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Full House Resorts (FLL)

Participants
Lewis Fanger Chief Financial Officer
Daniel Lee Chief Executive Officer
Chad Beynon Macquarie
Gary Ribe Accretive Wealth
Call transcript
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Operator

Good day, everyone. Welcome to the Full House Resorts Fourth Quarter Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn things over to Mr. Lewis Fanger, Chief Financial Officer of Full House Resorts. sir. ahead, go Please

Lewis Fanger

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

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

our press this filings. can the website as slides them. For you reconciliation all where at release those doing, a well as as website, releases also and broadcasting we see various we issued. been can our conference that We're call SEC uploaded the today's And or earnings you fullhouseresorts.com through put of well updated, those find as as please as we've that as to well some find have we measures, we've

all we're said, that with And ready.

Daniel Lee

day morning, we'll Okay. of remember, kind everybody. Good I'm sure. It's always a

time, a worth. is anything we what remember reminiscent, bit to to get long guy is was it's service ready it. it's just what headed the hit like when acquiring going that it's telling do with hurricane if [indiscernible] telling for crash As wondering was I for really do. when you a the well, us spent sit in afternoon had is wondering people, south the weather and of can the time. all going and there casinos our company And [indiscernible] it's way, a XXXX At and really us reminiscent recognized Caesars. that I the the in Caesars, And, funny We've little it's

so the you, no stock have discernible far, through yesterday, tell impact I from the or virus And will we market.

number The expect people of not are impact. properties. no saying the Our impact. about volumes we had don't any But same. so our cases have places known of know of in within an We same. our about are I'm far, we no the that

course, do we our customers, employees to Of make can we're safe. to trying what sure our are

cleaning We floor have of properties. people the all our casino in

machines getting twice are our a disinfected have, least machine. We day at especially every

yesterday We a very took unique step.

think has at in to temperature. work, is employees I where may and the airports a to Asia entrance more as now use the if And to we do in it gun checks the company come employee just temperature who's in than... employees' the first guard security be this, they similar the industry somebody the what

Lewis Fanger

We can't...

Daniel Lee

not You're hearing?

Lewis Fanger

No. a hear little muffled. It's can't I you.

Daniel Lee

up. better? speak I'll Okay. this Is Okay.

that saying disinfecting just was I Now everything. we are

and and their home fever, and we that as temperature signs usual one as they but no will we So coronavirus of others which but anybody a especially provider. twice are employee's we of health And early things how least fever, yesterday come exceeding think are a the be at company, what care every if sent is a I taking far, taking degrees, indicates had temperature and employee medical day. each work began is morning. contact school I'm told we of unique we've a step, planning machine the the has first the follow, sure disinfecting that is impact, XXX the may to to slot And

of I if try little we fever work. think a come tell will deterrent to wouldn't had show employee not I it's because feverish, is to home. Now you bit you, a kind feeling sent and up the yesterday somebody one And surprisingly, with

a if feverish, employees probably because ill. of have if And self-pleased when reasons you're to the myriad to flu. to feeling I our well, not get to they'd they're almost might actually employees, in work come you're for think customers drive find car feeling I your not if a some thought casino. and you're I are not you're But expected likely us feeling,

is canceled. lot people be had also but not This a have and, and, and of a employee are we the point A meetings home. flu lot a had surprisingly, fever flu season. I'll not and one had up conventions out, show being to of that sent

be be I to prominent to In conference next at to conference a it's It's situation. Monday. online. now the told fact, in that investment the wealth that's California, And guess we've been we were a response done Southern going supposed and natural

very properties none. meeting and have business, almost Our little convention

probably so I And customers think not casino very our few some visit falloff our affecting to very, is us. casinos. fly but that companies, And of

pretty news the sharply. to crowded. are Casinos easy slot your come own find to easy in that our car. our machine All it's pretty reports their actually aren't that bookings show to off place. in And own a It's casinos

not you as Indiana to our fast thought Colorado. But [indiscernible] by in wanted up own told sure any home were it's the not do. ramping is casinos, had people sports other by just as that going and they weren't. And your Super are We online they'll in if open It's really to anyway. ramping wagering is be thing have we I'm hoped. Bowl markets be reassured Now they stay of and then they'd and that those up hard not if space to that, little

does of running, app. paid income this year, to we benefits us. might the are $X $X.X get that different with it point, already is and up $X coming minimum $X up have. company But And Churchill of website, $X.X million agreements saying May million this. of million. credited Downs a that from mobile June. and million, or only which not is a all those mobile Indiana, is X a against it's gaming a year. we And payments chunk the at And they million possible And When they're us from Now significant the in $X not running upfront, the pretty that of their gaming. trigger million be their with

If people travel, and not are at bet can long. you told online stay home stay home all and day to

we this. significant something a have be immune portion to earnings like would this the of that of future so company And

I mentioned it's on So okay. up wagering we're kind can sports the We're doing what But and we doing to think raining preparing seems running. One least us. for far, It around here. I December is The be update, of already. XX. that so started storm at not

quarter schemes come are it then And be the on it. second other expected will but So quarter, quarter. in fourth there income the in income very to was there the from the little first in from

And a half significant chunk so of income it will our second the be year. of the in

covenants have in up we debt We're have the out point before also our sports agreements. those set we notes. I'll

bit And quite our so as online, debt room it those a covenants. of sports in creates agreements come

first quarter. watching the are We

I think debt sports going X we're are companies. funds and us in the thereafter, with the fund okay. that. debt But, to And large I be our think help agreements agreements with will

We have good relationships with them.

don't there, cash. million we think of get $XX And sitting we're on whatsoever. so And any difficulty we'll

all be to we when there of November Colorado starts. sports start regulators In did the And agreements X that election. in it with expect week, the first in with met May. the they and mobile last wagering companies hoping Colorado, sports to have wagering ratify We voters are

is. where that that's And so

The, important a is And a not quarter, it Silver now year. very to very good year, but and getting property great most good operations the such traditional fourth Slipper. our a had

off under, million. quarter, XX% the quarter EBDIT it history. versus In the but were And in its in $XX fact, in up a about was little It little I year. frankly, million for fourth year. the And XX-year decline think was year-over-year it fourth the Revenues X did was percentage the fourth about basis, really off best bit the for the year XX% in on quarter. an $XX

a a continues to Last number, our very good least it, it And to date, think, well. February. And first do behind in the very close looks close. very going quarter had to like maybe so at best property to history. be most was year's little I last It was, quarter, its but we're year its actually important

X we're Now March. to weeks in yet go

could we're far And so change if hurricane a least us, think at so quite but this well. i doing again, hits

had January Downtown historical offers their Louisville, in challenges Louisville There's the is replacing been in increase half the Caesars and there X. property second a And boat. the competition. tracks has some of built year. in near in racing of race Rising land million table machines casino as a The, games now which some Star, casino a, the we Indianapolis Churchill Downs have then $XXX

of started in a is doing the course, very don't after chunk system fourth be very but but mass Now think, we're put to. of giving was that part we new our about a good be and marketing soft, was and a actually that. customers to competition, thoughtful it the was what us slot much changed part the year marketing effective. that we of new We soft we're of data-driven that I to structure And of that more was wasn't some to giving and allows who that decision made quarter

like here the Star of a all was have complicated rough person. older, Rising again. state slot of slot Indiana, and that had and getting how learning them the still have you we the gaming it weeks would this to the taking again. to computer, be of had reinstall of run agent how machines imagine with in out it our we and system we and to reinstalling years would from difficulty was do we're an be. system November, to slot we're machine it of very That are almost half art. far up for machines under the was, everything, desk, the and a it the each zeroing reset Installing use rules start our slot couple And software here out over of and slot to to computer kind we getting And process, and zero our it. today, that to, had a back XX of is there lot old about, your now Our art, at state And was service. and we if had old on of And in

the XXX in seldom machines and have XXX people. more place, we we than slot Now have

a into a pretty feels machines dead. walk are when casino it slot out But service, where lack was never you it of the So of XX% machines. of

That's us now. And so fourth a with up bad ended behind we pretty quarter.

All of running. up our and are machines

trying them wonderful to We're have how We these use to tools. them way. in figure use new smart a out and

the before other, first year, little that about I think But bit book the and pretty absent a Rising here earlier. coronavirus sports the would quarter. for Star stuff about, struggling the we're the still for good year. have year so talking that's the We're I'm mentioned And income a we optimistic in it

fourth for the operate and it's because trying We in week an that a dinner lunch I as bit in the the was so a getting lot little restaurant our to we operating how think day to And quarter week. smarter here. at rather example, payroll the the a from serve well. now do And, rightsize expensive guests a about of days We're X anomaly. than have we efficient buffet every we of recently cut things have only more We're buffet.

new doing more to things tools data-driven. more property the efficient using so we're be we to make have and And this

also in quarter and year. Billy's soft Bronco down a for the the was little

didn't a quite Konami little Here, thing. on has to Colorado different zero have went install up machines. quite We The a it's different [indiscernible] process. here the smoothly.

building you so quite with to hotel had on easily seem things a and were this here, we the while to assembled very do out acquiring land those all to a install still little a you disruption. for up hurricane. we the And, in was to burner here and watch And ended hope assembling corner. turmoil But build back prepare figure although but to able in Konami be so, how we that, the that

kind a had an casino and been we it to once. It's of key option a buy, with and town, corner leased it in

because the had money." already can hotel many that revenue town we've appropriate this we well, that felt, not basically and has and decor And a see said, the like an Colorado it's went but to some we other some, theory slot make reopen machines not, if And and still empty not X.X%, too reopen we casino, own Cripple we rooms. it that hotel has put up in So machines let's then in enough cost casino. enough too proved it and think then Springs. theory enough this Creek of wasn't this And many I slot did And operating rooms. some offset And "Well, we we'll it.

leased that our and reason started cost our has it capacity rooms. running There's we in $X million almost a and made everything. that to casino were you lease the hotel the this numbers And we when did what payments through okay, all like, was more mistake. slot and it us town And taxes machines it until it no had

we so Christmas how we planning, do and operating now activity the the Casino that the talk to bring costs. And are regulators close to to on started reduce some Bronco Billy's and with our it back in of

to a it that's the could it control which current building, love into price. If do rent easily, pretty lease. us landlord We get that with the A A will about would of into in the we we're Story. Christmas at it buy converting can't still rent can but they turn possibility do We at it Story, some and we'll talking Christmas we relief, better the

has Our building another lease the for still controlling years. us X.X

don't so, not pro last close consolidate to decision But we Christmas made And basis, the flat the been on we done this to have Casino. forma have which figure would we had we've out. back a Billy's, to Bronco pretty the into year gaming

so think there. can we rapid a I have pretty And recovery

on. the with at Konami we do and it getting data-driven also, And marketing then how system so we're there and smarter and

So I be work pretty Billy's a year. again, done that has Bronco can make for to move. have There's us good regulatory that some think to

happen tomorrow, X X the probably but it next to So won't will weeks. happen it within

it It's Casino early back into website. see in we of ongoing, work it didn't and and something, like it'd Billy's. Christmas the can to The consolidate under mistake parking garage that be Bronco We construction. it the And, of a construction. still kind and it. you will It's close doing tried pictures very but keep is on it's

any when activity be Northern ski near okay We it to ended Nevada, Lake seem million base season at it's year. the $X.X great a Nevada. it million. $X.X falloff. with Stockman's not doesn't was all. because Also Fourth Naval have a Northern had In that's And doing we'll But challenges relatively activity, have quarter been flat versus some at didn't we in Tahoe.

stuff keeping what the, Place, in in a bulk quarter long like American and like proposal, a we costs That's have seems off. was nonrefundable did the the, application had stock make have development proposal, virus when $XXX,XXX and the Illinois. a we this it crashing, ways you project we're Illinois. market fee see the in of we But make you to

happens. of of past with by about probably been to are that By We the advanced city what Gaming October. State and of pick State We've proposals X going the partners of discussions how see to Commission has having lot Waukegan somebody with little the project end was different Gaming lenders. by we the in X that Obviously, what's Commission. of week, a the those finance are law, but out we'll a date,

the several some of be money sitting we pull up And, out gaming to commission And period to us months, Waukegan. what do. chosen, gaming just to moment, the tell going together. that. would commission have We the we're at have not to to how waiting we're takes and figure on There's, we any if spending we're time but think, for that before

And $XXX finally, was million. year-end debt our outstanding at

employees were about absolutely And, of not, alternative and tell is you hopefully, those it's for we rest for but the million reminiscent But of Bear Lehman whacked Las It's be us. down will the and like, like feels of We share. $X and credit people folded kind when we don't hotel and visit and would if would hopefully, that Stearns airlines delay And to like. just again, parking go down, in and went everybody, Brothers from thought on for astray. hurricane $XX and so cash that [indiscernible] the a to ever weather stock when regularly. yes. going be hope share share but the now, really we used scrambling, Most Vegas we we're when parking customers went we intend we to, fine. what survivor. casino focused nobody storm. the it Sands that the be to out will ready to operations of markets a then equivalents, $X.X stocks $XX actually company to this have And a went and safe we're could got sure X/XX, MGM a this just week to down was X/XX, rather an taken by million have a I And all there pretty $XXX then out fine And we're our making is have a of you after and We indiscriminately But that's recover. these it And garage. or a of business. going and all our safe of will a keeping garage. that that is will We're our come [indiscernible]. and right were

So take to any happy I'm questions. on that,

Operator

hear Chad We'll today Beynon from first with Instructions] [Operator Macquarie.

Chad Beynon

know answer, asking. seen in And are done people stock couple gyrations, that's probably expecting are about has with you the volumes continue maybe continue that about understanding days? and so taken. okay to media to and And positive. incrementally what just past great to day is or guys Is think Investors just hear I announcements, of that there with Wanted ask details the through and employees any in of us rest presidential on but at recent you It's everything that. certainly properties month? the you've to terms have the cash additional what steps it's a worse you it's daily burn. your can customer anything, every help news, And tough of your

Daniel Lee

honestly It be I what the the far, down, or your customer don't count unchanged. kind know of winds whether just to a to like biggest And, the be surge storm at to don't bearing so customers, you it's hurricane least seem know or Honestly, is what's of and expect. challenge, going right? lack

Now recession that it's a a eventually. decline logical even see the would the falloff in would cause and we just market stock

their to usually they convention they Vegas costs go Las allow recessions Now companies Vegas and it is resistant cut meetings to regional the more lot to. casinos allow and on that back a gaming than go employees their to Las customer, to because that

cut into a when It's kind of recession. budget you're travel going to the easy

have people few very places. to accounts We on expense those

think, think I I of So terms recession, in be we'll fine.

recovered, You or may by and may is positively that be And had the employees a one disinfected their name they may X not not, there casino guessing They with while aware, to virus for of business in Northeast you had and has back-of-house Wildhorse. days it but of they casino their slowly. tribal Oregon their the I'm close test reopened.

so if to looked if employees okay, to And at If home, that even they replace have be try I they we healthy, them that make said, "Well, that, would to." home. overtime are sure we I to understanding should was, have they coming pay, stay work rather and we'll our stay that with

simple come people's that's so if And a It's very started why temperature to procedure. we work. taking they

plastic a They're somebody's You kind available that's just have pointed Amazon of to forehead. for $XX. on this gun

So very hard it's do. not to

every getting I to customer this honest. not airlines doing be airplane, are for the think on all the

he'll it stays the probably anyway. And we with feel doesn't home because customers customer if doing well, aren't the

And look we medical what to I well, saw with of making do If he so the want the they don't looks that saying somebody feverish, temperature. feverish. customers' be in whether is customers. test will Boston decisions And could what I Encore

are doctors. we Now not

cutting for you so And very it's out. us,

and degrees You're an on XXX that than registering temperature more gun. work coming employee to

be known are not always guns the Now accurate. to

so one you that at even But have you And ear we have of ear. passes, let So we'll had of once. we'll the those flunk thermometers actually work. far, choice if thing on the doctor's use office. if gun, you to come your sort in to like we the of that they one your haven't putting And give

forward. step a take I'll now, So,

lot is weeks, now $XXX,XXX, what's look in the the everything. money. for going You had would is Sun quick museums where yesterday. because on math cost were think they're We we us it Rising Italy, doesn't of and Now If it okay? about two NBA and also a canceled at this profit I make here closing to in close a

It's It's still revenue, foregone but operating costs. period. about $XXX,XXX per the So issue. like having isn't the income two-week without some

but would If have it it Slipper, a also was month. the be million and of makes loss cost, Silver similar you more a it $X would than probably income some a

close cost would had would, And for say. two $X to so that weeks, you it you million, if let's it

unlikely, property cost bucks. If two you but weeks, which had for of you did, it seems if might a to million close couple every us

I'll a might month, talk If my it you to close garage say, something." might "You want garage. of I had up the I dollars drag little to few with months. us for cost to to the put be the just or construction to we'd have think it we building two $X lenders extra for a parking out close a million. million parking bit off to or okay come everything had if

reopened close closed attractions, now. for I think have to be tourist where okay. They for Even they us like having we'd can't for closed a everything were China, Wuhan, I the months. they two imagine But month.

scenario have to about ready So it worst-case we the for that's for scenario I sure worst-case it's are to but and, I, appropriate use make us think it. hopefully think and the not and

Lewis Fanger

Yes.

the $XX sheet. we that cash with fact the slides balance the ended we [indiscernible] sitting of So million on have

these extreme is the our, cash. our in of sitting We'll almost okay. be XX% cash. in So of have X/X, still debt scenarios, X/X we

Daniel Lee

afford And crowded I real hardship a environments very and we we in of I'd we're tremendous want closing, But, to a because on a to pay if we the thing People or political our room be up employees. something. almost sitting concern. I, mean, I and employees Yes, than end that can't here. more if conference closed. because our concerned about creates health employees our And have [indiscernible] don't honestly, think coming it's to aren't have close you don't

Princess And their same and keep employees so is their an these airlines there terrible to try the and like it's this. to on are safe people the thing. like the parking in And are impact environment thing a Lines planes Cruise parking is fleet ways whole

There's about Italy the cappuccino standing had the line a an lines article, works. that six in apart. Journal would bar And think, where I them police sidewalk, in Wall people be made Street in the yesterday's put feet on so actually

to and If up you're feet six apart, you got for won't, you something line you're far apart. enough

that environment leave don't more You machine going social has really leave vacant everyone's if machine, to to necessary? seats not somebody seats rent had wear to But flights we anymore. would if "We're than going and We're just you have And the get thoughtful said, to people temperature going we're taking next canceling sit distancing. middle say, off." And mask. everyone canceling If, like to be a in even Well, on in are We're at Europe." slot measures. it's to is a the "Please that what middle a face It we slot you all empty. before where an radical everything. to take between,

bigger into have to these can do conferences. of I sit But don't people will just so close move to, it. of show feet apart. the with but personally you, we have if we'll or much authorities or to going a room, it have like I'm we conference had if if that we'd us deal and to. you a to up course, that ask And health be close they're we're where concerned couldn't XXX with don't close, hoping some everybody not people, prepared regulators to so XX And Why think if

Lewis Fanger

people positive At Dan's that the are are property, Dan. to of to that the escapement. to on They Vegas to of back what a at get and where trips or processes flying to people. to sort a get planes we the happened And to the And to hopefully, facilities saw end out. our the you have people. when don't going things to after They're go to car I'm go or entertain X/XX canceling we extent X day, you to wanted vacations, other some local was customers are X have canceling spaced end point, in relatively least with us. that to note, continue have we on earlier still

Daniel Lee

you bring me And turned side. up analyst And I an analyst was sell-side to buying opportunity, like was, was, come the before where was point. to just stocks really, many know, the to And back just the normal like this I'm going I will X/XX all world the a of sell-side in been down. some at XXXX taken like, had operating epic is XXXX

Now as it's knife. falling catching a difficult

could around something that you're You want meantime. fall knife to for it's if reach in a the bouncing on killed survivor. buying floor the want you and you because that stop it get before sure the And you to make

the end that can't to up survive. with want company don't You

so this we're point out determined I very for people. would is survivor. And opportunity a just probably be And epic to an

Lewis Fanger

for opening Chad. Thanks the question,

Chad Beynon

Because hopefully, balance done, I always you're Yes. regional big fronts. all know your after are. gaming with right, And correlation No. on where gas That's appreciate customers sheets was And helpful very a are that prices this paramount. the is revenues.

Daniel Lee

That's good.

Chad Beynon

Colorado. the returns that higher. if know there's limit, and limit in improve given been the some you to other probably I spend bet are you've betting markets, actually on legislation that bridge thinking the could of which, the obviously, is wanted discussed you've that I some move to potentially penciling additional numbers per quoted X, that's adult for Phase what to $XXX being guys lift single that could help

the And X likelihood talk of So Phase about would that the happening? a you in could for mean you couple need financing costs from or if you're might throughout just the a your that what questions One, should to are check support standpoint, year Secondly, for? just third, of write lot then we that. this just that on supporting help Cripple a bill expect this there of Creek.

Daniel Lee

they've, ones in I related obviously, Colorado people the taken casino. at this referendum would pretty casino probably the they'll voted business as accustomed were think the to towns so gold down are The bill. the think to slots now. have far. we're tracks, Well, And of And in the I favor away pass passed they've which that have from the every they've mining industry

So is. where people gaming in of places supported Colorado expansion continued the of the it generally have

Billy's hotel have rooms they're a rooms handful anyway. Now our kind Bronco X-star we only of of place, and

somebody high otherwise Billy's. in go Las roller you're about, who that talking doesn't to it's Vegas just fine So be Bronco might

would advantage exists a significant right. So a not big Bronco a because you're When we're But exactly plus. have as that Billy's to it you be planning X, is hotel. Phase that probably luxury build

it Now to circumstances, that is kind odd long-term a talk under is seems of definitely plus. this about today's that the and plan but almost

when They be able money [indiscernible] that were the principle have we of it. want or say If a to honestly, BlackRock everybody supportive. I bigger facilities said, those of and and is be build bigger than $X,XXX companies together note supporting they of not But to And that Now of than favor have pull first. $XX,XXX. any much lost us it. out us much and referendum the happy second the commitment hotel, to we're already to we're driving is that I in made

no, $XX,XXX, So we $X,XXX. them I think gave

X, as otherwise. we'll kind of a we better given we And haven't we do happy be So firm we when gave the said, Phase build we a be but money have to $X,XXX. might commitment them supporter, to

So, for but pay we're to going obviously, it.

Chad Beynon

start included out the the quarter, should the of May? of of Does Or loss in me, just, million for to properties at $XX and are annual does into betting million upfront Lewis, flow that when that that when then for the profit the lastly of much running that And the number? then guarantees, mechanically? $X how the and work how payments are sports of and cash up end And start statement? just in Okay.

Lewis Fanger

the fees so the in onetime quarter. in fourth the third The, the about are the we in $X quarter We numbers. fourth all $X got quarter and collected million million other

So there. that's all in sitting

the It's month. restricted about that a small, small next noticed very And I'm it's what here worth, You in $X expecting to there's may for have cash normal be balance. cash restricted only cash million.

away go will restriction that quickly. So relatively

work to mobile live. your when kick should go guarantees those see as side from those that The operators is off, way that's guarantees expect you our

we so December XX. off go what their the in guarantee. on Churchill Downs kicked And quarter, live here fourth That's had

wins then one, again Colorado roll And too. Does each each in you'll you'll in of mobile start in there? Colorado, goes of those kick markets each Indiana, as those live help you and see in As separately. operations on as by guarantees one and of guarantees that kick those see

Chad Beynon

That's Yes. perfect.

amortize and over $X of received the that their that actually accountants the And there's us is and in capitalize life the the totally contract. Okay. of we had million wisdom it it nonrefundable income cash

that add doesn't income much [indiscernible]. to currently So

Lewis Fanger

the of XX-year part of life It's the contract.

as million So really of start. right. the as in income, contracts $X over come and those revenue years the each XX will EBITDA as That's

Operator

Well's ABL Investments. hear with next from [indiscernible]

Unidentified Analyst

started out you when first take it higher would get it, with significantly excluding acquired was? it it Billy's, the Not, revenue, back Bronco where to what EBITDA it is today. the than where to online

Daniel Lee

that's to Billy's, who it we X. it decline and And hoping consolidating trace splitting regular is related XX% of back with get. Konami Billy's. at We're that of Bronco almost play all revenue the now the were get customers the know lift actually didn't system. customers Casino Casino. are now at is we can the in Casino closing And Christmas between that And Bronco the play over to the Christmas we the into we Basically, Christmas the

dollars lease then so of there's a with we the and because thousand And lease a the then costs there we of and the most the hundred And operating a contiguous inefficiency. a slot tax of entered that's a additional of lease machines have facility that's have machines there's the the operating what year. not few building, is

a XXX-odd your X Christmas only revenues. There's in under rate licenses. or tax The split out of highly progressive rate. and XXX it want X/X, tax X/X, was Colorado. then we Ideally, machines, revenue our only you'll about operate Casino have a lower We X/X, of does XX% XX% and our

from away X/X, And the it's bit so X/X. quite us X/X, taking a

effective rate cost a so our And few us hundred and significantly dollars. tax thousand higher is that

it. all acquired year's together, it $X that per add of we EBDIT the million to when impacted get last by million $X.X when you year. think close million that very results, add I us it if year to you And you doing was of $X.X cost last about

Unidentified Analyst

Very good.

You construction now? those some, road in behind issues us had I all guess, Indiana. Are

Daniel Lee

Well, they He marketing to the Yes. did and going screw I up. some had a to hired so, attract a yes. Yes, a be lot frankly, not work. and And did we younger issue of hellbent he things drove think the was terrific we and the changed he a was expensive was that. Konami very just try I was felt here marketing. clientele system And guy to who

he and clientele. we appropriate who did figured things. change really that to of when weren't of And we aware out, we fully like musical stuff groups had commitments it, to the weren't our And started appear to the it property, some at hiring extended stuff forward,

split now. can't And was a "Okay, forward place, the way mature our to all to him. have just the market marketing. and then of when do to trying figured have commitments, to our we're And very the we systems say, that. be And didn't of at out stuff we up very against out the wall." that we part in competitive We a fired that full you It's very work impetus shot

said, the way So we up, more also And we put a was installation of than And that. it's screw through a in as got Konami. just complicated expected. up, to went we we not screw Konami

not it under going still XXXX, absent think on have probably we're have so, but And back here. I that's pretty good to great control think the I quarter, will It's so first a horizon. other the getting hurricane it a

So...

Lewis Fanger

time and that there we're out what data the and boost system. experiments here that of do having And is where expected the understanding data. some seeing to with really there system I first Konami have the will we really say [indiscernible] been for

of, kind good newfound in putting and So there we're way. of in it out steps data the taking early a that really

Daniel Lee

the $X the the card cars. before. players a enough, example, rather few is riding just we name person collecting then and a and we players a because up, you I ridership address charging, holding And unless know didn't $X almost we're they ferry. card. a quite interestingly car operate, We and actually I'd it of have the for again, started car a And have ferryboat know the

for to "Take awful. the whom the It's ferry casino ferry us don't this hard I that has signage people part is to It's of operate. very can. direction." tough like get to it's to And is that so marketing a laws. Kentucky billboards cost as So in much us the is ferry. convenient. sign $XXX,XXX the But very benefited Ironically, And Boone as year for it think County say,

is, you And try so ads e-mail, customer through free. like we a a it casino it's And, have then and it. reach it's $X to about at do a whole banner people digital you're and car, ferry, campaign but here on here's how to so through unless the the

a we're so And doing of lot more that.

a many The of lot casinos, we, plays. as Konami I, free regional operators, system, give

much a used to is your how on that we're desk based [indiscernible]. you you give free go gamble With complicated at but So had dollars that free you to line get play. stand And, to gamble, play Konami, can we in additional you players is it system. the be,

huge cash person free So free prefer play to we get free get it a play. the it's free more makes on you of and customer uses likely we win that instead would is the back. machine most of And that much most [indiscernible] play also That's can because prefer the free the play people they already. convenience Well, there. then It's the it into play. walk because and

back, if cash back we done. end our If give $X.XX we give the they home, it's in of it take them and free $X with on pockets. it up of so, play, we dollar and $X.XX somebody And generally

now Christmas revenue and competitor. rather getting easier have that do those data. do and we say, the system that out makes they'd that that we have closing didn't very free think can much most it the them that from before, get Bronco Billy's." don't much people for a us more coming now. we So look at Bronco to people customers at play. mean Billy's, we would of much "Okay, Frankly, them in know rather the have We use free I to would fact and we And we is the play. lose Christmas that So help regular back and figure a into Casino Casino we systems

So...

Unidentified Analyst

How is from going people Kentucky with casino? it the into getting

Daniel Lee

we're exists. it tracking think function the Not It's that. ferry point. their a as of and very convenient to the well that's should. closest a That way informing the And I cross actually casino But my them, house was as river. that to frankly,

paying we river have running can the if yes, itself, down not make We we and any we and doesn't ultimately boat some the on. Now, so ramps determine sense built ferry it's that a for into and sell. roads

the or built revenues made systems very up. that. knowing it's if you I know revenue of whether hard we some tried to and much our wonder people with through new card. still actually now the ourselves when if tracking we know really ferry is much revenues But down But us way the because more people who Now the free it's start ferry not would for whether have we We had for did not we're, lot go to no gamblers, the our old been competition, of We paying we did had a for can exist. a We didn't also itself ferry ride convenient this not. ferry. increase. say more

database we a X. So riding have who's ferry. the March just of started This

ferry And the track to the be in driving people so able we'll casino. gambling whether the are

point use And get data an and the firstly, the ferry to busy to not so better indefinitely. on you only Yes, And need you pretty it." we use the step is use we make go and the the to to have know at of people and can to continue so actually back tell card, run say, frankly, to market it to weekend. it if ferry next you logical decision you, makes some have system informed you whether but and ferry want it. is might to to to try a then sense "Well, have But ride,

money make at to you customer a charity, want on the here. least ride you not to X trying we're tier actually the because weekend, If to we're a ferry have be

So...

Unidentified Analyst

coronavirus are opportunities June, to burns off the here any this there Assuming by so debt? probably refinance

Daniel Lee

Absolutely. We that road before down [indiscernible]. were going

sure. do couldn't for You it today,

Lewis Fanger

results the everything all and is company news actually you And that debt. guaranteed I the mind sports signed lot think in we pro one was the tell betting start. refinance deals to there for as that is in month and for the And we're we're, ago kick within to pro of for would good that a forma the a up always having gear betting, time I like Yes. But it in them. long sports this it feels the running. a sports to opportunities thing forma keep are easier betting it's actually

Daniel Lee

And Bronco think operating results should Northern Nevada both the from And in the stable. Billy's and meantime, here. Silver the be I better look and well, Slipper will

So...

Unidentified Company Representative

substantial And just betting that guess a from sometime one before. in should last year all sports starting question. quarter the bump have the with the Is May, second the I plan?

Daniel Lee

of the it yes was X Well, in days Indiana betting started from but fourth quarter, and Look, sports no. the the the end in quarter.

was think $X,XXX. our up about I income So

a quarter, actually when when So companies faster. don't And regulators [indiscernible] working. and starts. apps their But control third those bump. and quarter our in impression sure starts they is be say, complicated a in And We Indiana. apps expected of in it bump would Indiana, first each and should has markets taken don't anyone make let's is it the the license their significant exactly of and moving than could kind we it test process. cases, everything to they actually control Churchill pretty that Colorado quarter And and then it have that regulators. longer review the it's But in either. expected be some it be. yes, from when And second the It's is

that quite of benefit think possible the are and the they in it's running experience faster Indiana. than are up the have and in Indiana, markets Colorado in end I in they

So...

Operator

with will be question Ribe next Wealth. Accretive from Gary our And

Gary Ribe

heard covenants to correctly, of If the not any do you with issues I type quarter? expect in you have first

Daniel Lee

it Say again.

Gary Ribe

heard correctly... I guys you If

Daniel Lee

the March. lot of month It's March, about. sports don't all and have of depends But seasonally. it quarter March talking yet. we betting we've first because a And we the there'd even needed make think it okay. then partly little don't need income be in just important I'm seek to on sure it. don't been the we're worry a We're need one But we not i lenders. Frankly, an with no we think is even though We may that bit our if we problem. it, it hoping I

Lewis Fanger

our tell much will recently. I what we experienced a In to good time. you, lenders very we've than all the spoke talk Yes. market, we less

with And lenders our was ago. yesterday, so as on an days two example, I three ago, weeks

have the So between and them the we that happening extremely with our is dialogue us lenders relationship always and is good.

Daniel Lee

this, was large The Canadian lenders together most they're And by large three one Sagard, if when company. not pulled their it's the flows banks is of be the breathing very in active work get have necks. banks. first PIMCO they our who's one PIMCO. a And guys frankly, they we to you And [indiscernible] nervous at that work And hellbent. experience loan, us. a to if very and way, world have be them great problem. all said, and been "Hey, they've quarter, Sagard sure like traditional said, this willing going these a And circumstances, and funds, glad and regulators down I'm to I'm there because good to all with And least to product under nonperforming lenders, it's went we we're the with. a And are always absolutely, no sudden, traditional

watching I all for because think the think we're In been with going be carefully. we the And them, companies okay. day some best Might call are in to so a had We're I company shape than that us think we have them. it of are. casino casino And, other we probably fine. we'll I better discussions from fact, called [indiscernible] before we be us they think

Operator

have no this we And other time. questions at

Daniel Lee

much, Okay. Thanks everybody. very

Operator

joining for will And conference. that today's thank all Again, conclude you us.