FLL - Earnings call transcript Q2 2024 | Full House Resorts, Inc.

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Operator

Ladies and gentlemen, greetings, and welcome to the Full House Resorts Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lewis Fanger, CFO. Please go ahead.

Lewis Fanger

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

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

We please broadcasting see earnings various where here. Dan let measures, kick website call For as we of the the a those I in from quick recently find release Chamonix fill reconciliation fullhouseresorts.com, some just the property and Dan had comment. through heard to quite as much our press as all place. I'll as it a walked issue. we our investors XX well beautiful just of off It's start today's at on We the in investors everyone about well can with do We'll gaps you but here at pretty show And off this SEC and that saw are the as that's where that, website. door. that releases filings. And the not have lastly, we're conference with a today Colorado, slides

then in The a X.X opened opened April. property It of balance the or Bronco item second but spa restaurant, be should the XXX with before core quarter, The the we was in third is pool of yet, the at quarter. steakhouse have high-end And the weeks opening is other during of do continue of that steakhouse an will to Billy's. one the be phased next there's old imminent. May. all of the that so. We not the Prime, an store which and on, should quite we old in end done, up our spa the rooftop that project Chamonix the want focus And complete. There's open that jewelry old portions

an positive the be turning We generate At the we a into property, We did for in are essentially signs are the certainly next that in quarter. restaurant. that of It most lot project, of eventually EBITDA. core quarter. But more done of we'll Italian made we looking here coming lot positive the out promising here about than But what for was a opening. recent EBITDA. $XXX,XXX

gone massively we look back months the X,XXX rooms have sold as ramped at If by. in up you January, pretty Chamonix. That's

city expect, As And around with we June, you we grew a about a look out at revenues doubled $X.X July, if were the Chamonix there interesting over look about more versus thing than is and at at would Gaming Cripple maybe $X.X in rooms we revenues million. you X,XXX here We X,XXX million. sold. by Creek, year to ago. And an little of sold. grew closed rooms by in

so of and we up the growth made city's then And all some.

revenue at the growth, state's $X.X they by If million. you grew look

a -- significant of revenue during quarter. again, growth majority the made mass we whole so a the And up state's

new share year in in expand. sign-ups XX% market June. almost The X,XXX. the every X,XXX July continues try Our July, sometimes word January to property. in about about the In XX% continue over number up into as to we month database. climbed on And to that in -- to just I'm sign-ups collecting out that's has X,XXX, A X,XXX it's June, in to we sorry, Cripple to get important database was up Creek were from ago,

our the business our so long far market. we've sign-ups how be talked Springs things XX% from is that and promising coming We've Colorado here. One butter about the will of the are here for of more seen Denver bread

right of so traffic, City, really Canyon those What the Pueblo, that are always Denver, haven't we've Park, Woodland about us Denver are they that, million a all us. And closer of that those cities lot in talked those people because southern Springs, Colorado around X talked Hawk. of are to we suburbs southern about is especially suburbs with than which to are Denver, Black

sign. And so into The up potential really that area we new registrations of pretty they're gravy this for the the making as is us about a for XX% property. that our is longer-term promising think database fact

X% in On revenues higher. improvement. XX still been a to to frankly, is we gaming the beautiful that an casino area the for be restaurant, rooms, been years, the been of town phenomenal overcome a XX be what part opportunity true with state, a inspiring. total think we've about And in of side destination games years bringing And revenues, has have luxury nothing Year-to-date, we but target we should far, past seen gaming that that, table games continues side, for or have XX what first that, of is so casino product, X% table the is branding. XX% the or as nicest the for to time are quite we

summer was August, still were early up innings look back of you'll Revenues in seasonality years, that XX%. see there. in, year in is the chasing Place, in it for American we're year that up second July, EBITDA we the June, that quarter, the mentality. so several us if out. had XX%. about -- And changing it some you quarter

a expense relatively fixed And we've so line there. got

of a to lose did Colorado. here We see bottom climb, little And really during so in line outsized bit continue revenues impact. Sports an skin the highlight We quarter just one you skins, there. I'll quick. as you activity should had for

quarter. acceleration some the fees of market access in we have so And second did the

payment X We skins -- those minimums annual also annual paying their we had were for previously that received had post had not and minimums.

in settled third the last we creating there. quarters, here the against for been balance have was that effectively reserve a so what receivables doing And several credit quarter. the We

the will a $X.XX payment of settlement, As during quarter. we that part million third receive a

reduce our due was agreed we but year. annual XXXX. out Dan. getting to We we I that pushing the postpaid. At expire December now also years the had, at amount That this to that all versus amount, really XX, prepaid I And lease. We're payment did end that XX think also of Grand Lodge, that's are to extend

So to fill some feel in free gaps there.

Daniel Lee

I differently. don't I it what Yes. little but want be repetitive Lewis with a said, to would characterize

like American list. make you the February a sports many didn't he get hours looked of revenues running, occupancy, in new have higher casinos operate math, that First so in means sold and up, extending to this the now money was We of think be sure book there. And we'll week, you Lewis story financing which until before casino now. to the at table above I every eventually opened place, the ground the a February, more that's American were nearly we are a in the second The Place where week. ago, actually having in temporary customer significantly. And been But push we were to year prior have It casino. steakhouse probably the the running employee where And fill XX can on a year we And Colorado. and rooms, we from and put like of talking is that were and big be since we're that's operations. least quarter. confident race good to finishing opened think just year. took year a and Place of last quarter. which about months, lapped at and Place, the It's do and we of typical able when to if July, the do kind while XXXX casino. But a filled and up us year, gradually were we year. like want minimums. a open base It night And that's of building up have We rise of And American the the now to second during XX% we year, Expenses profitable income run later. ago as really elements weekends room And now to will of filled that. We says, case. of until to you approval XX% And don't intend we in the have roughly think make is get February we clear, breaking not means try we're we'll done if Illinois. nights. were permanent of that have more much, one I that, the in back to really we to went the the XX% we if the we continue August made

Lewis We like about X spot. things, busy get we have things they're masseuses, and open we And trying you need still or opening so we're are like we when the And people. very them. to so hire have XX, said, now X the

hiring are casino hire want reps. some. and sales more We've We host. We to hired marketing

he's who people. We have Fontainebleau hiring long a Harrah's, from table history games. had We We're a of hired terrific. with new head and salon

of the this stuff list there's all our that. stabilize and employee base, So we're also but all we mailing building as build and

making that has Silver but Slipper, some maturation things retirement. of expenses the a Sun And will would back We and so running some and is retiring, as she good And to had by Sun to first set of There's doing saying but a now, always she's are are and having hopefully, to go benefit from John that for a be money that Silver way, quite been nice up Rising Slipper from Ferrucci up run mentioned quarter, a where new a better well-earned Angie revenues not that the we're a time, normal it the since the casino, now started, we've and rough be same a the well. The of XX%, smooth year to transition. we're eyes. and the here really quarter. and inception second much XX% much, we're opted pretty who's Rising promote

a a it's will we in be new significant mentor, to used of stool. to will leg contributor. and continue So is be X-legged do it point, to Silver eyes, continue she -- new John But a while one well. -- earnings the earnings it her energy this Slipper think our contributor, but just set at It dominant really, bringing was and

And we're in things. He few good sports -- We're last paved. the temporary restricted gradually and almost are complete in up then here parking mentioned shape. the We're the Grand decent things and will the Fallon at investment. have and And Colorado, of Lodge course, we in Mississippi company. Illinois as the Sun little with being hanging of And have very so there then, a we we still to Colorado. then the money make cash Lewis stuff. Liquidity-wise, bulk using done. Rising lots

finish that will Lewis it. And We otherwise, And it I all. that's guess covered this fall.

bond February. in I we're producing ultimately, that think use become be there cash, the permanent to to it, But out good. we're good capital to the watching Place, earnings that's callable but REITs $XXX the some immediately, of finance million. an quite it. ways go cost a not We will are for and shape. the somewhere We're bonds incremental the opportunity, that can old -- bonds when that, of and The bit somewhere between and at American is I turn pay to would guess it's to competition think build can a our repay. higher February of anticipate the of way new we maybe XXX very [ at perhaps There's February when today expensive a can't but which in XXXX They're our money issue ] other always look you and premium to about as bond do expensive callable some we we have. off XXXX least

right still own we either leases. where case, so lease. buy In have our of estate the out every real the to And we we significant or all have

so And does. Anyway, more our a kind sheet questions. of have a traditional than that's take we competition of it. lot balance to Happy

Operator

Craig-Hallum is line with Capital Ryan from the of [Operator Instructions] Sigdahl first Our Group. question

Ryan Sigdahl

Thanks month well. Lewis. last for hosting Dan, us as

Daniel Lee

it. you got Yeah,

Ryan Sigdahl

positive on see monthly the as comment EBITDA, progression would quarter? But want walk start through looking great. And if it then there throughout for the Chamonix. more to EBITDA, can you be with specifically obviously, I to that July, to on you're Good ramps. willing

Daniel Lee

not obviously you're helping of a the would enough, we're as at it to that's an looking on a bought certain preliminary. lists investment we're back. we we the where proclivity pretty right preliminary, number occupancy and it's we'd if people in occupancy. Thursday and through that have they on in actually it's roughly free invite -- it's running a July month them lot gamble, July, make We up who night but be And million our probably midweek not them we since promotions now, -- which not is stay way. right from every or acceptable mailing trending a we -- gotten the and up, not, the and offering still or quarter, but demonstrated $X whether June, anybody that's And better opened. which of who offer is play Then whether Sunday basis, play look we based they actually at has get

And little from Colorado so the bread had run because heard The mailing known the are I says try we of most ads I and here. say all is. image, casino place. We it's to time. mentioned, hear was Springs what this they woman to thing of downscale sliced become there's it morning, all and list it that as gamblers. Lewis to didn't walk of new people a said, like is and them place. we was holy And Directors frustrating Cripple terrific really known the no help I many since new But we had place a every grind Board here the fighting hear how here, round Board Creek this idea here? planting the a Denver have aren't. kind in up of have I and people a the there's cycling and but a a do ours operation And through of slot build nowhere, up that me to cow, best fact accused and little a joining And in time,

prejudices in realize mining historic in that And Vegas, and down sliver so it takes people really time for to town is to a of a those this kind overcome plunked of Colorado. Las gold

the -- because way, all XXXX. connotation And in casino sleezy the almost Mirage. say the we're Vegas buffets had decades, Creek No reinvented new Las the the want Creek. cheap was and town don't same it with this to there's Mirage even Cripple You Wynn word negative of Cripple Steve had the and by And in opened entertainment. issue in about

Lewis Fanger

XXXXs. if Black so way, the to you Hawk, By back did go early the

Daniel Lee

course, Hawk Black issue with it. when and the followed overcame Yes. Monarch same -- Mirage, overcame And Ameristar opened. it Ameristar had the of and

not happen we mean was I've but days place seat it revenue overnight, since a so it at the this every jammed. And we'll had And get and think, need we day. Last opened, I table. first time reinventing happen happening do the and we it's town, one I We open. was maybe where Saturday, been and wait. to are you doesn't to okay, the best it does could of here the started

couldn't in We I on Bronco you a get open we're table to have game because pit, at to old pit. thought second pit second some seat a Billy's. the weekends, And pit going the have that

And tell completed a where we bar that We anybody wondering jammed, said, were those used of on was you said single if slot don't not door, couple keep $X,XXX there's have that's name. And if for around, weren't moose some was just tables slot these like, people the the poked it's every is. no, a that just to lack was in hidden put away of one checking of you're I it. being But He's a It's drinks. moose place The head bars in door. to little a I over you if to speakeasy giving like gambling, there. Moose a a in see you the my said, the it okay, weeks anybody Lonely a machine. see And really on better sure Bar guy the in bar. serving machine, you're at the But I There just are in bartender, slot you're if I -- X machine seats booze. make ago.

And But -- and the and working think time. It will it door Street people finding this profitable. Wall it's takes it's open immediately on you gradually you're now, from work. a so So successful sometimes but XX are. L'Auberge now, X years will just now, and Mirage a years and on from and now, be the from as years Bellagio XX year casino from some

Lewis Fanger

a to coming what have months, we tied fill database lot up, What to quality, we're this is kind database right? That's the build to we'll going add. rooms. Look, lifting of customers and through time over little year you of those been. A database ones, Monarch more to from product a that historically in be real And of has star will. now, other if And yes. that continue accustomed town are a a we to that that's one going in

so those get from players we'll as midweek. rooms weekends. players better on better into time will And start goes in getting then to start And there,

hit at an in July, -- record If new gaming look example, you revenue a as we revenue July.

over better I look think we Baxter, did revenue July than the record around we right? on and goes every better. June, in I at a June we the I month so probably, better by, as think right was as front. get And gaming percent revenues in what XX-plus had

be today to new It place. And And would the beautiful. and unparalleled is response by to do. doing is argue building. so this I I've is that we wanted everything is city. expected that state. -- see look, it's else times casino this by in everything this the -- anything we that else this It yesterday everything to have count. that lost said, is this we unparalleled anything is in It number of see in people my going

Daniel Lee

to I running already most do of of incurring. the point we're costs out, want it

salon and a have are our of some still our we we're them some masseuses need be, and more hire costs maybe more casino incurring. and already building and to to operating host, where long we XX% we're revenues way profitable. So already go to And like to expect we would people but to hire

we where So that's are.

Lewis Fanger

one memory, $XX put off point going Place, But at I'm the did things million in to EBITDA the perspective. to and I more full of at year. just want million you American for $XX look we make think year last I if full maybe year of

For I million. this at I think year, months we're the mean, X first of $XX

American almost of X year we months. at we've just in last all surpassed So what did Place

the we good. to same see point, with going It's to -- here. all You're again, very over Dan's feel thing Chamonix

Daniel Lee

a of lot maturation normal people any the And X like, remember not done for It's million casino. I making the come money? first months, L'Auberge, were them. a a And XX we've of successful $XXX And that's how year years since. made you're

Lewis Fanger

[indiscernible] XX now, yes.

Daniel Lee

Yes.

Okay.

Lewis Fanger

So anyway.

Ryan Sigdahl

the will Very is rate the contractual absent what's come quicker the sports second one make good. for your in Lewis, the what what but QX, new QX run I'll kind of here. quarterly new and run in skins onetimer rate...

Lewis Fanger

The about the up moves is but annual coming it million, $X.X years. over

current is will the where it at, $X.X but So is million. -- year bottom at

Daniel Lee

partners. [indiscernible]. flat assuming to used It be find That's don't we now any new

Lewis Fanger

Yes. Yes. good Dan. Very point,

Operator

Our Jordan next Bender JMP. Citizens of the line with question is from

Jordan Bender

just What follow as midweek to on nights to conversation. you are those hear on and group convention rooms the Good Colorado. on terms filled weekend room well? mix in to the Maybe get the of prior seeing in

Daniel Lee

I resort one-person doing we corporate force. charge of the community of they have X does months X one second, I hired office. little us and We Honestly, We is and ago. business, need in on couple sales woman or Estes should people. be. their meeting have in XX a and behind of XXX sales meetings we're in we a a Park, X. ago, the mean rooms X very just a hired these has large Broadmoor joined just and should where We guess, convention weeks who woman people more understand We a as The marketing or of XX

in So filling that of we and of business. find the the hunt midweek is more, are one to secrets the

really Now of VFW month we and have the about have kind during some do midweek a place to state it the here week. nice We business. the ago, was energized very was had convention

or like championship nights we dart professional to in XXX back mean of who here I they a during and But coming and... was the have a ago, X week. help couple that. week rooms fill X, have It's they're and ways for midweek. months a a go We on

Lewis Fanger

think I Yes. XXX, was offhand. VFW

So...

Daniel Lee

not it's meeting terrific booked that. talk when And book open, to gets it's stuff into to that's hesitant going planner to in it's hotel hard get can going This all advance. to yet the opened but do and a how somebody be is you day because very to about

where And actually now of so we're We're meeting here, gorgeous. which sitting we're in kind of in the that one rooms now open. is window

but now on so show building a can people lead long meetings, time those there's that. and the we book And

it's build gradually. So a we business have to

It's always be fills people, successful. for Vegas driving of Something wasn't and the worth Well, expense I less come explain very mentioning here Vegas pointed it it's convention or from Las And in And If far that. Las extent, business, L.A. with Vegas. and again. me key Las has, meeting the at on out let would conventions. the and Scottsdale people has. to strong that or weekends Vegas midweek meetings Hawaii. over Diego some fills from some to San of it Las growth

for it's quite a $XXX room. need the have figure night go it's X,XXX equivalent something. say hotel, going lot which you let's you who's a waterfront, San on you're to trying at annual room in that's the convention and person And the say, does large in Vegas, Diego to an going hotel, $XXX Marriott call room out call And a the or if quote say, and if to of nights you're your If that hotel, going meeting where planning nice night. a to business, software you you a -- Las is, to Microsoft, you they're Venetian they're

Venetian writers their software into $XXX. another to those of own is the each dig going for knows Now pocket

as saying, Las long are single making we They're software we'll $XXX to every the the just But at who's as slot going over Las pick the as getting San engineers his of Vegas, So Diego at go, the He's hits Las to -- If machine. Microsoft, time well, as it of to decision software Vegas. budget the like they're guy it Vegas long his getting $XXX. meeting because indifferent. are less. engineers go where

the is so other hotel true the business in of same Vegas come in extent Las of has markets. The regional And growth the the at traditional thing markets.

recognize Department the at Ameristar, the And Colorado But of of Gaylord And Association ran if have because time Colorado Denver or it. Airport I like they're Courts, week up ago Hotel we're you're having of it Creek, Stenographers, an so slot Hotel Cripple Black thinking machines. if quite in convention. they every day don't Court some by who people have the at going of Hawk that they annual or in Gaylord here undercut to don't the into

And us the against business, and there eventually. to there, advantage so have while traditional it a will we get hotel big takes but we a competitive get

Jordan Bender

then here. And next my Awesome. just question

still For over to XX% cost margin American Are quarter the property margins levers there running flow that the it's at the to of high Place, really through XX%? pull trailing months in XX%. get in XX

Lewis Fanger

Focusing million less more it revenue. is focusing million $X goal monthly towards $XX.X right and immediate from on that now. take That path to of more monthly of our revenue on the

Daniel Lee

answer other I the in more yes. it's marketing. The mean is

that And it and you more gaming. on better You be focused. spend marketing drives as get ways in could you mailing the the more a build marketing focused list, really the

efficiencies there marketing... some So on the is cost

Lewis Fanger

There are. are. There

Daniel Lee

Yes, margin? We also want a can. can we we revenue plus growth. XX% to But get

Lewis Fanger

million get of million monthly we're that, $XX.X mean with year there, to strive gaming of bit if you're with And towards want a trying I to little into of of north EBITDA. heads you margins. revenue our a XX% $XX north Yes. consistently

Jordan Bender

Awesome.

Operator

Deutsche line Ricardo with Our next of the Chinchilla question is from Bank.

Luis Chinchilla

was to guys could detail -- a $XXX much bonds hoping of take thinking financing you property kind your than how estate. terms doing versus rather structure? guys so about are currently, transaction in would Also, anticipate bit give appreciated. at on a And leaseback million, the providing these competitors transactions do existing real recently us is on you points that of guys existing of color you you very their that just mentioned, this little more creative as one be Is out For some sale new through REIT these financing. you the with that did if would something any finance point? I much those how consider of you

Daniel Lee

I be off than not ourselves we cast to on things have particular to and for done. dispersions very finding to can Well, where about more in don't any chew a competitor, we but to want very methodical capital position we're go trying get biting expensive

while aggressive, So and ambitious doing about it. are we are thoughtful we

obviously, between and of internal So million. but to generate of to be can you that -- bit applied be run math. cash a flow significant, It good a the will of could we cash quantify expect quite that, flow and now chunk I towards August XXXX. don't want the the $XXX

if long be not they place bonds, easy math less it's to is, to as matures, Place So for our this or something of us go. as that pretty And we American matures, don't which Chamonix, our we one then the running need time It's on like a XXXX leverage XX% half $XXX And have levered start like mature the in that. million anyway. casino you of like additional more financing. will refinance It's of companies. probably what to

extra And so you prior our for with to refinance both lives. quite gap. we've at And go those in bonds well money fill and I this company think enough the bondholders, done in

the think bonds And than bit in out reputation quite even because so we aren't community, the can I'm terms. I'll temporary. should more and in the also point that outstanding bondholder the new do permanent that pretty we all make probably good a I have long American good confident that that a Place casino

refinance a at pay. we interest probably one And out and that. to until there bond And bonds call get over a And possible only will the bit bondholders little first they we love discount even negotiate so the of out bond new called are new at those get their They date. rate.

will. Of not paying long. is, it we we we're course, But whatever very don't interest for that -- anticipate rate

Lewis Fanger

what to trying I'm -- there. of add I We can think

bigger not cemented a we're like structure, ton on. American pocket we've the out we've much on for needed. had structure. That like to we bonds. I of I revolver we have down to interest that structures ability until we than be mean historically, done facility tend terms -- In to time aren't slug Place credit of as it's like large where to goes what for whole simple historically good, generally. a any of a way, we're the and sort have not permanent pay of trying casino to have I'd of to draw

The all is to variations. okay. sorts end this, or pulling so is X going the months finally run whole of it trigger And next change we the we that's is, the year a on world reality months or up and through before look, whatever X over

whatever And to actually today you when rebuy. happens what tell going probably we be is I so not

Daniel Lee

make firm expensive X Lewis there is issuing would share, flexibility, we financing. prices. need will is this to entity equity-related It for keep but these trying a do be chance are We so. equity our At I or ridiculously one commitment. at don't $X to

idea will of issues take equity-related not happen. equity that financing or of can the you So any because

Lewis Fanger

one more XX. these whole what slew don't mean, doors. dinner. we I think And coming a for in it's I've I have one of coming got we have here banks September in that need got tonight trotted I've for through worth. to look, on more

up want We are to are that have the the September. the financing. of this want financing -- there is -- by There help with another at there. end group us showing [indiscernible] coming is that people The in

about it. don't So I worry

starting Now think us, it's to timing. for about

Luis Chinchilla

Perfect.

to what guys condition? Place just forward ask keep you I do wanted facility, you in that or going new maintenance your For some guys now CapEx my with color some you could a regards want American have next give CapEx And to numbers us to if for is year? but follow-up, great

Daniel Lee

Yes.

You're a you. I where incremental up, little The $XXX I but state invest to are the broken an the think is with heard million above American commitment today. Place, we

$XXX million, license of including are the of into permanent. part commitment really temporary, but like which the the of million that the Now slot a went total fee machines, and million quite bit $XX was $XX

in working started of Since the Durango did and now, small. place. Station. the nice think is designing pretty a Station on they design, the very job kind opened, right So originally I Durango CapEx actually we It's

pretty of So the learn They what thoughtful that is It's stuff we a Durango only already. was months. from very it redesigning place on successful parts of been we few open are and some based kind Station. some did creative very can

design so a license. from there's like for this lawsuit was Potawatomi chosen tribe, fees. the some And who of There's not still the

fourth is So in they The that quarter. in in take a sued decision city. Gaming the the Supreme expected up and we Court the Commission expect the first quarter, to

point is this and pretty So just we're money it's it's start design just spending very dirt initially, really minimis. When not it's really the bulldozer fees expensive. you de construction, around, at moving the

up So of between in like we then we ended, phase. spent that being August second that half X/X meaning ends the construction and that back XXXX August million most open would in X-year be -- $XXX of XXXX, of ground break if in $XXX of of million

how out to quarters, little fall. spreadsheet that's try in that falls would but a you how figure approximately can it to So do calendar

Lewis Fanger

You'll spend budget XX% of XX% the tend X that last in months. to to

back half weighted. it's So extremely

Daniel Lee

post is opening. it of some And

Lewis Fanger

right. Absolutely Yes.

Daniel Lee

some Just We've spending been open money. like X we're still here, months.

Lewis Fanger

Yes.

Operator

Our is next the DeCree CBRE of John Securities. from question line with

Maxwell James Marsh

Max John for Place. us Marsh Lewis. is DeCree. hosting at again Dan, and on This Chamonix American Thanks for

maybe Looking It or It helpful over would into Slipper like market something specific trends high-level Silver despite improvement. there's broad-based? your showing on be to is from have any looks callout your that get there, QX if performance. XQ view or causes conditions more property continued to same-store your

Daniel Lee

tonal kind how your so complaining, I pretty already And think do first like issues of does ] hard mentioned And they're the affect question. I we get in casino of what's generally, machines recessions. that to say, we're that's well means. casinos regional the anticipated if kind recession [ like spot -- think to how recession behind a quarter. you? if would a customers the are Slipper regional affect rough a about I a with, properly we're it's kind it's don't because of dealing company. more work We know. a kind can't come don't in right? And have Silver that I the much, had us of somebody would recession, what we

weather. was that of Some

still quarter, year of didn't It and on second right, prior strong was maybe we came was be in the back it Some close. of much little market quarter but quite bit results it stronger. second to the it a was behind the

And high then... Slipper the has And at makes a quarter for quite the and But below continue will while, the in was think so run first year that. I the Silver every the teens that I think and to rate be case.

Lewis Fanger

half of than way, first half. quarter out -- second second was the the the better finished second the quarter By

-- were out So quarter better. the of coming picking trends were actually actually

Daniel Lee

didn't re-extended summer looked on Yes. guess. now always yet, And extended the the a like seasonal. important They lease also recognize get fees. that I close have. place XX is with but promising numbers it's -- up last relationship certain got a very out great it And in it. us going have always had very were we good a have years, June, We right it We're notice great haven't buy was it short-term looked a and that never pretty August July. operated us but And short saw seen on I we that to up and Incline, for I in them. have We've market. to by would paying re-extended. They've

have so turn into to out although extension, still And they us at nice to the it certain fee. XX-year a was right this have a buy

a essentially it's So of still basis. short-term kind

we a and few little make there dollars a We investment have year. very million

our one interesting a We be competitive stool. done So pretty we're good could it think Sun to not a Rising to big main ways. asset legs the It's us, earnings X-legged of it, contributor is market. run footprint. pretty -- job very a an in although has Angie a it's in happy small other on

it. So we're And... there in hanging with

Lewis Fanger

continues had I Place. numbers mean, come It's the to lower basis since hold that good for year. prior will bad. any Place July will hold American I -- look, points I the now. out day just XXX American for you than us, its was highlight we own. -- mean, good and

because a better did have but in volatility that than the year more volatility there, games getting have we we lot ago. players a We much door are we table

those when out, games but And some pretty we that had pretty July. in July solid off-table they're so hold come numbers, numbers still know just

Maxwell James Marsh

legacy Great. a the core you with To relatively quick that of monetizing as those of looking properties those portfolio financing less Great. has at of put assets follow-up. new those as you And less core for the potentially Are been it, stool. extent made permanent? any some the X-legged

Daniel Lee

at looking have we to at But moment. portfolio. always to improve report nothing our are opportunities the We

Operator

from of with is the Beynon question next Macquarie. line Chad Our

Aaron Lee

Aaron And is guys This to good on for see last Chad. you month.

So I the would making Chamonix. wanted Do gaming to to coming market. many there XX% people actually any sign-ups the on night how have data there and behavior of with from are to is helpful. stay what their that Denver like hear it Nice start of you Any be your property spend? color in are terms

Daniel Lee

you to here See, be sign have up. to

You online. can't sign up

mean, Springs so more very there's advertising gamble. had world I of up, much. But American -- trying not wouldn't in now we're -- Springs. focus from try the here an have And the we Denver, some billboard We've found kind addresses, Denver done to choose the a their Denver at -- And tell are X/X We've but of and carefully of people advertising here. to probably is if old along more between We push another people Colorado XX% I in a like the our market. focused we're on to initially to to buy people just gamble. mean driving X/X you likely to enough Colorado advertising Place, gamble who are and highway but by but not media just and of know -- way signing Denver, that from expensive their Denver. recognize more

paying eyeballs aren't customers. be to likely of for And a you're lot that so

to of who likely are on you There's focus you computer lot you subscribe to, an in people are. on them. trying these sophistication And be can ATM, approach they big days on places people what a maybe there how what and your use based we're many they customers, might ad. in magazines certain ATMs So how neighborhoods, if the target suddenly, on how turn

reduce we turnover which to Chinese, turnover. pay be of have them want mistake, your might And major you a more right? you a the hiring payroll, trying ad it's last If expensive, And people so -- and the well expenses, you appropriately and so is right X to is name and them that's get matter to right? treat in want be like because were try listen, you would mine, more focused something Lee, but and to do,

how it's And gaming so XXX to is it's for marketing. the marketing you be is that's Are them on are Second And advertising get try is so and in, in richest the you more forth. go like dinner when certainly marketing is property, of do soil And type but operation a more you defined, and baked in. largely variable, taxes, in TV? casino hosts? you marketing the on your broadly paying and to buying baked start at third Are efficient. get It's you to steakhouse? and and the looking new efficient

cut just because don't not appropriate. it You that's

to trying had we but here times, explain a Waukegan, least when And in build to to you get revenue, try we You're going to it. of lot efficient your open remember to not people casino. at more a experiment. I

out there like list. pike parts our a We and are. a fishing that to have spinner of need no up don't Waukegan, So place, in it's more. have bay. it's you little gradually been Lake trying or you figure for to different just casting we and new a go we are In idea have same And of eat people you a this I Geneva over it why, And are something you but lake what the days, And bait. around a that and and open know they to and Zion, sort out walleye pulling kind or had to the casino, fish it's and come And where there employees, go what live in characterized thing. of there like to out before. spend to how nothing. you want reason, they we had the And of minnow some Illinois never figure and so. that's lake are they who mailing or some gamble or type deep that's to of I where in what a trying trying to gradually and fish is worm there like they little and what they our of and

Lewis Fanger

different in I question Aaron. a heard maybe there, too,

come a this So change just a to for words. than is, Creek of Cripple -- Typically, we're similar for trying like town, when X -- stay the still people more mentality there's I'm night. what at it's to don't loss they

And on out Friday in and of are they're and Sunday. out checking coming a not a the challenges a people on we checking Saturday one on is so found

to And day the people turn as into so we're it, looking would X-night active or be upgrade This what all by. database just as typically is just stay push into a time stay. X-night also that more there's a and to happens get an a X-night goes stuff

to for that didn't over. things to historically get and gives at room normal this And big So branding takes. part -- But stay it's one still we're it's a a those overnight just market of the of look, that's you have all. trying

Aaron Lee

the on Appreciate that. color Understood.

follow-up. quick a look in competition know really Cripple the on any level. does competitive Creek? And like your isn't there I What environment As

competitors And how any maybe their expect changes you seen the through you move is this as do expect response any really So to adjustments the have make you? to answer in do strategies you that of none -- any we matters. summer? But

Daniel Lee

characterize I run, Triple a almost I our friendly and you, it's would street professionally historically, called competitor is will the tell private company as across Crown. principal a competitor, it because

across often referenced is directly us of have fact, And filled. enough heard most town. Triple Lewis quite town the with capacity X professionally still that should our street. the we dictate of of -- successful we Crown we've and in so They're we They're food And run. don't successful. happen, is And X that in casinos were we until the when Italian kind open hotel have earlier, -- beverage would the restaurant what don't

have. is they their use we But as And our kind that's hotel across room restaurants of when temporary spaces the to so of a one we've happy have of which buffet. meeting filled, And street, heard our fine. lines they're long

a had and but it plans they hotel building they actually talked it. is street They welcome have on one happening than and a would, think from be chew. and to it. had us but we'd they Also to companies for We to for about, at they Century should, had there is anything more if the Casino, across they be hotel so that seem I nothing be can might those one original of Century don't off they bit plans And have all. point, little think the seems at happening seem too, doesn't a that --

too, And is here he outfit, help But grow of of than real welcome Steak half other opportunity a he the what restaurants of and Saltgrass it, expect improve into professional will it significant I the the and capita and done Wildwood that. much it per House. about or out of like be. And they're in ] town now one third in Nugget. us. And called casino town. a changed it other successful to market. The one the Tilman for fourth. always It Tilman after And The Golden more it's [ good a the second used is years advised and to I today, converted was hasn't will Colorado Springs is be And Fertitta operator. his gaming bought X.X it's should ones ago

to And part grow that. We're so this market of expect I significantly.

part of think that. and will be that Triple Crown Tilman be part probably will of I

Double other X run X the just down. in has died. called a It's town, the the of The Eagle. -- old. It's owners owners place one second The there's

in it admit It's And And of out X that to there's And -- as bunch probably in would And in a it. small by they're investment principal for be a Hawk. build took them, been casino probate. which fine the this another project is they're very our the it's forever. [indiscernible] be don't understand there. it, to It think good do is to it's And town. really want Reno a are and now there's I lots. that controlled Black freely partners. from it So nobody have piece and small only Black break us job easy Hawk, small. to which they assemble place The Monarch gaming really, years a market. And They're but Reno our big and but then does like high-quality competitor land not has in Michael a That's Reno making, places, I small. places, employees be some X of where very very there they and they gamble. capacity, one entire quite they will

down it's need lot at they interpolate need the can $XXX what against phenomenal. we to we a they X match at of So to what other do you an the what no look Ritz-Carlton. Colorado there's benchmarking the in like XXX be what saying say, we what they the in And least Reno awful approximately making benchmark match Black at Hawk, we making to in have look would That back year. today And Springs. what rooms, and they're and and Ritz-Carlton Hampton you that's at used rooms, and and right? So road million do places look because have make against XXX they're sense Inn seasons in does, we

at good as the least at is Monarch. steakhouse our so as And one

as prices same about the Monarch. are Our

hosts. And when don't hosts, keep mirror yourself Monarch talk X home come Farahi try casino hire try does, Monarch. Our to website, are. we X I to at is of yes, there hire what at Monarch hiring And telling your to going go listening. we and we I I until look people, I'm know park And their And casino you host. or about and Mr. casino

Lewis Fanger

Aaron. go, you There The...

time it. question. We have probably got one You last for

Daniel Lee

say a is And And... good very, very also I Mr. job. Denver the does market that jokingly. Farahi undercapitalized.

Lewis Fanger

the Dan. casino, have nicer do we But

Daniel Lee

very Well, one, a too. that's nice

Lewis Fanger

last Sorry, question.

Operator

is of question with David last Our from Barclays. the Hargreaves line

David Hargreaves

everybody you hosting, for Chamonix echo and is I want absolutely fabulous. to said. Thank what

curious, I'm use? on coupon? wondering, You guys that is a for the the able have a the use coupon are the coming $XX.X escrowed just million, XX. to permitted up that cash, I'm just you

Lewis Fanger

the feel be we just made August but fine for fine. purposes, -- for is No. cash making XX payment really Chamonix's will that That

David Hargreaves

good and luck. Congratulations Okay.

Operator

closing and gentlemen, for Ladies conference his question-and-session. now I would concludes CEO, and you. Thank this hand our to Lee, over President the comments. Daniel

Daniel Lee

to want everybody your thank just support. for I

to it But a I And that He has I on on encouraged The if X our make And focus his a nice on right, key do as Mr. as well way. we and time, to a managers picked we X it well properties, everywhere right. it key company it mean hope sorry hotel, their sure properties. does that bit. does. -- own. if the should focuses not as all that's be he it does just the hurt even And do have diversify valuation. his and do very fact We and nice little take success have in need on a portfolio Farahi don't all we he I can And us. is somewhat

you everybody. much, thank very So

Operator

for participation. your you concluded. The you. Thank House Thank of conference has Full now Resorts

your lines. disconnect now may You

Full House Resorts (FLL) 6 Aug 242024 Q2 Earnings call transcript