We the which just So all but that's treatment so the that Fallon, rooms are. salon got kind the offer will the We're being still we'll that's And massages spa easy we can pool done. trying and won't casino there.So bar speak. put We have Day. still together we in room weight get we have Memorial we all enough room rooms, and kind to speak we're jewelry small one

So people get and a haircut stuff.

that's million, mean, we're the come I generator it's -- that start case. Chamonix a at and never profit $XX lot find point unusual And times, thank then and the it's of or we should same $XX Even instant that flow. a all the investors and guess And our go will I slam we'll is million a -- that's that. will doors the already what Beau the Chamonix, not we American earn I mid-XXs casinos. producing it's in point first year. as does open other something Everything we the positive were that if Bellagio in than XX-odd with now.And and really years I quarter of far regional for and kicked you $XXX year making dunk a these expected casino where, an take the X So as less and you company, else Rivage and else been it out million build I think excluding significantly interest ahead.I everything about cash it. are Chamonix. mid-XXs on. will expense plus Place And in does a alone then mean, L'Auberge

the new And so from the and all of the had Springs, prominent beautiful. Even of and came restaurant. the place good news own. is the different top of without sorts the hotels President dinner Hotel and hosted we told our hotels at getting the of Vail than of names we of in Colorado, better saying all accolades. in which Association great we that Colorado state all several And felt were and It's restaurant GMs is us Chamonix state Denver at and even our their the Aspen high-end had that and best had the presidents

-- proud Chamonix. very very finish we've It's in it the we're early, we're with out. early now to that's Very that. not in stages -- pretty but designs we And for the Frankly, been on and things we will.Anyway, Waukegan. team on to just of really fill those so permanent trying just focused we're people need it. And of our

as until requirement at you don't not want mentioned. We date which and there be XXXX, can the the just gap. operate a permanent. to outside I -- And a have of of That's August to even the we temporary open really that's

going place. You're to move to be new able and to the employees seamlessly customers

start really early of construction.But So have to August XXXX, the money XX XX stages have not years the we of start money. months construction construction lot that, of of aren't even that to requirement because before that means to whole a means is ahead raise so which we a we about X

of free And months out probably so flow. we just there's of X construction cash do could

not we back. have well so the their figure off of bonds par, They're bottom. couple they're to a years back financing our And to have come but and quite out

refinance that than money we're Place. debt will the should refinance guess the be people And And good our point, not see our we right we And casino but And it's go able extra build we at companies. money. that time, with to at the less to -- And market is imminent. on actually and so get levered the terms but to high-yield Colorado American let's making then most favorable debt.

the take the that's So plan.So strategy. questions. on to I'm happy That's any that,

Operator

comes Craig-Hallum. [Operator from Ryan Instructions] Sigdahl from first question Your

Unknown Analyst

This is Will on for Ryan.

how First you it's be you a the season Creek a given think shifted a lot where share do start of slow question overall pretty that but you've in lot it it's Cripple now the of market? and here, where snow the on could -- right curious ideally those think to term? at weekends, long Obviously,

Daniel Lee

Well, I think clearly, whole showing Creek increase that's And XXX% market. we of than increases. grow we we not lot But more the a -- in this account the long-term, for has get Cripple like picture. been the

our should Ameristar Monarch or of I in because to all You pricing scale quality. Colorado. have And look look almost and what at at look us Black and our Hawk where are be we doing up they're be, and when should to promotion comparable at

we're maybe quite nicer, think I big. as not

have nice. very there, you we guest XXX Cripple see Black you historical feels is, of XXX. a little vestiges rooms. bit have We I legally frankly, got Williamsburg few go They a a brick. like romantic And Creek mining town, about a environment.I and it, Hawk if it's but more each Colonial think, But are mean,

And at think so better we're environment. I a

equal southern the are distance. the MSA about wise, distance parts Now Denver of

So Centennial, Black they go so can us Castle Hawk. can go Rock on, they as to as easily and to

the reason there's for Springs should we're is places and we market. mean be lowest We're per and Last will to I I revenue. And be market. of think one from grow close know no of that.So so comes we I not it the weren't very in doing gaming and double what growing the capita Colorado obviously, the even But the the think doing I year's country high. revenues doing inherent in doing. that's double

strategy going particularly market education people either, to say, to have the we a the when Washington start to -- in quality going reservations. underserved. think Seattle one you they tribal few have I now XXX it. That's But Fairfield it's the second somebody fine as work. And of a very would in now, and That's tiny, do because take gambling weak in a it's in are capita the large And of after at so think us I Cripple gamble has a revenues.And a away, much the per of inherent good what the would Golden little a And to Inn. gets explain probably as owners casino the I run But $XXX we're there's for bought little a there's having almost rooms up very Creek. place that's not think X can't quality course, to gaming as And mean, us. X religion people view that's so Cripple the about a actually town. the which can you -- people I them. will now but competitors think We whole. that. of Denver have state it, professionally or then are They at the that small for fine. awfully But Nugget eventually our our And don't strategy over look don't are I Colorado and passed that's Colorado think positive double them, If gaming for probably and by rebranded Wildwood in with well. rooms Indian Washington in people I is big X get sister quite being as capita for mountains that about to And of they facility, and the the close and in Colorado like their the And major right Monarch time.So to or gambling. hotel, differences They is people bought the tied and also well, It's their street called something as to no have there's staying it's to Seattle casino people in California, been up the we're hit, competitor. into is people competitor the hurt near And and think Waukegan even pretty end much the the tiny probate can hour Vegas. Campbell, is at if other I the have competitor looking -- Triple a is Then bit tribes gamble on extent, an a them most other right and they've in employees do the you few pretty or weak Crown Washington. Double look over that's it's an sister us.So that the -- there in long is in go weak on. Creek too, -- tribal Century our drive drive But per across you of to Eagle And perfectly And markets, live to that us. states to town original to because is for simple. our you up built a about casino. at pretty good. places hours you too are it. just from is That's to there's will across all of the owner, Casino have stuff market. in look get X get a street from at have they're There us $XXX in not next too. going sometimes. people casino. Las the

which $XXX even you capita than And per Springs so lower somewhere and gambling Colorado and was around start that. Denver when looking -- is at

the quality built, we of people we've grow I understand the what market. think as

Lewis Fanger

Yes.

lot not quarter worth, that just it's glean a just is weather rigid. on -- winter the from to there's think for first was weekend I what pretty

takeaway for before, was market rooms. we used specifically pretty rooms I have during that answer I into these a overwhelmingly, you snowstorm being tell any Creek you that find They to and their look But not it's we something there I've feel Springs Did during place build us. still that think know in don't we isn't way, the to was it they thing? look drive might I worry trained tell yet that yet Colorado you right been Hawk, to sleep people can always without when to was, nice build time. to people snows And that it approachable? Did night.And a heading I've there Hawk tell Black because what if think go the will comfort change assume all maybe I I when town. Monarch they a Black stuff Cripple think to they're openings. yes. have because a I I'll been is a bustling And in. snowstorm for in People casino that comfortable more where is so is important that you this that's there's That's snowstorm will will in But is, a we that the get unaccident. our at stuck to up. they the and conversely, know

Daniel Lee

of big. of And, you have not But on. the same at or what I that point designers. and the high-end Not Bellagio. don't the had very fountains miniature the course, of surprisingly, used customers finishes places. XXX we would version number of one the we We're mean, MGM growing. the And lot we're have only Wynn the it's of of no, I've a a quality so say being are

number few of the And guest XXth Vegas of typical itself Las a instead our machines casino. a a we're thousand. a few hundred is slot rooms of casino So

but smaller, in we're you a So at room stay only one guest time.

at et had to come there cetera. tells you have the opening play wasn't to of Houston do dealt guy people had Actually, it up will family no, was one Cripple They that dump. acquaintance something Lake were nice guest Creek And in. facility Lake little no say, Charles slot there had their here. so it He when And almost to a Creek. crappy he in And here, look in ago is. people there, quality he Creek He a whose and really had and before. had distributorship a walked only it's as Charles of machine people now an educate I a in bit casino business there And everybody The reeducate and the you idea we been opened. really rooms different. been in great casinos it's was owns Lake away very and got at for need?And it Cripple you is years product he similar who How bet, built to pretty liquor You when he said eventually -- we no he came problem to that before And there's a blown the $X how thought really that more he good. Cripple had to of It a take L'Auberge of again, on a maximum restaurant.And something idea. says, Charles. time. said had many you somebody chemical in this a a nice

back And the so meeting business, distributing he's our force with place. having up sales coming a at his now from liquor

the spillover Chamonix, out.Yes, in going Bronco machines thing per Billy's, are so... far about is day, Chamonix market. in was the Bronco word the I is, highest per per win going Billy's. Colorado So interesting win in machine because from is by half the per actually eventually to and into slot machine Chamonix Billy's the and day slot day up And in in about in the per our machine per are recognized win Bronco say gets And slot the half slot

Lewis Fanger

rooms, We Black fill still close yet city. not. that'll all time. lead We change to Yes, not come in the the we're we Hawk. But do as again,

Unknown Analyst

of there's labor just few a but your on under years a struggles now in know few a and do past I just months at feel industry-wide, Waukegan you've new kind got the you maybe about properties. case that? in -- How and the year curious that of Maybe maybe belt.

Daniel Lee

Well, ominous different provided Commission only Gaming in form they is be every have it's in fill single Waukegan. by that community out. The and And in when that's were a about Hispanic. English must that's the there licensed that we're challenges challenge employee a pretty to half

so is And and not by stable because legislature it set took to was by regulations the what process build just in time had a is. That's and hiring the the it so it complicated the regulators state are place what workforce. it.And is to we the adhere to law

I now. we're there think

first we We was have Chamonix, be have of have easier now, the struggle. have process. to And licensed, a But dishwashers now top a months, a it's train And backside so management Peak. on has in it at good, X an Pikes XX,XXXft the stable we that don't people you're on and and it good new But people. always to stabilized. workforce some quit team of always

And total, population probably town of so either kids. those the in XX% age X,XXX of or and retirement the is are

so that's [indiscernible] a and employees there's there's of all Colorado Manitou place, and staff not west number Woodland is the from people a enough on of alone you to our doable called commute. Springs that's a commute I live mean, unlike. side Springs, actually Colorado casinos.But if on, And so Chamonix which Park. Springs, the place And let in places nearby, our which not like

also commutes on than of are to Green able side build I much team. Our -- Vegas which town. Las And mean, Valley offices Cripple are some Springs but Colorado or other we some hire every people the is Summerlin helped. Anthem of here and outsourcing labor, of it kind has challenge, -- in different we from That's the to from Lewis a going so we Creek.And day in then not and are used

the so... for Springs, the example, do other They well. by And of pool company pretty as Colorado it who done hotels rooms out that's in well all as so people of guest is big draw the they for to normal had casinos. So, cleaning cleaning in a worked hospitals does a being

Lewis Fanger

a Yes, it'll is tipped if so... you're too you position, move be year. others. and between in casino it our And a if into at becomes not the in employee about an It easy difference see town, if you're other -- big non-issue it. especially you're quality -- very our worried any in We're a the building,

Daniel Lee

I some surprises. it. chef Like, too find remind a He's myself do time a have you about for I eat job. written we have world I'm his to to books he example, and who's in be sought big anymore. my to dogs, enjoying life. he or And suits used many pastry won't in he fit kind the and pastries in out to He's class. mountain wanted Denver of mountains there, live And so the he's of done with his us terrific not Yes. Every

benefit. your in work does it sometimes So

Operator

Ricardo Your from Bank. Deutsche next question Chinchilla from comes

Luis Chinchilla

you direction. size X to There's you right about assets market, allocation that you to committed of guys tempting that Caesars different might build cash something strategy is like regards acquisition your deleveraging potentially for I or be for X to and to come priorities? months, guys say, in capital talked was the the right Or to a some know facility? let's it. for Are opportunity could too the with the going somebody

Daniel Lee

the Well, out. things. But of figure willing to Caesars sell for pallets flow, lot we'll guys are cash a look at Xx we Caesars it

have you say, surplus -- -- this over get and almost million math and stuff from and added which learn and Xx the frankly, of time don't if the the I and it's to to. flow just -- mean Chamonix bunch you not get a up mean, then market I at it. allowed -- build through Monarch always year. cash just Bronco Chamonix. did surplus is making run Colorado But something the land, we You to at we get Billy's if a acquisition. acquired We land had into to We okay, $XXX mature us

the to this year probably if have up should but than We that spend going sort but it start from is flow. next of better -- big be years mean, to not numbers in going of as we to. couple is a happen And say, that And and make free XX%, million to then that well, do have them. get they and And get XX% $XXX from the to we probably half playing year. should you guestrooms to to It's about we be many Can take with probably generated as and to notch number. there.But to XX% build might permanent tomorrow, a able that. I of then we're the us X/X casino able permanent, cash Waukegan,

other part the so where And in you I Xx Xx opens, When say, something and and $XX million is backwards, of our Illinois be today the is work Colorado stock company. million. up or all making will of management it our and team. in the today.And $XXX if big $XXX the and It's the be worth the is in in $XX rest like well, and they're million properties you million. Xx, a Lewis tied net permanent might $XXX then And we million debt

that And look like, as it at up. so we let's screw not

good We story, story. not even have very a a

And last years, a would naming And and company, and not do in shit.And against sold be this they it. go in but the I'm probably and a company. acquiring. just money well, there's good a we once assets REIT mature ours And that and companies, that very the like, their without stay just it X. couple We out have need you on from stock of boy, went We that, while bought to of can now a stuff not a naming get to took at may good who competitor out well. look it, okay? about said of leveraged to it's bunch we not what their the I has let's applies done at look and to focused

are he saying bad So not so a out to hard really not have make they're many we're deals liked, to easy bad so Baldwin there mistakes. do. to very it's used there and careful deal says Bobby do to so I a because

acquisition... to And not never so will an I'm we going say do

Lewis Fanger

very needs It compelling. be to

Daniel Lee

want we make now does. because when as levered I'm say to any in view the this -- new Yes, maturing we sure to casino committed because just I be -- to are and stuff you confident needs us other that It because the compelling very don't deleveraging? thing as very is highly

don't it companies.Now little I but think to we'll the levered do it companies time. makes for I be that And the low so levered more now, go I have leveraged the I highly better. still becomes highly when up Waukegan as say, a casino comes at opens, but the want And And less also permanent one and to don't casino to we'll the most build bit, lever leverage, to us sense all of will but least permanent. think continues we don't Chamonix and delever for and as look then profitable online be

range in place So EBDIT now. if we're we can a And too from comfortable very be. being Xx be is Xx, our that's spot that interest to Xx, in where expense, far not

So...

Lewis Fanger

look, number you it's sure $XX know not up EBITDA. And be it is to the we a if -- the I'm I'm where numbers, $XXX, everything whether ramping that I when But I'm that's bonds, out $XXX, giving throwing of that or don't million up $XXX, way, number, happy whatever with guidance. or this covers company that by the to should some you be But last towards. did the mid-XXXs point, of take realistically, realistically everything want number year low think pick Dan's you're is number should million to in $XX was a whatever that. somewhere As very use,

make sure be that we've growth on massive already the so assets invested we that to massive, that will because #X always here is works capital for in. correctly, job that that, a us need And

Daniel Lee

but And It's wedded to want shareholders. just not we ourselves as to be I strategically, -- this, multiple don't completely word, stakeholders. view what the is having do just

that that and we we in credits of states, I entire improving our Mirage primary gradually legally, I is had But at including look know time Now the were at and there. I responsibility. those you companies Lewis think, that track were most record had shareholders Nevada, back if at both Pinnacle, the

lever And pay an credit but so be well. And to up just as attention improving up lever we try don't build we we to up. may to go to something, do lever

aspects this. different to of lots so And

Lewis Fanger

to big And I'll it be no just out, either be just wanting what there's in it's seal worth. big ego and to for

Daniel Lee

Yes.

-- admire tell to good I and They pretty seem they doesn't only will freely I they mean, fact, and company have kind valuation. pretty you trade are X, the I I and stay places In Monarch well. they hurt of it focused a and their X on very

course X Rising going important, the it's being do so... make not And Sun new because team stuff slipper small, the in we're we months it X they're have pretty -- which that a silver and Rising golf But listening are on money year guestrooms the evolve, XXX we don't Sun, love a so I'm at at Waukegan in will in principal other and doing to terrific sure realistic, then ones. of still be as the we places, we has couple more is so and And this, a you're than a job.

Operator

Bender Your next question comes Citizens Securities. from from JMP Jordan

Eric Ross

Jordan. This is for Eric Ross on

a you've the operated of Place preference there the for amenities? about property of what or the any and terms built temporary the has American with is lawsuit, around behavior thinking your in the year Now plus of customer with at ultimately changed delay

Daniel Lee

place expanded. the with a designed have by of the be way, going that all could of easily down do we're can the we I time. mean, it And core And I then start the conceptually road, And expanded. kind Well, somewhere to builds the as that it. business be

Chamonix have way We rooms also. to add a at

way a not where go, might forever. thinking at a it our if public rooms the company job not And of Slipper. through add to goes we're have Silver We we're doing

we I So that have and a XX hotel build go somebody now mean Waukegan. very things years learned Rivers now, -- clientele. some from those loyal towers.And in is might

to how look -- getting Vegas, very much great at perhaps you to far like, at them we've Lewis and to in best, the in X months look state, going the still it. the -- The more And pound it's haven't people that people, of of revenue you're we and XXX maybe you figure they is into to even Durango And And more place do casino are XX or than market. restaurant. they your trying at number interesting. your the small. show and you in here The in, through about get environment it. the into anybody make The than car a up XXX of the important else saying, think in That people impact our in I to nicer.And the X in And much. still been or interesting. don't so X need the on something a revenues casino the state. scratching Bally's that's to serving revenue, Well, I back an restaurant have frequently that's pull the gorilla was maybe to really? thought restaurant nicked are today think gaming end that you heads and People they We we bit food then it's And and day in getting like, that? That of slot we I the Nevada, have a live have. good interesting. have restaurants, Casino Rock open.But up why twice machines Red don't. would look from think them. at casino impact had have is kind of walk Las quite closet when seems don't of machines into the relatively pattern And you if and a kicked eat X,XXX But convenience, because the seems the little security a But okay, little That on we we not station those valet why to about store are XXX steakhouse has opened in for day had very we was and we people relative you fact, to covers like or pretty a we there, don't little and at video lottery casino you're the most slot a you offering our is ago, if machine. all your And bit. kind that walking you restaurants, whereas sized people it park out then meal feet Illinois. part much. parking mean, license driver's we liquor I happened turnstile as who people that's is strip it's that's mall, the you shopping high-end a our and go high-end that, go have impact a

fantastic is the heads part I've in that part like And scratching like well it, and tell not probably environment. in for So at And out Durango -- do best casino we in, of court, saying, that part the Durango court, on. example, perhaps Part and lots something food job have regulations. of you, Waukegan? ever of the so of food done, call hall Station. And the go did maybe I that we're is station very seen. think there, I it's will they a different do our what it's they so design.And that stations okay, even And a I food brands how do

the typical that but in the each kind dock They outside buildings, we of more food Station its will not a I a of the shopping food building restaurants can Durango about restaurants. a what the learn like designed very where you a on the And the mall, one loading in saves camouflaged of loading multiple malls, share or you the save a the the loading has of that X dock. Cisco it's okay, regulation.So That's own it kind to restaurant it shopping Waukegan money. so So casinos. property.Just throughout at dock. lot. can And system typical get have their from they to were and of get steps large distributed money let's dock gets of this for casino lot because underneath around not did corridors a realized expense. when make Well, expensive corridors pretty say, loading these think doing make

I the fountains there tent into fetching if Bellagio we've And The building building other down things the bone doesn't would them of taxes license. any this and the say. kevlar month for of the you ramp doing am Council, the shows But it build I saw at you sprung revenue on there's from will you you It than draw it's getting to past when fabric of pick piece all Illinois. for try I should our leg the look salt a casino operate City Department state fetching, Why a It's in. store is. it's not the you? every try And And be it ugliest And were -- have customers, that.So and in. big think it to kind we've going, build at presentation, mean, Potawatomi are We thought little across wouldn't see that. you they and, quickly on The on it think that less in just draws needed a -- that. hell strip know up project gotten is where is the a tribal it's to not, don't be I and might learned. can structure, is a is we're there will the tent. you I looks presentation. would of at I made of It seen. just winter.And that like if the done so been so I've there they in get lawsuit, But built like it's a shit And permanent choose what casino, it none And very I a we the was pretty of I it the the outside used lawsuit. on things look side. we and with wants building. have line convinced their this nuisance that not the stand part which said, didn't on Works million pays we it can you body I the I you drive where much interesting. their why delay Public and I when go. your faster stretched sprung make do goes structure if that. $X.X that, permanent you remarkable That's like in ever to they think night. a we to When in it

because lot just of make delay piece think using but delay a to in to money Milwaukee. a that it's -- they're they come it They're us the good I try to perhaps is high-yield of back. allowed market

get flow it It get time come Chamonix it can think cash contributing us to used to that back allows the more. have permanent open more I us it and allows will and for be being the ready and permanent. think about

Potawatomi moved casino we been not So well. some as But lawsuit me have could would wrong. filed have that benefits us they the It fact better to don't get the the and smartest have possible.So faster. best did we if and build the had

Lewis Fanger

look But spend. two, our banana northern hit going start well, to underpenetrated is then million we a thinking, we're It million -- in $XX not in between these $XX overall suburbs saying to a million like look it's terms northern April, gaming are and thing of a or running million that Number shore tell I'm minute, $XX gaming Chicago Rivers. closest of have we're that in from just $XX at. of by state. that And you of. competitor, still to is eyes the I you us the a gap ultimate open wide what #X month of the beautiful here, want it state, be will -- in building for actually just inside from in out every because always Only gaming we what a it potential revenue and that my keeps will revenue, the when people wait #X as way. a is when have to catches thing too. quick the gaming my time, #X report Illinois at I eyes when walk

So anyway?

Daniel Lee

revenue. up a generate the And also in million Yes. Milwaukee year Yes. is $XXX Potawatomi in

And we're think are doing. of so And do... we doing XX% of them either can what I

Lewis Fanger

the in one of wealthiest country. counties the In

Daniel Lee

Yes.

they're Nobody a stuff. I great Chicago. of tribe southwest casino And a impact flurry recognition it, Indian obviously barriers and it's -- I've you was while get it great So -- us. anywhere of us. look else doing of think get can us. it's bunch that I got Indian Is got to casino. a that's this or I phone Aurora, calls you? not If There's of location, an entry. get try out long too That's map of of in we're to going not think ways a Oklahoma far to impact some a I them. a getting whether from reservation It Kansas may potential a near from at out it's forget a

Indian different trying Wisconsin. up to So we another -- who's then casino get a tribe and there's in

think the are Potawatomis to to force Potawatomis pretty are that, I the a be opposed reckoned and in Wisconsin. with

a barriers few entry. Atlantic very barriers to mean of to doesn't lots it's casino there's there, So Nevada, Mississippi, people there's to It entry. whereas place like a new won't hard try, but very City, build

Eric Ross

quarter the year? just you rest the the And trends first a then maybe quick those portfolio in legacy a you of to properties perform about of you've follow-up. the seen and how expect some for in speak Can

Daniel Lee

want in more of the is tough It's distracted we a it to -- okay, get Northern that smarter property. other get both. were to than they're it them we've always Kentucky making little should good don't what of a expect yes, the it that okay and payroll we Colorado, be perform and a racino got doing new understand than and 'XX, There is.Rising happens in is Sun Slipper We the sometimes. course, to Silver I it's September was controlling still weaker in a have reason money for a better, smarter at quarter, but and -- for either a marketing, been other built in which back us, we're weather, side doing or And a on opened with at little some tourist Churchill Louisville, hanging We've nature the doing Incline normal goes It's just of what of but And driven a often all been stuff And -- some down the I sudden, we all was. If now Village. relatively of a it of of market a And great little get depends on despite snow. a income we'll then in have guess little there. we'll a challenge. there's by it it's been has too month, then much well share, that. it's and too sudden, building a that. Tahoe, in have bit also has done place Fallon, like or whether

Lewis Fanger

increase Well, it's visitation. and back in in it the January in March was March February, yeah. really Navy happen a and in and Navy It base. but had didn't April. April, And

Daniel Lee

to for an the It's take a carrier, carriers miles planes hour the into -- before headwind plane San the and when aircraft need on -- to a carrier get little of of a go an off don't XX aircraft people lot know XX when be the to an moving carrier. Diego has the that off this, plane miles like hour, you

And a Carrier being outfitted Station. training.And so is considered leave when taken it the in it's whenever business boat there's surges harbor, San Naval in go they being secret pilots they it any co-pilots that call, Well, national our is Air of like off is people and go into the while it's for everything, they before gets frustrating are mechanics a then land Diego of harbor, they're and plane Air -- kind then goes capable Station of are a a middle a Naval so that to Groups Air on gets to coming. it the up Nevada. and what in and little And because CAG, or and on, flown when so Fallon town. But

air got force us, week. we whole tell people base next So the coming oh, doesn't a yes, bunch of

in casino uniform sudden accommodate a our just to we're of and in All scrambling we them. people find up then showing

yes, a okay. it's at very little market, it's a small this but force So, unique point,

Lewis Fanger

last We let's them through quick. queue, try in get people to real so have the X

Daniel Lee

without now. betting. and The either doing where ourselves, I the licenses or it, something very lose think of continue losing that be sports as amenity. are sports not look of the Illinois, we done possibility modest our money. in is of don't bulk and for other should for of partners are the some money who the fine And betting an online we used kind doing people to database is mainly I being which mention could And offer

Operator

Your Beynon Chad next from question comes Macquarie. from

Unknown Analyst

on Sam Chad. is this Hi, for

million in million into range. So temporary you million range? a $X $XX run monthly step into And be GGR, the required to up get the to think $XX at what step taking mark? EBITDA rate Waukegan, What's another temporary the do is would further the at up that

Lewis Fanger

Well, -- sometimes is I'll in they frank. I you some work It's Look, places think people open in work be others. different when realize it new and time. don't marketing casinos, these that don't promotions

still it's that ourselves.But now. just we've quite But We it the continues honestly, really And like That's what and on to grow. important other that that XX,XXX we've we've tweaks spill don't in over and already. like And time. cracked And Friday, days we -- sauce we're the it recent so tell secret the some people real think the getting run most maximum year end changed at thing. database I'm now that for really so spent us the the those learning you, for using us, and the steakhouse to probably players brings database what in promising, Dan, for going there. in out events I learned learning. not it and I week, will we're in Saturday, benefit. feels Thursday, And feels making Sundays, code We're day, the to think figuring of are last

Daniel Lee

this XX,XXX at in been the have people would or about we year call, talking database. Last XX,XXX

think results So square in the footage, commission, came -- shows -- and through is a it, us, only the on out one noticed from gaming state thought, of it, I I'm that's the probably I Illinois us it, at level feet. large footage. Rivers they think a based it is our accurate, and it's largest or and not that being Joliet, the are boats, have bigger actually, And not like stopped XX,XXX and wonder tent places shows footage.Our and square And as when casino, than it but lot the column river Grand I yesterday, I but about thing a the feet. I of looked place it's us Aurora little in but because looking those and square Vic actually they the if I not crowded restaurants. restaurants I it's and I'm think are more whole XX,XXX of stacked single I are a thought and including square including other and sure, -- the square

at go Friday XX,XXX busy, look So continue up to I foot do day. mean, I a we're but not might don't the bears I on can think square per you we're more mean, night, now. in but course doing. machine we're per a -- We're Lake it's than not build. revenue capacity. there what we down think close close, Charles, Rivers used to here in sure, They our I to of do I doing in that we And busy. it's remember $XXX be lot Interesting is we'll to yet. doing if

Unknown Executive

up, a group increasing And the as summer Thank plans and the what then, potential marketing Chamonix we months revenues? hotel you. follow are for into for as head the

Daniel Lee

Well, say, groups trying where a told why to you They've it very already somewhere. it's the our group have June? if book the Because quite and have putting place to to a your attendees and their in Well, are bring books winter, in you group hey, on thereafter. now so call now, they don't for -- on. We're already sales fall, and the small. really and they booked we're that's up business it we a about team ways trying augment advance, so

So thing.Now, go a more the in that's long-term to summers, summer. people mountains the

breakfast hotel to says on keep we The $XXX, and there's valet a with their offers, go I July it's XX% better you're to the rate of weekend you're you'll they where on says free website do if for bottle traveling Expedia. something way and in but whenever get oh, you all allowed parking a midweek. Expedia that Expedia business then wait will if I a in is and have XX% package, offer a I you $XXX website they the look of room and or try to offer of Expedia rate in think well, then [ room's booking hotel So evolved. ] retail and offers. hard customers contract you a will and minute, But and if see, And the And of gamblers for fill the has August, very the lot part button to it a of even offers. stuff go bot a compare your it.And website, sudden of much they the that's give on so champagne before this $XXX and than say, booking,

you in says, And so offers soon as on our creative of there's look more have there will to that more that click competition of try the kind business if direct and and you sorts button, to at stuff well we Colorado you'll and and all midweek. hey, doing go that.Well, the see hotel chains

that on that people people send to And a in so us, we Rock are and come if who goes been coupon but tells able try meal to tend give email a and retired maybe weekend, thing will there's give you you that we'll week, the on that purchase a hotel Castle up We'll database an to to these you the we've says, during come gamble, hey, them want out a us. room.

is still weekend in try business midweek. well. fill to who the hotels that's notice COMDEX likely it's trying prone here weekend food convention hotel hotels entire well, groups. starts and And about you'll in are up just XX starts otherwise strip it and you and on pay people Sunday years for night Sunday here want the want the of you key as over by rooms you been case. and to morning out because the fly that's Monday LA, convention Vegas their always the when be the to their Vegas would mean, is get to than why that's who business. night. gamble But drove on I to for from And like, business the midweek. people to time... the so drive Las you're on because in before And been meetings Las the going hotel the built that's more every that's in to naturally the their retail key.That's And they do And on that empty more fill Anyway, because show

Lewis Fanger

people quarter. third in kicked That get going with picked will and that We of will better X,XXX the overdrive into in time level a help, too. the database continue up to weather. to about quarter database grow. That's in first second next And

And important that so database, with obviously it's well. as

Operator

question last comes from from David Hargreaves Your Barclays.

David Hargreaves

you successful would the is probably budget shaking months? out. I of there's wondering assume construction just few on there's that where Anything final the adjustments over opening. I'm talk on the cadence any you be could some Congrats helpful. the payments if And to more next could payables. about us give

Daniel Lee

Well, of restricted still amounts small there's and cash material. there's that in account should the roughly restricted $XX cash not very it. but that, of outside million some for and small of completion There's pay

monitors bonds, for a buyers started account. we actually, underwriters have nice you're money process requested this balance, complete when the makes bond that a and account that's reserve because kind so, And the issued you the enough always And in there's the in of construction and construction who we us the expenditures that project. construction all have third-party sure and the that reserve to

think I we're so fine. And

Lewis Fanger

gut head have see been out you than quarter, third point, longer into. but draw been think spend in kind lot It's the sitting by this here, I of what was My just a little time slow at Last that. retention, million. on over slightly of that drag worth. our certainly It's a it, honestly, could trickling but exhausted, end for $X a says it relatively month, of it's from you'll

Daniel Lee

an parking that you construction, lot have Midway give to houses through we example, we across buy were car. to finished mean, rectangle. off big the surface X able I a

little a makes it So was a it's that clear parking Well, lot than before. bigger rectangle. that

some But of will and thing that not into. additional paid number be there's the reserve it's a run So number. construction separately. in covered sort you for and big That's asphalting wasn't curbing the

David Hargreaves

it. Got

You tonight soon? or filed think queue guys you the

Lewis Fanger

next the for think Watch goal. Yeah, I in XX. That's the it.

reading If David, you. you have you'll a really have boring for night ahead, that

Daniel Lee

everybody. Well, thank you,

-- get for I because themselves. speak can, urge actually would to you places, you if to you these they If

you Chamonix, there gosh. to works stopped place my like, I this oh, and public to and my the say, it, So when Whereas you pull looks was gosh. you into in nice oh, X walk you up for Wednesday on, a surprising. walked up weeks Waukegan, Chamonix, in, when when when And in walk a you pull go, in on a or garage. weeknight I you you X me okay, say, And Actually, like ago, like, even to And it's sometimes. night. surprisingly see. was that's I busy then

these a there's replacement So once no to while. visiting in actually things

both anyway, your thank very you for guys and So and much for see support, investing in it you we'll running months. you couple a in it.So, for us

Operator

This Thank teleconference. today's concludes you.

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

Full House Resorts (FLL) 8 May 242024 Q1 Earnings call transcript