Full House Resorts (FLL)

Daniel Lee President and CEO
Lewis Fanger SVP and CFO
Chad Beynon Macquarie Research
Jim Marrone Singular Research
Andrew Boone Quantum Capital Management
Call transcript
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Good day ladies and gentlemen. Thank you for standing by. Welcome to the Full House Resorts Second Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Officer House Financial Chief Fanger, of Resorts. Full Lewis

may now begin. You

Lewis Fanger

Good afternoon, you. everyone. Thank

that the Securities surrounded conference making my Harbor you these the actual I'd We team. Slipper as remind we such see as reference also discussion are remind Silver at are begin, Laws. we that affect today, contain for day. the caption literally in of we'll EBITDA. provision forward-looking to differ full adjusted always, of could that results today’s the before may make from to joke that It the our forward-looking a company's Safe by may non-GAAP house, under bad Dan, materially statements under today’s the like one results Please you for results. the measures Federal forward-looking risks Anyways, call is may press Also, management anticipated release statements. the statements we

those our me call as at kick issue. all you measures, are SEC it as conference And this For we that our a find do With today’s broadcasting said, can please Dan? filings. lastly, that of as reconciliation Web well fullhouseresorts.com, want the releases see well of we press as you earnings site off, where to

Daniel Lee

sure. Yes,

Lewis Fanger

up a you new the opened year-ago, X% had XX%. And quarter. Slipper, Slipper up where as So, to very think a revenue up I at amenities. you couple today, increase. back a Starting with Silver pleased Silver here This about was Companywide Dan quarter. the saw, EBITDA if of is we EBITDA XX%. was are great and a

for which alternative Blue down Club, end which, and serves dining summer Oyster gives of the great the shut we last you the unfortunately also Bayou, a Bar, Beach to faster our food, us, the then for at the winter. but restaurant, We opened season fine opened which the is year have

much very year. use of it get we So didn't last

and when it, back advertisement it's does the see in you you you make It full June a in come hotel of property. in we’re open; actually, best stay it's complex, one of our force. is occupancies it the beautiful time months. next to I by, Now at And recent beach seeing for month the our best was want here think, XX.X% -- hotel record that with for occupancy. on our some

we in you not putting So place. very, with started very first amenities a in, and are for on Mississippi, in springing of ago. that the pleased verge well brand-new the the brand-new now and sports September. process into by long a legalized the sports -- the is are we live Hill betting probably William yesterday, the training finally with book as results, now with amenity. We equipment as is training know, of bets did Xst be the our going sports should too this

at some past we’ve like over recent challenges the in there Looking weather. Billy's, things unique Bronco with had

throughout include now. of the things the the state. like We in through those wage operational working some increase They minimum right are challenges other

about expense. we the versus We slot more year, are well. bad then monthly would also last be EBITDA. with trying it to normalize hold if And top slot there have diligent you had $XXX,XXX hold as slot been on of And another

scenes, very theme, the a had of late on One in scenes quarter. of right amenity and in behind Dan That the overall RV last of Silver that’s be usually with theme, the behind the by is winter for on like a up Imperial park, that. there, open of in the you the a before And about the don’t flat That's reopening CapEx quarter amenities a to RV going It's close opened August lease Slipper, EBITDA when did that this executed then shut make plan. a surrounded get pretty I'll that all back I'll the a incorporated also Much talk year We last let opened into exciting It now. the normal an end a nearby Rising Imperial we for development brand-new plan down. the unique that year, it the the Casino. Hotel. purchase area. to that that Dan complex. Park. rooms had It's will Star park the improvements. hotel. scenes it for RV more let on nearby was very, a elaborate season that at year, So XX property. adds Behind we nice couple the but towards about a great on It

You’ve more, guests up got a ramp on place at doing to up that the you’ve starting ways our talking course, now. there's casino, We’ve our Occupancy it the district running and been nearby. golf experiments, price got ramp to to historical is it's there. over

we So of things and looks exciting of streetscape new it It It in flooring great. outdoor the with stream like you the see that there. overhead essentially when just times finished door. trees, a in now. and revamp looks and brand lights, an hotel space, large, what the be pavilion We some to The lobby. a pavilion. all we first redid was rope you We cavernous one walk put the used did is new

our launching from finishing there. the with the On MS we recently weeks Lady, Nevada. road boat, lastly, first right And Lucky ferry Northern of work christened putting our guests But on as the there now. then touches away verge taking the are

strong Another Northern quarter Nevada. in pretty

now Those only year-ago, Grand to of finally new the the had building. construction right torn our is are all And and of A place. parking same the again, cones up. casino was a parking up. year-ago, looks and the If back We side surrounded opened improved. Lodge amenities now. Casino beautiful that the equipment The is you completely had It the under we Grand third was the a way. think heavy brand Lodge on about construction. use. had for We

doesn't -- conference Dan's you've someone right You a have a know got -- now. landscaping on got call

a You've looks and you’ve in has which Nevada also it the consolidating, a results Northern in, of the bustling the base and has outside got in been lot scenes -- and as showing had nearby, brand both Navy new, got well. that’s activity, behind

good on post So all quarter. let Dan. very heavy all very, told, a do you the script I'll that,

Daniel Lee


of The Okay. some my gave actually they thunder. -- away

lot you results quarter. from recall, we second that and had if first issues at and the a was -- of a weak, driven times, and quarter we First, that were lot different of fourth quarter cooked

strong, the from weakness easy quarter. of the recently all first quarter up been and Three do quarter was next year. the some second including doing offset well. are one and fixed then in, We have comparisons So the the of the properties, year of first of second from we half the pretty have the

all even here, haven't And at any million we So road we went are though well, down and they real that up. had think which sort us expansion I a we that. it and impact kind okay, of ordering ago weeks but $XX at looked think needs over added on tell. we of you Island was doing wallpaper they're it sprucing all doing the that, and for several View can and that the we’ve addressed, that although casino some new been carpet And mentioned don’t

grown know I stealing if the from some so share, don’t they’re or but they’re share, stealing And market if stealing they’ve just not they’re us.

and make approval, the boat to we working slipping, around safe we and it to We’ve it and the Coast with but this get of course, place. the seem be We to want be had ferryboat Guard fine. take little to recruiting of be The Coast The So date month. it somewhere to the does their doing some [indiscernible], everything. should tug up running to staff as make and is in the modifications keeps Guard. end more

don't started we it. this completely So years process ago. three control We

being So it's are The ridden now. tomorrow, line If side the at it's finish and think raining down Indiana forth side is ferryboat on and back paved. we the really paved across have not I is tomorrow. river. the Kentucky the I actually

about And compute do It's that people running we so can go fill if for $XX you kind way. that with can into who if old the but it's saying, the little the a each boat it. that get walks person very dripping and thing. be the to of, big and And an trips only kind to big, people of will And it's those cars XX% four finish boat the of property. round each It per will two of even line. have how numbers. same you casino, for XX if should into faucet are is exactly casino. the even We sort the start see ferry And car, you playing hard carry occupancy close half pretty hour, only

remember through ended those minutes a parking that lost Colorado, ago, number. it of we the this XX lease which come and all wanted see. our he casino had people price owner it adjunct a historic I attractive double several of an to owned And operation. owned of could is initially so few he buy -- our and think And were of at every pretty an we In that hotel -- lease a a it years his whereas Not property, profits and made garage, the closed before, bigger we rent guy the to And pieces big said it. can this up offhand? the also do project, can a a wash run basically it of the will hotel that casino space he assembling had chose one the for guy, in a as of money our is you We he us owning. it. when we older and the and/or of hands which kind land So -- and easily

accounting So in make if money. than revenues place. money to freestanding XX different or stuff, have we hour make have a can we we security department are and department any or of that before, were believe no Even that the they we don’t should

yet, to bit down be the actually open with renovating they which November of better to X. to right early. kind than expect theme, We disclose little before are think because not a revenues we but our a I’m it it were take I exercised will ready we unique

going and and As was open. of Originally, August it move to tomorrow, that's ours. to end want be because the we it's get quickly of

Lewis Fanger

year, Dan. a $XXX,XXX It's

Daniel Lee

obviously, of have a front. was restroom $XXX,XXX one casino. the forecast good corner to the little back which a XXX and provide come shouldn’t back the casino, in working with their of city from building. fact if we’ve lawsuits, size like and to standing are competition you not -- And He his I kind was a of did. back. it want the Cripple It Creek competitor oppose the our he we was focused And of rent and and a lawsuit, not will and the don't the doesn’t can you a have to he because it's as key on at on says, bar City we and And talked yourself, said what big we pretty those across block basically who raft machines hate on -- bigger everybody came good a the one, pleadings on lawsuit. one city we back were a something very little city, a for this focused to and response open the it's to of slot that. in happy for who his him a the oppose law fun does sued and whole we’ve and that in Council working And before. you city's give the face, right response. his that competition. right It trying corner but year about And attorney, kind at things towards read approved wasn't the the are it's And construction

lawyers, a response. are who good very and -- our filed lawyers, also So similar

to might summary summary like judgments We actually -- trial. take And usually like case. a get like on judges so and this don’t give it I judgment to to

opening I see. will So quickly. But be slow Imperial us the will don’t Casino we doesn't it actually down, know, we because

build garage will starting that. to the on garage, to be takes we’ve parking like finish months We parking X the shortly,

We are the contractor. the with negotiating contract construction

until are the we think on start done we I So because up of coming the it's hotel Colorado on can't and exciting. starting X surface numbers. have, We is garage. is in -- parking out And Black months but uses it hotel mean, along, the the and are within pretty in garage Springs terms cities, I frankly, it's all economic people impressive. there Hawk. growth of all are moving the Colorado And you the still and of absolutely statistics Denver see fire on of the

Cripple right down in seen product old XX much haven't the and You the prosperity it years still reflecting Colorado the city really is not Creek, -- the in way. of because

place And exciting days. so it's these to pretty business be a doing

I has population. think its thinking, in point just kind you of five XXX,XXX the Reno, become [indiscernible] Texas. increased in of population the city population think new is out, there by And Colorado many locals I the Denver which how the people, of to got of the start to that’s of like years of the city past Reno. the increase and

away it's hour and is Denver; So small Colorado an only of Springs the like similarly. growing -- cousin and it's

And to it's I'm to how that to that time, million year if figure the it projects. but we it know have $XXX years -- we a $XXX shareholders. didn’t it's big figured REIT how Penn And million. had that thing had XX right? pull we can then Bellagio pay in going we the of and I competitive license out And last a And I to a how in the it, we and $XXX we a million same proposals. build we $X.X of a just found. money later, the made and for called for every really of people, proposed get of the can confident some at among House, in was shareholders. joined project everything in will sense, National, and Charles, state. for billion, you going and were your XX Vegas, process. Las pretty for And terms ourselves I'd the out in we our end done we And that day company and these you in Lake idea a are Louisiana figure through matter I’ve the the hotel, everything, right? what’s doing going it. a best we have together Now when for a no partner, to bringing as it, And we out try were will we making at it was can own much Lewis our best Full a And Casinos, point partner out as fact, combination look for look to before had what’s be proposed make pay partner, bringing also pay Creative casino at financing, others,

In now bigger and company National a the And we the and Penn guy the proposal. Penn they is had who works National with at nice course, of on fact, proposal, was Alex, had dream. solvent us big, a working

dream. point, when Our commission $XXX looked the at a bigger with course with company a for We hard part have the then And made Ameristar though Nugget's Louisiana part hotel hotel the the and chain all capitalized their And literally we not sell sold was went up and antitrust and million, of chose sheet. was casino and that The financing on built at them had last of Golden started to we acquired is most And a it. we and of a point victory at business. golf around, was at $XX before $XXX, very us called declared that the offered I we $XX.X minute, And important Pinnacle kind us, hotel even proposed was construction. Ameristar the didn’t went expensive, everything. And this million. the it's and at a had balance they arranged. financing and million it, by about Pinnacle, and it. that core and go authorities got in placed and invested gaming successful then They

Lewis Fanger

Dan, And state the property months, in now about many where revenue. that gaming leads

Daniel Lee

Yes. Right.

actual that's casinos new compacts of that The they the at the looked track tribal a tribal have. license the and it's finally the State license allow race back, a the back. one the of competitive we handful thing that it, prevailed The Mexico. and There has to so to The target a number XX. go and New was started issue The called and that casinos, someone the Mexico August Raton and some July have process. move And they've might by Letters are casinos. of the even kind year-end, so, so we the -- license, and but a has and and in developer entrée on, six to They with Intent of race and which New to Spanish. today I called selected that XX, proposal unable Raton, on town Clovis, And are casinos, process was put took took -- but supposed and sixth financing means a rat a was they quickly expect think, proposals to in We’ve talked about. track due town have to five. that's were in indicated in a of litigation get they due have state the

Turns If which -- been you'd expect you’ve huge not New out cheese largest a Mexico. around in Clovis. what industry factory, never dairy there, the has it there's world's is it's

we high a it's very Spanish, mesa that which what Amarillo, about XX Llano Mexico, Charles, miles in Louisiana. circles. this means physical Earth just center called with you great see place. heritage Lubbock, that If away. is you think interesting, want it a we of And about thing building we so be isn't to proposals. viable which it, Clovis crop we important Lake of of about by But very Spanish would living really And about of where would and of short racetrack/casino there's kind really Estacado. wasn't all X.X New like well size the else It get It's it. together of stimulus we it much be Estacado. the really XXth. grass, pulled could Hopefully, about location state the to a big million could is Clovis, return Texas. we for the go people have I it. Clovis anything and total good a on Texas, found and it's is Google economy this And a Charles Houston, the Clovis into the New was Llano Lake Indiana. XX are a do will But And closest near that there pretty XX the for away, miles in is an pretty think the important in Mexico. That's Texas, don't

a we are and company the tiny company We big are this. in

we have made the think interesting. are is company biggest to which proposal, I a

when to proposals, say of so XX:XX never have you’re that you And you going X a chance. XX

a Of so in think X odds I course we But are chance, not, right? that are than deal pretty aggressively. XX better chasing our and

a Washington. We also state they’re clubs. cannot Park. To Washington, in in club actually the California, also we not rooms card have in Los and but of at the you time some bank me, card And the studying Hollywood or they they is are state allow but games. couple really like the card clubs, large a Pinnacle, Angeles call, There the at poker tribal in California, owned what of casinos

have much In that. to it's where off banked taking a you games. it So make hard rake and and money it's you’re Washington, poker game with a can it's evolved

so same the up a a Seattle Seattle, places and in but have liquor they to a few and right XX in blackjack, XX. you door and two if license, be baccarat, table the a other. allowed Washington, table certain not have you’ve on, restaurant to can in them next has games, Spanish to can So those around can company be you’re cases, each in cities bar, of restaurant they and And a be games

And games. so you actually get XX table

the think million it's low, a to rate -- lot so got not that have slot place Now a make is relatively we works out others. $X million tax you something then that you two so for a it's We can bars million roll year, of could or and go you’ve machines. and have if could one a on, [indiscernible] $X and two build restaurants, $X and might

kind small a attractive. company of like that’s For us,

that’s identified. something And else so we’ve

prevail, Colorado we’ve build probably this make you if we’ve lawyers bit of go said, have deal is going us. part in prevail. they’re down. stop tear it, And Now doesn’t to lawsuit to was a actually sequential, we approvals little and one ahead even our now. it the And they like not do with, it It won't need but they

from or You something. of city you to it might having the instead the street have to rent deeded

So of in through process we’ve entitlement kind It's Colorado. a gone year. the taken

get running you We construction. start are are there we the just trying so are have growth lined next. up you start and to contractor start have meanwhile, now what’s about to a now, you to thinking -- and But if company,

in we'd let's for process, along it's no it's so by because no at well, this everything, in that Mexico number then to if New it, start the get anything. And you don’t And thing, be thing construction as Colorado. least it's of year. start open time through and to Mexico There's by all It's in New the entitlements like, there. And can well, get us like, and actually Washington because going this look comes go to like, restriction or a Mexico? we New at way the be time limit you there's let's licenses what well then the

do that Now mean you doesn’t everything.

our damn over get time of know New or this [indiscernible], that quite New We with to thoughtfully busy did want to be Pinnacle. did we working and now of be to we it's capacity I we Mexico. look at limited gaming are excess we possibility might forget at time bit about you the and on what are we’ve we’ve Mexico, on In actually of but mention you been the Sun. might need back time. allowed what we location. all that opportunities pretty moving have lots the expansion grow at burner, intend for casinos all at company Rising in wanted little size, revenues be And profitably the to capacity don't Indiana for twice to I it's the Colorado some a -- the probably out just off and If Washington

we’ve casino the state have another allow to reason have can and machines to in where let's on more the warehouse. go small for no sitting something our and there's working And to a somewhere, more times us tax at we’ve so And a Indiana. new us state to capacity proposed different been And have several move jobs quite excess slot -- It's, place. now Terre in open Haute, least a revenues. year

and legislative to they in try even takes meets an it get through budget. a supposed it issues. Now session, is finance they're number approval just year, major to up there take the year, They the when legislature not every but meet

dealing else Terre casino it's in is a to for coming good a And with in population seems a so state, capacity up get move excess the There's idea. been somewhere where Haute. pretty where approval our January, gaming in can casino and near will the big to it, to make and there small you the be where try session actively Haute, a support size good place living we’ve that’s Terre with reasonable chance to lot we’ve of a and pretty no base, anywhere be a

coming And so that's too.

of one probably have and us [technical we difficulty] everything? on hit things a I that the horizon, are of them which happen none odds will but to So are allows number of certain,

Lewis Fanger

Dan. my list, everything Got on

Daniel Lee

our say, -- our … total is million let's XX guess is our like debt cash and $XXX I

Lewis Fanger

and cash $XX.X a total little above $XX million million. is

Daniel Lee

million. $XX

whole ago in we are came pretty we than balance sheet, better is it shape years good three our So when lot on a here. was which

are happy So with we questions. any take that, to


will Instructions] Thank question We take our first Chad Macquarie. with Beynon you. [Operator from


Thanks Dan afternoon, Lewis. question. and Hi, for the taking

Lewis Fanger

Chad. Hi,

Chad Beynon

of we Wanted this gaming, with you quarter, to that’s as on Can with start start going since mentioned. real. sports things a lot

here. to that can You pike coming starting to of your your are, of next us Not kind you playbook just do talked your going projections to that’s a about revenues, and the about visitation, the expect couple about, in kind kind terms to the and in approach industry, of customer, you’re your weeks beverage show of down or food kind market, you Thanks. are? or install help but equipment, for of the think this this talk of a what be you what hotel gaming it do think to Will the be of new since in something high-level bring just to kind your in in driver it's what really expectations property? of, means new revenues, us

Daniel Lee

sure not is especially gaming are business. England, huge mean, in I Europe, we Yes, a sports ourselves.

shops William like company was even a so going corner, be on. every Hill Clinton And to so betting whether has Hillary on on and They bet president.

bet. Some people that made

… And course, Nevada it's and so in to been this country, of limited

Lewis Fanger

Delaware has too. has and it now Jersey now, it

Daniel Lee

Court law recently. Yes, but overturned didn't then there the Supreme was a federal law that they allow it. that, And that

the going Mississippi moved sports we if we’ve view, open Tahoe. by Mississippi race have the it's and Grand -- our state own [ph] now quickly, so early. is of Hyatt a approval. and to so From it subject at And point in Lodge the way, to our book

to taking bets make hard the some rules, Mississippi and there. a rent, we’ve They get play Under the hire really they us and counter [indiscernible] lease and for William It people be the make expertise entity we and of profit we we but the hire. space bunch don't small a loss the expertise. to have with sense go to have the Hill, customer, doesn't that. Now to really this of

Hill. venture a we’ve with So William joint

don't and to open Hill chunk. significant speak, that, and the think William being here I adding we built in as will share pretty of so loss It's say… the book we and it are We get sports we soon. profit -- I'm a supposed but

Lewis Fanger

say Don't is, what yes. it

Daniel Lee

half revenue. the over it's but Right,

Saints. for a it's end a of -- so what a going the lot the the the basis, little day-to-day Patriots, don’t against really the Saints And to hell probably cautious Bowl of example, it, I’m about if have But because Orleans we be, honestly. bets we on are okay. in a And will know on New revenue but up Super

we’ve in we’re, we be some betting is but we ready to kind can't. given so show had point, block could we risk Patriots. because going that, a the up casino where And to hedge at nobody of on Island our If to Rhode

so And Saints bets we’ve the to which at bet line number, up not point are on we’ve might somebody can move well, players we make a only to basically our else or a maybe as as be. say, best certain to competitive the

little the some to situation. lost We a on we’ve bit want risk. sports don’t that a out it's million So of game didn’t $X manage we precarious find because

understand trying those are we risks. So to

basis, about. normal nervous I into you gambling, up, that. is think, so most guy trying like itself I it, the we who will on if And that a it's are everything the get Bowl, to it's understand about Super Bowl Saints the Super day-to-day worry really the be covers but

casino it Louisiana. property. Now to the initially, between people sports almost Louisiana are the if than think much moved border faster of betting you additional at Mississippi And certainly and the because having probably on Mississippi and floor, will we bring right

And a head years of couple start. so least probably there's at

think when it this which line a closest is make incremental casino. place. bet our bigger because maybe to I And in may a if that, is bets sports and they in suppose, book sports while the Orleans craps people sure making place Lake Hard but here. not I somebody well a And that. people you I visitation New of the of our so, will be a XX some there will then kind at and incremental And a about they’re machines putting bet or a live us, we but it, Orleans bet machine. desk, trying in know of that. little at of will of place. do keno or sudden nine much, desk. can want it's a playing downtown it's Harrah's case, and And I size place slightly Pontchartrain you we as there of in may than probably and And only get place and right? how I one be will that our guess, is bigger be will drive our if I in are it slot some is say will book, the legally the New people screens behind be much very Orleans. of of of don’t table downside I’m race okay? visitation that Palace, be got In bet Louisiana your to probably Caesar's to shore in think can about for on be in than think the all play front mean, we at And sports a north The the will eventually entire don’t New are a the there slot hopefully, like it long-lived, makes to

to so be any Now, doesn't of so -- to we always think it's plus, it's for have I casinos, questions. think will And starting to. but go ask closest them I the huge think Lake And a shore plus. now north I don't nice Indiana's Pontchartrain the place it's a plus. a

betting obviously, going a this I and evolve of Friday into work many some worked parlay a much would after the there, we in the years estimates being I of out Street Street, Look, of Wall on up it and on how it where I exists could guy illegal regulated, experienced get the how could U.S., all it's still figure show and never was billions to and Burnham in it, god, week Maybe see it you a there. in would but very where every in did it's but trading that And And that's remember completely that and legal floor could stuff. and thinking, actually illegal very like venues form. to on shifted the and it mean, these into I the is restricted it betting be suspect paid I he big some try if there's I dollars. it's business, through that come Lambert, my betting can Drexel put but remember, these remember to I illegal they'd more you business. on on cash mob. big you bets eventually the cards taxed Wall going trading oh every be and ours more which not you lot ago, England. blew still and big And place the gaming is in a properly floor, trading that but on here, guess, done business. we It's There's business I of will sports get a the they're love we floor with in up, list. big days, outright goes think I

Chad Beynon

great. Thank That's you.

on. moving Okay,

… to respect with Just

Daniel Lee

You're chuckling.

huh? still those get cards, parlay You must

Lewis Fanger

through to come on Casino Imperial Thursday, Tomorrow. Dan, And moving Tomorrow. purchase. Friday. on It's the then, They

of to XXX win of of standpoint? just what then in it's it property purchasing? share color how costs should refurbishment, that or that kind a kind and we type the also is you of or a ballpark just machine, able but slot XXX lease, then then just a what per from machines, performing And is this closed with to any a there could if opportunity And that and any it those you mentioned you’re day respect small that with are cost how of before terms could think was kind about piece You be? what down the

Daniel Lee

$XX,XXX the Hey, the for three well. morning the signed still I'm it I extend two of think this remember the Then and but years. rent a more I pretty more go to lease have it, off for read I month for I is right month so going years. we my $XX,XXX top a years, The to it's as head, two

took bit then because We us how theme approach it And let get little have rather it million, incentivize year, wanted unique to this each the buy kind to sooner it later. to see with for a man $X we it and really goes of who of, us than buy up does. point-something buy it the it a owns it reopened and right well,

So if I doing we downside. we I'm limited will wouldn't this, but work, if -- have wrong, think otherwise it be

number. are don’t spending the -- I exact remember We

million will $X renovations on that call to building. We it

Lewis Fanger

more. Yes, little

Lewis Fanger

more. Little

we machines. And as XXX slot garage, basis, earlier, the getting and tear will machines. once new we Most a new of down parking are a initially, -- be hotel I participating we've existing finished the will And of casino those our open will part from the hotel, because mentioned slot so we there's companies of as on kind machines. slot when extra the be to part have buying we'll new of then replaced

having our important a that we're bought were because pretty landlord, companies gap, pop, in And actually, of issues around of a in and the help Creek's kind open we was Imperial, of and per existing it some casino It -- and dollars. up machines pretty fourth that by moving the machines. slot fill close using $XX,XXX kind this. I've And here we and also with issues, when customer XXX few kind about million machines then machine, when a will us, the filler. slot So verified number total decent that, payroll Cripple project, the But machine believe those help than per never but a XXX and a surprised moving the the new growing other at the obviously, the which of of to with I bridging number told was roughly helps slot $XXX the slot a we're it's total move effect help with companies from machines existing our in corner. number. XXX we we day. the to casino, people bigger of doing is bought down payroll Imperial but us I

different to completely maybe I going approach. and because not marketing completely think it's have a are theme relevant, we

expensive. between think and have the difference a the XX-hour Colorado That’s pretty surveillance biggest law, owner, under prior I you’ve us to room.

an appendage that as make Billy's, stuff. it's that Bronco to not freestanding make to actually work. work. You’ve all department, casino, HR that an hard to accounting of And an have a department, little hard it's And as

to lines to as down standalone our much have could it for run optic with fiber we place. is overhead run tie can system, surveillance less it be -- slot it this into so we but tie system, that And a run than

pretty good a -- we So we think modest investment, return. [technical we difficulty] Yes, … look, pretty a for get

Chad Beynon

Thanks. Okay.

Lewis Fanger

$X I think a we million. good return did on very

Lewis Fanger

balance. for XX Imperial but furbished, the count itself, takes cash time Hotel increases up rooms important. we which paid so we it, then those the June million that's need summer And room that already in them. rooms -- come of about The already a And at out XX%, but have when good $X.X and that our by is XX Chad,

Daniel Lee

bought and one room. it pretty are This at have nice And tiny actually from it rooms. used had hotel rooms into those to combining rooms, guy refurbished we the two

arguably rooms, the in town best decent actually. pretty rooms So

Chad Beynon

last Great. Thanks. then And just one. the

a revenues in little million. improvement Just the thinking over your margin so wide, portfolio $X about quarter, the grew

$XXX,XXX. grew EBITDA Your

cost this and through, grew this expect more revenues So companywide initiative Slipper, that the of really nice should margins flow in standpoint it Obviously, amenities most a better Is your these bear the growth something leverage? from that portfolio. color kick from forward and of are taking fruit. looks on your came but improved and like. going Just happens attention the kind Silver throughout now? most or the going is that Is some just we operating of this nice what you’ve starting overall just in flow what’s of quarters some to particularly in is terms kind as with through,

Daniel Lee

with fourth hell? sure what -- And at quarter. I happy back if and revenues wasn’t when is I you’ve [indiscernible] revenues the adjusts around laughing, payroll the accordingly. the quarter, the And to said go everybody in Yes, you table because look said, very make go Mississippi the that. our the down, and

And so much staffing. paying process. to started of more Mississippi a attention It through we -- company start just here did actually it the and in expanded attention

efficient beverage and industry, and and what’s every the efficient or the comes back you’re hours of staffing. really we and on in have every position. and examining is the with each so and the each casino served if being the [indiscernible] you’ve staffing better And position the of everybody with And it or hotel staffing. so And reports in now when so margin department usually staffing forth. payroll And the and off to issues food

dealers, dealers. you’ve If the making as tips. getting apart too tips same are much waiters, and too many many Too then in with much split nobody's the

on. service lot right aren't and if money give to to overtime the attention the have right you issues and can have waste to you of staffing, number You a so paying

we’ve our showed to have went properties and that in this pretty around other an people initiative table yes, them some had So, the and of doing out and it. been they they’re even how instrumental

bit can I Colorado. a in think we improve

wage bit that flattish, was but the a but that notice has can't an have little You the of been account where kind been for there, that. all There increase of of EBDIT minimum [ph] revenues was an soft. in that, exception the

that it. to They’re they’ve this summer talking been with be strong. and of so to the seasonal of And we’ve them very being aware more cautious

of staff more of we revenues make softer as sure So accordingly focus in fall. the get the let's it's really a

Yes, going want don’t be months. But forecast are continue say, we I attention XX% so. will we to don’t our to margins to to are more XX to do cost? cost are we So and in paying paying yes, attention more

Chad Beynon

outset. all Thanks it. due Best and Okay. Appreciate the for about you everything luck that the diligence. approvals the talked of in on

Daniel Lee

Okay. Thank you.

Lewis Fanger

Thanks, Chad.


Jim from Thank Singular you. Marrone Research. We [Operator hear Instructions] will with

Lewis Fanger

Jim. Hey,

Jim Marrone

other declines a gaming, a to but in about your address particular it was and when Thanks. There -- little and kind will just discussing of far be kind operations, the other listen legalizing the Number as I what of, was does well. ratings I’m that and I just one. like, a well trying going So as trades suppliers as far seems wages just was the I gaming the And of of question. addressed sense Yes, your in states gentlemen. as just impact operations, thinking you’ve lines CapEx afternoon, addressed, increasing was be well, recent than it answer. as on previous to bit Most how that answered the maybe in that’s just to but good and kind a other if and a following of to would capital like that’s for expenditures. sports have kind headwind rise of that your get kind Yes, I will along in on gaming? and as the gaming and it wages costs of people your their considered up -- you was but if of mean more as to you?

Daniel Lee

you ratings. stock, like declining our ratings by or meant you …? what Did sure not I’m mean on

Jim Marrone

a No, because kind quite I’m in the -- just seasons recent past over the know how a gaming does the couple just impact that that of NFL how of revenue? situation NFL of just the been I And whole bit sense hurt of and over kind has it. getting ratings, decline on

Daniel Lee

you And Well, of never our are in think so they of wouldn’t of X% right? and our an be wasn’t what nice race okay. our It a XX% in, many So a I one of every right? the CFO it it even income. NFL we us. but If our player know be don’t it will sports books small. gaming -- as many sports I large business it's dominant revenue -- know, machines, the X% and side it looks slot Mirage book revenues, be at for Bellagio. will like, little would and with years. and was casinos, Mirage of even was I business, of at the We’ve going Resorts had for

and to business look, a because in will specialize you invest don’t sports us. invest in you that business. want us are are book except companies of so William help -- them. public, it sports little some in right?. this think But they there that public we entertainment if a the we If drive post The invest It's Hill in -- to in go company, like books, strictly

and it the You everything will of when gaming is Holiday have that date find the this highway I guys me growth somebody went Cornell and now all regional all was kind say, then will isn't but and every say, well, School, Inns, you because growth, me, mature and well, system the and interstate to done gone that the would in -- missed reminds Hotel and big professors guy we the I -- every old of talk, he with growth just And bulldozers easy giving a think a that who remember CEO that much one there's Inns become about XX down opportunities. of me, was was plunked lots of Bill than growth. the name and just was years had and yes, four followed Marriott was the wasn’t and him he Hotels. like, older Marriott I there exits And Ramada

state of, a lot look they’re are happens has is right examples the near you of there inedible. border are XX Washington, well, the restaurant, There you you’ve there, make in parlors good most of and The at clubs of like card a Now can actually to blackjack a And card the it's Look that finds in frankly, sudden we're bar New get And And ways right? hotels. and and to big card state that’s have hah, perspective, are all Marriott we to casino. another if and And them grow. at like, you looking clubs to at to is kidding, restaurant like, largest find of to Clovis, And And [indiscernible] if like a that [indiscernible] a like food's grow. the of Marriott we racetrack it's so legalize a Texas, couldn’t clubs, time them, if state cheese there put Mexico a looks to no ways is example. and but have going -- in look it's XX opportunities. why a option of that have of and kind lots six go by there with Queens. is that so are the restaurants of in most just right virtually I’m couple way, Mexico's racetrack opportunities And develop and the Mexico. have you a New in had could something now, there factory these you then they’re and with We Clovis, it how an went got Clovis or and started go? New there. own world's off to out. crop where we’ve And we crop circles, Clovis. and the would tables. money there that Washington circles and the casino it, betting own the figure a four And the on off-track good It's Yardhouse site like, that four

Well, a And is to it do. only what can then if you a do else start looking it's can is one and opportunity? if so there big you opportunity big get at But work, there several of an opportunity you them. you

still this opportunities are there business. lots of so in And

and to your way dig You to little just Mexico pluck Clovis, have bit, sometimes. find New a

Jim Marrone

Okay. great. …? to perhaps CapEx That’s regards going we forecast that should And Could forward? I of and kind how get in again,

Daniel Lee

and Well, I now think the garage we the how clearly, about cash doing stuff project, we’re which to got that’s are cash in in other we’ve bigger -- hand we all Springs. Springs, it for on And $XXX for good the out Colorado money. as We figure could words, to figure we finance think million, that. the between shape to months generate, and is be pretty a the In a parking and that the Colorado are X with partner can too And we borrow we’ve effect, deal or be partners there so way do strategic could I X it from it's anything we borrow that will evaluating in money certain to we are of out. -- would interesting probably most a it. have a REIT,

figure but pop, road. enough proposals lucky ways in we at in down If the are Card get can the appropriate at for it's We we a a long Washington of that are $X we X that clubs to million Mexico. New the how XX to will internally. chosen, do out pay time,

won't pay a we dividend, for a it's a don’t you probably -- time. know we So, dividend pay long

sheltered. is income taxable Our

a have once taxes may we in be So there -- we don’t taxes. pay but don’t any a provision while, for actually

generate internally shareholders. unlevered we behalf cash and XX% flow pretty keep good so to try cash on get And reinvesting return. of we We cash it a and

on gets two-thirds really which of company. that, can you we actually the you Now lever grow and a return nice equity, probably that’s how

Lewis Fanger

are pretty the of terms basically the in much in And all projects growth those done. past,

William you’ve for cleanup is the for but The here work sports marginal going roads Hill that’s to are CapEx everything some So ferryboat Colorado forward. attached that book with going us. the on is it, in really with got

Phase yes, So, X. really Colorado it's

Jim Marrone

That sense of the Thank gives better me great. CapEx. a Okay, you.

Daniel Lee

Las and Head said $X tell Bill an mean, are had million who will you a And [ph], Steve the had all sat Mirage of mean, XX lined with down XX we going we acres stories land past, the we $XXX,XXX frontage will I couple I of it's always worked had the at We the throw was Richardson projects casinos, small in the acre. got -- Xx -- acres last and then it Financial for you Mike in what but had valued at had didn’t acre good and Chief company, I at something [indiscernible] pretty of we for tell earlier the we will a land Officer back a do. Bellagio. where had what project that bought for saying we license of I I did I the we’ve in Development, one Yes, up Louisiana, and some cited we Bellagio invested. I got Resorts and I’m land successful. to entrepreneurs as could an Vegas paid you, the on with we we do and XX sold in the entitlements And I to at of not build Strip. it's Wynn when couple acres need

fact … $XX to acre. it's renovating will million you MGM just didn't half now MGM put $X call arrange own the it I think then can but which build We we said financing just worth Monte an pay much, to bought in million, it. that nonrecourse And Carlo, if we and Forget is you we

Lewis Fanger

Hill. MGM Park

Daniel Lee

$XX $XX one Park years that highest XX It's made MGM, million project right. on every now. Carlo year $XXX the ROIs for was the Monte year million, strip. like million a a of

land City. the and kind and we Did we had the we in the all room free, thing build financing right done. in put to up it Atlantic committed had to and to same joint hotel X,XXX And of a land did Atlantic nonrecourse provided parlayed build partner was and gotten for get hotel do We a [ph] cash the so the venture then Borgata for for the to we rest. thing then City and the got the the got build Boyd

the straight get entitlements for everything just out to project So always and ways and build. different available. lots the and go financing the But sense, to The pay virtually all first is money there this, up of do it. project, are putting lined makes you the to up, get how then raise you got figure

Lewis Fanger

all based and day, share it Board guide At so the end out. outright, we we our [indiscernible] Management decisions on owns, the the what, figure stock of will of the of the price. almost


Boone We have Quantum an with additional question from Andrew Capital.

Andrew Boone

Thanks. Hi, guys.

Daniel Lee

Andrew. Hi,

Andrew Boone

Thanks questions. for taking my

you of thought, just I think Just that to retaining within line wanted about the how guys upside. ask

about Denver Colorado Just in sale. potential and Cripple Springs Nevada retaining for the how Creek, that noting the of guys given is the Gold, your then, of kind upside? do secondly, And and earlier comments on just up think recently growth you in Washington

too bite? would commentary be whether or potential, around there your would any within a thoughts big be and kind of of rooms, M&A that Just poker

Daniel Lee

different a exclusive in you deals that I announced not recently It's We look somebody. Gold us, of lot an Nevada can at that. with industry. the agreement tell they’ve

in In and mean, fair or off. in of company if and I rest trade does any retaining in are a build of got board. Mexico, and Colorado projects, a of big I’ve invested the the other the we -- New off New so Mexico project amount it's say all these of money terms a upside let we we go chosen in the

You don’t it's -- in trade bring at the out. you upside, and the so off a a try reduces risk you want to figure risk, reduces but to if that you and put which partner, everything to

that you, up and to deal, company. an tell so I talk big at finishing. somebody very us a it. called I will If -- don’t not about actually look the want buying are incredibly We we and We good deals, looked Fontainebleau looked offered at

and spent were that and Now if it finish could we get architects going the major for you fees will more casino We before the invested your run finish guys and million. through the it and company we $XXX said, was would It it probably $XXX,XXX like the construction cost? it to turned and about go thought carcass was for billion running you didn’t to to then stopped in well, $X.X get the billion whole hotel. that’s we there filed on about put hotel if and bankruptcy. cost name thing, and $X.X the a had analyzing And Fontainebleau it. And run it, fees you -- hotel the buy casino, for what running

to money will hotel. go real some Let's estate up own actually the if companies the see and talk they to put

[indiscernible] management own it. If you very own know, many as don’t the hotels, actually chains hotel

around the that. weeks a to and really here they else. giant companies everything to showing it looked back high kind understand them get really spent we yes, we came So And our enough and and said weren't at kind is them, concept and few returns interested. going talking of real said, And of estate we

we’ve about of But that said opportunity in with to on have actually example Carl -- said, it for to for buy if $XXX upfront. this went take lease Icahn starting option pay we And somebody an find to we somebody. are was we we an wasn’t ourselves, if big And that, willing on, we and couldn’t rent able it the everything we you so okay, that million make not so might He later. to We and willing $XXX we doing opens and of you and moved been do to risk back a we well, can't had it How just been step and million do going to can't work. when he from right. own. else

stock not do and pull the there's of in going but or Mexico is are our to of we together, if a was -- don't company. got that risk execute numbers you anything The lot else. lot So upside. If we could upside that, New has [indiscernible] all get a

this go we saying screw not let's work day up. So every to

we Just do have doing. to what are

Lewis Fanger

refi, time of And been the feel off it I into is years talking we for, know. tell of about Sagard, Colorado for this I financing you I lenders when really as have they, with kicked at -- talking Dan spent lot partners, a amazingly about concept and strongly mean, but our will you, and new that. bought believe, like we’ve huge, PIMCO this I X.X They’re process

So to route, thing going the not are we we’ve -- down contracts, cemented partner the on will else, to everything -- and just list options. as honed just costs once the that’s It's going several Dan have pick and and we we’ve in our construction are we have right. go said, we

Daniel Lee

I isn't guess your whole million, the is And point. $XXX

Daniel Lee

Yes. That’s right.

Daniel Lee

you is flow $X $XX the If whole our [indiscernible] will the stock during some is share When it [Indiscernible] construction, generate of look cash from we $X like to stock. then at a stock very like, million. but $X difference partner. it's maybe a stock share, a price a because is stock find big should price. a factor, we and a that's between a well, And $X there's

Andrew Boone

Great. Thanks, guys.

Daniel Lee

Thank you, Andrew.


over And back no speakers or queue. questions floor any we the our for additional will in the to I remarks. additional closing have turn

Lewis Fanger

Dan. time, of out are because Good,

Daniel Lee


Lewis Fanger

Do you to want say anything?

Daniel Lee


Lewis Fanger

Thank you very much guys.


does participation. That Thank again conclude and your conference. you Thank ladies for gentlemen today’s you, again. all

now disconnect. may You