Full House Resorts (FLL) 11 May 212021 Q1 Earnings call transcript

Good day, and welcome to the Full House Resorts First Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Lewis Fanger, Chief Financial Officer of Full House Resorts.

You may begin.

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

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

we're those all today, various as conference call also For of measures, with side. with a can is the That see at now fullhouseresorts.com, to sheet We expect well quarter, be balance the us good us press you've quarters. operations. over where months reset our changes mostly reconciliation we as that gives today's I Dan well to we strongly website And pretty as said, filings. you last earnings on that release the relatively SEC quarter, news. XX that's had seen last And as a the continued of lastly, busy back stated those as broadcasting as releases start Operations find quarter, all want this please so this And our of we issue. sustainable.

last of quarter revenues strongly, about XX% We Looking for were million. for first pretty X the income up to at the weeks the year. statement. the quarter last Consolidated $XX were closed

strong of the part gain. that's reason for the So

first That's through our our Adjusted in down that and to our we'll an sustainable. for and quarter of EBITDA of amenities sure typically this stronger over quarter We been is last you second so I first million. like $XX recent many where today, X-month reinforce. revenue in a more of weaker first come marketing out them a second. where normal demand. more at great in $XX.X due any do where years the making than labor spot Mississippi if went talk versus reasons all trailing about our again, well was a as X%. to into the sports EBITDA efficiencies more was million. the XXXX. to third stronger to first hours that strength through continuing sitting first refined won't we operating adjusted skins, and On than even the launch Our we'll about is continue don't step quarter of quarter. more quarters lot we're and I of basis, our EBITDA $XX just than of why That's And at climbed be still XXXX, match a as quarter, has quarters. sitting as a quarter That to hours to fourth our think know compare quarter all However, million the increase it current largely they improved we seasonally but of or again stronger here of efficiencies, of again, go first And last which

valuing in break increase And in richer There reason XXXX all and more about recently replace launch, the hope really by and our Indiana. cash sports segment Billy's rewarded with EBITDA was which live. live part books X It and the in no There's our sports Regardless, much nearly sports that's their second roof. that That feels few out the from to weeks next be wise increased cash a That's put it for slot We our skin CapEx Colorado in for operating quarter that secondly, about there, about did that broke in to months. segments out that machines. launching of sports see are a see have any of launch, of Downs than brick-and-mortar seem on aren't multiples. all. the We we you at skin left quarter transparency online a TwinSpires X segment. launching breaking to that skins of first contracts wagering Bronco very different maintenance being fashion Churchill in sports segment much which to period. have go, includes few Skin segment, That in don't multiple. One you and the to skins you'll betting attached business reasons. probably is at own companies markets first year's you. Rising was added with all traditional that Indiana, on-site more sports contracted out specifically. then to investors We We we And up was to the X press and X generally is the And weeks the online like them astute higher out named the to last it. into is pay $X don't Star, their current X Indiana casinos in switched on needs the being given in release that Colorado. cash to readers real in Fit For we go you $XXX,XXX very in segment we to get that flow. Indiana. pay We our skin X Colorado wagering. sports and the a flow wind quarter, ago, million from leaking X have segment due in fourth in had live skins thought skins that contracted is ago,

notes. a issue senior are the notes Regarding the balance way, high XXXX. are The By new first in they're trading were purposes. the markets. proceeds due were we X-year million used for yield secured the Those sheet, $XXX with issued quite well. debut in We several of active very quarter. They

million due refinance cost of XXX senior notes our premium a XXXX, X.X%. $X to first The the floating with and plus old LIBOR notes a secured at were including modest notes rate was

So X% higher were likely the to future. X.XX%. floating that fixed notes they rate [indiscernible] go were effectively interest they're in of rate an with floating,

holders warrants. I quarter, to bond to take we versus big As use our that sheet Colorado. notes did pretty million With used of project have out $X.XX new have that what in did our shares at those outstanding of to stock warrants purchase The Cripple an important use X clean to a to of all a growth we our exercise price quarterly gave about have. leverage mention it's our and advantage the of proceeds proceeds which of was most balance now. last gone, test ability pretty Creek, is is our a meet, Chamonix We straightforward million $X the Those don't our per share. fund

for take million cash live, into what But $X.X X, at pay few ago, seen you that demolition fun million the We about the $XXX,XXX existing But of And million look update of hours of watch. cost that offering $XXX you of about of for let have was million the the of Through remaining we've deal fuller kind the first worth. project. to and sheet. we complete to There's quarter spend it a project you invested Dan onto bond a buildings for one of May end to web the of it's $XXX I'll the about And $XXX balance give on very was -- million the if balance by project. of would that put if shortly. look have the only about you then proceeds a the $X expenses,

both future While we have the our existing been in and have on pretty our at we Chamonix on silver laser-focused slipper Waukegan, Illinois potential do projects X property. horizon, project,

And so especially project that, we equity. sheet day further, equity to strengthens because our issued can million prepare late the for in formally balance new Board. even we when Gaming issuance as our March, present This in Illinois $XX we of the

facility the of Waukegan then we stock be liquidity If way showing you covenant. think of quarterly equity relatively quarters. side is credit we that locals us are to of. what our there need the in exciting build minimum that that revolving that There liquidity is something much on facility. of more the cash as it no of minor. benefit should project, X cash in to million ability sign was would the result our deal nice shouldn't of for did of equity to to too, And have A it the our just letter we be both into million private is entered but process equity to now. a vision the they're last a will note firm that doubt X This that $XX think the proud day unrestricted in least in did a One that of we most remain recall, offering, at contribute those a $XX commitment required just is covenants $XX amazingly have we and quarter, projects X million multibillion-dollar last equity. to We October, fund with Waukegan

second as XXXX. The of first just finished quarter that well quarter the as we

it's pretty we think to handle -- I that it's should what able be handily for worth.

EBITDA is utilized on what the is trailing EBITDA covenant. effectively minimum of have a other XX-month basis credit need portion exceeds to We our The facility. that a

have that And we the little credit so don't to anything bit, a currently facility. on down dumb drawn

it's to the drew that would that trailing worth, to have we liquidity EBITDA. million with it post. of might for really credit of much credit need need of ordinary have $XX should to need don't envision at really I facility we very revolver, letters us the help we using us basis. to at additional a we ever on facilitate If provide things EBITDA what X $XX full like least and there XX-month So million least down need to of we it's

liquidity to And that position. so overall leads all of our

some is than it includes off have at this but a in And had In account last things, there. for ran quarter. that I'm have undrawn to our that company. million $XXX you Chamonix. revolver, sure end restricted add addition $XXX again. of cash said feel trover million cash that in it quarter, this the I That's history the like we've in I of more to we Dan. I things few That ever almost

feel free. So

Yes.

Orleans. color XXXX, of casino buffet did upgrading I'll pre we little so -- the the in New refurbished it little come in a part why I always in mean everything. because strong said, add a to but there was nice. the And us Mardi Mississippi, made that's because of willing New he of things. then as You out We bit. here, a And the normally, for notes well in in this and some a a town such Gras, in But us. people nicer. Orleans lot it's quite was to them almost what period get he [Indiscernible] casino we're doing it of covered no mayhem year

there Mardi that have And no that Gras despite we against So did was worked well. us. the might that, -- fact actually

we Third, most for I'll the for -- being some as by a as will, look. of refurbish the And outside, mention completely in the damage we Hotel, it insurance of we're picked up paid from repaired actually long the the painting speak. result that the the as and hurricane, Monica We that's color have as back building picked shutters underway, we change scheme coverage. for in repairs, different you scheme part, the the the October, building. if we a we had If colors a part. we're different a painting to repainting And Santa that's But will -- those effectively the that's most been it. color -- will thought

been to was we've locked. little this be expanded, a it's really the on property and expansion. So working bit designed land And not

out it's So out it complicated. was figured a the way expand little on best over the water. We peer to a

down and pier there not is hotel you put on muddy. Santa actually pier it. hard. built like a Everything It's that the tower a Monica you So

to has anyway. built So be on everything pilings

a easily as can just So And driver on a on be it the the Gulf be Mexico barge truck. of is shallow. can pile as quite

Yes, that. matter. fire design really certain in and done So to so on. we've doesn't exiting have ways But it obviously,

like Mexico. under we that we the to -- there's So of going will would more And create fill surface over of and parking have need able then lot more to and our in a wetlands lease, Gulf parking. be we out

And so require those approvals. things some

of actually bottom the state Mississippi. miles the to of So of Mexico the Gulf out offshore some controlled by is

you to at we if process, state it fill in place think a where have them, you're have of and in fill basically, working a draft us small wetlands we've is we of and with, a and And but a the So in X jumping swath agreement also Lake many kind times But other Gulf to in places. Charles ducks year going hoops done put might think XX-year duck they're would have to it at a bottom Mexico, the spot us about even as of house lease give ducks a to great That with to get friendly get forever habitat friendly, go habitat. whatever we peer. of might another or to find is to through be into and a where been everybody trust execute a happier it. build lease then we $XXX,XXX the that agreement allowing

we deal that that think for that. identified And negotiated land so for We've works a swap. we've

we're things or help hotel, Eve, very it fill meeting don't have even in makes a little little new all. XXX put guest we so on to space like the which have to to hotel party really then place don't that the We challenging restaurant to more so have a also This more the have a space you property normally, to New small at awkward because and It And of trying all when build and doesn't have Year's would a us any -- execute a even would it's is on that spa. challenging rooms, meeting midweek room meeting fill position expansion. And this, about a one midweek. space it's anything.

All of be feet. this XX to has elevated

new we we're be can when $XX because casino the the -- we to to you think a million, not more kind you're approximately able now. do that. So adding just do work for ready this you're pretty and And building getting of to you're have numbers things casino, people well

good. so first quarter. pretty first the we the seasonal. $X.X this that a returns in lost million quarter. And In did on last Indiana, money income. Historically, being the the year, of end pretty with make doesn't in also up property well It's it lot And

weather to And bad year, it's was that. with because despite pretty some so happy pretty pretty there that going. hate pleased -- February. weather weather every usually. how And we're there's cite in we're there's with often I But

to decided general in with manager Our on Midwest. Indian has tribe there move the

she's a up first Indiana. while, many working, of the promotions, promoting the casino for General Angie, we're It's so And with Director assistant GM, that then about Jim and the silver and and for there that been EVP, she'll our who's GM. McCracken, become happen, internal very are for past before and be he time been been worked years she'll excited slipper to and manager; to we're for our captain people Finance who's our who've confident both Pleased become manager, both going us and to very at and female that. hard

the the there money Angie it management and has buffet. in people property And some that and want frankly, and of in why a to Jim time, of That's have of Indiana part cheap want customers a on long kind casino big a more less changes. the with now happy that. up. this we're style and to news get on team And So focus making of who that is basically more keep operating been at than we matter where new just we kind has

So Colorado, in similar.

the stages. we much that's very the maybe early that Chamonix as ripped in first building the Best parking the up a despite has first been has long time, good had Now we're in pretty forever. there, property quarter And quarter. a had fact

approval. And takes. at process shuttle We and that allow so for as to valet scramble There's town, property. the the you offer lot had front to We've surface parking bought use a of approval it couple to get Council and We'll a that. City a of we're us that they've buses. into waiting leased come

nice. property And park remotely. do well. to what did buy a Manor, we It's was a a couple good continues valet, about B&B do yet of that which other very where than up, parking one-time you bought can with at so we at through Carr did XX It pretty school can limited the and fixed kind the And the it job. We moment, we actually rooms. and it is have

And with us so popular down that helping offset a we've that's been our and customers the it's bit. fact turned quite

they the either Chamonix, If that show lead the or do both Colorado Billy's to WEBCAMS Bronco X go them. you website, that have to we website up

a to now, this on ago, That's weeks in historical. building utilities have piece ago, there's the see utilities terms, It carefully actually back we the to underneath we demolish, get you'll buildings street. years built local that the right obviously a And a street western look you problem, Bronco which most not casino. was relocating way few morning, one, along the lot of across the can't building. you that's Billy's utilities you actually If one down don't was we have backhoe of the and a building And the is some recent its property. did second modern working It XX was then did the them. because a you want because X

build that as part that chose So one down that morning. came and down so so old and other building apartment permitted to, to will us building down, is Chamonix, and were to a this which without tear one, of there's posts to we we shortly. And come new allow on

and guy that, relocating important out you the to has going It's stuff. underway. see other SOR. impressive But see can't very weeks, lot out is the with see not a do backhoe storm you do foundation work first. The unless there work X you're done to about In there. so a very And of we're now to you be

a convention the Navy the because we And That's Northern and COVID-challenging all ski the COVID, so money pilots because all Hyatt of actually locked their place little good that, coming COVID. in the and this despite then of that's And winter air most along. had meeting some we made good the Despite capacity have business of very Nevada, on And then station. in everything. because pretty naval restricted had kind has quarter Nevada. crews been down areas

Hyatt Hopefully, stay and will lead And there think will better. numbers as the the get other for local I Navy get that again, us. strong. our traveling half the business their to people be business of will will vaccinated people start eventually, people is allow good base, the and

So I'm it. of Contracted Northern wagering. coming pretty optimistic sports about Nevada out

$X a would Our million guaranteed quarter. about year, less million minimums little be than a $X are which a

million amortized can of So gets in -- market life there the And we had quarter. that capitalized also the contract. $X excess were over there's fees -- paid you see and upfront. of million were the $X That first amortized

And of and one million we contracted we second there have open. should only quarter, the license $X about more at almost So income wagering the of sports have to really we're end per quarter.

it. bank this financed that's the that's to corporate, and And for Waukegan. in be exciting. sure along. had I guess, they year, The or out mention guess chunk put maybe only accrued big results think Goldman nobody for last of there's responded. Gaming it's not They they is once come do good but mines I would they a Goldman different Sachs done satisfy contract, working Sachs what that it's a fee the I throughout Illinois just spent define accruals, I that that's them as I'll good, we as So And year poor help only can might the request I'm some they investment bonus fair. in showing and and The why. there, not advice this increase jump proposals Board an with no got something earnings whether that that bonuses, so interested responses. which my with morning as could wasn't of as something, this long and before, the to on. had me, but big for for give a company, earnings the we're proposals and

thought when And they Director new a a hire So they Gaming they back Board that that of bank. had with decision X did and have came RFP, months said an he indicated the reach that they Board -- investment Gaming the would responses. from they've

haven't think that hired but least we close, So yet, it's they we at know one of.

be making And you fourth extrapolate so quarter a would that, would decision. that be if where they

details like would to So of exciting. could we this it how what and it the on kind be work continue and look would how work of

chosen, doesn't moment with with our project, years frankly, time, we've And over which get a the make. gets would be we It's would going project, to better. a have so to can temporary overnight. a improvements X but a done, in negotiate happen the the open And X couple to then facility build. that's if were then we little development essentially that with little you found we state, same take months agreement But a from and of permanent facility then

earliest So the we up late casino. temporary be next with year would at it's a that

closely. worst be don't that time if is X in been in just So doing we're to a bother thing want on And pretty that I before in big this the world. things will And just wouldn't process much lot That same we they Colorado some, in We've quickly. had construction expansion pretty not gone groundwork, hold has it building peer at open Mississippi wouldn't to the mentioned be If because it But quickly. indefinitely company. watching the they Colorado originally was It's along because like kind open. it overlap the years. the come a X me And I were have hesitant taken forecast under have of this would. that Chicago. Mississippi than longer for all we're pretty

to quickly and could go were looking of going there, saying, So to hold leave too. this want we kind paths chosen, multiple if Willing we don't but we're quickly in go as here. Mississippi Illinois, forever, at on along we as also possible

of -- these could all we do really and things. So financially,

the cash So today? in sheet sitting balance how and on pretty good much is shape, we're

$XXX roughly. million

of million $XXX cash today.

So good shape. we're in pretty

I missing missed. I maybe I So guess guess, anything? things And that's it. that will point out might take we'll have I questions. other Am

And question first Sigdahl take Instructions]. Ryan we'll our [Operator Craig-Hallum with from Capital.

quarter. better. you're And here here doing and on back Nice Dan you have to glad

Yes.

those know, who I'm sling bone, getting might and bike have on my not earnings But there. collar and a in longer last crashed I arm some bicycle, I For a exercise getting I a getting on I'm missed back, no my the so broke call. have not yet but

Good I little always how And a the gaming and margin color. structural bit have what as post expect in quarter? far can know trends then well. I improvement, April you comment to margins seen But far and that hold. to said May hear. you you've thus been appreciate you thus in Curious revenue on

were carefully Yes, you $XX told will with that first we you been with before people very the the And I estimates weeks that at guys, us we of deal we million it's you tell of that strong. we quarter. in did if -- did equity X the offering quarter. recall, maybe end had when comfortable that the EBITDA

quarter, right? weeks don't quarter the with stimulus and out, XX, going came checks and with So you we in think to see can if continued that But the And we then flourish, it XX [indiscernible], will that results you're into you course, the do That end the has a the you because -- April. ended still you quarter be a know. out Of month We're we've continued April. And have did that right? forever. stayed every won't send checks hoping would into government happen. stimulus strong. in something But the XX.X, happened,

slack a seen haven't We yet.

to not the time. because all would be of I don't so expect year, and though, through the April checks -- So we the stimulus continued have results

of in I million, think the something a more the March first been we April the a had that's take get of year, it, were of And if be at and $XX track like normal week -- or like would happen. this that $XX low likely the extrapolate quarter on that year. not week been for $XX back and -- for us would to you'd you million just to think have XXs I if have and to pace million like last

and But bit the the we're and on governments rules. have places, -- property even varies new And strong, in I of model. businesses property. mean we're a stayed So it some loosened in up from general, have allowed have to of being and sticking little some more and longer to to to though not basic on careful certain slot thing what no face so But payroll changing. marketing coverings the now spend machines, and in we require that's costs, on on. on we markets very

we've so And that's been continuing. and and past why cost, see, hold much the with you the less able to that's similar to see revenues you improvement

well. has Indiana is Mississippi, with issues been generally, parking those Ryan, to well. although mentioned, helpful, it's do pretty continue If Colorado dealing the with Dan dealing issues that

valet is the distant Part buses versus a of no that at from having that's valet parking running all people, property. of to cars part shuttle Now before. lot

the we're the on Stockman's, that construction trying are been feels woods So county bit And in is incremental like it disruption there -- manage there a of through. has in out but that largely Nevada, wood, Stockman's little will of that with some and knock costs the -- pandemic. to it's

it so be like a Grand them. feels at we And sooner restrictions Lodge start very well very Hyatt the And base that summer over from the for what are season later. that going is hear to versus robust could on easing probably

see start the go hopefully in some So two. while that way month are knock lagged, wood, other there next to the we'll has signs on that or Nevada

part building probably Billy's that were XX% [indiscernible] was of That of By it. clearing out the way, if was see is It in the actually you casino. and look website Colorado at there out today. the the Bronco the

We have now torn down.

the a machines not that what revenues people we're the on based now of place, revenues And have footage. not number do we of so the the plenty doing. -- casino And on to it's in slot are based square

I that casino. of part tear we have down think on an us, but don't impact the So will didn't

that's So function. a

Helpful. So good.

more face no and properties, you those masks, pre seen mentioned, kind change silver that restrictions lifting? Mississippi a at You lifted, certain post et traffic slipper of have Dan, cetera. Have thinking the restrictions

we're our seeing, important our XX always The We -- about biggest what off of sharply properties. is per coming and been has most and change pandemic, to over, clientele, the spending they be were number were visit now which XX% segment which the heartening our those oldest actually, of really was seems height the visits it at is pretty at like every one in off back. and of in and

hold clientele, and And to so be to most vaccinated hard the then risk with that and ones back most to suddenly offset at out well. most seniors get we during who that seniors reasonably lot to shoves a we people see out. when But frightened who people back. the were It's absence to is all and biggest older -- and about of little thing money government out the figure willing going were They have on hold so stuff. the younger try is doing as the a to come are the to to to and were far, pandemic us them on of the seem and -- our try new the task

careful. most our So

doing we're think better. I So

through challenges? do cetera, then new it Billy's? And et there it Bronco And to think passing. expect QX then grow given sounds added on be those Billy, to that games watermark with secondly, Have we Or sequentially? just right you the can construction, on XX Colorado like high amendment you Bronco should probably

property. is a This seasonal No. it's --

So most important. the seasonally is the third quarter

million will be I quarter. above probably third make first our million year in mean I did property well that. to and expect quarter $X this something like so And $X.X the that

as for into we're town. we and saying, buses. Park right and you're coming have signers South large bought very we'll surface -- So getting Bronco lots the lots, X frankly, Billy's, there Park are here, And surface shuttle

use been City is, by in process. have casinos is of approved lots And surface a can And that it's used technical zoning unless these process it's you Council lots technically, outside But think so approval. before this. not there's were we we But what get approval offset get to casino the to are again. reasons, we'll and town had supposed Council. zone to were the them that surface for question, No City once odd

though of this zone. once it's used outside was the casino So even before,

need post newspapers, sometimes City a cetera. means advance, et And cetera, get which approval, et the so you we Council's at

process week will redeem so, bit. people they accumulate within next Chamonix And them opens new to quite when can that is plus. and at frankly, that of actually, ongoing. help points get lots I So we that it believe the a Billy's then the and those big a fact And Bronco the And access or place. about is have excited

in worse Bronco The is than do this it quarters. think probably was will I in So future Billy's quarter fine. be will the disruption

I place to that. they to how do this, this, valet for mean figure And not it. out the from and not words, this, at do need need went I'm Carr a We out find other We parking. ones the need overly one we're surface but guests. have so to do so to I months I'm I do Manor, we do said, am was lots. bought -- that, really looking I In attentive. ago concerned, who

So you hurt. the some didn't those not we And can things cost to disruption. things numbers. most do the mean if do things, be I And offset we'd to being big are us but math. of we attentive do money, those

If bus not a million of of low that you and dollars it's couple thousands week, of placemaking year, hundreds year. It's parkers, valet a three parkers valet a X of a not a have deal. big a $X bunch drivers, a for shuttle hours

with Chad Macquarie. We'll Beynon take our next question from

cost start materials. $XXX Wanted project we what out kind million, this the of that? just construction of versus you and most just remind the can believe, quarter. static Can Chamonix, cost the and given about I with the should frame is on of on dynamic is how But prefunded. us, Congrats inflation you to just think

Well, in it is a pre million? contingency $XXX It's We contingency, which there's million, all now. completion. million was And $XX funded. $XX from will here to in size there, about

be material Okay. up challenges mountains. and And in an low, are in quite rate challenges into in costs and assumed hour there we're is would -- in now Colorado and we early we're the the we Unemployment labor. that process, had

make offset I those. help labor. we're you're with that And back finding and of And different the can those benefits, in you surplus some early But dealing process so might on are to the talk see us changes that that. actually when trying that challenges, find -- states we're scaling about enough find unemployment to

blow footings some and example, And over. contingency could instead matter, So process. now some of discovered, but go practical offset money a micro for spread XX% to we us our let's use the it's as other things, in engineers through saved piles suppose that of those the we quite early

up it instead million being So $XXX $XXX million a project project. of ends

generate of a sitting while free We the flow built. equity on $XX other of And bunch from million it's offering. will cash being extra cash we're

battles Do if we and kind not find I'm did it's we're to those of it's we on. know -- are now. expensive But now solutions, what have overrun. furniture maybe our have a that sort have less an that to so issues So fund can't we and But way overrun, saying this and not well, We're to fighting we have carbon of nice woven we a have small liquidity fighting or we going through with do place? it. expensive like, in carpets

are. just process, customer mosaics Bellagio we've being Argentina ever are places part the done through where every project it a But we're that's have really So in they've and up There Bellagio. place it the that's marble carpeted. like going from in and ended to to of know. that And we with gone doesn't

number, at going And so that and get we're number. working to be that to pretty I'm we're to sure

hard contingency, construction the for Dan, about million $XX is costs. which So of XX%

it some a what person, lot. That's was. the you what for up challenges. There is mean, example, are when I find

gauge instead some to like we're in use so of going steel places, And wood.

for So go look things. you to those

to use going some new another them That's explored a and a and for day, city with the to areas. trying may is modular that money we of in the it You some go you more hotel to truck been development the cost where using build concluded them that more trouble. to particular, wood saved of And time could Cripple And know assuming budget in in into in stack while have hotels. the through I and we didn't their use construction to at in transportation Marriott, we a we place. certain you're up amount rooms Creek, for that of think the that spent get factory enough end and at looking fair a

of not might kind it back thinking we're that so money pretty probably concluded doing to and hard us save it And that modular. But doesn't. we explored

could Great. thanks the helps Lewis, in the out then statement. in right on the something breaking online of annual that income certainly So. for gaming expectations. camp your of side us. And in come That

a to within more talk $X rise, million particularly you're iGaming of betting deals certainly, what getting chance by the expectations skins that the I partners you for iGaming, Just want the most have analyst to you continues that sports rate with Is what seeing if actually than based without [indiscernible] recently economics estimates analysts, have generating there the increased could with think your of on and into guaranteed partners, seeing that your the you're with on be revenues ? side. increasing and

Yes.

different minimum slightly within each there, really. a a questions two deals We have You to on different. get percentages guarantee. then slightly our subject and are of Each

has one and a will tell lower. we them get, you, of is that I percentage one would revenues higher another So of

exceed for with the guarantee. minimum to you root for a to us exceed So guy high market minimum kind the percentage a significant get of the guarantee, share and

market and introduced little have a DraftKings share. FanDuel skins our all Now were the late, dominant

this three lower they our guys ramped have know haven't each up really plans So market that our yet. that at marketing have partners of But shares. point, different we

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[Indiscernible].

Yes. bigger deal. And a much it's

in work So great. Congrats the on quarter. the

Thanks, Chad.

We'll Instructions]. next [Operator hear from Gaming. DeCree our Union from John question

Dan, hear the call. on again good to you

Just one for me.

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some and cocktails may we hope but catches that offer it know. on, don't stimulus So I

be At to conclusion for does question-and-answer turn appear over Dan I'd the of to back our remarks. like session. that closing this or time, the to any conference additional

all. keep that's away. to No, We're plugging going

make go and things I bad. try and every you day think work this you to more decisions is learned to in one my good I've of life, those if

company. on our built we're there. eventually pretty I a way And well You think good

what doing going just doing. So to keep we're we're

So thank you, everybody.

That you. you conclude conference. Thank We today's your participation. does thank for

You may now disconnect.