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Full House Resorts (FLL)

Participants
Adam Campbell Corporate Controller
Lewis Fanger Chief Financial Officer
Alex Stolyar Chief Development Officer
Ryan Sigdahl Craig-Hallum Capital
Chad Beynon Macquarie
John Dupree Union Gaming
Stephen Branstetter ABL Investments
Kenneth Pounds Castlebury Advisory
Call transcript
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Operator

Good day, and welcome to the Full House Resorts Fourth Quarter Earnings Call. Today's conference is being recorded. At this time, I’d like to turn the conference over to Adam Campbell, Corporate Controller.

You may begin.

Adam Campbell

Thank you, and good afternoon to everyone. quarter fourth our to earnings call. Welcome Security always, today’s conference as making the of before statements we that you under Federal Provision Harbor remind we Safe call we’re begin, that And Laws. may forward-looking contain I these actual from could company’s that results statements. like would results differ in to also anticipated you the remind the forward-looking materially our Statements of risks discussion see press today’s the release Please may under results. affect for the caption, Forward-Looking that Also, as we may adjusted non-GAAP reference such measures, make to EBITDA.

measures, those the find of at Financial over it reconciliation with see that our issued. as as a our For you Lewis, we’re today’s to call well as please as And well that, this all various we I'll can website release, fullhouseresorts.com, Officer. Chief where conference releases of turn press earnings filings. also our And lastly, broadcasting SEC

Lewis Fanger

days, we afternoon, few opening while He's But last one in the supposed small a the accident briefly, into to was there earnings All and was home come minute for right. shoulder. the today, to Really today's from his involved fine. are some office fixes call. doctor get Good Dan working into he over a down with totally everyone. was man been actually last

now. that's where he And so is right

So get here. is And fine. to there, on our we call apologies like Adam but it hear voices means he's doing the some new

most important the surprise so our a that all numbers, numbers to be a over, quite will with anybody. be said the quarter bit to will So think pre-announced results. a fourth don't I our We go

million. EBITDA, big expectations. Consolidated at the X% increased were in end revenues to way. part our about very is of important we The a were down Adjusted $XX.X upper

amenities, of EBITDA the I reasons conference quarter lot quarter That's here though. come and all the fourth down to two the nearly structure of want the a go efficiencies, labor again that where four in marketing XXXX. making refined times why amenities. For for demand But of million. won't our do match them I adjusted today. quarter's sure call, on they what of our on largely fourth points so We the we're through was more make it went to cost $XX efficiencies, for XXXX, through more than those increased hours last operating hours

lot we end last slot prior is The COVID Rising things process two example the that system at that of changes. first Star back at were like Billy’s you've are that is That over a shutdown, Rising new the pandemic slot changes XXXX. improvements the our the the quarters of of aren't seen the They in installed marketing system Star. that that Bronco and good implementation to a

to extra hope Before through because We If look guest machines. labor, you slot had sure to wanted that coupon the machine, to go At it's back that's in spent you to lot to would show won't a valid Similarly, coupon, change, one. club, cash, then your stuff. go good to the in your you to them bring way, the we and do players of a to you the new $X it. automatically, mail the old a the before cage, a is out a take system, new good marketing slot is they It's the beyond or not could it's mail, and downloads then a And you a we give system, old the have was the give of you experience, standing system. because offer, COVID big your the in wasn't us again what change, in coupon voucher marketing need of the to difficult to card was a we was play they'd of $X make you put of under put things not the the That go we give that get free you you don't it campaign our that way. very and we system, a lot time was We to that a one go free machine they one under play of system. you into those void for cage. the have you Konami a pull need then player's back any cash in up, way and to old would Today to put to lot it better. a system, don't then old we under it lot tell XX-year was had a useful brand system, bad a economics the you all analytics old easily old what $X into line. we had anything send the

not. system, but only new and we this we now tell campaigns, pull under campaign or a so can time, you to easier is we're doing it all not out real time. unprofitable in Meaningfully our you profitable tell And marketing can in if real of

that And what all so We've operations. already here our for eight that than they're we more the think long-term. to point we with that call these reset months the I changes leads are And want second logged reiterate of to sustainable.

in If months full XXXX, EBITDA. you really of million more put quick, adjusted for adjusted $XX.X last perspective XXXX. EBITDA of all we we did six we six of those did for XX% that than In alone, the months the year into did

to tends this the stronger, is somewhere company. run which between should recent they The near a normal tends what But above year any saw able rate, two, weaker. quarter you seasonally average for third to fourth be out the meaningfully in to seasonally quarter be

the year that $XX But the to two Going of we XX% through Slipper fourth from side. mentioned. the year. on Those labor And the to hit there XXXX, even diligent That's marketing an higher we ago, months the in was that A of renovated for lot really decline were do EBITDA. but good properties of we thrilled last records climbed in Silver rolled it and continues we've closures at property. we full ones system, damage property from already when the investments like not Silver a million we small benefit to that a keep property, made the Oyster Club. took We hurricane had insurance. biggest pandemic. during cost new million efficiencies XXXX. here buffet, all We amazing adjusted of the quarter the we but and to the revenue, casino, again, from quick, physical Beach were adjusted renovated set the a Bar out the led of of at $XX.X closure property despite at amount Slipper benefit XX-days the at EBITDA side properties, property at due the year

getting standing our And Thanks durable more the Those shingles which hurricane the real time, to on improvements. blew are in much some metal so up some roof proceeds. of during We with it's replaced more seam replaced with some roof. a insurance last getting season.

insurance our coat fresh also part As paint. claim, a of of asked for we

and neon color color in Santa the the exactly tans on that's And gray you more in front the LED building, the to had being on mind. been you'll a damage the we not There any new sign, updated of scheme modern sign the but to efficient. of that's our more energy shutters If much much the Monica, know a scheme. beach brand was updated and have so white building more durable, to to so we've only on also

to of all like $X.X Saturday, big past, But going the slowly This guests, continue A serve continue changes that Star. to enough green the Konami in like with Rising back also Konami And slot And there other too, right then the things at not are is to casinos Mississippi preparation cost due than us by that grew to see the prior food year when the all employees to at million. to see mentioned. pre-pandemic, work of our we're about volume to continue why anyway, have adjusted named, rather we ones be Bistro, and buffet extra we look property like brand new Ben's Star, buffets but serve That's That's a normal. many of I world back between these we measures. already have wasn't Gaming have system it's safety to at recent Commission past example, quite that million was generating years a EBITDA and had we $X buffet the all operations. labor paired part I and themselves. don't make pay our normal run. our moving to weekends. move the for light guests the operate it to now, to the the organic. increase able so down think And Rising restaurant honestly, we in Rising the Star done That It said, done property. the work. ever recent sit already gave new shutdown, to happy hours we per you'll something built in

guests some no are full by order. And from Churchill More currently skins. had experience We recently, made it. saving a BetAmerica's they're much our that's of easing with of our fresh skin benefited of food lot quarter restrictions sports we're we a getting running also TwinSpires. Star. Rising longer a of our at from So operating money one of to an three That's the better Downs, rebranding which

in of slot tax months, again you eat essentially get machine. a as will play now at our again, smoke can Xst, half. couple in on cut sit a and gaming And then You rate July and

forward near-term. have also to we the So to in look that

the Lodge, Our people segment is as for At is distanced. impacted conventional what It's the to most understandably our the by segment it's that down segment, worth. Northern Grand smallest be also socially continues meeting Nevada business pandemic.

we ski casino. So town the people way looking Once to into there make at There fewer lot of reliant is the Stockman’s areas, at to those are training, hotel. limited start happens, Stockman’s, is Navy base guests on there capacity. near-term, are stay for fewer feeling of the come right without and at At lot at hotel be parking groups back Day, at which that nearby their nearby the the should visiting naval also forward our also summer. are bit our Memorial when a business to we're base, In for our that's people a the operating the locals that which less the edge in the that. people hotel, aren't visiting the really

one's to the that, down than results factors only property wherever costs $X.X saw. So EBITDA controlled so was could, to that you about we two less We adjusted those down million. down led Revenue was no then allowed performance, despite up been Creek, at the $XXX,XXX. table And had few since Bronco table In strong a a games. pandemic, we until weeks Billy’s, to reopen ago. no Cripple games

our with sports games full nearly three revenue And so fourth that XXXX, declining tables went the without That quarter of by prior XXXX, a by of one and affect about second just nearly for X%, about quarter we little end of a until year bit launched with our did that skin a February XXXX. revenue in offsetting XXXX. a March to week of Christmas full from one

building and side, the On this well last that EBITDA Elsewhere same labor that the I'm obviously Cripple calling property to the Hotel Casino year. modest $X.X Star. we will for positive name Project. Luxury facility Bronco the be a don't we're system And of name. the casino. will located It new new implemented door by Rising place you're Dan’s to in economic cost Creek and so a want in Cripple the sure you giving loss you currently the and one that aware walk to went new hall down Creek, without That's thunder physically million But savings, building. are Between connect, from I him. the a year can existing Billy’s we placeholder what adjusted next that ruin slot be

can its new beautiful the honestly points loyalty Cripple be both if and in the we than bigger all voters and spoke won't guests, places will market Dan a a earn increased lot Colorado Resorts. as I to days have going identity. of that the hotel and Pinnacle eliminated our back for size one, on worked excited statistics. approved on quite those as worked projects collectively any about of rooms. our to but be behind It will and hotel about Creek we've Alex that for own project, project The of projects, It's when are Lake tell transformational betting excitement games, because today all at but on. details that you Charles. unfortunately. XX% they facility we've we The in by can And to XXX history. Mirage will it down can't also for As worked Springs. that that you a on projects comes the new we Entertainment, team We really most Dan, wait tell to I last you like been this Barton table and project that to the you, is scenes we limits be the ever comps two finer

just million collection mostly handful hotel in three is a markets. to none the feeder Colorado serve about high By town first Springs, aren't of the and and rooms There The very many. City small a whole the those rooms of are rooms only Cripple star it's The star rooms. two number of way, has quality, one XXX Canyon in of Creek. Pueblo the hotel people

number It well spend our other closely market. look per extremely that we is The gaining is at for capita.

markets hour or a markets, roughly are you gaming gaming see feeder For so $XXX. spend of that per from figure around to capita an away tend their

Washington is even places the St. and higher. Kansas that in see City like like and You'll number places Louis,

And number per we Cripple where is, of to is casinos be, half any person $XXX, $XXX, no very, without the return get spend business up one Creek. second. project the anything gaming the median our Cripple where only Helping quite like it's get to sorry up are not we're up probably Creek, half average the It's national pretty this also anyone's to that without income which household in that If it but in of nice town. frankly, year. healthy in per below gaming to fact, states should that then capita be continues go a that national not state a $XXX just And very sitting For grow we at all. If It's earned per can figure that. includes will spending -- we $XX back also in will it all but offers because low, healthily. Springs that at can at per and out population average, capita affecting Colorado on strong. have quite things

utility right Regarding work weeks That'll The to take work. is we at back the a construction, storm The also being underway. handled more done. are sewers are now. related few get

tests out cash the after piling on micropiles starting shortly, big. are that. In start of We and on on very then very we'll the near-term, some verge the and going work that project with real isn't spent right micropiles the work

So cam see cost invested recent the Ameristar sports and the the that's as quickly our for Blackhawk and here, pre-funded up roll views we built we're to know town. two outside open anxious have as [ph] But that place cash one right Denver. in construction They're the games, all million project. we've very that of just looking Hensel of efficiently Homelink the you the process of excited already the and you'll interest, because build But website. a adding to over actually paying might something real construction get a the the second one in updating right project. games on all of general the are how in headquartered of working a deal, of it, sports $XX largest of see But with project we're bond A year. as building shortly, actually with like very usually should just facility done them. you wouldn't in is be we and to XXXX, and cam at We're time lot it firm likely into not And work anyways, Phelps by in much The continue they're going their They U.S. so to now Colorado, Colorado, with They out. stuff, see that mountain good one. of end but possible, next now and see on. up contractors the

betting Colorado, I Smarkets Christmas, BetAmerica puts in two three in their in before live launched and other currently just us with live sports being that Now live games Wynn sports mobile Indiana. the app mentioned as at Colorado

If attached. contractual $X.X revenue, per of those the expenses annualize to you no and it's million were skins revenue take year meaningful three with

essentially in attached. expenses and million six all still Colorado. then three alive, So, skins per $X it's for are million skin us $X.X with year That in BetAmerica in will those of with of be Wynn launch, EBITDA. Indiana, to leaves no online Smarkets skins and meaningful annualized revenue left the When the Indiana,

soon. way quite to We continue get those things be. should it that think the be by process to approved is a as will approvals It

are You've labs, as Gaming Commission. the And people behind the by But got slowed partners to to it by get entities the skins as well. launched. good go through the then approved as involved is scenes. the the our in things live does homestretch moving is all got and feel get quickly the testing down like to everyone pandemic have can news they And their the

for the in DB the little are more secured issue not Regarding House, year Those sheet, three a than Full our new will like senior weeks markets. with high were The issued million it’s notes. a ago, balance proceeds They of few yield we XXXX. due notes seven reasons. be $XXX used

the $XXX.X pay call interest first under secured a was LIBOR they existing senior Those notes. old LIBOR were notes, were date. for rate to accrued to from XX notes all with We million up floating premium modest all redemption the basis The notes. existing plus X%. point the to We refinance well of had had XXX, our as at

X,XXX,XXX a floating. X% old rate interest old of like positive future years. Under don't if new The leverage of the an these X.XX%. the quarterly were are that recall, they meet fixed to go that test with aren't in for then because effectively likely notes. we the new up rate ones, months waiver they won't XXXX. pandemic that used the proceeds big bond to fees leverage a $X that of of notes first notes, And holders price given purchase the we of have We notes shutdowns, They million test. we all of stock out we anymore, have take have were three at higher could have that of exercise three They to So, in were under common warrants. have you floating warrants an there. We for quarterly Those share. to of of $X.XX ended having per our out without the to chance our our pay of have quarters each shares

or we're for stock to that rid purchased trades growth important there's our relative of million we that $XXX happy and balance today. got fund of the closing the with on been day XXth, completed higher, remaining of use price warrant up for our those you more the February If we And costs net complete price happy of meaningful was Cripple all stock the those where of too, the discount would redemption, $X them the project, Creek which warrants have $X getting that we been They we're And on most proceeds than until The could in didn't if price to million. was so, higher. suspect buy for repurchase, them really I use repurchase have million warrants the outstanding XXXX. We cleaned expiration would million $X strongly been it. their have project sheet. meaningfully repurchase to because

for so left put an construction we all after a of million we At ever to compares at about million to the we for million sitting sheet. have that, fourth cash hoping million $XX our that project, built the point also the And in cash be I million about of deal. I quarter. that's construction. liquidity, $XX then $XXX the million of additional history its cash And out normal cash we liquidity of revolving the done end related was on expenses working more million my that balance and then be scenes had and account of quarter, to the we've had us reserved company. in cash To and the of $XX And the the have bond than mentioned, $XXX third paid of behind the million longer. this much credit view, it'd we another of we equivalents. it won't facility. dedicated call Creek real at $X give on of we've proceeds $XXX From of of $XX time, end Cripple before here consists that have And this been into reserve that a

documentation we to it's needed but like and only facilitate really lot, provide I with And there's a going letters any that or that I'm we on much it'll there to anything week do undrawn. we're ordinary I When getting post. that? pose that shouldn't additional small through, think issues liquidity to Adam, be credit it revolver might of last went help so, things another should feel to need over. we like be some very to us I longer. add through look it's

Adam Campbell

it No, everything. almost covers

Lewis Fanger

All right.

all with let's said, few take a that questions. operator, So

Operator

you. first from our thank And private come [Operator Bayne, Well, will a David today investor. question Instructions]

Unidentified Analyst

got on hope I a Thank And he's definitely much. Lewis, wishes that ton Hey, to know And quarter. better you My energy. another of soon. very feels so Dan great him. best congratulations

hold hard down probably it's to So doctors… him even the

Lewis Fanger

to I'm this be now get know. right doctor fine. But call. let sure out He'll He's and the get fighting on I will him he's of well. doing

Unidentified Analyst

great. Okay,

want sure confirm, really the But So that make so to XQ, XQ, I you to basic demand, of and we of getting if here fair hammered maybe I'm and pent helm down. forward from just this kind up go weak just that's prior the want tax launches, sort relief. I then seasonally a stimulus the skin just well. average

Lewis Fanger

history sports a at might the right. one and times are been anyone's do time, think things head scratching few little on, a all I things settle our and answer shoes, you I mean, down that came fine. is had we've Yes. I maybe sports more short you're No, back, question. we a good that's at our yes, where when from And thought think, bit, is,

absence customers we're today plus. you been things, at and And that than our so of I here sitting playing casinos made coming in best than that's signing kind been by our for have about by been and less XXs and players worth. their for in looking club a has more for third And XX it's and guys kind have younger up of coming will up tell XXs, the that usual, what

a also that more we as rolls the might away have to back of that so to for And than that good XXs vaccine you we've go few -- and XXs by the that extent it should things may will, got see go best it's we away big news feel distribution you play some extent ways the way. the in customers in what away, to like not the slip start that saying go but a door the see grow out I then And the way, to worth. our is

be play more some go do skins very, Star, manage We to I soon. not still annualized launch tax that an very That's $X gaming think if three even that So Rising forward we like number. sport have here kicks does X. away, or that reduction save will have going $X.X once in year, will million million going July on at that's a to that something

that So little there will be added still up. things are that yet

right. you're don't I I you're think way, in thinking the So it think about wrong

thinking you're think rough. I

Unidentified Analyst

I be Okay, think the will the customers best vaccinated. first fantastic. to Yes, be

like the mitigated, disruption that given to the Creek, sounds On person. just say it construction at Cripple Bronco be configuration. back I'll So, Billy’s

that, the I'm And for something on it. map and the luxury offering, scratching about excited

overall a strip in beyond little of Just some the investment given fallout draw of the purchase this strategies Creek options, to for land or at facility? a that the Cripple speak is creating that terms point? to the you're for Or strategy does premature

Lewis Fanger

some we're stuff scenes. on working behind the There's

to going surface we not be existing parking, the going there's by completely the wayside some of as building it's process. will the Unfortunately, take construction disruption go new free a -- lots. to over that's So,

start construction. up hope, we've town, signed way, while torn let is around later. that extra facility that few full now that be versus just done could right by leases lots to so There rooms may that that in sooner that down get a the the done. building actually the we under And in for is parking some it. And is garage building and get parking, is people a so, has But garage some does if before

navigate some to rooms go we're going We But what total only So, many and had that done getting it's with, we'll minimizing between quickly the if all side druthers had I by the that said, my decently. we're getting I to it's or it able rooms to That it what had never wayside. we've XX begin disruption that done be so, to quickly, think of going worth. see worth. err for on rooms, for

main on car, blocks, bit a quite actually, behind of For only we've the well. got existing bit, but Bennett, the on on as parcels a so the of that not we block have, quite on we have room both street

heard But we appropriately. to that if I hotel the say be at size And it, get add think see and deal. rooms think we could thing so down And built me you excited done. in we're we And we more to. that get line, it's go actually project this going wanted to point, a and big

So we're moving on.

Unidentified Analyst

Yes. just I'll then on I over, leave and And can this. go you one if

license them? that And with just just multiple not you to of is on Or royalties would active potentially fees Indiana, you still the skins, look Just to you're granted do potentially access be any net one you? if strategy? would think in iGaming more

Lewis Fanger

Go ahead, Adam.

Adam Campbell

own three advance but not would this think And casino I we we've have question. did Indiana, spent a skins. was legislation expect shot as at allowed to betting. year, the look what No, we then three our year. definitely There one that online it's Yes. pretty good this next good reintroduced that The be in was a think. year introduced legislation with at we do comparable to of could monetize brand an would way we doing on the We if skins online believe we And do all on casino. definitely skins sports those possibly two of least not

Lewis Fanger

Yes.

thing important to mind… The in keep

Unidentified Analyst

much. very ahead. you Thank Okay. Go

Lewis Fanger

Hey, Dave, quickly. really

is The any all sports the Colorado, mind in slots important a to our that include so tables piece, with they or contracts they place keep sports include and games don't current is games rights in true thing our in it they in sports online. of Indiana, whatever for casino, the -- or have to we only

continue so, to we do to it. up end doing we however, have it, And the ability monetize

Unidentified Analyst

guys. wishes to and Thanks Thanks. Dan. Thanks, Great. That's again best

Lewis Fanger

Dave. Thanks,

Operator

Sigdahl next Ryan come our And from with Capital Group. Craig-Hallum question will

Ryan Sigdahl

questions. my taking as for And send to Thanks Dan guys. afternoon, Good I'll well. wishes best our

games, what what's on curious the heard latest there. Just key you've

board check banker looking month still was is Our around a an investment syndicate for ago. that

anything don’t been the more there? I process. we if So know the of do in recent termination think early get case how could kind best scenario, you then And there's

Lewis Fanger

let go Adam. you again, I'll

Adam Campbell

Sure. The meeting has Wednesday. in No, days actually next the game on two great board question.

any retain application to license we'll there's updates, I banker to they competitive but an So, looking see if still that the two help investment have. them guess analyze are they

Commission, from And time applications. about director a board them of at the six Gaming of thinks month that rather, executive investment of One hire it's the game noted called process they is the from Kapan he the top Southern the analyzed Suburbs banking Chicago. other one's that and previously probably the

And part don't a I good probably we're and recall. second there know question, we is months then think, decision. the I making out six a So, don’t to

Ryan Sigdahl

see No, six much months. it, covers that wait pretty and

to have other have that everything else good the like considering? about on Cripple to there of are sounds feel that upgrades you outside projects And some nice Waukegan, else, table that know you you'd anything make? currently and the properties that then Creek You but like you're any

Lewis Fanger

we've look scenes, our worth, doing it. over but time, to peer. We we our an laser at we about talked little process and tower sure Bronco there's smaller All of the least bit are Yes. on the Behind should. a a we've other one launches modest super done because to done The And that way long make about focused it Well over there what the at existing in are is projects of peer internally, it's putting the the going property. at want out will history, and takes well Silver expansion focused long nonetheless, this and at actually hotel project. new on that talked room we we successfully, make it Slipper. gets for think want ones

And line as mitigation to there. it's well little we government over of and that with entities, as forth Marsh have of a bit do some so back

that's everything, little we we but could road, to you then otherwise to know open So And right on kind you a report do but eyes nothing wide now. the keep of something bit our it. down now

Ryan Sigdahl

it I'll Thanks, Good the in hop Great. That’s me. back guys. luck. for queue.

Lewis Fanger

Thanks, Ryan.

Operator

Chad Beynon from our question Macquarie. And with comes next

Chad Beynon

are Congrats. doing? How you

Lewis Fanger

Good.

Chad Beynon

to But and EBITDA the I about just back about not the much, the on picking and creep, wishes. deal no guys wanted speedy Congrats I customers that the and these here, there's Dan back. properties bank also to you not comes probably results probably talked come to terms margins. curious little bit have some bond of in when cost some recovery of know margins. but just additional ask a

half a could back giving you to profile get just that Can the in different what be? continue margin post margins guidance. of as period? XX% good a this us think posted should you we you're Or for something can through mid-XXs? drop guys the year. You help about But in Thanks. kind the Not

Lewis Fanger

the Yes. is margins No, in margin it's I that we for should can that for worth. what do be think mid-XXs good a a us question. have that

tend example, a margin Tables the to come And be there to cost you right, to are it's person more EBITDA. You back because and games lower it system. come table do back additive business, the is as as a but more. into potential good

haven't We weeks few Billy's Bronco ago. at a just got back we tables --

doesn't We it at But could. even haven't Stockman's, sense running make the been currently. we though tables

flip tabs are I where go could And on you tell the margins some would lot away. there we that down, costs the creep elevated are a that side, that so have that of

doing doors sanitizing all casino. you have got of lot got people we've we standing doing at around before costs the a the as quite people equipment extra thermometer of as costs, checks So often. running We've the enter extra

past. are tell too hearing on listen, right. -- that you about I we And everyone And I conference they're we've talk the other it's in you calls. And I all well the think know they some will so our side away. there over competitors how that also guys go else's expenses to that marketed that nice listen think

very make this of really and that at COVID just And so the They pre-pandemic that to big don't that I we that the changes. helps lot tried aren't a were change. of place out, was beginning but have call things those point the changes are put being into

XXs And to be. is I a good spot are, not feel so, mid bad we where

Chad Beynon

there important if an with something Are you about about have years House? just do have didn't then of Okay. capital the always is to a smaller growth hands stocks and those full waiting make would so, But how now we're to maybe have all CapEx, where kind you're the talked maybe kind that Creek, great balance terms property that, about couple you Just you'll thinking potential sheet that the with to still marketed obviously Cripple on were near cost some of in the higher options a Perfect. maybe Creek? How division Waukegan or Or you internal all your here. were regards probably doing curious type next the high. is with And something Thanks. in still at And sense of than Full time multiples shape, that. a what those? And are do of of you you're that. of Cripple low opportunity of certainly an tuck-ins at like of trading? your thinking

Lewis Fanger

of around a asset. end they shopped heads getting spent big and for this doing our on up push M&A is are not why are side time what for I it's that lot scratching the of assets a a trying mean, to we There's Yes. saying, our sell lot what worth.

are all the so, to you was of kind getting property of you shopped good the a will. Did starved of worry, you property who CapEx. And required the of assets sometimes lot of have the they're go have of through we different they this starved estate heads, But on group think, I out And and sell them. and in they that a around talent to take our the and then reasons Bronco recall, were HR talent, heads, scenario. thinking I XXs, right, we older those if really It of was Alex, a were their say. a was should bought of When bit little it sellers if planning Billy's in more about were side, but or they I than.

the was was so it that's us. them one reason And to a why exciting for natural and and good to sell

we the mean, pitch every fortunate I under we're So, sun. book get

on not up and things. We chase We hands have bids, try to full. our have bid we

continue breath us look. So we on anytime will something to your now. Don't buying hold soon

Chad Beynon

Appreciate Lewis. Thanks, Okay. guys. it, Alex. Thanks,

Lewis Fanger

it. got Yes,

Operator

Dupree with next comes Union from Our John Gaming. question

Lewis Fanger

Hey, John.

quick. to onto you smart your any company, John, I really really and tap not do for last than at been to question, reason just my want things. Before ask this good to other We've comment try

so dumb really And to need anything is there's a to not daily involved. be not company That's is what say don't the things out build today ego casino there the biggest no do smart just We basis. have mantra, we on that to do town. in try trying we the and mantra

script. So anyway, a little post

Hello. John. Sorry,

John Dupree

Hello. No worries.

about to in pay slot that dividends And today you've note, the right my smart you you've of want working some started system. the on way is the talked implemented another You on implement right things of I everything can is if terms the kind where pre-COVID haven't mouth. left to operating things guess picked best you on operationally, things, portfolio where operationally kind of there out of question, your all you But that asking the now? mean like it, new same playbook I'm has do the some question changes? make I properties of you operational? like Or kidding. or some any the gotten tweaks it's practices fell or of you of were working margin

Lewis Fanger

think, can you that always I more do. there's

So group for They've Northern how to We plan that aren't we everywhere Northern I it's us. that and that in second get system. on will maybe We're pretty more installed. healthy Northern that ideas. Konami they on quarter, But know for billboard to we in walking I'm think of to they always feel use Nevada, well. our before a meaningful look a system but days. Nevada do it out And like installing to help I going around third or year, this in extremely way. get be probably these more the a going one not first that's But is properties system going got but backlog now Nevada. Konami to quarter can have

pretty But where feel asking tuned. about now, right things stay are like a we So, that. few good as of we

John Dupree

a the a line current to here review. you throw do Understood. on know I'll I property order fishing And quarter. in a little entered

XQ? Has could demand in wide bit Has Coming on helpful? in a it little bit been talked us seen progress you've You big but a have it of of the the what do give impacted high kind high quarter to you trended anything have out would made the demand of a kind portfolio gotten level kind at you way or picture XQ had of of and that be heard or similar comments level? the quarter, has worse, as any better restrictions. and little some we've or discussion, capacity closures stuff fourth

Lewis Fanger

Yes. it's good Well, news.

same of XQ. has So the as been first more quarter

little lot out slower. in quarter a seasonally quarter a First some February, of fourth properties, is did icy pocket you a people's like snowy where had have unfortunately. weather took the and We that

So Star. at New down in felt snow snap. Orleans, a at lot added the cold they We of added Bronco Billy’s. We Rising

this to And January, And there that wood Nevada, by way. that we're the you week, But and on than building. know starting about the pretty here. to in where February, knock was pleased you properties more some that table the But didn't out the will I going it's near-term. in other tell Nevada go be was way anyone show so I'll starting a I And there signs was may the that on feel week way. as and cautiously, one say but hopefully have laggard, around even in even really strip the one here of weeks Northern other the turn it like recent of our the

John Dupree

Dan give recovery. detail the and and our for helpful. taking the That's Thanks a best it. all questions for Got quick very

Lewis Fanger

Thanks, You John. got it.

Operator

And Branstetter Stephen question ABL Investments. from next comes our with

Stephen Branstetter

gentlemen. Congratulations, Great quarter.

Lewis Fanger

you. Thank

Stephen Branstetter

one question. quick Just

the guys you you hotel gentleman. I doing? of town? questions Creek your size my are other to Are Cripple the other competitors guys in in think by all king big Are any be like asked the of looking kind to were going up

Lewis Fanger

Century haven't in right the competitor now. be in their about and expanding talked big bit in built hotel guy will they in expanding the town. They doing broken a believe. acquisitions -- has past but up about be There out more some building it's quality. being I ground. We own a to X-star Canada, that's is ended But

preoccupied So there, things. little with a other they got

being And stuff believe that's town, Alex, correct I them want that's proposed see the it's group Yes, a launched Creek under called else I'm at in Triple only even may a their not so think being then that And monster are facility. of but we the stand yet decently to pretty distinguished, look believe. really from Crown Cripple It's apart everything everyone, construction. rooms only plans. of expand new I me casinos do some across with street we the with But not ours wrong. you later built I one out XXX So when you or the say if either. have

Stephen Branstetter

you kind area. Well, build to of up do want the

Now more the popular more people that come, the area become.

a possibly is competitor having go, good actually So thing. a

Alex Stolyar

market Yes, all. the at wholesale We we competition for don’t the sure. product into more welcome see

Stephen Branstetter

up And are the handle increased other traffic? to roads set

Lewis Fanger

there. two pretty roads. ways get you There are good that actually can They're

take If of you're pretty past into Colorado there's coming goes town from mountain go easy or XX Springs, along you a minutes go you road shoulder There's or the Creek. through Cripple maybe could X that actually that. you that there road into the

pretty lot of make good gone to out kept. town its sure are the always They of from options. well The tax So that you get actually way casinos. two pretty has a roads those got revenue

during and And I but good flies along shape. And so the they're time two this pandemic, make they're by ago that it there. years incentivized was went to repave think path they mountainside sure entire in

good it's shape. in So,

that on thing the bid behind list. that working last they're in other scenes is The is

even But And shape going putting a make road, been good is actually freshly there and path to that it's some it's around proposal easier. so, good in lighting paved. a actually

Stephen Branstetter

now ferry. the over the with in Are -- Konami the over Circling I to you Great. Indiana with guess marketing system? Kentucky

Lewis Fanger

We are, yes.

ferry for pretty now. that, well know us actually doing You

bit If things get quite, same actually that player's on still And at monthly the being that need But it's I revenue nine months process if actually of ferry day where don't the as that We months, going route. in variable and people more. We going around. first, people to who's that card you that little quite once make doing know or shape. good accustomed revenue, the don't a it, didn't we a I It's to ferry, these to record path. is now, But and boat. in Right your pretty there. for a easy we take from it's of pretty you through look ride you we to it's can swipe take a relative market nice want that the were that and getting good of know, that people boat well. a ferry go we're can it, do you good think six so cost still we actually so keep just you lot time. change And a

Stephen Branstetter

how Or that? guys Konami something looking would you Great. upgrade to cashless And in handle are that now the future? Is to system, with wagering? the you

Lewis Fanger

We yes. No, question. are actively -- good

pretty also you iPad games looking quite and where not. But, to a interesting more you cashless out in at slot you'll take then only you ticket, would would machine better a the cage are yet. But the like When then at tell We've you We maybe it looking have or that actively you think you a front looking bets. little thing themselves then way you actively your not been use your slots. cash chips, could no, normal could we're game, at them the mini table put is lot you a And quite, the at have out to maybe you I chip at for and be table quite versus a basically a cashless of it. just cashless very tito actually where can cash out, on into bet at it. gamble could you a

Stephen Branstetter

I'm to less make right What through is mean, cashless that, touching? it that your people phone? something thinking about cell I just like

Lewis Fanger

we at their No, all interesting. you've that all stuff to processes it Yes. do of approvals. want commission are we looking as to we'd through complicated, still think work have these And to of state is That soon any too. can. process got is that But more as -- various gaming little because a

close we're So attention. paying

Stephen Branstetter

three they're process? just haven't are in in or they skins And launched the the yet, that still last close

Lewis Fanger

ahead. go No, I ahead think they are Alex, go --

Alex Stolyar

before Yes. the they're has believe Indian They're and approvals last all Kentucky, close. are we with them, earnings in call, their their parks I be they're two and Derby to both the expect in Churchill pretty live other constant working on very in communication Colorado it and getting close.

Stephen Branstetter

Great job, you gentlemen. success. Thank and continued

Lewis Fanger

you, thank Well, Steve.

Operator

Thank you.

Lewis Fanger

last question here. Maybe talk one

Operator

That sir. will Advisory. Pounds Kenneth question Absolutely, Castlebury from with come

Kenneth Pounds

job. warrants. Good to getting the the Great see into

moved will like guys, guess because But million seems around at this it what correct? $X put $X stock. that save least guess or you I a it to I that on year. it, Is with million So the number

Lewis Fanger

goes. stock price on depend the where all would It

So, goes. it's that. function admire yes, But a I price where think you of the stock

diluted always had darn it we well, the statement makes pretty though, those So, It make easier makes way to for balance the because you as clean. adjustments to right, EPS warrants. sheet are income

be And cleaner way, so it's from going way to here.

out. them take to excited we're So

Kenneth Pounds

with at small on the like an there debt is redemption early that all? thing, option Another

Lewis Fanger

new On did? that we the just notes

Kenneth Pounds

Yes.

Lewis Fanger

into that. And it's in are after we down where that year ticks after period. so a three no four the call standard coupon call it kind Yes, then those the of go half and

a those period that. you up. as time. Then project that of that expansion, dole have for But for largely the where won't until XXXX. notes we'll have They that end bit with open honestly Creek we'll So Cripple out of the of were and will we're up okay little a know ramp

normally taken of we So period the have anyway. year well, wouldn't out, them inside three

Kenneth Pounds

any are Nevada Southern of idea am. based there I Vegas where just And lastly, at property? Las Is then know looking guys I in you

Lewis Fanger

auditors, able in benefit enjoy the product, Las Vegas to at not. is, being here to in when IDT comes everyone latest look or sci-games knows walk to gaming probably or we right to No, we it that there town in do And their down getting whoever factories. The well. is quite it

see nice So all to a access doesn't. much feel it don't bit and of the now, going compete is have in difficult mix comes to what what in, it you're be casinos, people Southern the to… real time worth. to distanced as especially think we going here I don't to -- right you've in Vegas got Nevada When I it's think socially what the you're strip for and works of it's Las personally to

Kenneth Pounds

I the or city things that more type somebody some on on side of I was building type southwest told new thing idea. are of south you're Red of Rocks the thinking the southeast, guess the me? local

Lewis Fanger

monster. strip it's Red because us, interest strip, station against. And but guess where very Yes. hard too. Look, we order question, Resorts, and at compete those is be if take Las markets, because their to there be with two local Rock had lower good even They the for you to business. lower at end for Vegas as I a of of look the good does are. with job a on the now a kind everything, happy No, to us, would we of locals, end the it's station We're going it

a job. do So great they

Kenneth Pounds

And Alright. Keep so work. That's thank up answer. you great much. a the good

Lewis Fanger

that said, guys. thanks, guess, Well, you. all I Thank

he's We I will great. back are to as mentioned, a him We’ll back tomorrow. here, little unexpected Dan with be knowing Dan gone be today, but have going

to thanks But our So you we'll And talk apologies. next everything. for quarter.

Operator

participation. does We do Have today's thank you. Well, excellent an you thank for day. conference. That conclude your