Full House Resorts, Inc. · NASDAQ:FLL
Full House Resorts — Macquarie Consumer Bright Ideas Conference (March 2019)
29 slides from Full House Resorts's conference presentation, March 2019
Slide 1: Full House Resorts Investor Presentation – March 2019
Full House Resorts Investor Presentation – March 2019
Slide 2: Forward-looking Statements & Regulation G
2 Forward‐looking Statements & Regulation G This presentation may contain statements that are "forward‐looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward‐looking statements are neither historical facts nor assura
Slide 3: About Us
3 About Us • Develops, owns, operates and manages Full House Resorts At‐A‐Glance (as of 3/1/2019) casinos and related hospitality and entertainment facilities in regional U.S. Ticker FLL (Nasdaq) markets • Based in Las Vegas, Nevada Stock Price $2.19 • Operates five casino facilities in Mississippi,
Slide 4: Investment Highlights
4 Investment Highlights Continued Growth Expected at Existing Properties, 1 Including Through Margin Expansion 2 Bronco Billy’s Expansion Will Significantly Expand Company’s Size Experienced Management Team 3 Has Led Successful Turnarounds and Grown Companies Incentivized Management Team and Board o
Slide 5: History
5 History Revenue +35% from 2014 through 2018 180.0 161.3 163.9 160.0 144.7 146.0 Preparations 140.0 128.8 Begin for 121.4 124.4 Colorado 120.0 Expansion Revenues in Millions 105.5 Acquired 5th 100.0 Casino (Colorado) Acquired 4th Casino Current 80.0 (Mississippi) Management Takes Over 60.0 40.0 Acq
Slide 6: Management Team
6 Management Team Daniel R. Lee – Director, President & Chief Executive Officer (2014) • Pinnacle Entertainment – Chairman and Chief Executive Officer (2002‐2009) • Mirage Resorts – Chief Financial Officer and VP of Finance & Development (1992‐1999) • Career Development Highlights: • Bellagio, Treas
Slide 7: Portfolio
Portfolio
Slide 8: Property Overview
8 Property Overview Property Acquisition Date Location Slot Machines Table Games Hotel Rooms 2018 Revenue Stockman’s Fallon, NV 2007 (near Reno and 225 4 ‐‐‐ $19.6m(2) Casino Navy Air Station ‐ Fallon) Rising Star Casino Rising Sun, IN 2011 917 25 294 $48.0m Resort (near Cincinnati) Grand Lodge Incl
Slide 9: Footprint by Acquisition Date & Population
9 Footprint by Acquisition Date & Population(1) 1 Stockman’s Nevada: 3.1m (32nd) California: 39.8m (1st) 2 Rising Star Indiana: 6.7m (17th) Ohio: 11.7m (7th) 1 Kentucky: 4.5m (26th) 3 5 2 3 Grand Lodge Nevada: 3.0m (32nd) California: 39.8m (1st) 4 Silver Slipper Mississippi : 3.0m (34th) 4 Louisiana
Slide 10: Revenue & EBITDA by Property in 2018
10 Revenue & EBITDA by Property in 2018 Net Revenues Adjusted Property EBITDA 100% 100% $19,629 $3,375 90% 90% 80% $26,931 80% $3,919 70% 70% As a % of Total As a % of Total 60% 60% $2,806 $47,966 50% 50% 40% 40% 30% 30% $12,126 20% $69,350 20% 10% 10% 0% 0% Silver Slipper Casino & Resort Rising Sta
Slide 11: Silver Slipper Casino & Resort
11 Silver Slipper Casino & Resort Silver Slipper 2018 Revenue: $69.4m (42.3%) • Located on the west end of the Mississippi Gulf Coast, near Bay St. Louis, Mississippi • Sits on an eight‐mile‐long white sand beach, the closest such beach to the New Orleans and Baton Rouge metropolitan areas • Approxi
Slide 12: Silver Slipper Casino & Resort
12 Silver Slipper Casino & Resort Sports Book Beach Club & Swimming Pool Opened August 2018 Opened August 2017 fullhouseresorts.com
Slide 13: Bronco Billy's Casino & Resort
13 Bronco Billy’s Casino & Resort Bronco Billy’s 2018 Revenue: $26.9m (16.4%) • Located on the “casino strip” in Cripple Creek, Colorado • One hour drive from Colorado Springs, Colorado, the second‐largest metropolitan area in the state • Two hour drive from Denver, Colorado • Approximately 17,000 s
Slide 14: Christmas Casino & Inn at Bronco Billy's
14 Christmas Casino & Inn at Bronco Billy’s • New year‐round Christmas‐themed casino and hotel near the existing Bronco Billy’s complex opened on November 1st with 150 slot machines • First new gaming product in Cripple Creek in approximately a decade fullhouseresorts.com
Slide 15: Bronco Billy's Footprint
15 Bronco Billy’s Footprint Bronco Billy’s & Expansion Triple Crown Expansion fullhouseresorts.com
Slide 16: Bronco Billy's Casino & Resort Expansion
16 Bronco Billy’s Casino & Resort Expansion • Expansion to include new luxury hotel tower, spa, parking garage, convention and entertainment center, and high‐end restaurant • Total feeder market population in Colorado Springs/South Front Range is approximately 1 million people • Gaming spend per cap
Slide 17: Gaming Spend in Colorado Trails Other Gaming Markets and National Average
Gaming Spend in Colorado 17 Trails Other Gaming Markets and National Average Gaming Revenues Population Win per ($mn) (mn) Capita U.S. Total $65,000 323.1 $201 Kansas City $782 2.0 $391 State of Washington $2,670 7.3 $366 St. Louis $1,007 2.8 $360 Detroit $1,376 4.3 $320 Cincinnati $598 2.1 $285 Pen
Slide 18: Rising Star Casino & Resort
18 Rising Star Casino & Resort Rising Star 2018 Revenue: $48.0m (29.3%) • Located on the banks of the Ohio River in Rising Sun, Indiana • One hour from Cincinnati, Ohio • Two hours from Indianapolis, Indiana, and Louisville and Lexington, Kentucky • 40,000 square feet of casino space • On site: five
Slide 19: Ferry Boat Service at Rising Star Casino
19 Ferry Boat Service at Rising Star Casino • Began a 10‐car ferry boat service in Q3 2018, allowing citizens of Kentucky to quickly travel to Rising Star • Boone County, Kentucky is one of the wealthiest counties in the state Rising Star Golf Course Rising Star Casino & Hotel Rising Star RV Park fu
Slide 20: Grand Lodge Casino
20 Grand Lodge Casino Northern Nevada(1) 2018 Revenue: $19.6m (12.0%) • Operated under a lease with Hyatt • Located on the north shore of Lake Tahoe in Incline Village, Nevada • Approximately 18,900 square feet of casino space • On site: spa, pool, beach and close to golf and skiing • Significant re
Slide 21: Stockman's Casino
21 Stockman’s Casino Northern Nevada(1) 2018 Revenue: $19.6m (12.0%) • Approximately one hour from Reno, Nevada • 8,400 square feet of gaming space • On site: bar, fine‐dining restaurant and a coffee shop • Primarily serves the local market of Fallon, Nevada, including the nearby military base • Ext
Slide 22: Developments
Developments
Slide 23: Proposal: New Casino in Terre Haute, Indiana
23 Proposal: New Casino in Terre Haute, Indiana • Indiana legislature is currently considering proposals to allow the movement of excess gaming positions or a gaming license for the development of a new casino Indianapolis in Terre Haute, Indiana • Metropolitan population of Terre approximately 200,
Slide 24: Proposal: La Posada in New Mexico
24 Proposal: La Posada in New Mexico • In August 2018, Full House proposed a destination resort that will include a racetrack, casino, luxury hotel, 18‐hole golf course, water park, and other amenities on 520 acres in Clovis, New Mexico • Due to outstanding litigation against the racing commission,
Slide 25: Financials
Financials
Slide 26: Adjusted EBITDA Growth
26 Adjusted EBITDA Growth $20.0 $18.0 $17.7 $16.5 $16.2 $16.0 $14.0 $14.0 $12.0 $10.7 $10.0 $8.0 2014 2015 2016 2017 2018 Adjusted EBITDA: +67% from when management took over in 2014 through 2018 fullhouseresorts.com
Slide 27: Adjusted EBITDA by Quarter
27 Adjusted EBITDA by Quarter * * * 4Q17 and 1Q18 results reflect significant weather disruption fullhouseresorts.com
Slide 28: Balance Sheet
28 Balance Sheet Total Assets (Q3 2018) $ in millions • Refinanced all of our existing debt in Cash, Cash Equivalents & STI, February 2018 Other LT Assets, $20.8 Accounts & Notes Receivable, $1.8 • $100 million of new senior secured notes $33.4 due 2024, led by PIMCO and Sagard Inventories, $1.4 • I
Slide 29: GAAP Reconciliation
29 GAAP Reconciliation fullhouseresorts.com
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