FULL HOUSE RESORTS ANNOUNCES FOURTH QUARTER RESULTS


– Silver Slipper’s Operating Results Grew to Record Levels in 2019

– Mobile Sports Wagering Began in Indiana in Late 2019 with One of the Company’s Three Contracted Parties;
Remaining Two Mobile “Skins” Expected to Launch in Second Quarter in Indiana

– Colorado Sports Wagering Remains On-Track to Launch in May 2020

– Indiana and Colorado Sports Wagering, When All “Skins” are Operational,
are Expected to Generate $7.zero Million of Annual Revenue Guarantees for Ten Years

– No Discernible Impact of Coronavirus Situation to Date

– Company Had $29.9 Million of Cash and Restricted Cash at Year-End;
Total Debt Outstanding was $107.9 Million

– Company Advances its Proposal for a Major New Casino in Waukegan, Illinois

LAS VEGAS, March 12, 2020 (GLOBE NEWSWIRE) — Full House Resorts, Inc. (FLL) in the present day introduced outcomes for the fourth quarter ended December 31, 2019.

Coronavirus
The Company is fastidiously monitoring the coronavirus scenario. As of in the present day, it is aware of of no confirmed instances of the virus at any of its properties. Nevertheless, it has carried out further cleansing and disinfection procedures at every of its properties. Beginning yesterday, for the safety of its staff and prospects, the Company* started testing worker temperatures with infrared screens as they arrive for work. Any worker registering better than 100°F is informed to return dwelling and to contact his or her common well being care supplier. Yesterday, the primary day of the screening procedures, the Company had zero staff reporting for work registering such a fever.

The Company is fastidiously monitoring the scenario and can, after all, cooperate with all native well being and regulatory companies. Although this may increasingly change, to this point our enterprise exercise has proven no discernible influence from both the virus or the inventory market. Note that our casinos have negligible assembly and conference enterprise and that few of our prospects journey by air to go to us. Furthermore, as on-line sports activities wagering continues to ramp up over the following few months, it ought to contribute a good portion of the Company’s revenue.

Fourth Quarter and Full Year
On a consolidated foundation, web revenues within the fourth quarter of 2019 decreased four.1% to $39.zero million from $40.7 million within the prior-year interval.  Net loss for the fourth quarter of 2019 was $four.1 million, or $(zero.15) per diluted frequent share, in comparison with a web lack of $1.zero million, or $(zero.07) per diluted frequent share, within the prior-year interval.  Net loss in each durations was affected by the accounting for the honest market worth of excellent warrants.  Adjusted EBITDA(a) within the 2019 fourth quarter was $2.three million versus $three.eight million within the fourth quarter of 2018, reflecting on line casino downtime throughout the set up of recent slot techniques at Bronco Billy’s and Rising Star, in addition to a short lived improve in advertising bills at Rising Star.  On December 30, 2019, one of many Company’s three permitted cellular “skins” commenced operations in Indiana, thereby starting the annual income assure associated to that specific pores and skin.

For the total yr, web revenues elevated zero.9% to $165.four million in 2019 from $163.9 million within the prior yr.  Net loss for 2019 was $5.eight million, or $(zero.22) per diluted frequent share, in comparison with a web lack of $four.four million, or $(zero.23) per diluted frequent share, within the prior yr.  Net loss in each durations was affected by the accounting for the honest market worth of excellent warrants, in addition to a loss on the extinguishment of debt in 2018 associated to the Company’s debt refinancing.  Adjusted EBITDA(a) in 2019 was $15.9 million versus $17.7 million in 2018, reflecting incremental prices associated to working the Christmas Casino at Bronco Billy’s, along with the gadgets talked about above.  Silver Slipper’s operations continued to enhance to its finest yr ever.

“Late in the fourth quarter, the first of the sports wagering ‘skins’ associated with our Rising Star gaming license commenced operations in Indiana,” mentioned Daniel R. Lee, President and Chief Executive Officer of Full House Resorts.  “With that launch, the primary of our annual income ensures additionally started, although it contributed to earnings for under the final two days of the quarter.  We count on the annual income ensures for our two different permitted sports activities wagering ‘skins’ to start operations in Indiana within the second quarter of 2020.

“Additionally, the State of Colorado continues to progress swiftly with their pending launch of sports betting.  Similar to Indiana, we are permitted three sports wagering ‘skins’ in Colorado, one ‘skin’ for each of the three Colorado gaming licenses that we hold.  When all of our sports wagering ‘skins’ in both Indiana and Colorado have commenced operations – which we believe will be by the third quarter of this year – our sports wagering revenue guarantees should total at least $7.0 million per year.  As we have previously noted, our sports wagering contracts have ten-year minimum terms, and all three of the contracting companies are significant operators in the gaming and/or sports book industry.  We believe that our sports wagering agreements are transformational for our company.”

Continued Mr. Lee, “Regarding current operations, the Silver Slipper achieved new report monetary outcomes regardless of antagonistic maintain within the fourth quarter.  Net revenues for 2019 elevated 5.6% to a report $73.2 million and Adjusted Property EBITDA rose to $13.2 million, reflecting investments over the previous a number of years and the launch of on-site sports activities wagering in 2018.  Our Northern Nevada operations have been additionally affected by antagonistic maintain within the fourth quarter, in addition to a short lived decline in customer exercise on the close by Naval base. 

“At each our Bronco Billy’s and Rising Star properties, our efforts to improve these properties briefly affected outcomes.  We put in new slot techniques at each these properties throughout the fourth quarter, leading to downtime at each casinos.  The downtime was considerably longer at Rising Star, with practically half of the property’s slot machines offline for a number of weeks in November.  With the brand new slot techniques now in place, we imagine that we can compete and market extra successfully.  At Bronco Billy’s, we launched the Christmas Casino in late 2018 in a constructing situated close to – however not adjoining – the prevailing Bronco Billy’s facility.  We did this as a part of a strategic determination to manage an essential nook in Cripple Creek.  The opening of the Christmas Casino, nonetheless, resulted in additional than $1 million of incremental bills throughout the yr with no enough improve in revenues to offset it.  We are within the strategy of evaluating methods to cut back the price of our Christmas Casino operations whereas preserving our strategic targets, together with the potential for utilizing the area for different Christmas-related ideas.  In whole, these occasions at Bronco Billy’s and Rising Star – together with a short lived mass advertising marketing campaign at Rising Star – adversely affected Adjusted EBITDA by an estimated $three million in 2019.

“Lastly,” concluded Mr. Lee, “during the fourth quarter, we advanced our proposal for a new gaming resort destination in Waukegan, Illinois, located north of Chicago.  Our American Place proposal was one of three proposals advanced by the City of Waukegan to the Illinois Gaming Board.  Over the coming months, we expect that the Illinois Gaming Board will evaluate each of the three proposals and schedule public presentations.  We look forward to presenting what we believe is the most unique and beneficial casino destination for both the City of Waukegan and the State of Illinois.”

Fourth Quarter and Full-Year 2019 Highlights and Subsequent Events

  • Net revenues at Silver Slipper Casino and Hotel within the fourth quarter of 2019 have been $17.zero million versus $17.5 million.  The lower was largely as a consequence of a decline in maintain proportion.  Accordingly, Adjusted Property EBITDA was $2.7 million within the 2019 fourth quarter versus $three.zero million within the prior-year interval.  For the total yr, Silver Slipper’s operational efficiency reached new report ranges, reflecting a deal with working efficiencies and the good thing about quite a few investments within the property in recent times, together with the Silver Slipper Beach Club, porte cochere and different arrival enhancements, the Oyster Bar, and the launch of on-site sports activities betting.  Net revenues and Adjusted Property EBITDA rose to $73.2 million and $13.2 million, respectively, in 2019.  These quantities evaluate to $69.four million and $12.1 million, respectively, in 2018.  2019 was the most effective yr within the property’s 13-year historical past.
  • At Rising Star Casino Resort, web revenues declined for the fourth quarter of 2019 to $11.four million from $12.zero million, partly as a consequence of a rise in competitors.  A brand new on line casino providing “historical racing machines” opened in Louisville in September 2018 and a special on line casino close to Louisville opened a big new on line casino in mid-December, changing its authentic on line casino boat.  Following the top of the quarter, on January 1st, racetrack casinos close to Indianapolis started providing reside desk video games.  Adjusted Property EBITDA of $zero.2 million within the fourth quarter of 2019 compares to $zero.7 million within the prior-year interval.  These outcomes replicate a short lived improve in advertising expense, in addition to the set up of a brand new slot system all through the on line casino throughout which a good portion of Rising Star’s slot flooring was offline for a number of weeks.  During the quarter, as mentioned beneath, Rising Star additionally commenced sportsbook operations.  For the total yr, web revenues and Adjusted Property EBITDA have been $45.6 million and $1.three million in 2019, as in comparison with $48.zero million and $2.eight million, respectively, in 2018.
  • As beforehand disclosed, new gaming laws affecting Rising Star grew to become efficient in Indiana in May 2019.  This new laws contained a number of gadgets helpful to Rising Star, together with:

    • The approval of sports activities wagering at Indiana casinos.  In conjunction with one in every of our sports activities wagering companions, we opened an on-site sportsbook at Rising Star in November 2019.

    • The approval of three cellular “skins” for every on line casino license.  In addition to an on-site sportsbook, the brand new laws permits for 3 cellular “skins” (the trade time period for web site) for every on line casino license within the state.  Effectively, these skins permit Rising Star to contract with three web site manufacturers for on-line sports activities wagering through the Internet, no matter location throughout the state.  Online gaming have to be paired with a bodily on line casino, though prospects would not have to go to that on line casino to put a guess and even register on the on line casino to make a guess.  As a outcome, the Company entered into sports activities wagering agreements with three totally different corporations, one in every of which commenced operations on December 30, 2019.  The different two corporations are anticipated to start operations shortly.  In abstract, these sports activities wagering agreements permit the Company to:

       • Receive one-time market entry charges for Indiana totaling $three.zero million, all of which was obtained by the fourth quarter of 2019;

       • Receive a share of web sports activities wagering revenues, with Full House’s portion of the revenues to whole a minimum of $three.5 million yearly for Indiana.  If any one in every of our contracting companies exceeds the minimal quantity on a proportion share foundation, our revenues from sports activities wagering in Indiana ought to exceed $three.5 million.  The Company expects to have minimal ongoing bills associated to those revenues; and

       • Have a time period size of a minimum of 10 years, and doubtlessly so long as 20 years.

    • The discount of sure gaming taxes.  The new gaming laws accredited a discount in sure gaming taxes for on line casino operators within the state, together with Rising Star, starting on July 1, 2021.

  • For our Bronco Billy’s Casino and Hotel section, web revenues for the fourth quarter of 2019 declined to $6.1 million from $6.four million.  Adjusted Property EBITDA declined to $(zero.1) million from $zero.5 million.  These working outcomes replicate the implementation of a brand new slot system on the property – although with far much less operational disruption than what occurred at Rising Star – and important snowfall on key weekends.  For the total yr, web revenues and Adjusted Property EBITDA have been $27.5 million and $three.zero million in 2019, respectively, reflecting further lease, overhead, and participation/leased slot machines on the Christmas Casino, which opened in November 2018.  For 2018, web revenues and Adjusted Property EBITDA have been $26.9 million and $three.9 million, respectively.
  • Similar to Rising Star, the Company entered into sports activities wagering agreements in 2019 in Colorado, permitting for on-site sports activities wagering at Bronco Billy’s, in addition to cellular/on-line sports activities wagering from wherever inside Colorado.  The Colorado laws, which was ratified by voters within the statewide election on November 5, permits for one cellular “skin” per on line casino license along with an on-site sportsbook.  As the Company has three on line casino licenses, the utmost allowed for a single firm working within the state, we entered into three sports activities wagering contracts associated to our Colorado operations.  The Colorado agreements will permit the Company to:

    • Receive one-time market entry charges for Colorado totaling $three.zero million, all of which was obtained within the fourth quarter of 2019;

    • Receive a share of web sports activities wagering revenues, with Full House’s portion of the revenues to whole a minimum of $three.5 million yearly for Colorado.  Again, if any one in every of our contracting companies exceeds the minimal quantity on a proportion share foundation, our revenues from sports activities wagering in Colorado ought to exceed $three.5 million.  The Company expects to have minimal ongoing bills associated to those revenues; and

    • Have a time period size of a minimum of 10 years, and doubtlessly so long as 20 years.  The Company expects the launch of sports activities wagering in Colorado in mid-2020.

  • The Company additionally continued building of its new parking storage at Bronco Billy’s, the most important element of the property’s Phase One enlargement.  Phase One consists of important utility relocations; a back-of-house service constructing, situated between the storage and the on line casino; and pedestrian entrances immediately from the storage into the on line casino.  The Company expects to finish the parking storage and associated constructions in late-2020.
  • The Northern Nevada section consists of the Grand Lodge and Stockman’s casinos.  Combined, Northern Nevada web revenues have been $four.6 million and $four.9 million for the fourth quarters of 2019 and 2018, respectively.  Adjusted Property EBITDA for the Northern Nevada section was $zero.6 million and $zero.eight million, respectively.  These outcomes principally replicate a short lived lower in exercise on the close by Naval air base.  In October 2019, the Company accomplished the renovation of the steakhouse at Stockman’s Casino and rebranded it because the Three Sisters Steakhouse, representing the primary significant renovation of the steakhouse in a few years.  For the total yr, web revenues have been $19.1 million and $19.6 million in 2019 and 2018, respectively.  Adjusted Property EBITDA was $three.2 million and $three.four million, respectively, reflecting decrease desk video games maintain at Grand Lodge in 2019.
  • On October 29th, the Company submitted an Owners Gaming License Application to the Illinois Gaming Board (“IGB”) to develop and function American Place, a on line casino and leisure vacation spot in Waukegan, Illinois.  In its first section, American Place is anticipated to incorporate a world-class on line casino with a state-of-the-art sports activities guide; a premium boutique lodge comprised of twenty luxurious villas, every starting from 1,500 to 2,500 sq. toes with full butler service; a 1,500-seat reside leisure venue; and numerous meals and beverage retailers.  If awarded the license by the IGB, Full House additionally expects to develop and function a short lived on line casino on that web site whereas American Place is being constructed.  American Place was one in every of three proposals licensed by the Waukegan City Council at its October 17th particular assembly.  At that assembly, Waukegan Aldermen heard a presentation from town’s guide, which ranked American Place the highest proposal amongst the varied submissions on quite a few totally different standards.  No assurance might be provided that the Company will probably be awarded the license by the IGB.  For additional details about American Place, please go to www.americanplace.us.
  • During the fourth quarter of 2019, venture growth bills totaled $zero.5 million, primarily associated to the IGB’s required investigation charge of $300,000 from all on line casino candidates in Waukegan and elsewhere in Illinois, in addition to prices associated to the preparation of the Company’s Waukegan proposal.
  • The Company maintains a Facebook web page to supply work-in-progress images to buyers of our numerous progress initiatives and different actions.  To entry that Facebook web page, please go to www.fb.com/FHResorts.  A webcam of the development in Cripple Creek can be obtainable at www.BroncoBillysCasino.com.

Liquidity and Capital Resources
As of December 31, 2019, the Company had $29.9 million in money, restricted money, and money equivalents, in addition to $107.9 million in excellent senior secured notes.

Conference Call Information
The Company will host a convention name for buyers in the present day, March 12, 2020, at 11:00 a.m. ET (eight:00 a.m. PT) to debate its 2019 fourth quarter outcomes. Investors can entry the reside audio webcast from the Company’s web site at www.fullhouseresorts.com underneath the investor relations part. The convention name may also be accessed by dialing (888) 394-8218 or, for worldwide callers, (323) 794-2591.

A replay of the convention name will probably be obtainable shortly after the conclusion of the decision by means of March 26, 2020. To entry the replay, please go to www.fullhouseresorts.com.  Investors can even entry the replay by dialing (844) 512-2921 or, for worldwide callers, (412) 317-6671 and utilizing the passcode 6716522.

* At all properties besides Grand Lodge Casino on the Hyatt Regency Lake Tahoe (which is following Hyatt’s insurance policies).

(a) Reconciliation of Non-GAAP Financial Measure
The Company makes use of Adjusted Property EBITDA, a monetary measure in accordance with typically accepted accounting rules (“GAAP”), because the measure of section revenue in assessing efficiency and allocating sources on the reportable section stage.  Adjusted Property EBITDA is outlined as earnings earlier than curiosity and different non-operating revenue (expense), taxes, depreciation and amortization, preopening bills, impairment fees, asset write-offs, recoveries, achieve (loss) from asset disposals, venture growth and acquisition prices, non-cash share-based compensation expense, and corporate-related prices and bills that aren’t allotted to every property.  The Company additionally makes use of Adjusted EBITDA (a non-GAAP measure), which is outlined as Adjusted Property EBITDA web of corporate-related prices and bills.

Although Adjusted EBITDA shouldn’t be a measure of efficiency or liquidity calculated in accordance with GAAP, the Company believes this non-GAAP monetary measure supplies significant supplemental info relating to our efficiency and liquidity.  The Company makes use of this metric or measure internally to focus administration on year-over-year adjustments in core working efficiency, which it considers its extraordinary, ongoing and customary operations and which it believes is beneficial info to buyers.  Accordingly, administration excludes sure gadgets when analyzing core working efficiency, such because the gadgets talked about above, that administration believes will not be reflective of extraordinary, ongoing and customary operations.  A model of Adjusted EBITDA (often known as Consolidated EBITDA, as outlined within the indenture governing the Company’s senior secured notes) can be used to find out compliance with sure covenants.

A reconciliation of Adjusted EBITDA is offered beneath. However, you shouldn’t think about this measure in isolation or as an alternative to working revenue, money flows from working actions, or some other measure for figuring out our working efficiency or liquidity that’s calculated in accordance with GAAP. You are inspired to judge these changes and the explanations we think about them applicable for supplemental evaluation. In evaluating Adjusted EBITDA, try to be conscious that, sooner or later, we could incur bills which might be the identical as or just like a few of the changes on this presentation. Our presentation of Adjusted EBITDA shouldn’t be construed as an inference that our future outcomes will probably be unaffected by uncommon or non-recurring gadgets.

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In hundreds, besides per share information)

                         
    Three Months Ended   Year Ended
    December 31,    December 31, 
    2019     2018     2019     2018  
Revenues                        
Casino   $  25,998     $  27,955     $  113,390     $  114,324  
Food and beverage      eight,286        eight,965        35,069        35,058  
Hotel      2,692        2,416        11,535        9,864  
Other operations      2,zero40        1,365        5,438        four,641  
Net revenues      39,zero16        40,701        165,432        163,887  
Operating prices and bills                        
Casino      16,658        16,120        67,336        64,226  
Food and beverage      four,827        5,089        21,292        21,593  
Hotel      463        881        1,604        three,496  
Other operations      951        1,058        three,557        three,113  
Selling, normal and administrative      13,881        13,890        56,zero51        54,440  
Preopening prices      —        134        —        274  
Project growth prices      534        286        1,037        843  
Depreciation and amortization      2,068        2,097        eight,331        eight,397  
Loss on disposal of belongings, web      three        —        eight        79  
       39,385        39,555        159,216        156,461  
Operating (loss) revenue      (369 )      1,146        6,216        7,426  
Other (expense) revenue                        
Interest expense, web of capitalized curiosity      (2,666 )      (2,787 )      (10,728 )      (10,306 )
Loss on extinguishment of debt      —        —        —        (2,673 )
Adjustment to honest worth of warrants      (1,069 )      785        (1,230 )      1,671  
Other      —        (13 )      —        (13 )
       (three,735 )      (2,zero15 )      (11,958 )      (11,321 )
Loss earlier than revenue taxes      (four,104 )      (869 )      (5,742 )      (three,895 )
Income tax expense      29        120        80        476  
Net loss   $  (four,133 )   $  (989 )   $  (5,822 )   $  (four,371 )
                         
Basic loss per share   $  (zero.15 )   $  (zero.04 )   $  (zero.22 )   $  (zero.17 )
Diluted loss per share   $  (zero.15 )   $  (zero.07 )   $  (zero.22 )   $  (zero.23 )
Basic weighted common variety of frequent shares excellent      27,zero29        26,932        26,980        26,zero12  
Diluted weighted common variety of frequent shares excellent      27,zero29        27,271        26,980        26,461  

Full House Resorts, Inc.
Supplemental Information
Segment Revenues and Adjusted Property EBITDA
(In Thousands, Unaudited)

                         
    Three Months Ended   Year Ended
    December 31,    December 31, 
    2019     2018     2019     2018  
Net Revenues                        
Silver Slipper Casino and Hotel   $  16,961     $  17,462     $  73,201     $  69,350  
Rising Star Casino Resort      11,419        11,983        45,620        47,966  
Bronco Billy’s Casino and Hotel      6,076        6,385        27,507        26,942  
Northern Nevada Casinos      four,560        four,871        19,104        19,629  
    $  39,zero16     $  40,701     $  165,432     $  163,887  
                         
Adjusted Property EBITDA(1) and Adjusted EBITDA                        
Silver Slipper Casino and Hotel   $  2,711     $  2,988     $  13,159     $  12,126  
Rising Star Casino Resort      167        706        1,330        2,806  
Bronco Billy’s Casino and Hotel      (74 )      495        three,000        three,919  
Northern Nevada Casinos      645        849        three,161        three,375  
Adjusted Property EBITDA      three,449        5,038        20,650        22,226  
Corporate      (1,128 )      (1,264 )      (four,710 )      (four,575 )
Adjusted EBITDA   $  2,321     $  three,774     $  15,940     $  17,651  
                                 

(1)   The Company makes use of Adjusted Property EBITDA because the measure of section working revenue in assessing efficiency and allocating sources on the reportable section stage.

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA
(In Thousands, Unaudited)

                         
    Three Months Ended   Year Ended
    December 31,    December 31, 
    2019     2018     2019     2018  
Net loss   $  (four,133 )   $  (989 )   $  (5,822 )   $  (four,371 )
Income tax expense      29        120        80        476  
Interest expense, web of quantities capitalized      2,666        2,787        10,728        10,306  
Loss on extinguishment of debt      —        —        —        2,673  
Adjustment to honest worth of warrants      1,069        (785 )      1,230        (1,671 )
Other      —        13        —        13  
Operating (loss) revenue      (369 )      1,146        6,216        7,426  
Preopening prices      —        134        —        274  
Project growth prices      534        286        1,037        843  
Depreciation and amortization      2,068        2,097        eight,331        eight,397  
Loss on disposal of belongings, web      three        —        eight        79  
Stock-based compensation      85        111        348        632  
Adjusted EBITDA   $  2,321     $  three,774     $  15,940     $  17,651  
                                 

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)

                                     
Three Months Ended December 31, 2019
                                  Adjusted
                                  Property
    Operating   Depreciation   Loss on   Project         EBITDA and
    Income   and   Disposal   Development   Stock-Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Compensation   EBITDA
Casino properties                                    
Silver Slipper Casino and Hotel   $  1,856     $  855   $  —   $  —   $  —   $  2,711  
Rising Star Casino Resort      (459 )      626      —      —      —      167  
Bronco Billy’s Casino and Hotel      (473 )      396      three      —      —      (74 )
Northern Nevada Casinos      492        153      —      —      —      645  
       1,416        2,zero30      three      —      —      three,449  
Other operations                                    
Corporate      (1,785 )      38      —      534      85      (1,128 )
    $  (369 )   $  2,068   $  three   $  534   $  85   $  2,321  
                                         
                                     
Three Months Ended December 31, 2018
                                  Adjusted
                                  Property
    Operating   Depreciation         Project         EBITDA and
    Income   and   Preopening   Development   Stock-Based   Adjusted
    (Loss)   Amortization   Costs   Costs   Compensation   EBITDA
Casino properties                                    
Silver Slipper Casino and Hotel   $  2,138     $  850   $  —   $  —   $  —   $  2,988  
Rising Star Casino Resort      47        629      30      —      —      706  
Bronco Billy’s Casino and Hotel      (32 )      423      104      —      —      495  
Northern Nevada Casinos      693        156      —      —      —      849  
       2,846        2,058      134      —      —      5,038  
Other operations                                    
Corporate      (1,700 )      39      —      286      111      (1,264 )
    $  1,146     $  2,097   $  134   $  286   $  111   $  three,774  
                                         

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)

                                     
Year Ended December 31, 2019
                                  Adjusted
                                  Property
    Operating   Depreciation   Loss on   Project         EBITDA and
    Income   and   Disposal   Development   Stock-Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Compensation   EBITDA
Casino properties                                    
Silver Slipper Casino and Hotel   $  9,700     $  three,454   $  5   $  —   $  —   $  13,159  
Rising Star Casino Resort      (1,096 )      2,426      —      —      —      1,330  
Bronco Billy’s Casino and Hotel      1,297        1,700      three      —      —      three,000  
Northern Nevada Casinos      2,562        599      —      —      —      three,161  
       12,463        eight,179      eight      —      —      20,650  
Other operations                                    
Corporate      (6,247 )      152      —      1,037      348      (four,710 )
    $  6,216     $  eight,331   $  eight   $  1,037   $  348   $  15,940  
                                         
                                           
Year Ended December 31, 2018
                                        Adjusted
                                      Property
    Operating   Depreciation   Loss on   Pre-   Project   Stock-   EBITDA and
    Income   and   Disposal   Opening   Development   Based   Adjusted
    (Loss)   Amortization   of Assets   Costs   Costs   Compensation   EBITDA
Casino properties                                          
Silver Slipper Casino and Hotel   $  eight,784     $  three,341   $  1   $  —   $  —   $  —   $  12,126  
Rising Star Casino Resort      150        2,511      9      136      —      —      2,806  
Bronco Billy’s Casino and Hotel      2,095        1,617      69      138      —      —      three,919  
Northern Nevada Casinos      2,602        773      —      —      —      —      three,375  
       13,631        eight,242      79      274      —      —      22,226  
Other operations                                          
Corporate      (6,205 )      155      —      —      843      632      (four,575 )
    $  7,426     $  eight,397   $  79   $  274   $  843   $  632   $  17,651  
                                               

Forward-looking Statements
This press launch incorporates statements by Full House and its officers which might be “forward-looking statements” throughout the that means of the secure harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historic info nor assurances of future efficiency. Some forward-looking statements on this press launch embrace these relating to our working developments and anticipated outcomes of operations; our future progress prospects and alternatives; the influence of our completed initiatives and renovations on our outcomes of operations and talent to compete; our proposed enlargement of Bronco Billy’s, our skill to acquire financing for it, and our anticipated returns from that venture; our building budgets, time strains and disruption expectations; expectations relating to being awarded a license by the IGB with respect to our proposal to assemble and function a on line casino growth in Waukegan, Illinois; expectations relating to the graduation and monetary influence of legalized sports activities wagering in Indiana and Colorado, anticipated revenues from sports activities wagering and associated bills, the associated sports activities wagering agreements we’ve got entered into and the transformational nature of such agreements; expectations relating to our taxes and tax loss carryforwards; potential results of legislative adjustments in Indiana; expectations relating to our new Konami on line casino administration system and our skill to compete and market extra successfully; expectations relating to the results of the coronavirus; and expectations relating to our skill to cut back the price of our Christmas Casino operations whereas preserving our strategic targets. Because forward-looking statements relate to the longer term, they’re topic to inherent uncertainties, dangers and adjustments in circumstances which might be tough to foretell and plenty of of that are outdoors of the management of Full House. Such dangers embrace, with out limitation, adjustments within the Company’s enterprise methods, rate of interest dangers, disruptions in our operations and lack of income as a consequence of pandemics, epidemics, widespread well being emergencies, or outbreaks of infectious illnesses such because the coronavirus; the failure to acquire and/or preserve regulatory approvals (together with in Colorado, Indiana, Nevada and Mississippi), the flexibility to acquire financing upon affordable phrases (together with for initiatives such because the Bronco Billy’s enlargement and the Waukegan proposal), the potential improve in Full House’s indebtedness because of the enlargement of Bronco Billy’s, building dangers and price overruns, dependence on current administration, competitors, uncertainties over the event and success of our acquisition and enlargement initiatives, the monetary efficiency of our completed initiatives and renovations, effectiveness of expense and working efficiencies, normal macroeconomic circumstances, dangers associated to getting into into sports activities betting operations (together with our skill to determine and preserve relationships with key companions or distributors, the flexibility and/or willingness of our companions to maintain sports activities betting operations ought to they expertise an prolonged interval of unprofitability, and the flexibility to exchange current companions or distributors on comparable phrases as our current income ensures), adjustments in visitor visitation or spending patterns as a consequence of well being or different issues, and regulatory and enterprise circumstances within the gaming trade (together with the attainable authorization or enlargement of gaming within the states we function or close by states). Additional info regarding potential elements that would have an effect on Full House’s monetary situation and outcomes of operations is included within the stories Full House information with the Securities and Exchange Commission, together with, however not restricted to, its Form 10-Okay for probably the most lately ended fiscal yr and the Company’s different periodic stories filed with the Securities and Exchange Commission. The Company is underneath no obligation to (and expressly disclaims any such obligation to) replace or revise its forward-looking statements on account of new info, future occasions or in any other case. Actual outcomes could differ materially from these indicated within the forward-looking statements.

About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming services all through the nation. The Company’s properties embrace Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman’s Casino in Fallon, Nevada. The Company additionally operates the Grand Lodge Casino on the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada underneath a lease settlement with the Hyatt group.  Further details about Full House Resorts might be considered on its web site at www.fullhouseresorts.com.  The info contained on, or which may be accessed by means of, our web site, our Facebook web page, www.BroncoBillysCasino.com or www.americanplace.us, shouldn’t be included by reference into, and isn’t part of, this doc.

Contact:
Lewis Fanger, Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com



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