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Full House Resorts (FLL)

Participants
Lewis Fanger Chief Financial Officer
Dan Lee Chief Executive Officer
Eric Green Independent Director
Ryan Sigdahl Craig-Hallum Capital Group
Jordan Bender Macquarie
Larry Haverty LJH Investment Advisors
Call transcript
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Operator

Good day and welcome to the Full House Resorts Third Quarter Earnings Call. Today’s conference is being recorded. At this time, I’d 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 third our to earnings call. Welcome

these securities before fullhouseresorts.com, conference reference call always, we making the may of release measures, we filings. remind non-GAAP Also, like that as are today’s begin, can we today’s are that adjusted under federal where under of said, lastly, company’s press results. in as the that our Dan? Statements our we the provision also you results EBITDA, discussion see a make Harbor well as our SEC caption you remind those that anticipated as Safe actual I’d see broadcasting earnings may all may And Please the differ of to materially you of are that Forward-Looking also with statements. that the to measures we various to go, we the As laws. you all at contain And find statements forward-looking today’s releases reconciliation risks such as affect from ready website could this well results forward-looking for issue. please call press release for conference

Dan Lee

guess, I okay.

CEO. it’s year’s XX.X% Let’s I go. were quarter. Like Dan the revenues am over Hi, said the third headline prior Lee, up the

some things year, so Now and some opened just weren’t that periods games markets were reopened we there fully in had like and last from the on. so closure yet, table

last of quarter – not that’s very the Operating was last we ramped income we And year, quarter year’s from expenses. so open up. have year’s up be yet didn’t was now revenues up to main third being all had Last the and caused our fully strong. also is some thing third

it of the fact have a year up, is X%. guess last sign. quarter over income so third I And up that, don’t X% that or calculated but it’s good And the I was operating our

on money borrowed interest in account construction Chamonix, is that’s it’s down We little sitting And which for of was February. Our net the a in that funding the in and restricted the construction. Creek. income under Cripple a basically way for in

We process. the early still are in construction

about spending million at this point. are We week $X a

amount still expense capitalized is so that’s the small. quite interest of And

ahead will get to As quarter, until bigger each we move number we a that be open.

the so few the next quarters will interest impact comparisons go to that more project And down put into expense we year-over-year the more have interest. the as capitalize will in on

quarter. million adjustments is makes was vertical. steel continues. there I $XX.X which Chamonix pretty that for in start largely The construction weeks exciting. $XX.X It’s to we week. million, and up EBITDA, X adjusted a was last again, arrive in the Our from will the next foundations stuff, and of good going all to so are The supposed getting

top April out in second and tower in August will The third tower top is tower and first out will the in between.

case, the nothing of – in which months in few seems street this like construction, we on you utilities, all So this a usually in is when first closed some cases. is next going fact, moving a kind deal underneath a get like to at sewers to big In to are want it underneath storm because your and and sewer because be you happens things storm something building an there can’t you those those, don’t it, you were ally relocate to it. something where need to and if streets like

all this Council putting electricians again, the is inside of carpeting from are careful and there permission point then about it and and City here you all inside, And very the is foundations, at the we feels And language pretty so up. opening comes the there And few in last in the the And putting seeking drywall. because and with stuff at is got lots when that that some go are building then stuff move together lot that it nothing work. to quickly, happening the then like relocated months, wallpaper. in the of fact, date. in have And the we happening and they all it then have plumbers back will

not are are incurring and would of to but going make what’s the side. is issues We December then sure other over in on could, then budget agreement. We we time creates XXXX, the development that we be which probably some

whether slow get a that period So make open we it pretty difference Creek. comfortable or in that’s lot the year that are the of frankly, December Cripple in we permission. will doesn’t we And whole April, of

than we income think changes the side. a going be I envisioned. originally to And we we don’t so much on later are had it little bit think

are also, moving hard of more anticipated, the construction than lot are this dollar costs a around. We point, we at things

that if think they material supply with place for are tariffs. and The on there challenges. same all to costs the tariffs We I facing the you anybody issues with the involved talk out construction, steel, example. had are the over chain are

So you have because U.S. didn’t their to get the steel would within they steel premium charged compete. companies to for steel, a have The

down. quite out engineer is another have we that About About have that but is bids construction At rate from received we Now, already accepted of over the the tariffs getting subcontractors we help though, place. the then we this received been our so we bids third finding low, it. doesn’t a has the are that point And third had can And and us. are our is are the steel, that we of people. all of have subcontractors. we unemployment a think dollar difficulty risk value off have ordered lumber with have Europe, some so bit hard negotiate

schedule we the the little cap one make yet of out. don’t adjustment. is bid. what higher we think original to want about third twice it work not swing to that out where but risk a of on want want So, our on are put of have been Based today, I until has to quantify kind we of more than on and a we probably we to are estimates, don’t we at this that work a

enough more to very than comfortable this. finish We that money have we are

issue. financing have we to indicate a we But adjustments what restricted make not it’s some that point, will payment at when greater the account is certainty, and So, accordingly.

numbers flipside, the on are of Now September, the very income Colorado encouraging. the for In in recent our month flat. was example,

XX at parking. flat. I Our using we good and no think that’s revenue was Billy’s been And the have taken surface – actually, up our has parking Bronco given with for all now that construction. years The lots

we market don’t Most And market to flat trying the the highest is second moment. of yet door. our from front all our we are XX%. had the revenue The are and – so up we And convenient market. competition valet was do – revenues. and we in The at parking probably casino self-parking

of more than is some our So, XX%. competition up

Now, Two changed of – is and things, kind several away this versus XXX-room quality what changed our is Hampton opened one this Inn That’s year-over-year? loss went limits months hotel. last year, competitors September of year a one what September ago hotel. a

was over town opened And in the higher revenues seems clientele, it high again, stages Hawk is would the of and is people in hotel are Black amongst creation was bring their building to limits. month so, of which months Central that boost loss that September. ago. we City, were by tended not end rooms elimination basis the They XXX-room a year XX% the have to certainly September. have thing in more then the this they several to changed because look Chamonix And at loss was case hotel But others. September. and that ago, Ameristar Monarch end hotel been opening it if in and of X there And ago you months and opened But limits the a pretty at up year September, open

again, showed that so And quality drive building a hotel that can visitation.

if always bit want the had a We in costs on pretty confident we would quality are the than we that we eviscerate Instead, go it somewhat and we focused on overall investment. this. little have a good of envisioned. are of confident we we it to get more, kind not to very originally the going the going So be. return building quality said still when And very to hotel we through are more realized in cost us this hotel are was picture, did

I there other that then two development Chamonix. addresses are So, And opportunities think out there.

us a came from key get have of force Let did will me it address to I quarter, damage days this closed back the for The it have close a few damage. our from did Ida, as lot significant for any year first last of through. We Hurricane those. several which days details essentially but despite us customers That’s EBDIT, in and West million and in the to with $X.X year. then quarter the we Ida, had flat Mississippi, didn’t

in basis, $X.X allowed Nevertheless, the us which we the to sale was versus you that in we – it get sense – are year. million progressive of are last were lowest And was us transfer of a makes difficult play million, the tax to best a year said are in to you the property it a achieved with cases. flat exclude to $X.X each million your of the In best X-month tax $XX Since for ever would free parties we and year. has of – allowed highest are be Indiana, from amount are ahead So, that had. we play. the The taxes, sell free gaming million tax to to has rate some on that state $X.X tier, but tier. for

free So tier law higher every our million permitted that play quarter. are and year the that’s have that competitors for state the the under $X.X in was years, sold to and we several in tax

last not year fell exactly fourth in the the the same the it in of Now, $X.X we but had quarter, sale play, million third free from quarter.

willing to in had We any it reason quarter. we until wait quarter. up fourth didn’t the to companies of show so third pay to the see one And those us

their took we money. So,

Lewis Fanger

it’s just And clear, sold. quarter, have in be been that to fourth year’s will because all very not this we

Dan Lee

been So, sold. it’s all

would Christmas very fell And this material, a couple we year, the every it. do to And fourth but to add to you – we fell are think really all-in-all, the not but doing a of were to number. and we terrific it’s $XXX,XXX and back this that few in a it the accounting quarter, the it’s so – just There and many everything kind added last So actually even had Again, that versus years. compared else of and number up team had best the this X months. I in for were many, year’s quarter quarter Sun also Angie Rising $X.X year so true-ups if her – the out million and year’s it quarter. very that good free depressed in year every a job just play headed weekend twists – it’s This converted for that the theme there. to year. true-ups that little $XXX,XXX,

called Christmas that that with done Christmas fourth it’s And so, and quarter allows year end. the came historically before us Casino better between now we in And to up the we had concept. do than usually

come In that’s year EBDIT, at million somewhere as operating year, so that Colorado, but revamped $X.X when on without an We our in of property. was And there a quarter, been that million, that issue. which old us was were we will everybody done, last all it’s we down because it fourth and frequent discontinuation. $XXX,XXX and longer of gain disclosed accruals no quarter to end please flogged – which we still we the from points $XXX,XXX around free any expired was the redeemable terrific frankly, accounting last pretty $X that $XXX,XXX is still credit. And self-parking, There player gave had the in mentioned not for I your In the books for is fourth points and points. – were year’s the points. year’s the last But although that will old of in that had play redeemed. be redeem up program

those. and And year and to a point, but the the everything. hotel complete it we for it’s Chamonix. at still got the down few last don’t any there in construction with of that on parking moment. from we had as going we credit we that have a and quarters don’t next disruption the those were challenged that’s so last onsite, were was number, year’s be have XX the I that property example, And for at site. this of that am sorry And We hotels rooms hotel XX rooms any for obviously,

Some of used being the people. those are for construction

repurposed spa new into and are the Some other of into of the being them them are massage being property. and things rooms some the repurposed in

close do keep customers. don’t it. our lot that And would a their to good let do We We and rather We And business keep at – construction so – stuff want are loyal is to and to there we thing. the we employees they that. just around the with fact the continuing want do people decent a frankly, want moment. them up but to don’t our we are loyal it putting

torn actually part have down We the of building.

part big of about building, things at a off a are another the can and it’s project bigger will there Bronco you and really is on Bronco two is we of operating lot – construction down you so and look forth to There close in site. construction website, is and than Billy’s see Billy’s. the webcams the We back and a – moving midst the up are casino

since thing XXXX. have fact, it’s biggest the this happened gold discovered in in In town they that’s

weren’t was So, better The the the It versus the year. fog blew EBDIT smoke $X.X summer spot. in which this year, of our near doing is that weak San way was the in as were in season us, not danger We thick Northern million Nevada, smoke $X the that is a Village. earned Francisco fire any the was despite wildfires, day. on Incline as reaching in June But important last and we million.

to smoke it nevertheless, Oracle. And in Nevada. the And thing. the and hotel is full and breathe. the controlled thick, operated with still so Labor Northern was contract. pretty and of say good It made an this owned was so was – casino hotel in entity And wholly Hyatt think quarter will by is the Larry sold the I full the important. That’s and a a hard money some weekend to by long-term I the normally, hotel decent Ellison, we under almost the management year, empty Day was And founder

a We have a long good relationship one. Hyatt and with

putting it been our on X sold to years it. Mr. company, have I have with renew another history the that of actually to to The that We And And in article And about through in lot want He them. buying newspaper go fact good out. And this money he paid the or newspaper in of casino keeping operate don’t as corner Ellison, $XXX Ellison, well Mr. a million they into then think sold we have long going to is hope I for that had million. from are they quality hotel. go expect we that his Hyatt it lease. shape. investment was to improving has the licensing. Ellison they would as to has Larry We are a it the compound a it and compound hotels says around think we that in a hotel $XXX

If that’s think he win-win he So, It’s a And Hopefully, of that it. the a I purchased. gave operate the a purchased in estate real is that has his on to, who I shoes, are phenomenal if going and I I him, and But thought. to and were stuff to shoes because that in keep build just probably more he is something working, site. were his love there some more but worth I’d in like $XXX god ways this piece is guy we after the it, it fact casino hotel everybody. improve billion for wanted retire.

Commission stuff. see a you I got – it, You satisfy you the Earth Google Planning I what if Tahoe studied and to Regional bit and little it just mean. as But will

for good Lakefront great a is of surface Hyatt estate the of is lot. there parking part as example, used real chunk For that and

land, use of interesting the opportunity. out And figure so pretty how you becomes a development to make if it better could

that the there, can not to to got you deal are rules build you but Now, can’t to they you they with are environmental are build. how there say say

keep We is control be and in And it. to hearing always Indiana encouraged to so running. get but next Then wagering, of I we don’t up next have seems sportsbook don’t about week, We the about week, contracted market there. now start of we agreements kind X it sports X this am the that.

they something will and and we So are fixed I close. think all running. not? have – Colorado in we unusual the in up They up running we had did quarter, then are and And getting

Lewis Fanger

the quarters, that’s No. with Dan. No, consistent last few

Dan Lee

Yes. Okay.

Okay. And that’s – so there.

We we of been a big too Now new It’s it now there that’s decided acres opportunities. really ago best Waukegan. piece But legalized Chicago number in XX market, liked is legislature probably by casino on that casino the land. In one Waukegan months lot in a also have literally our on a the other X It’s of that’s for Chicago, Illinois, Milwaukee. several the working something A development, years that’s in casino. between have course, for on and city. a legalized years Illinois and to a of midway in company. for It’s and Indiana. They studied the and was the convenient we not are opportunity Downtown any somebody, big great owned people of about about

And a way to the it narrowed complex state. very proposals so a so thing, city together that put the the proposal But three work went is on. taxes to complex down the it’s and we and

One opportunity. on the out to of Chicago order backed the in focus three

us another was proposal. versus it So

open within than be biased, development far months. we Illinois of for the quite a than made but We scope the chosen, capable And with I’m casino a it. proposal indicated proposal. other the better that we for our is city. the state we’re weeks much presentations and X and to X think other building fully have proposal quite and if would expertise temporary we And other bit I more about Board bit is Our in one. larger a Gaming the fancier proposal the Both ago.

going who in Commission to And of indicated Board has times they answers – that early all Gaming different a Gaming out is hope through had. that the either questions reached have consultant us the for hired a to few different January. decision or out has reached to he I stuff the has and that Gaming a Board for Now

a a seen other are casinos called a tent. And by So of if ago, months. Turns to We’ve we’d actually XX,XXX X were to erect structure that even Sprung a Structures out and faster. we figure square can they choose a We think a open surprised. is have these. can do use knew? and open started a that. to tech name is in casino and of plan a basically And about they trying structure, use they they how January, in foot a get us owned all month. early XX,XXX We’ve XXX month We company since sprung be sprung within we’d scrambling structure family it whose last within square months. years done have foot been structures, who X a XX,XXX But little as would said actually, do we be temporary we we sprung sprung company a Sprung, out in they will type there

And we entrepreneurs that, which the service, build can’t by will if slot that we not So and platform you to but I you for sprung table and but throw and it’s And think bother think American and local structure you asphalt to – it done to temporary trucks, name entrepreneurs, people which for X,XXX a the the fact, ourselves down willing machines to we’re a we you go slot logo know called floor in and can rang Place. facility, find or is And bunch to of want if because find in put have run like the local permanent a related necessary. is and a half temporary local you for anything building. in to that I deliver machines bring going a do dozen food kitchen up food we put entrepreneurs, hopefully we we do games.

thrown be And and in will months, on fun actually So We them of our Place. with to bunch train and get logo like temporary X put employees can X kind open. it. then and a to is up whole the by you have name then together actually got of temporary of doors everything the they get hire American a

a quickly. one, to And so can up then do the would a X now, go. which should be on take and permanent operating think very structure temporary year working that we X we And years we and to in from

legislature Haute that’s we Meanwhile, fellow Gaming for because Terre party So a that. well approved actually there bid ago. that We one And didn’t bid a in the Illinois. casino Indiana, Commission his thought, got was contributions get been things, making politically. But lawyer of few state And are the years campaign or a in and I’m only was well, there very connected had other number has enough, not we sure busy could And and issues. were with illegal he sure a indited we for then it. it.

partner was certain lost state, license was kind he together to and the so out His those the team the financing make going from a supposed He key and put he was his didn’t And guy Haute how by industry. to a forced he was show in gaming a has Terre date. management dates. of lost of – been

suing they and a months proposals. in started Commission a to new and few request a ago, But they revoked come the he’s Gaming his license, in have Commission. Haute, operator so proposals four Terre Gaming for build And and the for

world, know unique TV Amazon is was to the emblematic We that curve And then the at shaped individual, a of a the revoked, based a which up hotel of a buildings the is These kind something and it has are along proposal. Seattle. proposal, has then hotel I which set headquarters it, the seen casino greenhouses, then on under and Spheres. in Downs in and has least of that show due is some couple there these One elsewhere a of we an with on new out to Amazon the guess. who interesting of very a that and way, creative brand on do the license apparently unique it’s with as includes Churchill guy on Hard design the we’ve Mississippi, based whose And in of Rock a is Mediterranean – guess, of it in call wanted first Home. little restaurants And called episode the TV there is thing about I a TV Plus, in Stockholm, kind suburbs the They climate. and freeway a the live days. very Apple in is bit show Amazon large greenhouse to also no,

people is Lafayette, square and is like in other also million don’t two Mediterranean they Haute, that have significant east XX,XXX – greenhouse, about about that the building can about is on side, it and places casinos – market small February there this X that about a Indianapolis, a west Terre built Indiana Haute, people cater of very climate himself XXX,XXX Terre in a restaurants house. and away. on But [indiscernible] isn’t cabin Terre build a a Indianapolis, which greenhouse And the he million that watch, kitchen lunch is There we in if people. is just to which minutes is it’s you got a have So so XX inside log area it’s show And inside thought, show then in the are metropolitan fun Haute a and are And that have in that’s this really did side. really cities greenhouse. watched casino. in on and sit and are steroids, cool and foot to a this there Indiana but can boy, X.X I put we a

there, a and market XXX-room it’s unique architecture. very it’s good hotel, pretty So

probably is are – Thursday? the are proposal make revenues, we tax And make There presentation investment, the scheduled proposals. are has most next biggest all job are four scheduled etcetera. to our a the most We to four

Lewis Fanger

Wednesday.

Dan Lee

And indicated after developer. preferred to has one to their hearing Gaming they four that as expect that executive meet Wednesday. the the pick session Next Commission proposals day and an

whereas of but this moving quite pretty are kind of they Illinois a coming moving slowly. to been quickly, – quickly. has And so And is head all

both, when Indiana. we a have Park bit. which time temporary $X.X billion. doing St. done. time, is else. I in building in Louis. we back it at And of how two were We built we $XXX but them when built was built Carlo, Mississippi, I we on casinos. be same was temporary down the the do casinos have to capable are MGM And scrambling of We Pinnacle, be ideas two we’d building became in different same And were the Rivage mean we venture at built Both million. the Monte And in which Mirage. We today, with at at which them somebody Beau [indiscernible], joint can

here. got Denver we the – in and largest damn were in general one pretty do largest markets, And hire Colorado, in we busy would they those headquartered firm so Colorado and And of the thing days, in done. country the who’s in confident same in these ones construction are contractors. but very the We it of people, we’d hire Phelps in have we Hensel Chicago. and each

construction largest Turner use may NBE. is have and one If a they is a a company, Chicago opened Indiana, the in be in we but which I then frankly, the construction a the a think, just we the else. Wilhelm been to joint smoothest built to We’re projects ever use Wilhelm, between we’ve planning They local And have did Pinnacle, more when had involved addition it of I’ve and Belterra the XXX-room they in construction of. had added company got I than Indiana And probably then construction anyone And an large second largest company, expect chosen but Wilhelm. U.S., built which to one office. huge And they Belterra. the in venture Turner casinos was with. Indiana,

are able with – interested, we are Indianapolis. out things work excited. to to they’d just reached them. And based excited them we’re in they at no, see if being So Again, make and for And be they let’s simple.

in We’re business. statistical a

two one four one we’re there. Indiana, XX-XX a And but have we’re, in so Waukegan, biggest of We’re maybe in proposal. in frankly, we proposals shot the

too. there, XX% test shot And nature if you you XX-XX in second so of have two a XX-XX all, have on chance getting this we’re will independent a shot the got events, a a we but maybe So then we statistical us, business to is statistical both. you

You also XX% of have a neither. getting chance

have or getting the of other. chance so a And XX% one

a of we’re both, road. chance something do XX% out figure case, cash the and still out XX% So of with we we of building a the chance which will pretty or getting flow and getting In one neither. else down Colorado, busy to reinvestment have

And so that’s where miss anything? we stand. Do I

Lewis Fanger

No.

Dan Lee

to guess any And we’re ready questions. take on I that,

Operator

Instructions] will We from take Craig-Hallum Group. question Sigdahl Please [Operator with Ryan ahead. our first go Capital

Ryan Sigdahl

Curious afternoon, for Good the the of Slipper? you’re detailed in impact intro smoke Thanks for there. able Dan. the to an Ida much Silver EBITDA how was to quantify hurricane if and Nevada Lewis, all the Great. wildfire

Dan Lee

was Tahoe, smoke of would that a are actually, few And They the visitation probably a dollars we’ve on both at the weekend wasn’t of weekend, Tahoe. normally weeks. all We South – hundred and And South couple Lake, hundred over The thousand And national do thousand Lake, them Tahoe. dollars. of the fires – was city nothing. that what just in make Labor Day for least it made It you affected call really were news. couple the it? near evacuated Tahoe of down fact, a in

We’re XX, miles that. away from XX

So the the fires Valley. Tahoe us but near settled the into weren’t smoke

a never little lose of because a sight you fires lot weeks, us were not for power. of close. And would anywhere complicated think days. lost the So affected did weren’t A our we casino a of really. had watch We our more you actually within a customers just – and were frankly, But few were closed power. horrendous it But they they news, for smoke. if the in couple we Mississippi,

for held And hotel the so rooms our the we reopened, we when in customers. best

had the of because did actually to we came So helped home, good pretty a so couple then days it. people offset at they to us and over power

on slot do good years, find might money, XX should near that of spend passing go in end government I So within and mail things for be went better us. us, out, saw on, on mean stuff we our earnings, for is a And casinos. looking get the Afghanistan. roads if could the packages. the – to that to out build. a way sthat we don’t being pay as last building focused and a the the If right? it with money up of would whatever of this is now build if are when the the is, building they money over fact The up so about a part trillion time I now that negative. inflation. the some next mean And talk whatever that you a – our money all, money each a then it Musk, heck it’s they without the of still did that spent bill other And in next was interesting spent we And this in check Bezos our money apologies, different bridges us. blowing a And And raising no, the huge Elon checks ended interesting, and of not business stimulus probably in see that cutting but negative, starts it they have I use is huge week. freeway checks in government mention, all I not but Jeff and not that People So is deal worth lift going ultimately, high have People $X And this we it? of a it year, well, not rollers they in definitely – the benefit the are tax all infrastructure. the U.S. forward, those know. up customers there look, the is your some machines. of and wasn’t to who and be they Well, ours. infrastructure

on, least continue a economy. so and the looking So it be called spending going funds, not really is I at have know. I is the to day, because don’t for you being of end forward, the But stimulus the stimulus economy think it’s but much to at likely of robust

So I’m least in business. about looking forward feeling pretty good at life, our

Lewis Fanger

they numbers throw you, be I’m of at couple going might to a and helpful.

about were for Northern guest over the XX% looking you’re worth. quarter at in Nevada, it’s counts if what So down

quarter of So the a that from got impacted lot we for absolutely wildfires.

we thing other The that low had was hold. table just

of than million the little was than us a but can about revenues, of points about only about ballpark Silver bit cost normally in average, X.X year. the million less good So lower in the not $X.X maybe gaming long-term at table also That percentage that. EBITDA, prior hold weekend $XXX,XXX Over EBITDA. in Slipper, be $X.X a

So if but those help I numbers you more for a there. color you, little know don’t

Ryan Sigdahl

to and you Lewis. lot thanks, thoughts bill, that of regard flow and historical that money and them any casino? segue having earn the of stimulus but ones helpful, giving have time government the work do having to nothing or on And away hard in Yes, correlation do money versus to curious on infrastructure which Dan, people a more

Dan Lee

region, into – mean, correlation looking probably do New and that City being caused robust was of It’s Orleans the the and New Orleans. protect period on what other in I can the damage who much spent and which going the money people And dollars evening. major New of the because in of things the hard to so levies to had billions of look to resulted economy. government best New resulted think can pretty there But the know. Katrina something in Orleans the I is Orleans a infrastructure you back well-paid back those Ida, the casinos in One in time was of for city XXXX building were were and people two in

billions New was dollars would economy Orleans it spent help being that as so to the of on all infrastructure. certainly And

hurt British had amount And to comparison. the the the into oil trying to and then about the stuff. blow that remediate that’s out maybe they get going money that up when the show rig. coast went So it then We’d place. and the up day the you people of of Petroleum our rig again, off best at be there oil have in evening effects all people industry the that was the that the was, thing. Well, to same coast talked oil off ground all And pelicans, and fishing

job money, – generally, good happy and making somebody they they $XX,XXX when – year it’s money all that a the are that, on and in So throw it’s spend that also of building they making you are to roads, have bank.

Some of it our gets into bank. thrown

look, that’s is our get that whether for want cutting and stuff. this the for that don’t is so… good of But probably these any on government checks fact I political And really so business, is – the paid to

Ryan Sigdahl

and will… One I Good. more then

Lewis Fanger

[indiscernible], Ryan.

Ryan Sigdahl

look quarter, there. Opened the can you September. Dan mentioned I XX%. down of worms Billy’s, flat it’s I that was on with Bronco in If Curious at the it think, Dan, year-over-year

So or it of change – within pretty sequential excuse quarter kind the implies month within notable me. a the

you talk year period July August to through and why so better? much this versus of September to can September kind So last year

Dan Lee

I was the... about talking

Lewis Fanger

talking be versus is to we Yes. more I think Dan that get revenues relative on with – Dan, we was showing see the are that’s net statement, like to the what up the going published gaming income we to I state report yes. which revenue

Dan Lee

our casino win is in flat. right. He know September was I

add? more So do to than July. June, Eric, that in you we down were want

Eric Green

much too it, read Ryan. don’t Yes, into

so gaming – at at If looking revenue, is you again, looking Dan published more the revenue. are net

not revenue at down for was in XX%, the you than from net that’s not we… net is the off by bit the about If much month – true, rest revenues so, quarter. of looking being a what sorry, quantum, certainly implied Like, the I that to more you net. it’s gaming revenue should little mantra That are down but by of the there say September, saw or

Dan Lee

and And little play, – that net bit numbers we are play, – But income on know numbers of show the revenues see The difference place-to-place. what of you play. varies revenue okay. are Triple the Crown’s the a We of is from for our in statement the free don’t it net State free Colorado, include free example.

were using – last am And to market issuance at different did But of know the growth with But to look market compare free – we And difference. basis, the because we more up year. slightly so revenue is so play, we up we XX%. were explains net compared don’t free we been I we than market, have looking And when do gross of numbers. just we on like free the how why I what know end before the was at that’s it the play. we have the were that flat a this play when you year –

Lewis Fanger

plus down using The were full for if for X.X% is that we XX%. quarter, That And was true. the apples-to-apples, market quarter, about same that the helps.

Dan Lee

Plus XX%, so.

Ryan Sigdahl

proposals Good here, and Helpful. casino Thanks it. happens. hear here guys. Thanks. are to Got the on we luck what

Lewis Fanger

X X days can’t – – away. away anyway. – days X X away, days days I

Dan Lee

it the surprise point, a wouldn’t are saying it takes they are But at Honestly, this if little make least me Indiana day. going longer. they decision at one to

Operator

you. Thank

next hear Beynon with from Chad will We Macquarie.

Jordan Bender

Chad Yes. It’s Jordan on today. for Bender

about talked year. in your private in how So, Can the Indiana? you backer financing thinking in you win equity about potential earlier through are you obviously Illinois. for about Colorado talk went And the just financing your you a for

Dan Lee

what no in in right. And will shape. because do if then months, know financing better there a are might no the we do, good Well, licensing, you you three lot is we get next to

to finish cash Colorado enough our have on own. We

so structure well, flow that and on. sprung we hurdle to first cash is than the And one, the just build less generating million. like the temporary. $X are We get is If temporary

You don’t be million like plus big got that’s employees, that. to machine, And a to to is got per you up which XX.X%. and upfront machines tax payment $XX Illinois, Indiana, have then lot, pay for parking there buy. tax in million can hire there you slot And that is you of $XX a

because simpler we a tax to simple, make that’s not one – or Indiana, math get assume it’s to Illinois. let’s the way And So, another, simple make but it’s not let’s assume it regime. just forecasting

Indiana. in million And and And minor. that at going would is casino million be to and – off then ROI. or need $XX be into million machines have the much that going you And outside income temporary $XX I we in on would The think undrawn pretty it is we that fee maybe to could equity produce slot everything high you these financing, our open. probably are income open. get $X a And do credit good right get facility, permanent. go very if the temporaries upfront cash bat just temporary then the balance sheet Well, million. we without got extra else, pretty $XX

the not and we that And on the to They become the years – And very for so are or expensive year last issued They callable the don’t bonds March permanent terms. at road. need money down point, redeemed, X today. be really you callable. but until that a could start

do are all so ruminate about of both of or could it one get And and things we kind financed these if licenses. different we get the to sit we we

chunk to example, partner have friendly is pay we of got if balance a we And deal a private they in on Illinois we firm can of the which finance probably make be okay, to And would buy so large for do our probably a like better they fee. bonds, of equity kind they a them well, with that, but then sheet. breakup And we firm automotive But would ours, and work. fee. would cheaper Illinois, a and only can actually come frankly – who as breakup on would fine have with back a are it. step We they big it said

pretty same could when million projects Island of we a didn’t but it, So, know we to look, then when comfortable either and with completing and it. proposed our thing these got how for I have I both. chosen to the comfortable Both can ultimately, do And that what for balance we when that’s my here. career, make get could we we Treasure figure since. good of $X.X in do it figure just we And am sheet. year the we we money, of made land And really were the these, just it’s went we are was Bellagio. $XXX we if were we And need out bought billion. when early sense. Bellagio, kind Yes, out ever

month. both are ballpark over coming casinos to they Rivers from go at And still in are think the sitting making Board you but not have numbers casino give which a and yet several are – if they machines, they is Gaming in added $XX And the they has were somewhere the open million slot of of year million – so either Hard Rock the I those. Casino their in are than now X,XXX Plains, innovative more probably to revenue. $XX Illinois you Just the proposals some finished look on And Des expansion, doing slot these machines. months doing they Gary, month of been a – last in

not built, really Now good good the of if both as finance get Des Waukegan we Plains are But so. opportunities. think They casino are has incredible and that. as demographics. we good. get these are a will chosen, Well, we it And are

Jordan Bender

ramp – remarks, what just we into mentioned how you is out to the ramp should in prepared in expenses Awesome. you much starting the in And ‘XX? have to and more talk terms look maybe look of year. like kind the of about expense Can as then throughout margins you your

Dan Lee

they we in were quarter. second They paying in are we not year, last our reopened, full cases. quarter not had income, getting deals we of our are were in than all different who some negotiated the ramping back like their But had still employees much some It’s actually deferring we paid brought rent and employees currently. We the as where amount third not expenses sequentially. had weren’t yet reduced

the were process. to we a the of normal kind got end last we so year, back by third quarter And of time to the

modest of has been this. and We in share and been with offering labor And other have of similar well pressure not only bonuses, been wages our and of to this the people have people. of because been starting year think bonuses way consecutive employees and said, been increase we trying are – deserve I has that a has quarters we look, and company now management, to doing are but gone kind bonuses the doing some to really every willing to have all there because competition for bonuses accruing the shortage it. well, employee we have paid two on And company, the but we

every here a quarterly guarantee they bonus. every could will this results continue if good, quarter. No but be is happen to quarter, that happen And so the

in turnover. – versus to third increase And like have that so but sequentially a grown we And third same. haven’t able in we on seen quarters there lot the I costs think was third our expenses year-over-year not much. of second and quarter, some first, But keep haven’t been a quarter

Lewis Fanger

how long nothing now change maybe EBITDA. existing probably the has helps slots, in be past million If Yes. about year, high-XXs operations consolidated you. talked the those $XX or Jordan, for us we that been to And we of thought for recently if it’s there should have helpful,

Jordan Bender

I am going pass you. it is That off. Thank to helpful.

Dan Lee

Jordan. Thanks Perfect.

Operator

Thank you.

next We our Investment will Larry Haverty question with LJH take Advisors. from

Larry Haverty

Hi Dan. Hi Lewis.

Dan Lee

Hi Larry.

Larry Haverty

very, Hi. is, Long that your Florida described thinks they be no at firm. very this that’s clearly, being staggering. But someone It’s wouldn’t in be one industry sports the as purveyors by looking for advertising. advertising hear. and betting York paid amount doing and than this I anyway, time at money a And of only opportunity, money be this can New amount going in big to or this point, more thing think the of is

them that the devices look is they able to in as big be dream? the just at real you opportunity many, bets How the you is and suspect that or more otherwise either think and casinos get would feedback all where advertising normally So, suggest, it this, do do using familiar, the hours betting, or places perhaps look as mobile than operating it it facilities? into would in you putting think patronizing you or the are at brings in your you the do opportunity pipe have for you many observe or the been is people from sports would is and

Dan Lee

twice know, online big, as an a an No, betting have iPad. know had play yet, New has Jersey Atlantic several business. It’s big ability which Interestingly, New machine had online well to a sports growing Larry, it’s And the to Jersey, gaming a as not going City for well. some. you is down there some, even And slot online grown much, now they bigger gaming like business, year. which is and years. is not on but is gaming I But sports be online

are more And spending on so – growth has obviously, online. the been gambling people and

Now this a bets it’s with place Wall on remember sports come thinking would guy, every back illegal. the I people looking betting I their that’s and bets. And here next guy when Street a was not offices and our when so money worked week collecting come sheet mob – still in I as through was It them and is a booking, new remember and sport mob, Thursday, totally take would on. it right and a pay thing, he off the their at

place to on big but it’s that and the trying could At business. profitable revenues has these and expense else, at reminiscent sports easier all off is a money hand can fast estimated they get trying be And operators bet best Amazon and doing, the to to they think up of ago pretty bet. diversify share. moment, to to could – are be pretty fist, everything activity gaming they And all that they legalization XX if they all knew me profitable. to a spending be signed and they trying losing are billions get what some And people it betting kind illegal could. when been get But the point, stop of advertising, accounts. the scrambling and has because years will as you to cut are just that the it’s build were staggering probably that were equalize. share. betting business advertising they the trying so They of to that promotions money our at true into over guys online market some the try stabilized dollars. And will highly to sports I they of I they people’s they see will at would cost grow of turn get is and as when sports significantly, you And they and thing think to are was same And get point, and quick as

in agreements. We our are a We revenues percentage that in not directly. of get each of

our people And minimums allowing of XX-year exceeded high park our licenses deals. the minimums are that under are has yet. We on as in kind contracts of enough the kind of to these nobody

to Now And our Wynn one of advertise Wynn, starting brand and our are name. have – a course, of pretty of agreements two they great with is heavily.

market tooled And is think Indiana. share. And so only I another of Chamonix on Churchill they significant will people the see are and there. are in more that’s pretty marketing. they they not think I some And in company in sitting then conservative of we is been private deal be Colorado, Downs in up gain they with up And the sidelines to one UK. will the get yet out a has their of up kind

in have to profitable. have be big share to a this don’t You market

they if right, our have you after fee. you the a us if profitable even market X% so even And business can share, run paying be

It up could business just because chose of are our and enough sports diverse keep online on have we the in in not betting license are Jersey – we In that’s it. ourselves we have where we wouldn’t in as and and get Now our and but Denver wouldn’t doing would that when not have we in, a we playing the other even export every place with customers Broncos they words, it of the not few New with we could a if it’s line, our gaming, up others, on field. not it Dallas try and some a competitors. do it to Cowboys, and this could betting Super to our It’s ourselves. we up and do we a end running. we the expect do skins geographically be And to right, the move have might being then skin states legal own we a on could from our And places, Colorado anymore. then Bowl bets giving hybrid lot go ended Cowboys, We be. good other the Broncos anybody to you well. to as if is I and the yet but is an up bet

And do. so online it was gaming. issue us that have a difficult thing in for to Don’t

do online. market company expertise don’t how in you for have we Now the the

to hire can you do can You people that.

least website. are software games by have software the can readily. at You They they the The the those buy slot pretty the to slot license owned themselves, companies.

a we consider any division our – something is have it’s yet. are own in yet we It’s on far it literally So, state not one think will And here in. we don’t doing it either, in. legalized But a that in would legal Colorado if it’s and are Illinois like Indiana that is we year and away not or more be off be might states so. only very that we

Larry Haverty

years approved things of both if estimate – if of next CapEx best – still, stood X years? if stood last got question, your what nothing still in things what’s And the your

Dan Lee

– Well, Pinnacle of But idea with it’s in the EBDIT. we they me well, is are still numbers Hawk, used of get then Ameristar acquired Ameristar completed a good and ballpark… a get towards could probably was And National, of to of to we able back. now casinos. grouped they And Chamonix. think financials. $XX and like headed year financials, The go out Black then million let bunch Penn other the that together were Pinnacle by you by Monarch be we out Pinnacle, still Ameristar the recently acquired in a and pretty

Larry Haverty

much spend? How No, you expect spending, how CapEx, much make. to firmly you are not are your committed you to

Dan Lee

we got, the it, a $XXX call sitting has Well, in million will million on need million And XXXX, happen like cash Colorado about will and is go, generate only year. in roughly. we $X maintenance the that $XX cash. to of of flow in And project then free most And CapEx let’s – in and $XXX are We operations. spending meantime. million

Larry Haverty

to May smart be to though. prove now, close a buyer. pretty right be is to Money free

Dan Lee

on I casino. Monarch, is said the The call profitable earnings saying side, they are their think other was they recently, most that now

Lewis Fanger

Not yet, but – that they will be.

Dan Lee

be, will they right. That

job. they a It’s they XXX-room nice and place. a So, have nice did a hotel,

think and Chamonix project, has it are of I we to the doubling XXX company. are going Waukegan they so us not be are they And the to so XXX there $XXX the could then not size again. be, And if up double going but or rooms million, rooms, the capability of

on lot a is our here. plate there So,

Larry Haverty

with luck Good Okay. it.

Dan Lee

Thanks Larry, from hear to nice you.

Lewis Fanger

for, probably That’s we have Dan, so it all close we will time up.

Dan Lee

going very you Thank Thanks. to an Okay. it’s everybody, exciting much, be and quarter.

Lewis Fanger

everyone. Thanks,

Operator

participation. your Thank That thank do you. you for We conclude all conference. today’s does

disconnect. now may You