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Full House Resorts (FLL)

Participants
Lewis Fanger Senior Vice President, Chief Financial Officer and Treasurer
Daniel Lee President and Chief Executive Officer
Chad Beynon Macquarie Securities
Gary Ribe MACRO Consulting Group
Call transcript
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Operator

Good day, everyone, and welcome to the Full House Resorts’ Fourth Quarter Earnings Call. Today's call is being recorded. At this time, I would like to turn the conference over to Lewis Fanger, Chief Financial Officer of Full House Resorts.

You may begin, sir.

Lewis Fanger

Thank you. everyone. afternoon, Good fourth our call. Welcome quarter to earnings

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

For expansion. please latest that as where find today's for well we SEC as as the of actually conference we're a releases today. you as can just our a posted including this reconciliation fullhouseresorts.com, lastly, minutes And those see our few well ago filings. at Billy's release issue press earnings And also measures, our we various running broadcasting website call Bronco

said, to So all go. are that with Dan? we ready

Daniel Lee

And at end the road. light safety for good single have powerline weekend of closed the power of All the weather And mean, the hotel for kind of sometimes the went Slipper. I over goes chunk hotel. but and the quarter. a the affected blame actually week. in weather, actually wasn't of road the hate we and a the the we're it had right. directly a most were well Most to issues quarter Hurricane of to floods significantly Silver out, because evacuate end this Nate mean, I us the I it matters. if at great obviously, we where

and one get I in on. had people it's feet probably it when tens a business of that we ago. did snow we not closed and storm And last little hurt summer to fast a hours five the But it with end of had came it at bit. Tahoe, it feet three big the the and XX to Incline most X.X midweek, Interstate year into moved then big then in told last Village hurricane casinos that's on swimming weekend. now normally the splinter evacuate. the to had leading year leading mean, a little it. mayor weekend, coast, to our And ago, and all which coming, The that canceled. us key [indiscernible] Incline the way is got of please It's the cruising country. it's weekend knew about didn't, time. Village property was people. a one thousands us. startling. last for water town, quite just of and snowing of on part, XX green and rally in have about other about time. over a expecting The They're lack snow I weekend, this it a was week car drove And other salt coming there's passes grass, the and actually actually And was the But We hurricane over the was that pools, to leave damage very right of feet

little to. or I snow. and little about complaining what, so year, so hard have snow, than were year, too don't if tell global being can too that snow you is that's know warming This way much had we I So get snow, but we better we much last to

that weekend. into Mississippi. clouds they to in New in Year's And of hurt So snow on Mississippi put And in ice were there then we in that, Indiana and were Tahoe. and don't storms Eve perspective, top snow have going

close just So of bit little roads. a when they ice, get they

And quarter. so it was a rough pretty

was that all despite X%. down Now our only revenue

down was XX%, quarter, and like big plus small an percentages. it's EBITDA little Our so swings, off-season

and about not the quarters all where prompted Well at up the as the it were dollar our you first revenues a you and revenues EBITDA appears. becoming focus bad of up came efficient. our ended as grew New our grew $X.X is on of but look you to This nicely. a when though, good with kind were lackluster And numbers, nicely absolute start with year. If up tail three put expenses of on a scenario, which very about not our $XXX,XXX more great Year it that together, kind us million,

they could be If better. margins, you at look our

casino other to most obvious. compare you If companies, it's pretty them

better. there's is distorts the get which things have we margins. Sun, rented But that for Tahoe we taken about that's going be cost a and smarter process Rising do you that's cost payroll of it's at Some think a low from get people. to XX%, out we about is large And targeting have bit. to those We to kind We're little better, operate. scheduling footprint a EBITDA, so the started to think revenues our can doable. even like capital our things, you by Hyatt we reduce And of to people, if we until before adjust

cost. the also reducing service focused makes example simple as when at that at should haven't and on look give things operate looking looking breakfast, it well Sun at. We buffet while a We It's a a there's for really we're example as good improve have buffet, great. this ways I'll to expensive can We're pretty for other it you we and before. operate to Rising breakfast.

if carte determined so a in staying breakfast, for comped down we us And and that then do to breakfast customers You quality get go anyway. are scrambled sit there which it's an our la for Silver better we It's and have people and operate. and our a of frankly rooms. we people hotel give XXX there on. Most while to what is we've Slipper, for cheaper eggs

the in transitioning la so most people [indiscernible] the will we're for a us – to And breakfast. part, $XXX,XXX about next comped be still be for will few breakfast, there an that year. saves a which, weeks so And carte

actually we better look companies month a area We is slot of can the to participating So machines. a cost. leased we slot and games. spend it's at to at a and another provide great going $XXX,XXX about our And we're for leased example think service how participated reduced

examine them, them. them. You games have lot of competitive, can't any you we're more live have whether to without have going times, because we popular have many of be of to that a most to the of But to and

And owned have we making it. own we'll focus of that have on we leased try game, so having And to we'll we a do have tops surrounding Wheel Fortunes, we of may participated maybe only that six. where machines. And games instead of top the have eight promotions on sure

provide So pocket. enemies they machines get $X leased they won't their and you them then friends And then are double year. When all a new time, the you put million our and on participating at and but are if look better you our get hands the slot in than points, our us slots. that's companies that they but $XXX,XXX,

that. number. the XX% can For reduce a And better we we than And us, swings numbers. pretty can if do that's maybe it that little by a big

we're careful it to smarter, trying a slots, but to do do in and try more So leased continue way. participating to

business, in summer month. for we And in year seasonal a done. Both and winter. last Park later us have RV than help There that us in third of open recognized that late something. open the don't generate August. Obviously, liked, Sun, two the this the second closed at is so did that's And Parks the later but in opened that were think quarters it's so them RV asset Rising One help improvements would are growth. we major they're will and be winter. which It'll we nice

and think in that later should well. us to in at St. down it up Louis out The and March will comparisons. the wants Slipper. Club is and as They start snow third don't other And for Beach have there one that winter. in and help our We'll second the the set Beach nobody today, again, to so open Silver XX pool warm clouds Club quarter was

will We on waiting get porte-cochere stucco think and XX XX next and the to in for be that been a take we the cold other both above It through down degrees. the the the going with one so was doing also I'll Ballwin, it And be start scaffolding under improvements the and we with to done the degrees, our snap made gone new everything can't we've and we're opened week, hear this fixed entrants. but new the company. great temperature progress stucco smallest has around week. up done

watched flood line sight. the I of is Ohio it's long and flood. that coming, At the River stage. time Star, a you if highest Rising been XXXX, you've entrants it's the at porte-cochere see XX-year frankly think can So It's in a so has now finish the too long, news, but been since kind been

Our has [indiscernible] but about we been for roads property close less day, other hours. other is for closed flooded days. had the XX fine, to some several the than of the That's

But the they to so Environmental Now in and issue years reason of the all processes. stuff have Corps Protection not a Indian at us the that their of now. weeks good conversed both all their got tribes thing. two have dots damage effort, permit we told oversees and states after expect seen our no we Engineers it wings agencies with rivers to later that. preservation permit local on and now was to receding the state mid the in they any March, historical all. and as said wasn't it Sunday, both offices with property do bats of two didn't And than has But and they the states I our and now finally – no issue completed They’ve whoever from like

across, ramps boat in done of office the on is X, will have it hope that will, that build work have follows us up to and its the it, the build give permit weekend. issues they Florida as I soon attachment we it's ramps Engineer don't they to I together. us the be that on cornfield up way we is planning, little feet designed July if But our a the couple does a tent quarter road under am has has pop many and go, has was that and there then, flooded And So won't Corps feet be This couple rare be to of road itself a floods we two a but boat in a that The but can up actually components. the working shipyard system shipyard their word, and newly The zone. off in newly until the some a be probably they sit an by the And course then which years. and and and and water of so on parking very barge the weeks. a on XX and allow if really what shipyard get before down mid-March push there There's the what to puts have then And the some Louisville time purchase can Cincinnati. of true to go start we done. That's they built the intercoastal as But by custom roads spooled to actually we March really recognize and in one. And built should ferry, told there it in of fine. to not is is cars ends, design – so we a it do. we permit. to front the tug event assuming flood a that a Cincinnati in in the of There's the in will water, above the that specifications. of you they get a it's the moment come and this will road Cincinnati ready couple under goes in opted cornfield just and the canal been Jacksonville, and

end have they people When get for hire XXX,XXX deal particularly, Kentucky, river Rising drive this captain take in is the to is around us, March, practice the to and big past And Today, to boat and And With pretty bridges ferry take County, which across us. drive road crew because Boone built. to which we the and on, it's and will done, of ready. have they directly while Star so us. are then to place so being for boat, other and from won't. have the all by ramps this casinos the is and ferry and a of they

can slot it to tell system, so people. people you lot live the our side who river of I our And the of physically on from near casino. a closer us people our about per average code, per the on per person feet year. person we per receive $X $XXX directly in X,XXX We that year. get something away And across river ZIP the like makes

boat the the a is ferry are the of to you first least significant a same the at At to them. come And XX doing time, so would should And where the which we pretty we and and Pavilion, arrive fixing trees kind up improvements plus. of significant have be large fake casino.

stage will all We carpet, cetera. start have et lighting, go April. flooring, at ready It's purchase in wallpaper, new furniture, and in lobby and to

Rising the lot time away from as at go And begins ferry the line. revenues a And the will I of pulls breakeven have the July, by exciting operating to in service improvement you'll the refurbished early point, see coming so there margin so to Star. think the close as stuff it we significantly arrival bottom

lowest it's tier are of We the of we're in – any a tier lowest state. with in tax Indiana, tax in and rate progressive the tax casino kind

staff City think concerns the trying that Cripple and planning before make we've excitingly company. the Monday. all development have a any And of Creek, we’ve Springs, the of line. been to a Cripple that is announced bottom with revenues we really is town doing and we falls the Colorado a we most it the We have double of the working submit has actually ago work in a which Creek, formally outside project to of bit to of improved, so small potential of Colorado as a accomplished deal great resolve quite we're which months – formal on the to couple we size And Then submittal. they been our in

these have website We like looks every we've that our and additional what it to angle now. produced renderings show them on are

Casinos We Facebook. Cripple of helps a on for to both there have think billion is perspective, I market mean XX per takes and exciting make the year Colorado maybe it leaps was just Facebook the Creek year and the put in Cripple more five to billion springs entire is more even combined and attract The in and only bounds Denver. and this that our produces Cripple It's capita very Blackhawk then from growing for low new gaming about a of Creek quite gaming think and of in a each a in than right. Bronco level. Billy's Creek EBDIT Colorado page, Denver’s it in low we cities people the are are that. market Springs And we the several XX commission statement income and also

have the the them. City We've they a that of took anybody ago to well our there make weeks project from Committee it's it front recommendation in Company. a recommendation. describing have Council March four had will not go community you And you Council Historic Creek Cripple in so a backing Preservation Commission. on positively have hope questions build what Historical into we big We the obviously hearings with significant seeking Creek follow think the at the we to as to couple City if impact Cripple to in does their and City the Preservation easier of Council. but in Casino, They wanted listen, we as call more very a public

I that and to it our public and frankly, approved. we And will we've we're vacated and we bisector need project that. in have thing to those assembled hearings to Council we a can problem. that's to we've public a accommodated hope and and date, of the from that conversations the a go by but easily the judging on and optimistic on very as of streets. other by had be public be City would there's that there's did rights very kind other then very really those issue We traffic key the couple is study that way we The it the be has of the at that judging showed that that think each moment. conversations slant need those street traffic a and a little don't things all it's provide little one traffic And us So alley traffic that those build to important the April

happens of April. in that all Assuming

ready be of construction going are beginning to start the first the We to in May. phase

our we relatively Creek where we lots but of surface is with parking Cripple and loads first lots spaces in parking the garage, parking garage. phase have build have The parking parking hotel. most competition parking and to a said surface small of But XXX we're don't going those garage

garage Casino going a we finish end we our the to a a hotel end in, garage, we hotel. that, the so build Obviously while and expenditures of park. the employees hotel in XXX and $XXX to than build cash into that ballpark of basically about we that parking probably kind the first but And off on it's but feet for So then on. number smaller construction at the a we at the high the garage, and of bigger can roll arrange races. or comes And a And parking bay, want space would driven we're Casino if we're Casino think so less operate since will of to the flow. that we that's process, with room to. throughout to do do square maybe out of continue the parking we with four bulk garage, number refurbishment have number can the the have final just customers spa, project that year is the to yet, don't to much star And place hope XX,XXX about of you're on the it’s and then we refurbishment starting million little a largely look all restaurant financing parking the

We on months financing. garage. on arrange April, then six for work financing have construction arrangement I and the today to will May, want start don't make filing on In formal the the city build garage. interest to we with the pay while council. Monday,

markets are where roughly then, So capital be we'll figure And fall. that out going to we mid-XXXX. open the can

[Fairhope] not at. gaming intend we of every of with a discussions. several try to on one, out half more only it's that's look We year. a Sun. to this proposals, state years we've meets change and The than up and matters. even but talking the Rising thing requires continue fiscal shortened session have Now Indiana actively permitted been That capacity like relocate the legislature the still We've far gaming only had we need. Indiana those our in law. take capacity to But they We're

something they'll discussion. as Sometimes sneak a as something this else full will controversial in, but get

opted distracted in racetracks and let outside the it so of sold so push session. well, are as we they're because very being that not this Indianapolis And by to nifty happen. price And way all transaction for the a

the such afraid short might Terre allow think if kind a Haute everybody's it's a casino rock I in anyway. of they session boat. And that

No all just figure look bit plate time. a forget think that's how other we think have the I I the freaking good idea next there. down shot apart pretty a there's And about but did a to Terre supposed But on road. transactional at But I quite Lewis, I It's outlined it. be out anything? project, from So pretty we'll we the it feel it Haute. this frankly even the at in stuff moment. at that we to year, push that was our big it

Lewis Fanger

No, have Daniel, we the debt. other a is new brand thing

Daniel Lee

really Yes, actually important. please. Talk about that. That's

Lewis Fanger

in with So to notes, on senior our all place. debt secured refinanced February, we of first our effectively very have second and lien excited those brand-new

lenders. a great of group new have We

amortization paying $X.X of happens that quarter. were ballpark is just the off of $XXX,XXX. going every about a notes, Our go And of X alone. under $XXX,XXX year year $XXX,XXX mandatory rates this interest our a Under million old facility, was based interest it's quarter this when July also it expense rate on up in will about our quarter. until to stay current just the we There new

of significantly there, those it's of So less growth and some use savings projects. projects to these we'll plow and to these some into

there. excited very So

Daniel Lee

firms. in the important, we it’s Well, blue-chip the actually equally firms? of are allowed say Are names this lenders the to big

Lewis Fanger

signature the Some people indenture. the have figured it pages out from and

Daniel Lee

Okay. things. part which is actually One is guard is largest the Canada of Power PIMCO. of But Corporation other the [indiscernible] among to

notes. deal notes, that agree structured that so firms, of it's largest and them buy what do these to deal to small we to way do and then much for want There's stuff. their to think at banks project griping was it's it's their they And fund griping for which That's wouldn't had is or about think us. the that so a of really third contracts tiny no it's versus exposure small. Creek deal better normally a And easy that's construction a how single once know those company part to big provided And forecasts the to bond the have I about structured a all on they have are real us do finance certainty how lenders them And they and to Cripple one the recognize to world. small it big this in I add-on attracted were we is bunch easy was. always exposure the but in who right. this it will is pretty this

look might a there's the was that anything levels. else, important so many deal pretty us for If here. different table around there in I And

Lewis Fanger

are we good. think I

do Dan? You Q&A, to some want

Daniel Lee

Sure.

Lewis Fanger

questions. some take We’ll

Daniel Lee

The That I doesn't the shares stock traded some would of much. stock today some trade By stock. explain can’t buy our the saw volatility. X,XXX way, [indiscernible] of

Operator

take we’ll Chad Instructions] First from [Operator Macquarie Beynon Securities.

Your line is open.

Chad Beynon

Hi, you? How good are afternoon.

Daniel Lee

you? Good. How are

Chad Beynon

the very goal deal, great see attractive that debt the that's on Congrats line. over rates, Good. to

you've EBITDA the and as we've of an the on Creek goes and opening, a project if your you and that that all everything with then you potentially project returns you behind of planned. outlined do versus acquiring renderings about some seen XXXX like smaller think the assets How So kind of free a divest cash maybe a just a in versus the regional in projects which to more a and gaming really have couple plus a and risk synergies peers time bigger flow the bring are little and more Cripple Thanks. have years? like current looking will good the take that Cripple lot design, asset current bit open Creek,

Daniel Lee

question. and head, Yes, When return. at cash for projects these good look looking usually I'm I least at a about my cash XX%

at And they flow. forward. being cash million so stock [$XX might the something of And cash lot in and to And and be reduced basis. in cases, going $X in invest look expect times it XX sold, nine, tax it’s we bought we XX a when I the make getting flow Company a buying million] of and stuff of

new, tax something shelter get you full when you build don't the get on accelerated as they So depreciation it.

that. even are better returns the So than

you question. If XX%, In think extra of asset, new that to is risk, no get inverse hope the the take offsets multiple. the risk. a fixed But we I there return more it's like

bit it when looking do. up EBDIT, we top growth last we last for not off, knew a much. that market, $X that, a that’s had and multiple Now assumed it, something, excess $XX acquire we it a the opportunity. We but it than it better places wouldn't at the get after market land. year of little we pretty we was Cripple thought $X.X in did year great we and that we acquire into bought Blackhawk million And like million it. had Creek had good Turned that We started some we that mean all bought when were on doesn't million

away. we at sell at right look flow wants good acquisitions. something awful jump with to at times opportunity six us we And growth will things. an look So on of cash do lot do somebody If it

employees There the really deals looked we're – that the had some less to were that if good bet deal at not thought looked that they a them, a due we figured XX something. some it acquired health employees provide we and and diligence they to wanted are betting plan if health out would them them And we we have a been that earnings more just really some of company deal to to in deals and we adjustment willing what we than be one need at buying They seller it too frankly XX the because their the was good was were wouldn't adjust on be They of would employees plan we would've for do. we've price. other to the price. company, we and turned back We went than out that give didn't small. lately an deals. and we But that hurt had

So we didn't go ahead.

we back what's cash the in eight guess do rates in specialized only our the lifetimes sell we're are did casinos companies right? you create like interest going times we Steve dramatically flow. it's so came recently if years, XX% like at was cash to casinos times. seller, talking or know, are XX it's back try as built is, time. go where a and you And see times it shareholder analyst XXXXs, lowest the at I six and And X% And I see Chad borrow and you value about get does. to And about go to the funny geez, XX obviously worth down XX have So it XX%. buyer six a So at and over XX on. XX, everyday I to to watched X% was with XX, math, look casino or And someday still company Wynn some love money what times, I and those. I Because to and And stuff. eight times we could work at you to then, prime started people And to casinos [Indiscernible] ran cash works. the if look say sold mirage like I flow. being rate may was of you some XX in times, times, flow of side X%, used acquire money worth and

I've out so there always I probably and frankly, that had And the think upside. that's

Lewis Fanger

Chad fact tell looking today right now [indiscernible] there's on to a get that there sold. isn't to you, I'll chasse. casino for in

look So Bronco looking bigger better that to expansion, there's at the is bigger and us metric tell and I'll was look the what When when into at you – out us barriers underserved. you always pretty the rationale to Lake compare at market to Bronco Colorado average, of stuff with we Billy's, Pinnacle buy, gaming underserved. you in look a more this heading were at lock. spend day to investment to in broader is but at even we for us strongly project those it there than it's the Springs now indicated When that Billy's Houston that that back Houston to national numbers that Charles

Dan, unparalleled And so would to I say the I'll you, speak given is level that that I want – tell you, for have our… there's it's but project we – probably for excitement don't of

Daniel Lee

map. this the I map, in best one frankly, And the of think puts the Pinnacle on us

Lewis Fanger

Yes.

Chad Beynon

well yes, Silver And down said. to Slipper. then Okay, moving

your impaired You this mentioned obviously weather results quarter.

weather that at you maybe guess I rates along? is But was customers growth to of the will have why the quarters really as XXXX, humming of the weekend, amenities kind of can't obviously return the Outside property? incident of even And three, good the some property. before we're there we that kind mentioned some seeing growth. still any the would reason four that straight You new that impaired business we look of weather bring to help

Daniel Lee

Yes.

it's still well. I pretty think doing

had weather in as weekends best tell history the outlook I one weather. would of is out weekend in property. March And you you back pretty last We was rocky well. the the But of the If some the iffy good. for January

Katrina. for kind the but of Gulf pier know anybody So by I I into demolished have Mexico the property expansion And there's that And think in it designed you've front was if just that have, out and for been doing line, abandoned else fact, Hurricane property you fine. an kind the of of of it to us. Chad, sticks in on an the we is

of we squeezed seven it's there is And of a kind years. XX acres. bit been So an there everything have eyesore. It's in

And we rooms so other build goes expansion out go would pier rooms have the where water. In with moment. a none the Brad hotel over that, are with meeting Friedmutter, designing words, at some and that probably conventional we'd is. And that which

and the we need the takes will more permit, idea Secretary idea. the met long And owned Mississippi leasing new so some range stuff. by and the for his open that place hotel tick know it that the John of He's long time. which It because is also and on us State tower pier kind we're very of to a takes in process, have of And in And some to parking to would also going environmental the of kind host permission That's build of with. so the state a the fill do a lot to water give and Engineering to spots of help takes Ferrucci with a went tower. that bottom also of some a entertainment seek a we of itself bunch I fill us It experience We approvals. Mississippi. wetlands. us that, we in if

where truly else to some so a more to value an take it's long environmental land that is be a started is into This sensitive and also the think in. on. have fact laborious that fill environmental and filled so that to not And process, like it's Our It's some something go have it But that because support increases ditches you lot company. soundly lease we wetlands it property think And agree a into wetlands. got trust can to in in ducklings. lot and the and their process. we build has of way the will years. this kept the getting ducks hotel carved is buy soundly somewhere awful of entitlements addition, get the the and is something we But permission mosquito it's like of sensitive to wetlands that put

a summer. process, the not So out, to we thing no reason far do starting process, there's break the for even it's up and no we are but right date, be which we ground good I the it idea we're could of so the shaping the Otherwise, for lengthy because start have think though will property.

going And expansion impact fine. think we're we We us. pretty have View June, Island that’s is think add an don’t good we’re in in to going but We I think share.

the We to tell Rouge first this we Baton really the slot and have where It the gets out a summer on closest maybe and actually where had hot white play beach in enjoy in we've summer, and amenities and can New the come Margarita New machine. Baton sit is sand and and Orleans to beach people Orleans Rouge. a

So forward we're to looking doing that.

Lewis Fanger

guest prior compared concrete of we're This past out make for around in call past you slot year. here, weekend, was help big as that win our to at years. the it Saturday, counts were this little X% for four up it more we over its filing a chiller Chad, this To now weekend, best

So there. we disappear starting feel good with these down to effects weather

Chad Beynon

Great.

going point and the maybe in we going Okay, city or the on want to and the just if handicap else the this probability what council of off through? it go really would or not through, Jobs Creek, on back to not project Tax but the city might would traffic that process market. of be aware and this the don't you congestion I other to willing revenues line this reasons I the something some out trying why know not don’t just just a be terms to it want to the you're want line, like while figure of Cripple so last or out handicap the Are in if reasons, factors know there the would one

Daniel Lee

things out thing we're can very time working the it, I this a right, continue what something Creek, long handicap Haute Mississippi, Well, exactly a road. is these I've the in is the In get needs. shot work Terre it's Cripple This long town it's small but shot. to eventually like pointed it's all but long a a a we This down permissions, ways it's think town. on I fast and process, we'll but is mean, I on,

know people I dozen what general, in City don't I think half I a want. Council meetings – it's attended have now. the

time, seeking any of We're this it. these guess and not ex-City streets is City Council I me We allowed laws I I public rules close Colorado what streets mean not not the have saying or it under of really to coming great. there Council is meetings. people is. directly have talk people to This into mean this all But reason are anyway. And were to we the no that to approve the exactly need. is used I

dumpsters Bronco an One of on and alley up. behind them it, pretty that has Billy's is that all stuff

is Second Second put for different Street, the tent but time, closed The beer so is up that other Street on. one we a for festivals half and

calls Historical used ordinance adjoining more not buildings the five a much than anyway, tall bunch not stories above Streets. be then So lists and the Historical Street, for it to of

higher Carr And domain. like XX-feet so above is Carr, five We a we Bennett. took have be and than stories can the town hilly that

but in the six building that hotel And like, were above our of And thing. exactly pointed Bennett. Eagle is actually lobby yes? ordinance, the out your actually of a technically, so that's And That's city that’s basement were people stories permitted. people the the Double Carr. like Carr. same Yes, did read And five-story walkout a we

so know seek six out Bennett. just we floors a so an that of And what, we we'll just you abundance said, variance, can above be of caution,

you files somebody be a I lawsuit we to you the if it five we'll can't a variance. why honest have more ordinance. even when than it, read saying stories can't the don’t wouldn’t Bennett, above need be imagine down get road we think So

anything, think all. I them here tries reason to say cause to given case town to to don't competitor some no. any there So any at the be think on we I we're trying don’t very sue in is careful but sue for us

terms of traffic big it’s Springs. In out Colorado lane a four coming of into coming town, road

You how road. would pinch get There's you turn a to a left. point, traffic to town point, there at were the two that turn if you to people will, That signals because lane called divide. be

for mono And at be pass If and capacity for then, stop the two XX start of and that the the traffic look street the needle. and generating Wildwood. you road Drive doesn’t split kind into off move minutes mountain some Mary off even you come a at people intersection town, of lane as over will

that. so in some have we all. And they're people shows a And isn't big chokepoint prepared something in Double the there traffic down will further different call really at into Wildwood study so and turns traffic Eagle we right the streets all a that all

in gold hidden the the and Bronco windows. town town, controversial, like, do you controversial, of of people a that do looking. we're probably of historic itself Billy's part, so a rest some behind you thing guest sure, of the complained be bit brick building because it shouldn’t the can which well, And hotel And what the want glass, about building structures were the you are be is so Street like glass and is our kind biggest closing see And can can shouldn't we kind height lower of gold are transfer the okay, Second of will little what we're be They we done because most kind historic for building reacted, that. that the of part this? to parts resemble some the could new we

And concerns. no so don't say them there's for no. to no. addressed those I And town reason to say we’ve expect Honestly, the

aggressive Now careful acquired approve option. into it’s under we've we frankly the April but schedule land time a have been if project. slip but were May, be this for pretty I astounded I’ve

committed – actually haven’t we haven’t much money. I So

am approved pretty and just will approved in So approved if we to I help but and be sure would be will want I think will we April.

Chad Beynon

clear. you, Dan. you, Lewis, luck. Thank Thank Very of Okay. best

Lewis Fanger

Thanks Chad.

Operator

MACRO will [Operator Gary Instructions] Next from Ribe go Consulting. we

open. is line Your

Gary Ribe

hi How Dan, Yes, Lewis. hi, guys doing? you

Daniel Lee

Great.

Gary Ribe

some shelf. you get but fall And getting effect as structure kind size going the of would last mixed capital capital you might on the time might of deepen you in going just this, effect I at what don’t think of guys Cripple the I’d of mentioned like on guys filed mix look the that? fairly you structure, point kind you mentioned quarter with kind that you expect and how of kind that curious, Creek what to that

Daniel Lee

raised mix smaller other have century Creek more They're ours debt, of have function cap. similar the the in of less company. the a a $XX held million. months shelf we they at and I had later, have us of equity not a were pretty know to management. competitor And the as bigger are to several we market then And filed million number. a just and cap, including And be shelf, big that equity shelf. file did Don’t board and actually they asked above the and bit and little he they by shares was but so in you And deal enough $XX that an back Lewis, size, literally, market Cripple casino came to said they

they early reacted as shelf we ran didn't very and us approved or enough to big full out we when a got we and successfully it to for that and thought in size file have We so lenders bonds turned quickly that shelf have give if out, under with our could the there doing file of hadn't the qualified and it might us get on the stuff entertained out And to stuff. be we there that do review we SEC January. notes, shelf stay new something the gotten and there

Lewis Fanger

as in million Gary size… that know were $XXX you those And

Daniel Lee

size. Yes, that’s a $XXX in

is So it the is. that’s big a us why shelf

the company of we and I figure – levered follow I do do do can We equity. just of We both Cripple debt But to refinance size shelf? out you to have could. that the publicly probably was chef are can that. with those do and about equity. a Do it road this lot tentative that can it do when less could love to we I we any number Creek we you could year. And again universal with convert, anything. structured later markets just Now do but was of that We of will kind so had think pretty securities a we're old ballpark, if that this to we the $XXX do in the and down what is that, at would million flexibility it and advance to the traded a somewhere it do filed combination it, to go cost where it doubt

Lewis Fanger

as well, standard. Gary, three-year And it's pretty shelf a

the could wanted taking So do that you securities we to these if in notes always years, extreme, with unregistered as out three well.

but So it little also forward our was a be current that debt. to encompasses thinking, meant

Daniel Lee

when had would you even on go Bronco that be for I've Yes, think And own. Billy's. our our and overtures if ultimately can we is a shareholders as it couple willing we'd partner good it be that to of but whether I through – it's do

Gary Ribe

Thanks the complete for makes sense. color on That that.

guess If equity you need have for raise you probably – base? I as offering do some I Bronco among something to being a appetite think good or Billy, shareholder, to might able rights via shareholder participate

Daniel Lee

half the ago, We rights And keep time. We way. to share, huge stocks $X a right financing in and a up appreciate – shelf. so ways down are road Bronco out a the and I And the volatile. it when when everybody. – is ways over were year that think real a I that figure road. it Billy do for it it, I which $X out we percentage the was We worked a offering our this almost dropped is pretty I a backstop share successful filed we which did we hear But figure that. down and is wise

Gary Ribe

That’s it job me. else. for Thanks. in everything Good

Daniel Lee

Yes, End of you. thank Q&A

Operator

to have Dan any no for remarks. Lee I'd back queue. it like to questions closing we And turn further the in

Daniel Lee

remarks, just two we are date back mention And closing maturity of we the the one now from…? that to we is, forgot – debt, moved actually, so I'm

Lewis Fanger

From XXXX to XXXX.

Daniel Lee

Okay.

at well-sleeping is $X only million. then rights Lewis on So well was lately. time, last it And offering the night second,

shareholders, day. but figure We stock, to But maybe offering of get. on offering. one So we kind out at of stock saying, and new to the rights like when sets it flood, was your we'd fairly the how to small then hear shares all buy is don't point, X,XXX to of rights the we some down introduce trades love broaden and people seem the from a sorts the we can't

you mean, even but all that I do than juggle still underwritten the that typically public against times those way an about can an you shareholders And fees so did the if do of underwriter offering the they higher, it kind have one other. participate, all can stuff. are because the you in

shareholder. larger we think And I I all single I'm point institutions, I think out those other So weigh things. will than probably

I out best I’m for of motivated it. by that's So one very figuring them. I'm shareholders, what's because guess

Lewis Fanger

ahead. go Daniel,

Daniel Lee

very you Thank much everybody. care. Take right. All

Operator

Thank you And that for call today. participation. concludes your our for

now may You disconnect.