Full House Resorts (FLL)

Lewis Fanger Chief Financial Officer
Dan Lee Director, President & Chief Executive Officer
Ryan Sigdahl Craig-Hallum Capital Group
Chad Beynon Macquarie
Call transcript
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Ladies and gentlemen, good day, and welcome to the Full House Resorts Second 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 second our to earnings call. Welcome

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

that is year. the they think second the behind these $XX.X marketing investing in you've changes systems now cost over This is sustainable The reconciliation of But where calls measures, press site releases several a quarter quarter can earnings you conference we're see new story we've various to structure as fourth are issue. we our this And very strong lastly, short the slot of we it EBITDA find and and today's our first For Web of well it those revamped the that then also and in-part the fullhouseresorts.com straight run. long continue our well filings. really at And I'll as But by the broadcasting quarter turn million. please our reasons of other another great strong heard call was as haven't and said, as half this very SEC with in technology, for changed. be that release and was last brief Dan. over Adjusted to all results. a

With the Naval look half returning shutdown feels Grand that the at the return. also -- has $X the launch last any When course, segment slower last quarters, that Fallon’s contractual last in represent of launches, I when of you there. million million the the of in just last of is million company of feels stretch Complex for sits thoroughly two that of Indiana. shape. time, construction $XXX bridge remaining sports quarter, be is like we little of Air we're have Hyatt home continues six. can Smarkets than rebounding to $X in we're A Sitting to sports we from crossed they of four from about quarter The should restricted if for million houses per good should very does that the in that skins, here it to sports Gaming of the in and contractual The it EBITDA. of is we live Commission, annualized, COVID our million regards skins. shy total giving million. and state, launch that revenue, skin cash. million be more revenue. add Chamonix. another Station you but year say, that launching the to skins it And a soon so very and feel Nevada to our will a starting annualized the with It our real EBITDA skin like adjusted annual $XXX of $XX and I That segment. now north five annualized during said And total to $X adjusted little at out like that before little cash reserved just XXXX on on a And a of was Lodge then $XX point year to position. cash us us our our more make wanted number last look of was visitation The that first have brings are second Those Casino second skins five guests up one

of as outside to know Chamonix of cash some CapEx, balance our meaningful you, we'll that points Dan. can Of project start Dan more some that turn so over up. course, construction do business a But I'll that use it ramp generates cash also lot bigger on flow. for pretty you, remember to to I have continues

Dan Lee

second of where one Well, XXXX course, the XXXX. quarter of of and do this these likes us is of to quarter force because quarters confuse to professional XXXX. they second comparisons of of for those the And we most kind closed accounting the all things, of were

is everything million, supplemental XXXX, quarter it million. information, $X almost $X.X was that, which interesting in the XXXX. history. bullshit by more of was numbers if the think comparison, is at halfway second look had kind the ire including their open So And we press that's the comparison a adjusted the because you XXXX it's far full release, we which in Mississippi, quarter, why we because that's earn I the completely in a in think property's EBITDA of for best through

course, that the some may we income back really around. XXXX. before quarter didn't And second did $X.X it in was had the but year history $XXX,XXX. did second In in XXXX best million, of any in we pandemic the with million XXXX. of COVID was history. $XXX,XXX quarter sports in quarter what twice Colorado, quarters, versus have $X.X $X.X lagged in billion XX-year we million prior In before Bracco million we is strongest quarter, Again, second we strong second kind had wagering quarter a adjusted So the the in Northern been have which of of which Indiana, had of And there $X.X XX of there we good $XXX,XXX. contracted versus for came Nevada, time. then did adjusted very That EBITDA quite of Billy's $X.X EBITDA

million. back based $XX.X on increase the XXXX, is was different in the that EBITDA is $X.X and $X.X that $XX.X a in are And Much bonus plan $X.X And us it we income. that of million, million. segment corporate adjusted and -- left million compensation so is Corporate have million. corporate was plans and with

income And accruals we take and there improves in did It assumption full XXXX. as great. year-end will as about that's the at year quarter And so the we be was have that the much, in quarter. to on we so as story nice the bonuses earned when of much the the

the Lewis So Chamonix we Rising also is tower And for now, Colorado, Colorado system intend customer, put to which almost. but to Sun allows That to our feet get data do starting that's the on allows tall in be are is throughout system that much we'll In We're rolling, greater and the are things with part us a better of marketing available economic XXX slot company. Chamonixcolorado.com. X us point, be arm that And have efficient the The years fourth system, Nevada success. up foot that webcams keep on take into more a XXX at shape. big have the the that been that ChamonixCO.com, and going this that's experience crane, we're put at Part rocking it. the for of and going. slot reason our we to quarter. to into putting state Northern of we the mentioned, ago art marketing,

to the then around where crashed And it foundations the elevators It's so lumber very we're a topsy wells with from the be turvy Pilings in. So this it kind is going shut as in, are where up the way build going go it. at are world on. and imagine, reach early of way price something, and are it's to going what elevators And sheer of try to unclear all stuff you can China are the It's can tariffs everywhere in down. extended doing. still the in. property

I So challenges ahead, to be quarter of point, but this planning the in is have to fourth than of I a $XXX There $XXX in that. thought. little but we're slip quarter on we're XXXX, the are think little project pushing first point bid it were this budget for of part come the of out we a better at higher but The our guess it months because sure XXXX. could small the into bids we We the million. open of bit quarter quarter. XXXX, million, some put We'll back the fourth the fourth that at get right. pretty know in if make We're striving

there's know, $XXX pressure And some again, out more probably somewhere So there. it's it of in we'll there. better but we to million or put as pushing bid,

because to only trying better bid not We get a we're putting packages. number are up evaluating

they've done Hawk smarter kind new it, went have in Nevertheless, job. and number the that best a constraints some and seem is up. motel well one looks build it ways pretty did But of well. XXX competitors have long they footprint, doing narrow. hotel the It's nice seems which and a And visited doing to places there about our the get the Monarch at be we well. pretty don't seems are constrained hotel, we be So Black But They're I opened by every of the Black to have that hotel. X I of nevertheless, week. a up Hawk. they we think But of a where be will pretty in booked just room their a bigger pretty like to state casino because

want a always But another evaluating this And that of Preservation rooms City approval XX if we're city's suites are increase whether that $XXX to project had add the million. the it. to where part leg of also having that in XXX we add is And of had idea would evaluating need I another rooms. get future it so at we're we and not to whether do we could don't contained. scope We to costs the to grasp And versus and on Committee date. some increase Council are now. firmer to Historic the to we order it

XXX think, Now And Ameristar is XXX is in Monarch, rooms. Black rooms, Hawk I if remember correctly. I

we as in tall can't in we go historical we're up So area. go because a size,

kind sprawling out. of So we're

long the of high out. rate so really St. checking I gets everything in state. have few in stayed which Regis hotels out a we quite ago, a else. room Fortunately, at Aspen, nice nice and Aspen, acres Not sprawls. in the a hotel can just It the very we sprawl is too

in nice. feels can't and it Aspen go tall very You yet either,

to size building. comparable roughly that's frankly, the and -- of can we're what we So

stretch want the kind what four, you if guestroom wings of that it terms floors feels similar is tall. five what in St. of to are building So six Aspen in Regis like in that to and out we're feel

seems the go but scope Frankly, to good pretty be a make remarkable. achieved expanded so chance the our to Slipper of market than been couple land. City decision have we money down someday. on Board another the have more upsize and And it. and for so enough try approvals in something for we'll at the get even Council months Silver pretty we on, Silver this we we've hotel next And is money. there get a add those on whether and we'll to because approval of the figure pretty we do the -- The project. how little And constrained to out piece of trying tower also Slipper, to

to it best out out it's Mississippi, Finally the sync. on body it pilings to going anyway over is to it's pilings, way do on over concluded Everything put you the don't Mexico. water down if Gulf build there built was because of the

same a the So truck on on over that water, drivers thing. pilot if the the of you barge a that's conceptually build instead

for still storm X of to the surges, Mexico miles of offshore. level like belongs have from that to something state the You going space, above sort Gulf and have the for thing. bottom all hurricanes the of Mississippi sea feet XX first of The livable

they to so state to it. we the over leasing won't reach the agreement Mississippi. from end an They water, it, out sell so of lease build land And up to needed

get payments $XXX,XXX years. so have we year. that rent to we option If are option They We'll we the it's have is Obviously, lease. would for revenue, see an can our up that more development before The this. rooms. all more And a to lease about it option, pretty Mississippi Once exercise to more XX the like in minor. tax open, that. and have us casino revenue gaming casino if jobs, we more of state do

the that month. And so last within governor signed the

fill hotel Mexico, option of to do rooms. is do have X/X that now to tower sounds, on be have Gulf we firm create we the a to so our We lease needed that We in that's sensitive, so environmental next ideally having us land we of vis-a-vis by bottom as can that allow can would would that so option more to parking we be casino. hotel the And acre of to some an a located of as oddly us Marshland some still think some require swap that environmentally build approvals. a the

have vote legislature. that to got had legislature, with And XX they surprised the one the change a so They visibility we're I the wife barely our has think that out. Well, and casino versus And we in perhaps proposed to looking being it. of company. it there were casino guy abstain for that meanwhile, one his gotten his did was they where over was the to just -- committee lobbyists our shoulders still vote little to They which have going much -- to a too work Slidell, got we was hired. any at the proponent

they from We've not urban But wide local the done, and very that an to It's pulling. is margin. issues. New polls, push go a that move from This polling People pretty doing shows there loses by region questionable. pretty November that's heavily been Orleans away to referendum get it's a pole, honest Republican. XX. a on we've So conservative

is casinos it mayors to they way, what a have Mississippi the us don't of it being around. Louisiana. minor rate relatively casinos. if and come tax compared are like casinos wins what Even that in Sheriff, the all in the is if half of against But proposed even so have out of that's is And towns the by like and And it. biggest Head -- all the things two want Police

property the so built Resort it's of the before in people strip, oh, into trouble immediately. ignoring Rochester, out Las that that casino the side And people important going they to M to get it ran they had kind of competition go, we're and that to the of when New lower a before Peninsula reminiscent rate enough is stop one the to get the York, Or South I'd get existing they was tax wasn't other point enough built on catch the but Vegas, big and strip. to

swimming quite to have. drive over and company Resort of have They shortly And M Slidell most course, number compete we Probably rooms do out and a competitors, of And XX with after from so place fairground, Fair leave Island the the a of And our with We it that to Slidell called you well, them continue they people vibrant View. closest by failed casino casinos. owned is Orleans. us. of opened. better going the places. a private to casinos, we they've Grounds, New Gulfport, the and whole that do Xx guest already close you're further it's going the compete compete Slidell the a It's in site. got not actually do places casino We if to to And there. well, with over you and frankly, we place. us if which Casino drive New have to the We head in well which Hollywood it, pool site get guest And Blocky of X,XXX a rooms Downs. Churchill to is is pass quite proposed river you to us, lazy a past and as well. you managed to to do new couple go do do The nice But to casino buy Orleans, they and and well.

process was the That's And Harris region, so years compete And not Rouge. on then $XXX South the side and Baton ago. know $XXX your in Rouge, when with with in in pound the into including other a They're Orleans. Orleans Rouge, property and L'Auberge, X gorilla which casinos the designed, in built XX going Northwest good million Fair XXX it's by I Baton they're don't away. with million it. putting Baton tribal Grounds, casino we another compete the side a in on we compete And New Baton the there's Rouge. of of New what we cost life properties it The plus of property

not No do is I And going couple a Gaming in the just to course, here actually we'll Meanwhile, of Waukegan, supposed a -- negative in casino to a mix, it's to they Commission, happen plus, whether -- it's last of because COVID. big all. months, choose more one the by but that law they us. not somebody certainly pretty fine. were at have who to adding know a not it So year, late And very but of we'll said plus? it's think

didn't. they so And

stuff. casino hired thought decision. of a a that the months and Now they indicated industry consultant, consultant Board once help X the a be them had Gaming this on from had consultant experienced would And Head a Illinois they they've to they

quarter, for somewhere make other And the Illinois come in negotiate a that it the perhaps And you is Board, Gaming so is, to Waukegan thereafter. in the works would we to I and and the normally they the with then have city's balance a we to imply the that a Board, meet were way races, fourth development Illinois proposals agreement and by have guess, this possible. quickly the proposing. and off X simply Gaming as to Gaming Commission and hopefully, then sheet presentation had to decision the certain lines time smallest you you We what deemed and were best milestones, to that as it proposal. consultant build relative and you're as certain We having you the get

question that sitting we're what pretty arrange over good there's for we don't but that have any to could. fixed the we think shape we'd Obviously, I financing, proposed. and year, we in past think now I

do step working on our with where to are now bonds I of ago, XXX,XXX to enhancing show The been we most kind casino with equity more Illinois from Indiana, we process they've And proposal Indianapolis an and directly. proposal about out, most that Indianapolis, an firm And signed might we've have be is of two to a quick, has east terms That's We side building up you X details meat Indianapolis. believe. bones in, a There thoughtful frankly, in Board, Haute. the to be fast, that cheaper or in of of proposed they're together city more hour little the so will trading, that It was we're it also it when of the a city it. although, something put years that Terre very which put both little million seen, had Meanwhile, about did. on very those to of private it we in people. are people. had X casinos X is Gaming town about area a bit. on which of outside West And catered thought a they're Indianapolis, to

think, we you So milestones don't be also Haute wasn't Indiana Urbana a develop might a probably it before, to partnership attracted Terre that as to in those and Indiana good from XXX,XXX to a that had market, I have and lines mentioned Haute. time people, Gaming and meet us. end developer place that up selected bunch casinos it's But so not did with in Terre and Commission milestones. Terre that And The a and Haute, Champaignâ there's plus region XXX,XXX Indianapolis. are itself, can pretty Lafayette, on draw whole you towns some of

September, a goes. now at so Deadline those developing request for middle And for other Haute. and where that. we'll looking out proposals we're to put approval. is potentially they that carefully instead, people they've see And very of And Terre didn't renew

it, miss I I Lewis, think that's did anything?

Lewis Fanger

Dan. think good, I we're

Dan Lee

And to some tell I joke. is leave proposal we'll [Win], Win that to XXx a Yes, them conversation. that's about turn but size. acquire our didn't questions. our


Lewis Fanger

questions. some Let's take

Dan Lee

Maybe XXx or so.


take We'll from first Sigdahl Group. from our Instructions] Craig-Hallum Ryan [Operator Capital question

Ryan Sigdahl

the July, visibility guess, Congrats as I you're into on side? margins well the record results. both seeing as expectations, just casino Curious kind on of trends on revenue what and and

Lewis Fanger

we pleased I'll pretty be to continue tell generally, business. with you, the

continues you So That's thing you reopened. a as you very very, that, as Look, good to to tell way it maybe answering be best very of I'll a Last was will. strong you. however the year into let but… we obviously read short year

Ryan Sigdahl

No, that's good.

Dan Lee

that we quarter last aware year. open be Just the were third fully in

will they increases quarter as be So quarter. were nearly second the as to big percentage not second

Lewis Fanger

Absolutely true.

Ryan Sigdahl

across out Curious opportunity on rolling of or the tech side, slot portfolio Any Nevada. whole rolling thoughts system properties? the mentioned the you in around that

Dan Lee

We've done familiar Mississippi in pretty we've had so for that. No, it with years, we're it. actually

even Although Konami, have every like the an and road, the makes machine, face. it almost that recognize your upgrade year better or to They iPhone has your for ability two and better. down

And and machine. will play. you a just anyway your go the points at else, won't then could need sit so credits And to other you and a if card go you machine somewhere

on. So the it's of that's not interesting, rolled out they're pretty yet, but some stuff working

us ago. it It in install was we COVID was to close on we and Indiana Well, really those it it. been for uptick actually did system the which part and put had investment in had that of And big the gave in it opportunity what that we X Colorado, year when everything. to that's a to in use And properties. So to us forced how get up Mississippi. an us and to half speed pretty just

to fourth that quarter. Northern part Nevada, put we're company the is now only have it going the in So of that doesn't the

Ryan Sigdahl

the system knew Mississippi also aware Indiana and was I the same Colorado. in cashless… I of wasn't

Dan Lee

a a it's of kind big -- It's deal. big

It You've circuit a easy going sort. of not process. -- a got slot your and put this it's to of inside we're to every single And say, big machine sounds board server slot into some it change well, open it system. tie it's to it,

Ryan Sigdahl

thoughts Any casinos, technology of cashless there's approach World, to Resorts that some out, are an rolling about et cetera, there? taking accelerated kind it. What

Dan Lee

been is few they out, failed. where the to in, the it. IGT the for their really in they onto a casino came in variation ticket remember opened of same It when the not XXXXs, And of takes years did machines then later, some a the It now basically back out World stuff link to or slot while which consumers Resorts them. same have. another rooting and MGM And paperless, the I'm a has down ticket I've was had coins. I nobody for system. and system with coins. it take section

customers to that. are So all accustomed

the can how be ticket be redeem we Resorts at of you're if wonderful get is it so will a you And we the I chips very kind that the give go done And headed think walk gaming you of if machines. is put in beta cashless. to all cage, for TITO World you a in the expensive if with would a chips site away you from And table, table chips you the well, with TITO the or away it doing some can't redemption -- table and any counting normal when rid slot machine. from could slot you those the Whereas could And eventually ticket, because if today that. this it machines a process of and stuff. can of sticking gambling a of at

stuff this down So eventually, road adapt it's once proven of of coming a pretty lot the quickly it technology. is kind a and we'll

Lewis Fanger

kind over these is you that still and World just -- and if particular, the get time. certainly cash then drop machine that on of on certainly the easier and your cash pros slot then and that that machines now, the through the side, a in e-credits you reducing Resorts go from is benefit do to whatever a a up it's to slot side, of want idle side. floor, all there to kind of it benefits actually machine, you I not slot all as week in at to all those cons are and put the you of your a table or and having When it's start game looking there's amount play looking I you phone load the in twice go slot the And World a But jazz. Dan more machine interesting were your go the at that. that unfortunately sitting one to slot the to think, think systems Resorts have

all sides watching closely. it full of that whole certainly still to early are process. kind and interesting. very on get we're games it it's casino the very Table love watching but very, in board, So Would of

Dan Lee

I be a have We're pretty to able not you Venmo to money money from an to phone and done, and walk machine there. just you'll it's I your think World, the right? Resorts And can back to machine. it, and open mean But bank transfer quite into it account. when up you're at cashless, into soon, your then account credit the

on out that's fees it with on but has a they remember they'd regulator today, to used or pick fees charged I that amount a that for less credit the $X the your to right? card. sort same you at when And have and cup hurdle, and transaction in is hurdle not you've a And -- regulatory But you card be not to can't casino, of well, Now say, used no something, Starbucks and technological board thing significant is Venmo, to have go to in some that money thing. fee. a that. coffee have stores with are buy of then that than of the the $XX a on of credit that moves you

So Look, Indiana big bigger pretty is And than is gaming. you out online I soon, it's experience in very I Colorado New think think plus. and evolving, that's online thing the bigger have going take to a will are it's there a markets other those the sports market, and up in And that's and both Jersey that, it markets. betting. of we're and

come it to And Illinois so and will we probably also quickly. And pretty think watching we're that.

So we're watching that.

Ryan Sigdahl

it'd bolt-on X be an But have Dan, Haute, or opportunities M&A you M&A guys growth lot regions? acquisition where side Win, of on out Waukegan. the with One other certainly, can for there, more other just me. But Terre Chamonix, across fantastic. X of you a anything any

Dan Lee

bought at did Bronco We couple But a now hair something, look And it, trying it's ago, part unfortunately, lot of of got of stuff. Billy's, pretty somebody on when to company. the a a times years is of right? sell we is important which lot

at there's sorts So all report today. stuff, to we of but nothing look

point forget what the be So Waukegan, if shared And them and execute of just a run. run with it's our you've about execute just from on Chamonix, -- frankly, stock Chamonix, on just forget your we if have, Haute, we Terre numbers will home and we if the customers. even view, about

first turns at if of well, want up. looking we, like, to that of up. lot and screw screwed kind out you it that when it to acquisitions, you're And And a price buy dog, so be you foremost, a at it times, then don't and you're

So stuff. we're pretty about cautious that


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

Chad Beynon

about ask returns to just Wanted Chamonix. on broad

CapEx, the industry should country. models that's Have and you the in of Given business think of when the can terms cadence project? flowing to overall improvement strength your related also the six to in at you the what over next you And generate recent returns the that, the the in actually through view eight balance changed the then think with sheet how we quarters? gaming across about

Lewis Fanger

first. take me the Let

Dan Lee

the last one Yes, first.

Lewis Fanger

And to of into slightly into with That the holdbacks that million It's work that of for be million speaking, some ballpark get spend a so weird timing, you waiting this Depending going beyond with then could somewhere XXXX. a $XXX always the game those the push on in be get and probably slip for as you payables of -- it's time, side the have -- to also XXXX. to we finished of we little million roughly can see spend. for lighter some in on $XXX GCs. -- of And payments XXXX. year, course, of the of that. Yes, another then the you're going year in of spend $XX

Dan Lee

all you go million the packages where Well, then, look, coming and different up we're thought so when you bid they compare -- negotiating to have with be and on. based number. in these above on And in in X $XXX we came we'd out XX% where they each XX% like you and on end that

at If also of only contingency. bid But where be of on at definitive, guess for put more out would and million we $XX to but out of more But it the a part it in into of closer seriously contingency, And million, $XXX this at account bid game we've $XXX the portion money million. $XXX which my rooms, and point, because signed the it's million. the more and drawing something $XXX up then decide there end pretty to small million more Now $XXX more to point to restricted it's add guess includes like we get it's million were $XXX we're early working the a other to not is is are is if project. we kind on. have this, guess to probably I a in we number -- the so And up. million

can believe Now we what on XXX the conservative on a year think Ameristar always very positive of side, making earn $XX we we've $XX their with there. something like been We EBDIT is million, rooms. million

Lewis Fanger

the By the that of world way, Dan. maybe north COVID post in

Dan Lee

maybe. Yes,

away hotel the so on. was went in But XX%. table maximum decent the play rooms Hawk bet at like Creek less in XX%, And game in Cripple look just the Creek, and Cripple limits even and few it like months, grows right? you has last up Black If

We have have We don't Chamonix almost at rooms focus table game Billy's. saw business machines. do games. little table none. has or many our Bronco always And been very But hotel will

there so to wing add million, that think, $XXX way $XX driving place well, year is make million entirely efficient million. that's now. to And you of a right to hill, it's for putting the can your this this in know it's do add say on it what, this going an what's When driving electrical the you the to have other we're of and investment extra hotel, already us $XX subcontractor, you're easier to wiring wing. everything, kind on and possible the up contractor to And most

cost out figure let's it So what now. would

front in the And course, certainty it front they go pretty look it, we that. to and carefully. historical preservation something approves committee it so we're be our at of to would wanted of but Board of think I we And because mention on studying Council, favorably, it's if City would ahead I decide in there's and if never

newspaper, this, of situation that wanted we're local we I kind sure is phones what hell said, at then and this. end a in and up the start where up to make looking in the we ends so hook hey, off don't it a broadly So our ringing

So you know.

Lewis Fanger

and of of is always on look that. our downside said a have one And project, from for has Dan, and on you, return. We've we like look upside And a get than the a I Dan, potential been numbers way down tell where like what me, will has worked lot at profile beat on the but project. guess, was at long internally, when more -- of still specifically, it this the return upside there how this I XX, the XX, the we or projects, products risk lot. worked -- ourselves the these we We've more for thought than we this we always number done list many to this numbers have good

think of been appears quite, better feel very pre lot only good. good very of showing opening, their Cripple a We -- hotel. out be today quite forget showing Black Creek we product. Hawk is a what Wildwood expansion out good is Ameristar Creek Hawk, made Cripple X Black to Black Hawk sometimes have right? X So what That's Monarch what I was And by what with don't is like a or any and Star people of very, watching

customer for good for the town, a so very base that Colorado a very, what us around open when product in you potential it's nice run springs, almost to is And with outsized. very

right say. thing way, to will a big apart the is in We stand maybe very

Dan Lee

that parking. at of earned point without aware the The that quarter construction second other up to million taken the We we Bronco be Actually, the Billy's. is of any has $X.X in did that data parking. EBDIT

running we're away. front X and curve So cars, valet of in parking the parking at Bennett the Avenue blocks on us

a are Bellagio. be I Billy's have lot And Bronco still into park shuttle coming it. We're the but is gets quality renovate in little what's of not and you're Billy's we from exactly But self comfortable We running bus customers the that the as nice poor done there. Chamonix significantly coming. business of far amount town. as it's nicer place, And a will consider mean bigger. a it's when Bronco will Cripple Creek pretty it's well. And you -- amazing

Chad Beynon

you record Rising and guys at believe, revenue posted -- then quarterly Star, and record I probably record at And quarterly margins record -- or EBITDA I'm sorry, XX%.

the when you into through And still just the there. does is into confirm back should looks go change it half tax like doing a good gone how flow the in then margins effect. I So hadn't effect, that Can to that? of team believe job that the year?

Dan Lee

and Star record it We casino we years address because was or But was mid-XXXXs just it the first or opened only this at be right? early made numbers at always the the several anyway. have Rising in it when to back years rate lower best in numbers. XXXXs, property the in when certainly region, the huge And the many quarter tax started, careful

Lewis Fanger

rate expect look Well, July will year. what you fun, X, at you accounting always be to full it blended started have because you your the what is for on is do but

that you've quarters. that so rate And effectively already in the tax first average and second tax -- seen

Dan Lee

started started. just it accounting on an we basis, basis, cash a But on So

Lewis Fanger

January. On

Dan Lee

quarter. First

Lewis Fanger

That's right.


speakers. have questions. [Operator Instructions] Please ahead, go appears It no further we

Dan Lee

to was going of team It and trend opportunities to the quarter, it's has working new a at these whole we was company it. to this our just grow further. out build normal say, trying that this I credit attitude new maintain been while Yes. and is a Everybody the other great a for Chamonix And kind sort great of look quarter. deserves it and was hard.

work for we'll continue I'd So your your to support, hard on behalf. everybody Thank and like to thank you.


everyone, call. your participation. conference today's concludes That Thank for you,

disconnect. now may You