Full House Resorts Announces Second Quarter Results Full House Resorts Inc. FLL

Full House Resorts Announces Second Quarter Results

LAS VEGAS, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq:FLL) today announced financial results for the second quarter ended June 30, 2020.

The COVID-19 outbreak prompted regulators in several states to close all of the company's casinos by mid-March 2020. The company's properties began opening with county approval, starting with Silver Slipper Casino and Hotel on May 21, 2020, Grand Lodge Casino and Stockman's Casino on June 4, 2020, and Bronco Billy's Casino and Hotel and Rising Star Casino Resort on June 15, 2020. .

With all operations closed in the first half of the quarter, year-over-year comparisons are not particularly meaningful. Therefore, in addition to quarterly results, we have assumed a June fiscal year end. This follows the company's acceptance that not all of its operations were closed throughout June 2020, but the instructions believe it is more appropriate to compare June 2020 to June 2019 rather than comparing the second quarter to the full year. The company does not want to routinely publish monthly results.

June Results

"After several months of closures to slow the spread of the coronavirus, we began reopening our properties in late May. By mid-June, all of our properties were open," said Daniel R. Lee, president and principal executive officer of Full House Resorts. "We still have significant limitations to our operations to ensure social distancing and address appropriate health and safety concerns. For example, we do not play table games in Colorado and have significantly limited the ability to play table games in other markets. We are discouraging entertainment events or special activities that draw large crowds. Our restaurants are open for limited hours and at reduced capacity. In real time, we are only using 1, 650 slot machines to ensure tracking distance between players, down from nearly 3, 000 in the first quarter. We also incur additional costs to disinfect equipment between guests, ensure social distancing, scan temperatures at each entrance, serve guests at buffets where employees previously served alone, and provide masks and other protective equipment for employees and guests.

"Despite these restrictions, our real estate properties are generally very good. For example, after consolidation coordination in June 2020, EBITDA (A) compared to June 2019. The best features of these are achieved thanks to the most required property, which was unified for all months. For many features, June 2020 was the best month in the 1 4-year Silver Slipper. After adjusting the Silver Slipper in June 2020, EBITDA indicators rose 28 % from June 2019. Both Bronco Billy's and Rising Star continued to provide good results in June without paying attention to those who have resumed only in the middle of the month. Their incomplete months at work are very powerful to smell the absolute month of rent, utility bills, and other expensive costs, and in these, when they are not closed by the full moon. To execute before the function of the previous year. In order to partially compensate for the best results of our major objects, in the North Nevada Section, in June 2020, the operation function was performed, for example, as the number of tourists visiting Lake Taho. Most guests of Fallon's Navy Air Station, which are declining and important training, are prohibited from leaving the base.

Lee continued: "In a few months, we invested in Rising Star and Bronco Billy's Fresh Slot Machine Machine Marketing Systems. These new slot systems provide advanced work with guests, It is also important to be an advanced expert, which is more effective and more effective in closing the marketing. The devoted program was revived, taking into account the confusion of buyers who resumed the entire company's enthusiasm using the closing phase. We decided to be conservative in the project, in fact, we will actively react as a whole, and on the condition of the public remote and security measures, Casino is the case. We are aware of the possibilities and are satisfied, believing that our flattering is still reflected, and people usually leave it in our casino. If you do not fly, you do not really want these casino resorts, such as shows that lead to larg e-scale gathering, nightclubs and conference rooms.

"We continue to succeed on online sports betting. Two of the six" skins "(sports rate sites) we have already operated, June 4, 2020. On a day, Smarkets started a sport rate in Colorado. He joined Betamerica, owned by Churchill Download, which started in Indiana at the end of last year. The last four applications are scheduled to start in a quarter, provided that the regulatory authorities will obtain necessary permission. As all sites we have signed up, our sporting fees based on the minimum contract should reach at least 7 or $ 0 million in annual calculation.

"Finally, Lee concluded. In the early pandemic, we interrupted the construction of a Bronco Billy parking lot to save money. And we continue to talk about the changes in the future taper, and we are continuing to be cautious and have not completely receded.

2nd quarter performance

As already mentioned, the company's casino did not run most of the previous quarter of the previous quarter. Therefore, the consolidated pure income in the second quarter of 2020 fell from $ 41 million in the previous quarter to $ 14. 5 million. The net loss in the second quarter of 2020 was $ 6, 700 (per ordinary shares per share (0, 0, 0, per ordinary shares) for net losses ($ 1, 000, 000) ($ 0, 04) in the previous fiscal year. 25) Dollar). In both periods, the issued Walant's fair market value affected net losses. After adjusting in the second quarter of 2020, the EBITDA indicators were $ 1, 4 million, compared to $ 4 and 3 million in the second quarter of 2019. In the second quarter of 2020, the company in Coloradado, the company in Coloradado, associated with 0, $ 5 million, associated with one quarter of the company's three official sports betting sites in Indiana. Includes about one month of work, recently started from one of the certified sports betting sites.

Main indicators in the second quarter and subsequent events

    The pure revenue of casinos and Silver Slipper Hotel in June 2020 was $ 6, 000 million, compared to $ 66, 000 in June 2019. After adjusting in June 2020, the EBITDA indicators rose 28 % to $ 1. 3 million in June 2019, despite many operational restrictions.

For the full quarter, pure casino revenues and Silver Slipper Hotel revenues for the second quarter of 2020 decreased to $9. 1 million compared to $18. 9 million in the same period last year. Adjusted EBITDA measures were $1. 2 million for the second quarter of 2020 and $3. 6 million for the second quarter of 2019. These results reflect the forced closure of the property from March 16, 2020 to May 21, 2020. As mentioned above, Silver Slipper operating income from the time work resumed was significantly higher than the previous year. For the full quarter, Rising Star's net revenues (excluding contractual minimums related to sports revenue agreements) for the second quarter of 2020 decreased $11. 6 million to $22. 0 million, reflecting the facility's mandatory closure from March 16, 2020 to June 15, 2020, and increased competition. A new large-scale casino opened in mid-December at one of its casinos near Louisville, replacing the original casino ship. Additionally, the Hippodrome casino near Indianapolis began offering live board games on January 1, 2020. Adjusted EBITDA measures (excluding contractual minimums related to sports revenue agreements) for the second quarter of 2020 were negative $1. 4 million compared to $0. 6 million in the prior year. Taking into account sports contract revenue, revenue and adjusted EBITDA measures were $2. 6 million and $(1. 0) million, respectively, in the second quarter of 2020. The Company completed the installation of a new slot machine system for Rising Star in the fourth quarter of 2019. The new slot machine system was installed to improve customer service and increase the efficiency and effectiveness of marketing initiatives.

For the full quarter, Bronco Billy's net revenue (excluding contract minimums related to sports revenue) decreased by $6. 9 million to $1. 6 million in the second quarter of 2020. Contract-related sports revenue) decreased by $0. 9 million to $(0. 2) million. Taking into account contract sports revenue, revenue and adjusted EBITDA measures were $1. 7 million and $(0. 1) million, respectively, in the second quarter of 2020. Like Rising Star, the company completed installation of a new slot machine system at Bronco Billy's in the fourth quarter of 2019.

For the full year, the Northern Nevada segment's net income was $11. 0 million in the second quarter of 2020 and $43. 0 million in the second quarter of 2019. Northern Nevada segment's adjusted EBITDA was $(562. 000) and $417. 00, respectively. These results primarily reflect the impact of the state's casino closures from March 17, 2020 through June 4, 2020.

Liquidity and Capital Resources As of June 30, 2020, the Company had $26. 5 million in cash and cash equivalents, $174. 0 million of senior secured notes outstanding, and $56. 0 million of unsecured financing available under the CARES Act.

Conference Call Information The Company will host a conference call for investors today, August 6, 2020, at 3:00 p. m. Eastern Time, 12:00 p. m. Pacific Time to discuss its second quarter 2020 financial results. Investors can access a live audio feed on the Company's website at www. fullhouseresorts. com under "Investor Relations." Alternatively, international participants may dial (800) 926-5124 or (303) 223-0113 to access the conference call.

A replay of the conference call will be available immediately following the conclusion of the call and through August 20, 2020. To access the replay, please visit www. fullhouseresorts. com/. Investors may also view the replay by dialing (844) 512-2921, or (412) 317-6671 for international calls, using the code 21967193.

(a) Reconciliation of Non-GAAP Financial Measures The Company uses Real Estate Adjusted EBITDA, a financial measure in accordance with generally accepted accounting principles (GAAP), as a measure of segment profit to evaluate operating results and the allocation of management resources at the reportable segment level. Adjusted EBITDA is defined as earnings before interest and other non-operating income (expenses), taxes, depreciation and amortization, pre-opening costs, impairment losses, write-downs, recoveries, gains and losses on asset sales, development and project acquisition costs, non-cash stock-based compensation expense and operating costs and expenses not attributable to individual properties. The Company also uses Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA is defined as the property's Adjusted EBITDA less costs and expenses related to the Company's operations.

However, after adjustment, EBITDA indicators are not considered as indicators of productivity and liquidity designed in cooperation with GAAP. The company believes that this economic indicator, which has nothing to do with GAAP, will actually provide important subsidy information on our productivity and fluid. The company uses this indicator for this purpose to focus on the attention of the composition in the major business indicators of the year. This indicator is regarded as the company's own normal work, ordinary work, and normal work, and according to the company's views, it is considered information necessary for traders. In accordance with this, when analyzing major sales indicators, the management's views will delete some notes as described above, which does not reflect the current, normal work. The deformation of EBITDA indicators after adjustment (known as consolidated EBITDA indicators and defined as a contract that defines the priority of the abundant bonds of the company) is also used to determine the specific carpet ratio.

After adjustment, the adjustment of the eBitDa indicator is shown below. However, it is not necessary to consider this indicator separately, or as a substitute for other indicators, in order to judge our operating performance or liquidity calculated by adjusting it with GAAP. 。 The Company advises to consider these adjustments and requirements, which are the reasons for considering the auxiliary analysis. When evaluating eBitDa indicators after adjustment, it is necessary to observe that the Company may bear the same or similar costs as part of the coordination presented in the provided demonstration in the future. After adjustment, EBITDA indicators do not need to be regarded as a certificate indicating that our future performance does not affect unusual or its own note.

Full House Resorts Ink and subsidiaries, solid reports on business (no n-auditable) (units: thousand, excluding stock data)

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{space} {space}
{space} {space}
universe 2020 universe 2020
casino
10. 955 $ 28. 450 $ 31. 706 $ 56. 748 $ Food / drink
{space} {space} {space} {space} Hotel
3. 051 719 {space} {space} Other businesses related to online/ mobile sports activities
1. 299 843 {space} {space} Profit
{space} {space} {space} {RUIT} OPERATION COSTS AND EXPENSES
CASINOS
10. 955 {SIDE} {SIDE} {SIDE} FOOD AND DRINKS
{space} {SIDE} {SIDE} {SIDE} HOTELS
3. 051 377 {SIDE} {SIDE} OTHER OPERATIONS
1. 072 273 1. 841 835 Selling, general and administrative expenses
{Selling, general and administrative expenses} {SIDE} {SIDE} {SIDE} Planning expenses
Set} {Set 259 142 315 275
{SIDE} {RUMBERS} 2. {SIDE} {SIDE} Gain/loss on asset sales (net
SIDE} {Completion 439 (4 ) 439 (5 )
{SIDE} {SIDE} {SIDE} Operating (loss) profit
rumor} 1. 923 ) {SIDE} 3. 191 ) Other (expense) income (net)
Interest expense, net of capitalization rate
{Slot} (2. 931 ) (4. 938 ) (5. 634 ) (634 {RUIT} {SPACIOUS}) )
{SOME}want {slot} ) 141 {SIDE} 101
{SIDE} ) {SIDE} ) {SIDE} ) Profit before benefits tax )
{SIDE} {SIDE} ) {SIDE} ) {SIDE} (2. 342) ) Corporate tax adjustments )
{Service} (4 ) 143 91 285
{SIDE} $ (1. 010 ) $ (11. 061 ) $ (2. 627 ) $ Base damage per promotion )
{RUMBERS} $ (0, 04 ) $ (0, 41 ) $ (0, 10 ) $ Dilution damage per promotion )
Rumors} $ (0, 04 ) $ (0, 41 ) $ (0, 10 ) $ Dilution damage per promotion )
26. 969 27. 077 26. 955 RUMOR} Weighted average diluted full-time employment
{RUMBERS} 27. 077 {SIDE} {SIDE} Full House Resorts, Inc. Additional Information Partial Earnings and Adjusted EBITDA (in thousands, unaudited)

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{Room} {space} {space}
{space} {space} {space}
universe 2020 universe 2020 universe 2020
Casino and Hotel "Silver Ship" (1)
6, 441 $ 6, 615 $ 9, 122 $ 1892 $ 24. 215 $ 38, 174 $ Rising Star Casino Resort (2) (3)
{Room} {スペース} {スペース} {スペース} {スペース} {スペース} カジノ ブロンコビリーズ ホテル ホテル (3) (4)
{スペース} {スペース} {スペース} {スペース} {スペース} {スペース} ノースネバダ カジノ (5)
{スペース} {スペース} {スペース} {スペース} {スペース} {スペース} スペース} {スペース
$ 14, 324 $ 14. 511 $ {space} $ {space} $ {RUIT} $ OPERATION COSTS AND EXPENSES
カジノ ホテル 「「 シルバーシップ
1. 674 $ 1. 303 $ 1. 200 $ 3. 594 $ 3. 032 $ 7. 440 $ ライジング スターカジノリゾート (3)
スペース} {スペース 168 126 {スペース} ) 604 1, 007 ) カジノ ブロンコビリーズ ホテル ホテル (3)
スペース} {スペース 677 348 {スペース} ) 876 1. 491 ) 北 カジノ カジノ カジ ノ-ネバダ
スペース} {スペース 208 257 スペース} {スペース ) 417 {スペース} ) 408
{スペース} {スペース} {スペース} 5. 491 ) {スペース} 10. 346 ) ビジネス
{スペース} (422 ) (910 ) (1. 240 ) (2. 029 ) (2. 518 ) {スペース} )
2. 582 $ 1. 612 $ (1. 385 $ {スペース} ) $ (2. 634 $ {スペース} ) $ (1) Resumed from May 21, 2020. (2) Resumed from June 15, 2020. (3) Includes the amount related to the contract sports income in 2020. (4) Resumed on June 15, 2020. (5) Fixed on June 4, 2020. (6) The Company uses real estate eBitDa as an indicator of segment operating profit as an index of segment operating income when evaluating business performance at the report segment level and allocating management resources.

End month

{last}

{Room} {space} {space}
{space} {space} {space}
universe 2020 universe 2020 universe 2020
Complete} {Complete $ 430 $ {Space} ) $ (1. 010 ) $ (11. 061 ) $ (2. 627 ) $ Base damage per promotion )
{Service} (4 ) 143 (4 ) 143 91 285
{Consolidated} 2. 685 903 {side} {side} {side} Warant's fair value adjustment (1)
(141 94 {Space} ) 94 {Space} ) (101 ) Consolidation )
Complete} {Complete (4. 166 812 1. 923 ) {SIDE} 3. 191 ) Other (expense) income (net)
Set} {Set 255 51 259 142 315 275
{SIDE} 635 695 {RUMBERS} 2. {SIDE} {SIDE} Gain/loss on asset sales (net
SIDE} {Completion 436 (4 ) 439 (4 ) 439 (5 )
{round} 51 58 103 107 186 193
2. 582 $ 1. 612 $ (1. 385 $ {スペース} ) $ (2. 634 $ {スペース} ) $ (1) Resumed from May 21, 2020. (2) Resumed from June 15, 2020. (3) Includes the amount related to the contract sports income in 2020. (4) Resumed on June 15, 2020. (5) Fixed on June 4, 2020. (6) The Company uses real estate eBitDa as an indicator of segment operating profit as an index of segment operating income when evaluating business performance at the report segment level and allocating management resources.

{Full House Resort}

After adjustment

{After adjustment}
Property
Operating room
{overview} overview {Ruity} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ {Side} $ 250 $ $ $ $ 1. 303
{Site} {Site} ) 205 168
{Site} 557 120 677
スペース} {スペース {Site} ) 49 436 208
{Side} 624 436 {スペース}
business
{スペース} {site} ) 11 255 51 (422 )
$ (4. 166 $ 635 $ 436 $ 255 $ 51 $ 1. 612
Set} {Set
Property
Operating room
{overview} overview {complete} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ {Side} $ 291 $ $ $ $ 1. 200
{side} {site} ) 199 126
{Site} 208 144 (4 ) 348
スペース} {スペース 208 49 257
{side} 683 (4 ) {スペース}
business
{スペース} {site} ) 12 51 58 (910 )
$ 812 $ 695 $ (4 ) $ 51 $ 58 $ (1. 385

{space}

After adjustment

{space}
Property
Operating room
{overview} overview {Ruity} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ 398 $ 802 $ $ $ $ 3. 594
{Site} Space} {Space ) 616 {スペース} )
{Site} Space} {Space ) 376 4 {スペース} )
スペース} {スペース Space} {Space ) 148 435 スペース} {スペース )
1. 942 ) {space} 439 5. 491 )
business
{スペース} Space} {Space ) 38 259 103 (1. 240 )
$ 1. 923 ) $ {RUMBERS} 2. $ 439 $ 259 $ 103 $ {スペース} )
Space} {Space
Property
Operating room
{overview} overview {complete} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ {space} $ 869 $ $ $ $ 3. 032
{side} 11 593 604
{Site} 446 434 (4 ) 876
スペース} {スペース 268 149 417
{Side} {set} (4 ) {スペース}
business
{スペース} {site} ) 38 142 107 (2. 029 )
$ {SIDE} $ {SIDE} $ (4 ) $ 142 $ 107 $ (2. 634

{space}

After adjustment

{After adjustment}
Property
Operating room
{overview} overview {Ruity} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ 1. 646 $ {Side} $ $ $ $ 7. 440
{Site} 1. 238 ) {Side} 1, 007 )
{Site} {Site} ) 763 4 1. 491 )
スペース} {スペース {site} ) 297 435 {スペース} )
3. 944 ) {side} 439 10. 346 )
business
{スペース} {site} ) 76 315 186 (2. 518 )
$ 3. 191 ) $ {SIDE} $ 439 $ 315 $ 186 $ {スペース} )
{set}
Property
Operating room
{overview} overview {complete} rumor {rumor} benefit
{side} {Room} {Site} {Site} {Membership} Property
{side} rumor} rumor} {Completion} {Summary} Casino facility
Sylver Slipper Casino & Hotel
1. 674 $ 1. 716 $ {スペース} $ (1 ) $ $ $ ライジング スターカジノリゾート (3)
{side} {RUIMTE} ({RUIMTE} 1, 199, 199) ) {RUIMTE} カジノ ブロンコビリーズ ホテル ホテル (3)
{Site} 614 881 (4 ) 北 カジノ カジノ カジ ノ-ネバダ
スペース} {スペース 106 302 408
{RUIMTE} 7. 828 (5 ) ビジネス
business
{スペース} Published on August 6, 2020, the ability to replace existing partners or suppliers under the same conditions as our existing minimum contract conditions), and the regulations and business status of the gaming industry (in the state or neighboring states in which we operate Including the possibility of gaming approval or expansion). Additional information on Full House's financial status and business results may be a report that Full House has submitted to the US Securities and Exchange Commission (recently terminated form forms 10-K and the US Securities and Exchange Commission) Includes the other regular report submitted to, but we will update or modify the future outlook as new information, future events, or other results. No duty (and explicitly denying such duties) may be very different from what is described in the future. ) 76 275 193 {スペース} )
$ Other (expense) income (net) $ Gain/loss on asset sales (net $ (5 ) $ 275 $ 193 $ (1) Resumed from May 21, 2020. (2) Resumed from June 15, 2020. (3) Includes the amount related to the contract sports income in 2020. (4) Resumed on June 15, 2020. (5) Fixed on June 4, 2020. (6) The Company uses real estate eBitDa as an indicator of segment operating profit as an index of segment operating income when evaluating business performance at the report segment level and allocating management resources.

{space}


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Last modified: 27.08.2024

Full House Resorts Announces Second Quarter Results. View Press Release · Jul 9, • AM EDT. Full House Resorts Announces Second Quarter Earnings. Full House Resorts Announces Second Quarter Earnings Release Date · Full House Resorts extends casino lease to · Full House Resorts COO sells shares worth. (FLL) Q2 Earnings Call Transcript · SA TranscriptsWed, Aug. Full House Resorts Announces Second Quarter Results. GlobeNewswireTue, Aug.

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