Full House Resorts, Inc. · NASDAQ:FLL
Full House Resorts — Q1 2023 Earnings Presentation
23 slides from Full House Resorts's earnings presentation, May 8, 2023
Slide 1: Investor Update May 2022
Hf HO OR FULL RE S Investor Update May 2022
Slide 2: Forward-looking Statements & Regulation G
Forward-looking Statements & Regulation G 2 This presentation contains statements by Full House 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
Slide 3: Recent Updates
Recent Updates 3 ● Full House continues to grow organically and through new licenses ● Existing operations remain strong, with Adjusted EBITDA increasing to $44.8 million for LTM 1Q22 ● In December 2021, the Company was selected to develop American Place, a new casino destination for the northern Ch
Slide 4: American Place: Waukegan, Illinois
American Place: Waukegan, Illinois
Slide 5: American Place Will Serve Chicagoland, an Underpenetrated Market
American Place Will Serve Chicagoland, an Underpenetrated Market 5 Source: Illinois Gaming Board, Indiana Gaming Commission, Michigan Gaming Control Board, Missouri Gaming Commission, Maryland State Lottery & Gaming Control Agency, Kansas Racing and Gaming Commission, Census Reporter, Data USA. Note
Slide 6: American Place: Located in an Underpenetrated Area of Chicagoland
American Place: Located in an Underpenetrated Area of Chicagoland 6 Source: StatsAmerica, Illinois Gaming Board, Google Maps (drive times based on 5pm departure on Friday, 1/7/22). (1) AGR of $482 million based on an annualization of the 347 operating days during CY 2021 (Jan-21 impacted by COVID re
Slide 7: American Place: Ideally Situated Near Major Inter- and Intrastate Arteries
American Place: Ideally Situated Near Major Inter- and Intrastate Arteries 7
Slide 8: The Temporary by American Place
The Temporary by American Place 8 ● Intended Opening Date: Fall 2022 ● Expected Investment: $100 million (includes ~$60 million of investments that transfer to the permanent facility, such as slots and license fees) ● 1,000 slots, 50 table games, center bar, and three restaurants ● Expected to opera
Slide 9: The Temporary Site
The Temporary Site Temporary Site rs
Slide 10: The Temporary: Waukegan, Illinois
The Temporary: Waukegan, Illinois 10
Slide 11: The Temporary: Waukegan, Illinois
The Temporary: Waukegan, Illinois 11
Slide 12: American Place
American Place 12 ● Permanent facility is designed to be luxurious, but approachable ● American Place is slated to include: ○ 1,640 slots ○ 100 table games ○ 20-villa luxury hotel ○ 1,500-seat entertainment facility ○ 6 F&B outlets ○ State-of-the-art sportsbook ● Completion is expected in 2025, appr
Slide 13: Chamonix: Cripple Creek, Colorado
Chamonix: Cripple Creek, Colorado
Slide 14: Chamonix Casino Resort
Chamonix Casino Resort 14 Fort Collins ● Cripple Creek: ~1 hour from approximately one Drive time: ~1hr 45min million people in the broader Colorado Springs Greeley market Drive time: ~1hr 50min Boulder ○ Similar driving distance from Black Drive time: ~1hr 5min Greater Denver area Hawk/Central City
Slide 15: First Luxury Gaming Product in Cripple Creek
First Luxury Gaming Product in Cripple Creek 15
Slide 16: Chamonix: Cripple Creek, Colorado
Chamonix: Cripple Creek, Colorado
Slide 17: Chamonix: Cripple Creek, Colorado
Chamonix: Cripple Creek, Colorado
Slide 18: Chamonix: Cripple Creek, Colorado
Chamonix: Cripple Creek, Colorado
Slide 19: Chamonix: Cripple Creek, Colorado
Chamonix: Cripple Creek, Colorado
Slide 20: Balance Sheet
Balance Sheet 20 ● Issued $100 million of tack-on notes in February 2022 to fund The Temporary ○ Issued at 102% of par ○ Increased total outstanding principal for Senior Secured Notes due 2028 to $410 million, which have a fixed interest rate of 8.25% ● At March 31, 2022, the Company had approximate
Slide 21: Property Overview
Property Overview 21 1 Grand Lodge Casino Incline Village, Nevada (North Lake Tahoe) 269 Slots, 9 Tables, 294 Hotel Rooms within Hyatt* 2 Stockman’s Casino Fallon, NV (Near Reno and Navy Air Station: Fallon) 186 Slots 2 6 1 3 Bronco Billy’s Casino & Hotel 3 5 Cripple Creek, CO (Near Colorado Springs
Slide 22: Strong Operational Growth Since 2014
Strong Operational Growth Since 2014 22 $200 $50.0 $44.8 $180 $45.0 $160 $40.0 8 % +4 $140 $35.0 % $120 Adjusted EBITDA ($mn) $30.0 25 Revenue ($mn) +3 $100 $25.0 $80 $20.0 $60 $15.0 $40 $10.5 $10.0 $20 $5.0 $0 2014 LTM 1Q22 Mississippi Indiana Colorad o Nevada Contracted Spo rts Wagering $0.0 2014
Slide 23: GAAP Reconciliation
GAAP Reconciliation 23 Reconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA