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Full House Resorts (FLL)

Participants
Lewis Fanger Senior Vice President and Chief Financial Officer
Daniel Lee President and Chief Executive Officer
Jim Marrone Singular Research
Call transcript
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Operator

Good day, and welcome to the Full House Resorts first quarter earnings call. Today’s conference 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.

Lewis Fanger

Thank you, and good morning, everyone. quarter first our to earnings call. Welcome

laws. before conference may call always, under the safe federal company’s we you could to that begin, today’s that the securities of provision you actual remind harbor also may that making like remind we we’re As 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 from 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 please the today’s call where you well various well as release of filings. also issued. a and releases at as fullhouseresorts.com, as press we’re reconciliation conference we that those see our earnings as this find other release can our And measures, today’s SEC press lastly, website broadcasting

one saw the throughout you so release, wasn’t said, quarter, And that the with good as any can dig The you in saw the issues it. that by into measure, guys company. we a weather given

snowfall and in days several as XX normal. March, needed days things flooding we to rough that the had lack snow we with had there the went start Slipper. tremendous as Or where over just snowfall a to the not But well. a It’s consistently of the wasn’t Bronco Silver to Rising affected the enough well. That saw led We snowfall, at months there. there as of property volumes that Billy’s. snow offset way January part the A that fill did There and they’re for in there back story. for casino bring of quarter year, on quarter this heavy same the month last We February. to country Star. other ski the icy subfreezing the they quarter. to we in to in that resorts some More and and was you to having Lake again, that of and tremendous what in first all brought temperature roads. Tahoe, had January If that of almost as February. used closed where was

at property, first this to quarter heavily Looking for a that, the actually, And pretty festival again, rely things. first called too of Festival. tends ice, that week Ice in much there X-week on the was all of

had was down if north people literally the that versus With there, it a have day quarter, front, actually that And some quarter, were some starting marketing pulls but change property. expanding. have of we’re our quite points. you before. a tremendous lot said, of looks It’s going base had it festival there activity It we’ve like brand- to brand-new quite honestly, it’s the in throes sign we porte-cochere, to grow have up a easier parking, in is new landscaping access all wrapped bright and for in night great. rough there a quarter and first it looks little a the tremendous at of but continues was that in that XXX,XXX challenging and work – the a weekend, because on. that It’s so And seems of weather, It Stockman’s in we’re part that by still too. excited pretty naval visitation – was look first over the weekend, north over XX%. and to

good an company. at up a was example, for March tremendously month month in EBITDA look XX%. you as March, was If the that

very, customer the I is and So at property. absent that will weather doing say the is well very issues,

that they The out push If Silver expenses. to at we’ve leased so very out news, a team, at good lot done participation started Slipper manage you to look The a April roll time. guest is at taken to to the and as very we see in has real continue tools strength. volumes some May, properties an slot example, can too, in some their They’ve active job respond managing tools good expense. out a rolling of

you they the slot at in saved the if month, last just most from $XX,XXX April, And recent nearly versus year. look expense so side

there’s that to a it now past So weather happen properties, getting that that at good painful. the a we’re was lot of – all that but weather was continues through little

Daniel Lee

that a at so So gaming XX the commission we flooded, Silver after we roads add the best Rising had I us just was actually getting like in actually And to years had, get when to when because but I to – you business know, flooding. Slipper, flood was didn’t the look little the would close can’t reopened, as month close. hard March good. made at think. roads property to Sun people our itself The us. We Then

who Some of been period. that the may flooding trips have people deferred from

we some you down. were the at periods, where other at you if an so up. of of of that or And versus been rather flooding And down million $X.X had last year. we if million the look And We trips revenue course, discrete issues, cancellation of periods quarter. was was we were have storm, X.X% looked but ice trips $X that like were of might deferral than and EBITDA

it XXX, we But understand second this actually any quarter at some ASC for the great at but do make So gain us in of quarter, not maybe here can least thing? back. the a up

Lewis Fanger

I ASC results contribution basically we the of there, every get modified new what last standard. is saw of exactly a out wrinkle that adoption – new approached ours, XXXX you’re Sure, on you ASC is XXX revenue One couple the reflect are at revenue means company recognition big changes That’s standard. can other XXX. A XXX. The allowances. there year. including guess standard, a it. the recognition our ASC results approach, a so which promo XXXX using I seeing that The

revenues allowances. comp would – the away. with So that in goes had – Previously, of we gross cost you the from we you’re out promo put that is want in, and allowances we line gaming a promo if go would revenue then and What in you in and value company line. gaming that if do up basically deduct a and of customer now deduct you would we it the

– you at – retail change cost If comps big the other there’s there. is of

Daniel Lee

let Actually, everything used revenues. so to for be That us full balance bit. little net recorded me was value, free away that a to that given at was the check then promotional retail you get and was

to beverage, food in used comes only revenue casino and that’s back we in which $X,XXX $X,XXX it and get goes used, of figure accumulate the say, lunch loyalty If and look basically for and special they’re points they’re at the to – department have might casino and breakage out value well, promos bought points record casino. loses for outside program goes them and of the loyalty host would them they’re Now we and in points and you would in record points worth value XX. into in those when a then the they $XXX the casino the or calculate in food beverage revenue, the and When hotel free credit used account you get and If program it department. take used. Well, had we – those of for we and the points got we loyalty play, because stuff. XX But you some we it lunch, loyalty something maybe not loyalty the points.

allocate, also the from, companies beverage We providing say, to department. did, to used services the complementary and all the was of casino casino cost food transferred department

different up to for pick casino costs. those XX and And complementary another used provide and the than it. just looked casino so years, should looking It’s of services to has the take while very logic at the it’s being way going industry of that some things. you It’s getting for at

the clean statement. casino the now It’s company at is end food street down it least of the this the better my day, it business, income sent the restaurant a at that relatively run to to out from probably from almost vouchers. where like of for – happens having a to of view go and think, just customer beverage was department because, the of it’s has I point trying and example,

And so the expenses and much they’re but XXX% because gets the that revenues – revenues volume the expect that are of that. would of have it the rest actual we

hold food P&L and more same statement beverage our the with thing before, department manager far responsible like I on. courses And was his own for it the hotel can things a whereas so and distorted the And P&L so and statement.

at about how should discussions the end companies we done, that the big think what new would, be I nothing historical accounting from a not going back do. improvement think and I frankly, it. effort. of should much this So went to of There’s coordinated talking you to an people on. this other be be is do those for a And we’re gain most numbers wouldn’t with reinstate but lot in It It’d policies. of the casino day, much like companies, and the trying

And so last year’s results. all don’t this at year’s results look like

it So real I net And weather line, decrease The on know revenue bad really. the the down in if were statement. bad. revenues casino lot is X%. you that of rest it the down like income our looks at that And wasn’t our look it’s changed was answer a accounting but is

transparency, to this we if lines not casino, even And year’s side last or you’re numbers that hotel, technique. individual and the calculates at looking revenue the did provide so numbers. are side, a To table any year’s this expanse year’s last food using beverage, comparable year’s have of of the supplemental numbers

doesn’t X in law, our the reserve to confusing can wasn’t of this pretty have quarter we have next don’t the get you to enough, credit. to quarters, provision matter But year-over-year. any and It tax everybody’s And are. confusing for do we for pay is taxes. we going if tax against us it’s an that really for a And you be because So confusing comparing apples-to-apples which where new fact, taxes.

confuse through. only might do not don’t we taxes again. But taxes someday it’s there’s to as lot about nothing that a don’t currently of But much we a actually with new language we when sort that pay there’s to says the read it basically guidance we those for don’t language then taxes. become all, but profitable would but lot whole both complicated you we all it taxes and put and but moment, you we don’t really of So us have pay of

Lewis Fanger

was thing taxes, of the small pretty EBITDA to it��s for income, on adjusted Dan, major if I was operating I’ve very of ever item’s summary negligible. revenue, and net income, you net heard. a The There would ASC the XXX that though. best that provision that Actually, at is the effect is add look simplest classes only

Daniel Lee

numbers, Balance little impact great will did very investor. had you’re fixing it looking it. Go this. That’s – ahead. matter a at on XXX Lewis if the an to most sheet. job

Lewis Fanger

point. this at sheet balance reinvented a basically It’s

of is proud a quite our out our term first facilities They with lien and new we’re It took lending basically Actually, before debt. So second ago secured year an refinanced new blended in group. has senior previously, just have for the interest had those put – interest versus entirely, six to the cost our half rate of gone month cap against help rates hedge a notes. today in about rise down. place

And against beyond that goes XXXX. interest so excited LIBOR. end for lending million amount, our out But have of goes $XX rate group. we of a new the and three March of expires That notional three years, cap at sort month for for of of X%,

Graydown and the it’s you people on pages see at those our our exactly indenture, are. Sagard, at who If you can KYMCO, It’s friends look is [ph]. signature

great of group. our the that we expansion talking about finance So group in do rest Colorado. over started how Already to

great to registered price X% fees out $XX.X it and stock about equity those and so. to traditional or everything an went out We out From was we and $XXX,XXX million of fun it’s with a stock, cheaper X.X view, X% point little discounts paying and went else. and X% a and a hiring than going over direct was expense-wise stock, of of and million your shares issued bank or trading be your ride and a group have equity to much offering, guys. So did to we going

Daniel Lee

days price announcement most to picked. investment regular lesser it banks. you have of deals It’s a by discount just We depending which at did been than done

to discount we by discount deal, So priced when XX% we it Things I’m started investment of the that’s stock the it market. then. which the a than several the had was expressed that I in did And for the banks have down wondered we not at $X, pretty doing the done recorded about approvals for I that was we’re and couple of the less in the did were and we’re on And trying remember, stock well course, this around. deal. that rocky has everything ferry, going pleased time we since to register do a we – and And our was to efficient moving up trying we yet interest we approvals and doing concern a rates was were when And know we well, it, market and Creek. investors then a do said, Cripple fashion. have yet not were the

confident we’re stock did think get and part Well, we to approvals, do helped those of pretty I approvals. the well. We’re that’s going get what’s those

So – $XX.X – of but and we $X.X million net. million, raised equity

Lewis Fanger

gross million net. million $XX.X a and $X.X little above

Daniel Lee

the the Right. refurbish which and exercising the and bigger garage, parking get And to in options, all the that Imperial that the open, project Colorado. build Imperial land allows us to groundwork doing lays Casino Hotel

big some stuff ferry, been a on a these quarter point making good in frustration. of of little that’s Most then, bit notably, has we So are impressive. pretty progress exciting the most of finally the projects. some the which was But probably

new this, ago casino open somebody who the the built in big up XX Rising to pretty and Casino successful For a might was be to hugely years was region Sun infrastructure. and first the

kind golf XX-hole lots hotel got challenged. interim, became the And rooms and opened, most got and geographically of others. XXX and so course, other casinos parking in then oldest it’s the and So it

and Ohio across the X XX minutes Cincinnati, hour on from right Directly River, Louisville. We’re the from XX river. minutes

on the ferries on the and first the was up was, deck. figure and far we there’s XXXX – where There’s there, if strobe stopped The bridges fact, And decided those ferryboat lights what but and a to ice to end business, times loss those was each there it And haven’t I point, treadmills that actually were doing of Cincinnati miles about has ferry the lights and XX miles can cloud – I a of early used the several I bridge of opened of then us. there looked horses which walk in big competing puts XX XX miles Well, XX strobe in reflection airport. Cincinnati because I and and operating the but And were out sank. other north it very strobe south. was – a at of around either started there put side. from Northern not lights the another at to the what ferry. of when, In that miles ferries one reflection making can is runway us went they generations bigger Kentucky bridges was in airport see we in ferry up frankly, XX’s, the but see not south ferry starting casino about of trying of the the lights and bridge. no I there the strobe reopen north out growth those from of each a there and XXXXs, ferry,

to get casino then in X,XXX pass get out When one Kentucky, county quite the and to of to of the think then drive we’re back crow County, one fastest-growing us. a which to So the flies, as competing the – is river from is aways feet down it us, way Kentucky. and come – you Boone to have

big a is airport One Cincinnati. It’s of of got a prosperous basically XXX,XXX driver is suburb wealthier And that. people, the counties. the of

facility If Hertz. there the as has with you around airport, a and go DHL huge Toyota

down populations. the And running to to on. river but river land very and far communities. and you you when start then they’re Toyota big don’t And the parts have and so While into go from get then Lexus there, there’s DHL large by not housing dealers

get the out on. would time-consuming, this could X,XXX to set has we’ve connect try there’s a bridge But the up place a obviously, to figured away. figure we in how very and so to out way on we feet And go ferryboat so commercial And and to bridge be expensive river, to air. traffic

of two over on different there’s come and and the the Management And weeks started construction it a cannot tributary culvert. spawn to culvert the decided preservation it there ago deal historical And interstate, the connects of Engineers, a still But come and the the to puddle But roads of walked the the I just ramps Indiana the own pushing Department that permits water slide is so a build mean, in – it road working permits River, we there ground. or gave they there’s you’re it’s that goes cornfield tributary They started the were corn tributary. wet I ago, this of the starting the road. and this. a committees there some building take find both the for time. The out called we in We then across would been cornfield. come have Ohio has sides. with cornfield. it’s this on from ferry several build name, one, a Kentucky here, as seems there I somebody bulldozers to and And I got was one environmentalist the Well, that’s and down, And frankly, most Environmental our with, together. was River. it finally and box and time, to have fish, just into both – that two throw pipe and years, IDEM, puddle a a I in it. sufficient unbelievable up dirt out item piece run in build puddle. then out determined spot states hot actually this and it looking river, because a that and when is to that whatever going but up And days how a some Corps way gating was We thought can’t you it. be all we the we we of getting through bureaucracy. finally, Ohio got to got and there’s It and and to field. therefore, And and

a off concrete that a fish spawn and it opens shelf. have can’t bottom. on in a on drops something the has into open It like two box. place it thing, truck Now is the and looks It to buy crane some box forbid, culvert We a God you underneath it sides. because, can can’t arrives so

everything more we do have else. have a heavy these do sided spawn And said, build want other somebody rulings, here bottom three you fish Frankly, cornfield. it and We culvert to culvert that struggle, cost could just court want? else ones. you ways then wet appeal the we more to and go gone And to we so this of a have think want And would sort and do fought with what said, so is there so how it? this. could can over of are to – time you in we all okay, What have

of would the so was. the We’re well, ones it go bat of are nest around do they might it. was and certain beginning And wet like, said, tell nest. about hundreds that We X, okay, think, be I have well, they They said, and where concern fruit when we’ll nest? us May some tree we when acres, in type then some there

the we no actually but way, thing we so permitted bat X, So actually nesting which environmentalist – before were one. okay by every do bats May our that. we to It the had on trees. in that checked there’s And was just

all worked going know moat it’s construction. Mississippi. [indiscernible] you’re hurdles. is Paducah, the parallels easier through in built – didn’t Corps existed, canal a was of upstream, even we so its Engineers way built dollars. of of kind And The I have the to by in take those was – the shipyard through billion and with canal the up if Florida, It’s in It And under a itself now Kentucky. worked we’re which

anyway. that the they So permit built gave they think faster I sucker than us

possible. miles too under very construction. Fourth think of don’t – Hertz the hour. river because don’t cornfield but I I I of was think the high and lost very to bejeezus main think hurdle I the make the So scared car a cornfield, we’re that we’ll rental And been going The an just going be frankly, as been far out the It other has we’re has but day. quickly in after going guys as me I on is muddy. with is what July XX

this corridors. it’s So its trees arrive coming refurbished will time, the artificial we’ve the mud. is we in The lobby have stuck the are guestroom around same been have They at it. way and The route, being refurbished all we we in put tie in Anyway, ferryboat X The that we week. in. The – so refurbished along. made. is And and up been will pavilion be June everything June. and they on

time So think Sun feel And the by ferry is going as you arrive. well for Rising different that a thereafter. summer have should to is boat and bode good the the I operating, a much

fighting for is next the do months. think few in it geography, that the back And will And of well. materially effect. So in our changes kind market share I place here

hard big around to And add has has the bureaucracies of pressures site. it an then only I’ll because be has on as are but that Colorado. profitability the the I’ll us will good a cost one, tens we deal its closest casino how today. exactly in two create rights the we it And here, We assembled easier pretty that impact going bought with. bureaucracy well. been land isn’t years the And and We big. stuff of And we on it’s city to word, to the assembled thousands ago. people land much. closest still, it know pretty but And not the to to ferry whom of be casino it’s to Much use

controversial then historical it a vacate to design an We’re make It’s in any all a trying realize one hotel, some to streets, It’s block still you to district. really that and vacate also street location. a alley. work, of need

think while for July. Memorial the actually to itself we’re to to that garage, the we vote. Hotel be park later to committee fit would want of hotel and half] on have we so this not the something it add be And bigger part preservation – we the historical place hope to city other about design And They with for to need into of be We later purchasing today. kind parking that went build et unanimous effective to in our takes as that all Imperial on And there to needed we’re had the have use that hotel. parking operate. continues be closing approval will Day this garage of pretty approval we And refurbished district, XX hotel be we surface approval away. approvals. their by series to casino year. the et for will Council casino important meet [my is customers we then hotel, because got they a so week, month the close the will at yet the in parking four-diamond of so historic going that XX multiple start is month. effective. final – with qualify cetera, of a this And to for something every and a we and And of casino planning construction we’re a parking have we that four-star We in a June multiple We vacation have objection and days to cetera. casino, ago in right and vote the readings effective roads garage project general. And the one city it get councils the for And of

the figure to lots X we’ll can we be or complete And build out it the months we debt-financed, group largest there. X probably meanwhile, surface it and that a parking the vendor from into And garage us gives before so need move hotel. and

else anything missed? So I

Lewis Fanger

No. did a you Dan. good No, job,

lot forgot see I’d of now so I of the was start think is forward. stuff built we other to the only – I going that of is the last benefit we’re a really that mention to going stuff some reopened, thing year and

half and the RV So this we year, of reopened was full. March Park in

you a Silver full were at ramp have And at when it’s a pretty a tremendously summer pool year, season to which Slipper been So has full especially full and the received. up there we’ll that complex Oyster starting nicely. Bar, recently, year at

Daniel Lee

I Slipper mean, of now the – but goes to running, Gulf mention, casino have the my a we’d space and occupancy we’re over Friedmutter, ago. designed abandoned we fellow in that and hotel an restaurant. Rock, meeting Mexico. two and build other well, pier it eyesore rooms add There’s down the the designed space been very and Mississippi, that’s And down expansion casinos, with tower which of further I out one room convenient over an puts XX% the on Brad opened we basically amongst will a who the that and Red have and and also And will pier now years the we’ll there Silver be rooms will entertainment great up views hotel

lease is right out that. we months, we there. it it land probably exercise under will works in Math because – the significant the pretty of of bit to long-term XX then you it and expand and the to way parking a quite if more rate This If to hotel of need you’re buy on a the – but and of it’s is to have going land So on a a out the expansion the buy wetlands. get lot we our

For $XX million?

Lewis Fanger

fill that million process lot the is rent’s seek will wetlands. of like our buy land $X.X that. wetlands, it but sense in it year, – and to to And but to so makes a a out. the some a we of so And do There’s –

getting stages add to underneath Gulf remediate beginning to Mississippi owns land Mexico, entitlements State the the of process You else Mexico, not. that, a This the have of of believe what approvals surface well and in while parking do somewhere the it property. the of the to of over more is or to and long build Gulf

sort some he do of long-term thinks to of to it’s We’ve Secretary and State state the the the talked need possible. you So state of lease.

a wanted to to It this so different company. Slipper. environmental three improve And Corps years to or the effectively get pretty good do we’re we can of back ways and groups. a constantly the we think two that again, but of on Silver return can just take and us make Engineers, thinking expanding different you We know grow office I the are we

entitlement And take to and process the money it doesn’t we’ve time. of lot so process through the go started but a take does it

something in and we now be two three it years. to able or it’s might that started we So build

Daniel Lee

Did we renderings up the web. came on is that the In renderings shareholder pretty website? post the with Friedmutter nifty looking. The

that was the it’s the for letter. letter So shareholder in cover That proxy.

in So questions? there’s it. Any a right. rendering all

Operator

We’ll Jim Research. Marrone to Singular [Operator Instruction] with first go

Jim Marrone

It on already perhaps gas but rising and about may impact oil discuss you on can prices touched as from the the as impact travel operations? the have and on been business your far

Daniel Lee

a question. It’s good

in they’re actually room customer cost while might of spend golf. whatever $XX they our know gas hotel drive, way. or put who so gas. X round if to or each Sun, gallon used on That’s each like to roughly loses to they them You X it’s $X, have probably have $XX perspective, there a it food they average plus of way, Cincinnati gallons it now. X them XX-minute we It Rising somebody of from might food, And a cost so a bought go or it’s about

for it at casino the gas trip to the $XXX they’re X% going $XX might, of add price end, looking or and might spending a has to so And as person per to it X% and as up that. at

to a Orlando I like drive XXX people they’re take northeast It’s Yellowstone, or from it’s to so you’re don’t where to So down – XX,XXX the going to deciding going think a miles huge XXX drive item. drive or vacation and not where to miles.

Our coming don’t customers from that far. drive fairly nearby. They’re

now, higher And way the what on lift. flip price so – side, years X didn’t down, much it, get it was came ago, of well, it than I’d remember was I is when we say the gas

much So goes get don’t pain we either. up, it when think I

Louisiana. in little So and of there’s – fact, in onset a an bit down

economy. is oil Of course, business the a for strong good

to and hard people whether regional North or where for like now. of Mississippi a train work companies. offices it’s oil – plus are a in we the know its minus. so The It’s lot punch certainly And

at so of actually might positive. be important higher property, price our a most oil And a

Jim Marrone

Excellent thank very much. you

Operator

next We’ll go [indiscernible]. to

Unidentified Analyst

Dan. Lewis, Hi

Daniel Lee

Beth. Hi

Unidentified Analyst

I times have to Dan’s I on and get and this Lewis it. just about multiple perspective wanted spoken

the years Dan, you into business and business as you of various – properties what the doing do out the be what three the the generating? renovations capital of all type from think look now, you level So EBITDA everything, should you’re about you’re as at putting think and

Daniel Lee

you XX% so always get head, my would just normalized. other cash the EBDIT, once Well, get on in I that a comfortable we In to words, on it’s know, try return Okay. investment. cash

XX% but a ramp to get it going we’re return while it. on to comfortable up to that sometimes, takes And I like feel

return. forecast. probably comfortably earns at stuff something above of It we That capital. what an awful maybe a get I a return. mean, of or lot there on And be capital good can that margin plenty do error, there’s X%. wrong and higher Now that’s our X% that leaves cost I’m least my out our gets pretty cost if in can for still of is debt

And Bronco expansion aside you at let’s big a a kind if the changer backwards, look of set Billy in way. game so – that’s because but

investment these $X million $XX reinvested cash $XX then look add million we’re If the smaller flow. doing, of $XX million. million you maybe we think rights and or just is offering total if all up, projects to it, about at it you We’ve all raised fund I

And million so that’s million, EBDIT. XX% of on $X $XX return if you get a like

do we think better than I that.

our of some other stuff. of is back $XX million the close and if pretty think rate EBDIT you stuff run out to now, weather I

quarter to a we’re weather good And going have where we everywhere. have someday,

in how to And produces think Meaning can got Billy’s mention Terre and And – to the I the given hotel building get the capacity the hotel in we’re Indiana. we the the $XX very next we gaming legislature is obviously, going so million at EBDIT. mid-XXs, full I Terre that million interested finance can Bronco project at to most we million. $XX year, $XXX mean, So million Sun. we before almost Bronco Billy’s haven’t Rising be $XXX didn’t I of we figure out that And it is still in And have think But and up needle. that but still doubles debt-financed. Haute, Haute. a moves company that there on big

now a cliff, which the nemesis, has in very been has cabin right connected Caesars. Our well racetracks to sold his

And think we that so we have a chance on. decent of getting

periods in is tinkering mid-XXs of few reduce Lewis but what have we said, were to the say things X% a probably can the for doing. doing properties payroll, we’re happened and of to off at of so last line months get I just looked the you actually we the weather some that and results lot. the what with I the wait other your didn’t of – one in a the hurt you looked we if bottom revenues So stuff, the minute, get had bad the and absence

and are staffing have to a this slowing and know literally more little over And that our want that covers figuring our and eye-opener the other nemesis try friends we’re will companies, people and careful, high. time bit and the react slot you’re a my machine were to $XXX,XXX at million so of of pocket. if each out additional progressives are this. And machines our our to hands of International lease. are to those restaurant first at won’t friends major for a HOPE as at $X the our have almost also having a oligopoly. expenses in I hotel down, talent three going don’t that only was money interesting what of if Are at more $XXX,XXX every because a an We in thing And analyst the people many then was you little having running per slot and nemesis. come those around, area need they Wheel play. out in year, month was each quickly to Cornell emergence school. million companies you’ll they participating if companies waiter have slot that – people as then not the sneak let’s properties. they operations for the so because work, time, our look to they’re time, $X.X of unconscionably actually that’s it. how they in they and over that’s You rented We’ve every is don’t down, sell, attention year their sitting It’s pay They’re like is. is the weather job But implemented but on. create was they everyday slot to And more that an for that keep the turn or Tahoe we and of games to And expenses and looking Fortune, measuring wide will and lot revenues. or machines variable more per to

– by buy them leasing want other And so Get some And be machines we’ve concerted to the need this to we said, effort of ultimately, some slot games we’ll told manage we do I day, need one of new need buying improve rid floor these and know literally, the of I you slot cheaper. than a we machines. but some these because rather of and directors like to got But you I the don’t need can some that that some say machines? we I’ll many. slot leased new

can They Now sort of are away instead need with eight, of you get popular. four Fortunes. and thing. of maybe Wheel that But you

more paying what’s attention where we’re so is. it on slot, to the And

I out EBDIT which think million the squeeze $X that XX% probably number board, of company. is can across of right for there we the

stuff So do. there we some is can

that answer your question? So

Unidentified Analyst

to worry When that? have start When this are financing to start $XXX million? does the about Billy’s, then to Bronco big spending for we going

Daniel Lee

about million be Phase will July. Well, one and is the that $XX

Lewis Fanger

$XX million.

Daniel Lee

million. sorry, I’m $XX

parking is the approvals think in will is another will to reopening the Imperial And we garage then July. have million. $X We about it garage do. to that take to money build. million. months And build So $XX have that that that and we final And six

the And would so of next open year. in quarter first it

the one I is can there’s ways many to on bigger start So let’s we of the equity. this. mean, next issue easy position we would second the construction look, could say finance year. And go that us in quarter phase –

Of XX%, but don’t dilution. debt-finance back. ways XXX% sheet good on makes a do sell REIT that in think and a this. help We There’s can current in Slipper REIT I us the Silver debt to many, it. bring we I probably XX% many it will could could think lease of bring course, a be of partner REIT our we nervous it, chunk balance can to We XX%, everybody a We it could to it. about this. do

it Cripple that, Hawk really before. who worthwhile Black not And up the but something potential Creek we’ll find we’re we to now to and up stock. Black may partners, to is – Denver look go And the didn’t Hawk. needs do people well, so did talk we it what Cripple below way some look and best is product the to it million to national do to at And one City. there’s from shareholders. something Pueblo return for we end Black is it’s drive we’re economically happened Hawk evaluating there, And at speak to. backside the to and in that’s Hawk, Their it Canyon going unlevered just XX% talk REITs, best the some our look what to shareholders. believe and that Look, is up potential go we’ll on people average the gambling that a it’s people today go we nice with of that it’s go Colorado demand and at and AmeriStar if hard Black and can hotel, intend of and what’s a think would. to if build Springs, at for you what built attracted to But day, we arithmetic, with Creek see why a

look at there. Monarch you Hawk $XX well Cripple bought. here. well $XXX populations, and total Now if EBDIT just about EBDIT relative there. the the of sorts of total is and a I Black have does expanding. of pre Creek does Jacobs million say, which upside we there’s of wow, is And is all year, about million year, The a Entertainment

liquid, okay, XX% borrowing had two to back don’t to so few how can And you unlevered, years from XX% lever. you of it, someone We it at and look much ago. a want money go

how and So interest crazy rates the best we will it. before for is do get can much how we then And to shareholders. of what we we rest out fund borrow figure

down to shareholders. shareholder mean I think, shows going so they’re do interests. are I I our so I to one the the But larger interest that of best our I’m of following – what’s both still think there’s about a individual – Cavelli X%, know largest I’m

Lewis Fanger

I start only the is Phase pretty two, on do The towards actually that back Beth, – it’s we when heavily to would work that, on bigger is cash the thing Dan, weighted to tag spend – half. actually the

the can see project. spend a of months the the And six you XX% of that good in last So

Daniel Lee

But we we’re have know we to not going to construction until start money finish. the

Lewis Fanger

again comes this of different about because refinancing mode all gone have $XXX drive debt pick other is, time to the to in we is of from only this it’s and going the it size costs. Absolutely to interest hurdle number good us up I down puts wanted have is, a thing to but hear million. a your point greater spot when need be a – nice the out clear bond we’ll we to if right. number number And $XXX million security million bond $XXX make whatever to is bankers of borrowing than And end to a markable the that you from it

actually So unique come, to actually us there’s interest more project this down bring a and spot rate. to put stuff good will in our

Daniel Lee

rules. million to market and that we on like funds cap there would need to there’s they but few our their million stock told us know market of also a own the that $XXX We’re out I cap have by $XXX cusp

see. we’ll And so

Unidentified Analyst

stock to opposed as up going Well, get the to equity. hopefully, issuing you’ll

Daniel Lee

I agree.

Unidentified Analyst

mean, we’re page Right? about I that. the on same

Daniel Lee

Yes, are. we

Unidentified Analyst

so you very thank helpful. good Okay, much

Daniel Lee

Thanks.

Operator

[Operator Instructions]

Daniel Lee

Okay. Thank you very much, everybody.

Operator

does today’s participation. call. That you Thank your conference conclude for

You disconnect. may now