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Full House Resorts (FLL)

Participants
Lewis Fanger Chief Financial Officer
Dan Lee Chief Executive Officer
David Bain ROTH Capital
Chad Beynon Macquarie
Steven Branstetter ABL Investment
Call transcript
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Operator

Good day and welcome to the Full House Resorts Incorporated First Quarter Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Lewis Fanger, Chief Financial Officer of Full House Resorts.

You may begin.

Lewis Fanger

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

these Laws. before conference call always, under that Safe Federal we remind like under of that actual company's begin, the our statements the discussion today's that the in caption that differ Please may see results. Securities the anticipated of materially provision you forward-looking the remind statements. Harbor from today's would risks affect could results may you results making forward-looking press release also to we we're As I contain statements for forward-looking

Also, such we may make adjusted reference to non-GAAP as measures, EBITDA.

reconciliation press see our releases a website, various issued. those we the as For measures, that of as please well

release conference our broadcasting we're And as at lastly, as earnings this call SEC all of where you filings. fullhouseresorts.com, also well can today's find

you said, Dan? ready, that with And

Dan Lee

Yes.

is long doing second First where addressing Silver were mean it like half quarter, well. we're in and seems year trending doing quite of ago than The positively. okay, Sipper now. I we first the and better just time Nevada had all of in doing quarter, was Rising Colorado the last Star we a Northern

everything shut the middle down of March. in then And

put very you're think getting all having ready to getting and distorted lot is that. five And company, people of a where and I of work. development a So quarter reopen. It's the handful a the employees of obviously is now back like question by stuff almost you've to casinos got open

the $XX of equivalents. million very important had at cash I of end we March, guess and

parking kind cushion. by is Colorado most of stopping normally being have underway that of came in rest operations garage used chunk in we is and that good as a a that Now construction of on the and the used

that after period mid-March of the mid-April. about of $X probably month is burn million. rate million reduced a and We'd through to million from should like debt. is is which our were We've so just been We that month, at under the taxes A we on the stuff on. about rest lot is CARES severance, the pretty it the and payroll is And receive actually of as our down of $X In burn a closed, have service point. we've payroll first XX% small estate that million. about debt $X about $X most did $X.X million this gotten utility costs Payroll and Act. real loan

have a and Colorado has properties we'll back It's to loan running. less CARES than number look at that it in up of provision that hire that a the incentives and was in two-year Act for then XXX are terms and and that employees Indiana like that the Those getting interest, to at that subsidiaries employees. hopeful specific parent and us allows of not very total have two X% in be we employees

more associated but employees, XXX of have Silver those two Slipper has than with number them. less hotels

loan really when would we're this turn our exactly so, the qualified. open. is works. in there's depends It's that forgiveness, to some what that how And on eight And all possible language it out weeks, which payroll qualify forgiveness. possible we yet, aren't Those on rules actually about of next spread for depending able frankly, over

those to few to a work have employees to to work ready them We get properties. brought quite to already, at trying put back open

is to advance Memorial still that be to is the and we open, So Slipper in weekend, so week. the The State going of Gaming think, actual first that's Commission of in be Silver next one Day terms coming may openings, up.

exactly not which I'm day. sure

don't hour open suddenly restaurant restaurants, we have at casinos, now really in food And XX open that have now. strange. can we're in could Like think stuff said, But we're looking they of we a we has getting Fallon. we that like, fast. but like the little Some not been get but a Nevada we notice,

won't of handful to employee our coffee and day. it open when also not and lot a our customer a work. to just same restaurant get We It's money, make easier on some make back shop. of both little a goodwill But employees casino we because and money casino a but it might trying that will the gender the some make we're open

So that's coming in Fallon.

June. Tahoe open It's is the I think before sometime but time in Hyatt, between gets and that now Tahoe. that could don't open we're opening until the in our casino same. was casino early the possible complicated. a which in At Hyatt We anticipate frame now But we possibly we little early June,

should I Colorado casinos count it on. we that say. be to – lot open being people expect do might as be early as but the governors And interpreting then A May. we indicated, that not date June In mid-June June say in XX, as indicated it's specifically Indiana, the of to did the they hard actually in

So we'll the in be all of operations. weeks our few think opening next we

or it. and preserve at to ready. we've has getting for that of the which marketing CARES Act frankly polish us exactly lot we're of a fix have is to We've Rising figure trying Where to week. employees Don't ready Sun, that some it and And loans, plans both we get pretty buff in work. the back do up done out suffer, place busy next how well doing got as the Colorado and and

like that between can some slide slot We're machines and in panels out. installing plexiglass

on turn will popular off banks from of other every going want that you to having to allow panel all person instead you that So us if we're machine. hoping be keep the to machines the to the And of pull can next separated some you, that out.

from table figure yet. out be. clear rules varies different That what to to the safer. going It's to to the state not state We're buyers make games how trying on are

lot with rules regulators those a gaming of so work internal. trying out we're different And to the and

opened is still that figure I to out. And will a are question do first the tribal casinos question going dozen to heard and that people really places anecdotally when so. under to rules? Second a customers open? about is And they that third so up? do is in guess allowed trying we're we have half where what where the different are the We've show there's But

opened well. had of levels they be that far to doing think their pubs so seemed be seem back operation. in up indicated machines And Golden a had to all And And call that pre-pandemic they I pretty some pretty to Gaming it in at Montana earnings quickly. route business they've and sort slot

recover of demand that out guess My themes maybe and quickly. some is the weeks different to there So few XX% data Like unemployment later, pieces there there's with rate But there's indicate lot is then of a of might of the lot a pent-up a not start our is in. this. but are data in a moving business lot will that pretty customers retired. reality the of sink

retired you still really off can't If stimulus you and $XXXX got laid you a be check.

So as well. we on some of have that going

carefully. So planning most restaurants. open all not but open will we we're now are cases In we to the

will. We customers will we and games have not to sure if open all employees try the more to you make we're than table that going

from the So there we're just customers and aluminum side don't build kind open up. trying always in cautious can on be of want case show because to to we just we

scenario. So we more but planning they do hope we're a conservative for

approval know in expect have Colorado coming control their of in our has one summer sports been or sometime going the mobile but awaiting apps. is XX is. partners All indicated open be wagering three along. the of think actually They're this the don't this we to next And be we month days. licensed. that Meanwhile Smarkets they exactly we'll Churchill, in up and when

Professional course, sports will come be find seem And help back. to that sports does the ways betting. to trying to of

these skins get to anyway market people because think running and your even stuff. signed with I up Now share, we to sports up want on get people get want

waiting for don't agencies work think lot get to So there's have sports. regulatory get themselves. approved our professional different apps a their that by licensed anyone of the dragging do and But is to I partners their feet

running, and in the in in still two it's all And at as in to end Churchill third running are now up mentions and Indiana, but, quarter. And they seeking it prior release, even that's off other and the far licensed probably and that's been think not the maybe we either, end and second quarter the the Colorado. very when of of Indiana and up approval the is, six are are

expenses Well, when or guarantees year all our minimum related running $X exactly and few are there's up sites year, million $X There and that. to very are were a a no expenses. million about

all almost anything. that's there's CapEx or income, So maintenance no and

our on it's a and there? What it's shortly. company substantial pretty else thing stream So is for coming

Lewis Fanger

effectively quarter. a very amended good was debt-to-EBITDA The to going only requirement we to in April, indenture so the other we lenders, mention first delete I fortunate to of and for group have the are Dan our thing was,

I bit future those have going that the and closures, closer those -- that exactly group pretty out a plan yet we of getting good a back our covenants year's But mid-March figure when a should site, amending group didn't we even days to full worth inch to how reopen. us lender much mean look, of for to came worked know were didn't out. with But we'll is all a we and covenants, make dates to sense group within in some now potential

Dan Lee

a mid which June we lenders more from will think the be need have at we and we're the covenant stuff August know to the on of going mention quarter, just make. we'll and But figure dealt XX-Q to that covenant should on pretty then that the because better handshake, in that We of at anticipate by would going is leave out we open, the to we to sports the kind do, with in moment, will we filed August betting end there. why within covenant is be position be that a what we we'll relief decided that June forward unlikely should

Lewis Fanger

exactly. it tested positive haven't We

Dan Lee

we Yeah. still Gaming to tested. Waukegan is where to Then Technically, still State haven't -- The process. out were choose clear there, of one three cities somebody. Commission bidders intends the we

we on we to three a project shut it, financing we financing Before different down, with and anticipate discussions were that would basis. parties with in partner

I for Gaming chosen But Waukegan's we'll open we open do resume distracted their those resolved, opportunity Commission. and own get conversations. with the at think everybody is by casinos things get good point. getting think is whoever a I pretty this once

for goes. We proposal think, very it good we a it, see and we'll have where

you the kind ones building opportunities those hard something operate So it's everyday. around come even But, to don't have. new imagine of when you can't

game. we So in We the hurdle, first we're and a in still proposal. put had the make

I and eager It's, we're we're doing happy to I'm the think it. under reopened. to guess fine any I stuff -- that's take circumstances, questions. get

Operator

Thank Instructions] you. [Operator

Dan Lee

ahead. -- for go waiting we're While

Operator

sir. ahead, Go

Dan Lee

faster detailed a shareholder while was up they with made I comment so regional that queue with annual X/XX recover to we're replaces Vegas going gaming gaming for in old of the the went destination in to that tended I questions. out markets, letter than did markets and kind or just of -- Las recession. did say so that people the in there, and XXXX the for XXXX read I'd proxy in And say waiting a after class reports. kind to

and numbers who that's anybody to actually But pull pretty We those quickly to any people look to show our you fly than gaming We back absolutely and service went people true. X/XX, fly faster was back casino. that what to destination when disrupted if wants happened and air after them. at few can happily afraid much required fly people bounced very were and to regional and

So same again. happen I will that the think phenomena

gaming City. mean relatively Vegas And well. car to do just Cripple think situation or But like then Las we doesn't do never I and hard better drive Creek. entertainment. we'll be expensive to fine. better, this Star say. all doing to because XX%. Atlantic think did the very Rising than up we we'll regional quite recession it's a And from Colorado we're And That so before get expensive to -- means a and had say It going or Cincinnati after not less Springs the your it's in It's we're to so

questions? Any

Operator

of our to from question go David ROTH Capital. first Bain We'll

David Bain

Great. Thank you.

Dan Lee

Hey, David.

David Bain

revenue cost to Yeah, stronger and flow was that impact a ask guys. structure impact believe in first the the on not term in you or caused just you the Hey, relook going from could longer entire for COVID, and that through to or impact the maybe allow portfolio? way maybe I has generation impact analyze

Dan Lee

that reminiscent opened we carefully we at at pretty when Lake looked L'Auberge actually Yeah, Charles. have was Pinnacle in it's it and I had

lot six We and five of while And a five have revenue reexamined had income or we five for ever been when pretty weeks. were it quite in profitable us hit everything Rita of we it call it been to And closed, of about opened months I would Hurricane it and months was the reopened, once carefully. lot and And a close first had operation. we since. not has

smarter. it the same several means at rules the -- anyway games slot on profitable, makes end but through operate maturing, there on example, now all fewer had table we've in won't we're of game some machines not them. And actually the which and before. we markets. at operate thing up do And keep the going higher them restaurants day have as trying having be order for the the a new Even gave we'll everything minimums table table gotten over to then will We looking that, games, operating to a sense been XX chance Under us just we may hurricane hours what to here.

player Rising done complete frequent it. antiquated a pretty program was rethink Sun we've in of and The

us. information from to tailwind people important of much to detail, that we important know the program which who who and to And are Konami better giveaways some those the now us. Now less reduce reward us have important better coming to we to the we to are system, are most with customers

The old were program on. who I not think money there people were we making

most it new And hosts by call explain now it's having back and our customers, and to our their them. to better it for up reimagine of homes work casino this out it, frankly actually system. people important so to and And to we've the a rethink and system opportunity reinvent brought

and we have explain that so to And resources. time the the

into in yeah, think town. and in like has down we can want than operate company proven when demand really needed. it before to So smarter the Mexican menu before. that open it's with from shop that correct hope I better coffee much everything right to we at It until get more deep already now menu the rethinking we than Bronco and were periods And a Billy's and and -- restaurant really down simple was if we we're the it's

board across to to we're figure be the out So smarter. trying how

David Bain

it on? back hyper faster great. to is are location I a during than recover strategies when promotional and already it looking of environment there the But it's market, even some agree you do other turn that I definitely go casino which you for turned everyone done kind knows Is town. activities? Okay, implementing are know you've like more significant. on pre-marketing And you're local the envision should more a just like these markets back times? -- sounds the lights back in the gaming Or that many And to lights

Dan Lee

where certain Rising it than less in customers, promotional really little if giving deserved. in we actually because and of groups Billy's Look out anything, a comps No. be Bronco more that to Star figured we're them probably might they

don't were. in if might of And that remember everything But it a win, based math just the their advantage $X,XXX profitable, so I because that worth a not I'm categories who changed gaming customer play. -- said, is like, they numbers, them, one Star a kind what be we we that And it gave And exactly might on customer really was took and parameter. year. we let's of cost $X,XXX the actually was ran then, year and on at paraphrasing Rising of they

hotels, customers free. the make off were who Hopefully you the play, could they keep at else. almost the gauging that they we profitable loot and had customer. carefully and everything so were and free they the gaming everything start a us And free for getting system, We them their customer, but playing buffets, looking some were clearly

some in promotional. ways, be so, going we're to less And

hand, and Sun mean, do now. give most to the five of it's we with The some other make On example. try important by will profitable most customers, important I at, Rising we our better. program most a a simple you because that, -- tiered I'll sure

have hot would you stake, seat or And and it like be $XXX. historically, might something, some product a sweep

under a a would be its it's be $XXX, And well its program, price. if new that'd a you're And you're you're a the a Well, if a price $XXX. customer, in you five-star if that two-star for customer, customer, small three-star customers, low-end go so for great as customer high-end $XXX.

prize size to tier the of program. you so where are the And related the is in

$XXX, the customers, that one the But mind paying you're if we enough So win in category, happen if of VIP year your rewarded you actually you're is be better. getting order bigger to to don't win it. that in high-end expected per

money sure make just free we so, stuff. food And more make not money people, this giving and with. rewarding we thoughtful be don't who we're we're about to make with to people, the And away trying

And player bit loans of type an the coming in back, development The the idea with two with plan, of administration plan. the unusual incentivize the to medical medical the people these that's the them companies payroll, have name program host try And be markets. business small check a protection is anomaly, to on plan. on is a those keep little no pay than unemployment rather

bringing point. should there's of given but we under that so, vague no certainty, at at lot may, may qualify forgiveness. the are back, by But, the that least qualify of -- them we plan. A rules for they've kind the on And rules this we forgiveness

work. markets, and "Hey our So it's we development kind come hosts of two to our like want you have to to say an and call we at those opportunity people back

work to -- your to by paint, put bartenders the payroll. Business in payroll, because a paint is and And medical brush. you to it, ways plan" all for on Small can in we where the put some you literally put essentially pay for if back benefit Association trying us we're kind will we that, bringing us on and that. people from. them program do back of you help of We'll incentivizes which say the And cases, we'll we're the but we'll get do giving paid And

So, and the at it's trying largest We back candidates program. we to put down we're are work. normally in are XXX. kind Sun Indiana. community about largest for to we But people like try And to We're have the using Rising way, XXX of employees. the to intended employees prime of And at it about Star, now taxpayer, about get back there. the Rising employer to we XX got

And then XXX. eight we'll which program the But already to first loan looks we is we when back at when able now. that your to is funded, we're think mid-June, be in open, set weeks It gets were last funded Friday. from

kind we it's if back can put So work now, of people to subsidized.

when ordinarily how program and do, toilet back doing? are back to of you And or I Hey, we're days? people wouldn't look intends subsidized. Can so, to kind at But it's that And host given some really for what do paper doing. maybe bringing you that. just And drop these say something that's you casino up call you appreciate might us the

make that know. this don't promotional? does more I And

makes the short and open. That management period employees a just out everybody's these very And still I X think is -- the to task. XXX when is that's to going I places. employees Slipper X or but get X look of management relatively Silver -- time you employees place how employees no I from easy in it's is think small us it difficult it small, from doors mean open And perfect. XXX maybe we're of to why think to to go like

to millions they'll training And And XX,XXX employees Las have recruiting dollars. they Vegas and like kept place companies a people cost XX,XXX Bellagio. Wynn -- scatter Sands paying at will wind you and of but all their employees millions the just because if that's and like why

to a easier much things take lot these these still have for not a we it's smaller take of Now where certainly and work properties, effort us. and you But up easy lot of open. takes it lot

Lewis Fanger

we're it's what going markets be down to net-net our for So I in worth think Dave. now

David Bain

Right.

Lewis Fanger

Yes. So it -- will marketing opening.

David Bain

Okay. Perfect.

Dan Lee

And there there's had in as point travel of the limited and still up they've half the look nutshell machines lines to next are to reopened. in is the no they day XX-year let's open they highest There casino as from been They in it before showed go not one -- now, least be they years. And on. stage is Idaho reports people fortuitous the where their history handle in. in people had I'm right? on just when forecasting tribal at And only and was at. we they data and but we least number in few casinos nice XX slot world pretty open a stood turned see of to At that been, their the that the coming will get

David Bain

discussed wagering going kind okay. just I'm And for question, obviously touch opportunity. sports you more was one the I the hoping few there's And also I mean prepared political on. over know that's of Right hurdles to remarks. could approval. go on in if I you iGaming a

be a way least coffers, seems other thoughts Full to building for on House? iGaming things build at a quicker governments to than any and some to for casino But quicker us new their state

Dan Lee

to not reminding And iGaming. just actually. Nice me Yes. it's

have make Georgia that fiscal encourage I considered will think tax does lot that on Virginia casino actually issues it a states them they some them of gaming produce this and because casino and gaming will to places that like books there's so revenues. sign and to also have consider

iGaming and play then in game. somebody where big ways pull And Atlantic somebody And be and betting. a home iPad. or they're from on somebody maybe lives iPhone in a to away the or City be for twice out just mobile a bored casino their they business who a nursing very going is slot as iGaming their just minute on could a can sports big that's as New play Jersey, that machine long

the And a they City; have the had revenue or that's is country billion a you're Jersey, thing And in now those the can casinos brick-and-mortar growing very if And up. growth have business. but you Not in year $X.XX businesses is sports elsewhere business New billion big years. have as brick-and-mortar five last iwagering interesting been Atlantic $X.X casino. billion a a City growing be year the only and the and betting four in case $X.X Atlantic been so state have well. the you in And been in base of a tied in year a high while mobile is they with

And betting. these chance to not operate, brick-and-mortar be yet at come hurt have business -- think so but or businesses not-too-distant iGaming well so sports least a not the Mississippi a in looks or good on is and than Colorado we far it iGaming I mobile future. be there's the bigger legal will in Indiana the where

mobile It's brick-and-mortar revenues more betting. to casinos operators tax do a already it. allowing and you the make that the state pretty can have by then have easy get brick-and-mortar realizes to then once you iGaming and they And transition allowing sports

it's and we up And number a So Bowl. are part betting who events that's large because chose in -- statistical Super up bets we're independent to business like do in small could game end in that Colorado. book of one and -- a like end on number you an you sports of with the with in can unbalanced the with people partnership

don't gamble. That on Super Broncos gambling. on we'd run we trying against So lots in would the bet but be we like Patriots. in Bowl gaming business, if nobody and have we're think and the the And of to up they're Broncos people Patriots, the the to

our operation. And risk any sports so of that in betting take mobile we don't

if LSU that in bit little And have even was half at how little a But championship, on taste Mississippi. of million good We it but on had away managed down risk it of of state-wide sports we $X Super is Bowl the platform. LSU could $XXX,XXX bad there a the lose mobile be us. from gaming now a to do book only Chipotle kind you

operations big leaving specialize they places. have and who different that in stuff that And in for we're so, the do guys

they So issue. be now same have And iGaming, don't to you when go we can that hedged.

millions statistical a outcome. their of on independent predictable on machine business. our it's events normal Somebody's a have slot that playing iPad, That's very

somebody offer. or and still make And enough probably else, somebody the if and look so sense but we technology own. We good have purchase license we probably business And -- and in would could state people. partnership to it our right road. the hire us And a pressure that just it happen. with that may even do big But the and think be down on the a to I finances business positive do probably -- is a is probably going on somewhere help the it'd state makes

Lewis Fanger

Yes.

online with it's casino first those worth. partners a they start surprise any out this betting When wanted We we with six where I agreements Our from us or for of does our of is betting, too, guess three what states for card not sports always but doing the both prevent all sports that. talking our kind an agreements casino -- the casino. could of do outside online of

And the would see casino, guarantees up. wanted to go do our online of them so any if you

David Bain

enough. Fair Okay.

Dan for open awesome. and before XQ. Excited Lewis. Okay Thanks, to be everything

Dan Lee

Yeah.

there. divert we'll So

David Bain

Thank you.

Operator

Macquarie. And from Beynon Chad we'll our go to from question next

Chad Beynon

Lewis. Thanks for Afternoon, Dan, Hi. question. taking my

Dan Lee

Hey, Chad.

Chad Beynon

with on us helped breakeven some but have not competitors levels. cash your of burn, only EBITDA Some the

breakeven your of revenues talked have is you normalized point. lower get of guess see mean, to you I to the terms a EBITDA if what I competitors are back about most understanding need But to XX% got would from to asking think than board of XX% to to of kind breakeven theirs kind work a that the you're a EBITDA starting about, of question. point demand breakeven your get done you a maybe your standpoint I in how you thinking from portfolio? or have Thanks. across still point, a across just that margins that

Dan Lee

have It's it and $XXX,XXX revenues if might math. you utilities has done number EBITDA that breakeven in or and EBITDA. revenues consider in our order machines -- properties what any on. significant get number gaming need Insurance, to And $XX,XXX it's In are think XX% of I of will Each like big run it's a Well taxes you that Colorado we cases, maybe of yes, Slipper. to has have on fixed on pretty some significant based property casino depend our Silver in -- so in fixed we a that of which how number. all XX% stuff, And have were after of XXXX. probably insurance. in they a

don't compared these a issue Now think that's to people. I other margin

you and stuff because anyway, all say when well it's think that paying look I'm that closed paying stuff. even at we're that I all

would so big sort like you revenue you a be And if got need to and towards you're it, to because XX% revenues open doing that's and so levels we last got that get helping XX%, going But or hurdle EBDIT over even before those pretty estate to to to contribute get of be paying on not costs debt utility happy what it's do able get be like only are the point utilities taxes. And real But then the to you're to your at to pay service. least indenture. to you of the year's okay? still

times. be if any employed. of retired understand astounded think don't our I what our still did be And little our a at a I'd are get that we Most even either or year. we frankly casinos do frustrated customers customers to can There last no, XX% isn't and we competition. So, think least new XX% in safe pandemic place of -- I because

building the crowds. into are people's come can in They You temperatures. we going take arrive easily don't pretty to

buses few or very customers anything. our so even arrive And of on

people. socially from of small now but a part And find and go machine complicated very a other can distant little craps is slot our craps you then own table more your And business. is be

car to finding people as think view -- not entertainment. their And experience so driving would feel people their and a know to machine unsafe the us being us enjoy slot I

rules back find of some look because understand where payers are if stuff together distant. we're to customers our are like at socially a that But this do I that frustrated. will it little harder might think I reopening being be coming and lumped allowed that But open show I up. customers think the with out when our it state you be to we

were revenues -- to to to debt And start we what before of income XXXX we your at more the like XX% in pay question. where -- point but the point XX% produce our are answer services to breakeven

Chad Beynon

Thanks. Okay. Thanks. No, that's perfect.

Dan Lee

be think of that of And virtually I'd year. true point regional revenues there at anybody I was by XX% the if last breakeven casino. any a the astounded was way that's

they're think saying... I probably

Lewis Fanger

by casino is itself not-- The

Dan Lee

would if lot you've you incremental Yes, casino a costs to whether and the you're of XX%. be open play be closed. to But that with got cover got saying employees open is

Lewis Fanger

Yes.

Chad Beynon

Right. Full House Yes at you've that makes during then tenure -- the sense. been certainly makes offensive. on your And

You've the been defensive. on

at businesses You've other talked properties. looking about bought you other

companies look you. other had You've at

that mentioned prior you've think I on calls.

table is Or something Has terms to impairment guess, best of kind standpoint forward kind some environment? what's changed in you've path now of look just create improve and to past the where But there stocks have out really that path given the happened strategy equity how So, taken I that current in given view where stock the of anything shareholders? value? in and shareholder guys of is other is steps on best an else the that this anything the months about just the talked of from you for is the value? just your is, couple what you are your

Dan Lee

out of Well, to to was on share everything our kind and changed we're changed a I very stock build we I how the improving and were Waukegan and pandemic trying operations. think figure our working mean fast. $X.XX

Colorado. increased that grew -- small. opened We to It pretty Casino It but is cost. offset X% had rose this enough two Christmas properties wasn't our in we that like revenues little the

moved that. so close we And had to

flat. were almost back results If you that Colorado the out

a number we our a whereas important half half most of second and the in year. of that's And history up year, in Rising disciplining issues last year last its had the year Silver Slipper property with second last Sun, the of best ended had pretty and in

just But in opportunities and at to mistakes improve Star by making our the we results Creek. better not to sort it profitability saw of Cripple and the same being more same getting on focused thing Rising

Creek. and first build so And phase -- at yes starting parking of we to Cripple this were an through garage the expansion

you a was have was like everything closed. how wow sudden, boom, boom, and of to long. is a it don't it you all So, And know close boom,

how You be you're able open. know to don't to going

You the likely reopen. world don't know be do will to what

because chose to be lenders we of mean, in if default the we focusing would allows surviving, knew to. which surviving. debt immediately your And so shove on you start literally they our immediately in that -- I you covenants, And bankruptcy

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that'll be coming like fourth than betting better this year apps to where pretty the operationally by especially, hopefully the online. I quarter when back sports later happen fourth year. think maybe quickly quarter And starts this were the last year, we

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to know I when don't to don't to reopen. don't I be open. it going does going to reopen be able I be rules, able it's that's it's know well know going what under. do to how once

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the what then where have we of plenty And now on we kind so plate sort can from revisit and But it's thing of, got right figure road. our go down open out that, get -- to we we there.

Lewis Fanger

Chad and -- to, about year a mean those you what with kind mean, still million a sports thing a still minimum. have betting I but EBITDA We're have $X good be other you over It's should year the of effectively out. pretty year think about nice sports pipeline in expenses year essentially so of relative guaranteed agreements Yes. any glossed growth and agreements you have XXXX very to we recent just it history, with minimum fortunate of with too $X in, the sometimes I betting I if attached, those is million no and don't year because

a And thinking going you eliminated forward, start so swath variability. about you've when downside kind of of big

You operations, existing from can improve still the have which here. we think we further

on going And betting nice launch. forward so all you agreements once very sports trajectory puts here those a that

debt an of but little certainly with Now refinance there, And that's blip going agreements. -- be option, had go in talked our betting past about bit to because and out we've of and between we got a still the to under trying pandemic. a of sports the the those guide here

all things, be we of the sometime back or so have it at sorts line, the can growth otherwise. we down And growth look whether

-- we're picture So there. the is bigger still

Dan Lee

and it backed year Casino of we over was then when province had pretty Well, just kind But good and for of at the frankly, million we was we Rising last change, disappointing good is million not really $X million Christmas Star number a -- $X which had And $XX chunk. like EBDIT pretty little a a us. that. the into

$XX million it out, or $XX those million back probably was a you If year.

million. is goal back a business about to year plus to $XX $XX to get so million And betting our they're try then the normal the stuff sports

we're debt million have levered times. We only then of $XXX four

to but walking. lower and run then that We opens door a can on And we're the else Like can in up the a figure it moment. before start then what than at okay we now. good there at to need do can much You refinance to we now what pretty the focusing our be out we're walk rate we do? services, And our shape. goal interest in probably debt is that's year

Lewis Fanger

the doors open really. Get door. Opening those

Chad Beynon

appreciate really Best That's of correct. Thanks I it. luck. guys.

Dan Lee

for Chad. here. time last probably one have Thanks question We’ve

Operator

We'll Investment. ABL go of from Steven to a Branstetter question

Steven Branstetter

Good afternoon gentlemen.

games Or casino that the online, Just online getting are any for like I states think if if states the of you you would poker, bit are and approved it a those? skins how to those reiterate the do -- forward it? would approve go guess, be

Dan Lee

of it. have -- aware while Jersey related had brick-and-mortar there's casino a just New and/or it Pennsylvania that And approved states Well, that New has it a two has in I'm be for Jersey racetracks. to to

in it if similar betting, online which would want so Indiana, you betting be casino. is And be sports to affiliation in to done probably to brick-and-mortar has sports with offer the it a

that a a is percentage of of casino southeast our in of state in in make one to bets and one Now we the the bet. state. able online, of the our Chicago and you'll and suburb the be smallest end revenue the yet if get on with be partners, it's We're

directly might the hasn't online Now wagering, that but if that website it's legislation the with be happened yet. run, we

sports per or it skin is skin it So like skins in if betting one but is we do like license get one license with per it's three with happen per that have know we Colorado -- to license, mobile I three don't licenses.

of or happen, discussion legislation not some it that the it's aware is still year but do that not is think it's probably There we're imminent. And It's of. a likely so two I And out there. legislature within to away.

Steven Branstetter

casinos Okay. you up have at luck Great. opening the future. Thank you hope guys. in I and And great good a coming the

Dan Lee

Steve. Thanks Okay.

Operator

Lee for And now or Dan additional to call back to remarks. would the I closing like turn any

Dan Lee

Okay.

other we're hopefully go and is smoothly. here this their of kind Now back But some of hard We're work. getting around used to and kind people rambling gradually, on we're are the Nevada of own. working done. to office to who continues I opening this think gradually those

and days staying better healthy there's hope everybody hopefully is Thanks. I ahead. So

Operator

everyone does And participation. to concludes your again that would thank call. We the like for

You may now disconnect.